That did not take long... 24 hours in fact; but I gave it the old college try.
The post Fed algo buying of "anything with the letters C, S, L, M, N, X, Y, Z, A, G, or K" (only a PhD can program it) has triggered a surge in Lending Processing Services (LPS) which triggered my 2%ish stop loss @ $29.82. This was a price a tad above the 50 day moving average which was my margin of safety. The other short position I put on yesterday had a nice 2% gain (i.e. it was down) pre Fed, but now is near break even... go Ben go!
Tangent - I read today that Ahnold in Califor-ni-a is seeking to ban welfare debit cards from gun shops, massage parlors, bingo halls, psychics, and tattoo parlors. (yes I am serious, welfare recipients are free to "debit" their way to a new tattoo, on the taxpayer dime... or let the psychic tell them if they have found love)... until recently, they were even allowed at casinos. However, I see no talk of banning it from their local Scottrade center.
"Hi, I'd like to put everything on this card on black."
"Sir, we are no longer accepting your (ahem) *debit* card at MGM"
"That is an outrage! I am *entitled* to spend *my* money as I see fit! Someone is taking away my liberty... I'm going Tea Party! In the meantime, where is your nearest Scottrade... I'll just go buy Netflix - the odds of me "winning" are almost 100%. Off to go to get a massage to get rid of this stress!"
We're all gonna get rich together and even those on welfare should be able to partake in our shared prosperity. At this point I believe all incentive to work will now be abolished in America as we can all sit at home, blog (not for money, for enjoyment!), take our welfare debit cards to buy stocks, and become rich together. The rest of the world seems fine with any and all sort of money printing, so why are we bothering with this whole "working" thing? We have financial innovation.
Wednesday, November 3, 2010
Bookkeeping: Stopped Out of Lending Process Services (LPS) Short
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows