Wall Street Manna

An irreverent look at Wall Street

Thursday, May 6, 2010

The action in Greece starts at 1:00

The bailout of Greece, isn't a bailout of Greece. It's just another bailout of the banks who own their debt.

Protests today start at 1:00 eastern.


At May 6, 2010 at 11:17 AM , Anonymous Anonymous said...

what do you think?

At May 6, 2010 at 11:33 AM , Blogger Palmoni said...

I think all the mo mo stocks are still overpriced. They only just got the material names, and now they are only starting to get the casinos, the restaurant stocks they are finlly getting, and now retail is going to feel the sting and TGT and ANF are just the first of many.

Everyone says this is just a panic. Well, last I checked, in a panic, he who panics first wins, and that is applicable especially to the action over in Europe.

Stock prices are not just a function of the economy they are trading stubs that have to be thrown away or bought. And sometimes you get panics. I just think that this one, could probably go a bit more than people think.

And who is to say that Athens may not be a precursor to what could happen over here once the Unemployment checks aren't sent to the disaffected masses.

Now the bears are starting to catch some momentum.

Throw in some more fires and riots in Athens, a few more banks hit, and Goldman settlement in the billions, and undisclosed risk residing on the banks balance sheets, and you get lower prices, as risk get reigned in on the banks prop desks, who now don't have Uncle Sam backstopping everyone of their trades.

At May 6, 2010 at 11:59 AM , Anonymous Anonymous said...

thanks Palmoni...how much longer...looks like Solar stocks and Casinos with Retail are getting hit today. are you playing anything short? i think it's probably too late to short but trying to wait to buy some longs.

i got stuck with my APWR at $11s...in the 9s now...i guess i just have to be patient.

At May 6, 2010 at 1:27 PM , Anonymous Anonymous said...

Easy Captin!

Panic breeds opportunity....lots of cheap stocks getting cheaper.

Look north chez Canada. I love All these environmentalists with their anti oil sands blabble…truth of the matter is the oil up here presents the best environmental opportunity. People will realize this when there's no more pelican's in Florida.

Buy Canada right up, its cheap.

At May 6, 2010 at 1:57 PM , Blogger Palmoni said...

Yeh I'm short a bunch of stuff with puts because I suck at shorting stocks.

For instance in retail JWN had good numbers today now that number is reversing-but so many charts are extended. Look at SHLD that was the shorts that bought above 120.

I don't know how long this will last but it seems like a panic, and normally it means they get hit worse than you think.

And look at the banks...COF that looks toppy, WFC I don't trust that number either. How about Buffett with his happy talk after being gloomy last April? I just don't buy it.

The bet you have to make, for the bulls, is that the powers to be won't screw up. Well they screwed up on sub-prime--doesn't that mean they will screw up Europe?

At May 6, 2010 at 2:46 PM , Anonymous Anonymous said...

man...i missed out on my VXX yesterday...it's going crazy

At May 6, 2010 at 3:07 PM , Blogger Palmoni said...

That was enough for me!!!!!!!!

Put back on your horns!!!!

At May 6, 2010 at 3:44 PM , Anonymous Anonymous said...

you mean time to buy?

At May 6, 2010 at 3:47 PM , Anonymous Anonymous said...

He meant to grow horns out of your ass?

At May 6, 2010 at 3:54 PM , Anonymous Anonymous said...

hedge fund friend said there was a TYPO....someone typed in 16 bil short eminis vs 16 mil....thus the huge drop

At May 6, 2010 at 4:03 PM , Blogger Palmoni said...

that was the panic low helped along by the usual fat finger error

at least the market is getting fun again!

Volatility is back!

At May 6, 2010 at 4:04 PM , Anonymous Anonymous said...

I retract….

All hail Mr. Manna!! Wowsers, what a wild day!

At May 6, 2010 at 4:12 PM , Anonymous Anonymous said...

Palmoni...did you buy some longs back? i took some MGM

At May 6, 2010 at 4:36 PM , Anonymous Anonymous said...

That Columbian company! WTF?

At May 6, 2010 at 4:50 PM , Anonymous Anonymous said...

Oh boy I bought up a crap load of that Colombian co! The newest data release from Ventana is good and the stock reacted with insane volume. Sadly that other company is stil in the process of documenting their reserves so you gotta put up with the stupidity of some people.... But boy that made my day and possibly my future :)

there seemed to have been a washout with a shareholder... Did you get in on the action Palmoni?

At May 6, 2010 at 5:41 PM , Anonymous Anonymous said...

was it really a bull trap..this is so confusing...i was buying up at the end when i saw your "put your horns" back comment...

At May 6, 2010 at 8:01 PM , Blogger Palmoni said...

Got in on that action!! Going there in ten days. As for who was selling? Who knows.

Market is just stupid sometimes.

But let the stock trade. Heck it went from to 2.06 to 3.90 in 30 minutes, and for once, shares traded!


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