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this is the key. not the daily market roller coaster.
this will determine when the good loans go bad.
Unemployment in the United States:
1929: 3.2%
1930: 8.7%
1931: 15.9%
1932: 23.6%
1933: 24.9%
2008: 5.8%
2009 (just through Feb!): 8.1%
2009 (overall): ???
2010: ???
2011: ???
2012: ???
this is the key. not the daily market roller coaster.
this will determine when the good loans go bad.
"This is unbelievable. Who put the in' cameras in this place?"
"As for our problem with Providence - let's not cry over some spilled guineas."
- "Hey, you fellas come from Providence?"
- "Isn't any of your business where we come from, is it, now?"
- " in' delivering cannolis or something?"
"Blow me, all right? But not literally, though. Unfortunately, there's no promotion involved for you. "
"Hey, I forgot the password, but if you'd like to come down to the garage with me, I'd be happy to give it to you."
Mmmmmmmm, cannoli.
"Leave the gun. Take the cannoli."
"Well, if I was I'd ask you why you're a Statie making 30 grand a year. And I think if I was Sigmund in' Freud I wouldn't get an answer. So tell me, what's a lace-curtain mother er like you doing in the Staties?"
"Your in' family's dug into the Southie projects like ticks. Three-decker men at best. You, however, grew up on the North Shore, huh? Well, la-di- in'-da. You were kind of a double kid, I bet, right? Huh? One kid with your old man, one kid with your mother. You're upper-middle class during the weeks, then you're droppin' your "R"s and you're hangin' in the big, bad Southie projects with your daddy, the in' donkey on the weekends. I got that right?"
Not to distract from the movie references, but do you think this will happen to citigroup?
, that's exactly what happened today. There were too many traders short on Citi and when it turned they had to buy back in at whatever price they could get to cover. Classic short squeeze. Volume was heavy the first hour and a half after opening while all the shorts were hitting the door and now the market is going sideways on tiny volume.
This is not a rally, it's a dead cat bounce and the markets going to continue to trend down.
Its great to see quotes from a movie you have never seen.
I still watch this thread regularly, but have nothing even remotely constructive to add. Just read and try to understand.
If you need any basic explanation of the short squeeze, there was a blog-style article posted by Winehole, (I think it was him) about the porsche short squeeze.
here is another:
http://www.iht.com/articles/2008/10/...s/norris31.php
That was pretty much what I thought would happen.
It seems to me, based on my reading of a lot of stock trading websites, that shorting stocks is really in fashion these days, and not just because of the recession.
I would guess that this would tend to make the market a bit more "bouncy" in terms of swings.
It would also mean that if the market really starts running up, it will run up a LOT.
Bad for shorts, good for longs who buy in now, and can afford to wait.
What do you mean it wasn't a rally? There was a huge rebound across the board. It wasn't just Citi.
Of course it was a bounce, and a nice bounce at that. 5.8% is nothing to sneeze at, but after dropping 21% since Obama was inaugurated I wouldn't exactly bet the farm that we are suddenly a bull market.
Even a dead cat can bounce if it falls far enough and fast enough.
LOL @ everyone parroting the 21% figure. Nothing annoys me more at the moment than acting as though the financial crisis started in January. How much is it off from its peak and when was its peak again? how much did it lose in actual value as opposed to percentage. Which is greater?
The fact is there was good news today CC. It doesn't mean that the worst is behind us, but good news is good news. You seem to be doing your best to disregard it.
Hey, it might rain for Steven and Sandra's wedding.
Should they blame Obama for that?
I bought Citi in 2004 and at the time, the stock was $51 and some change.
*sigh*
just hang on to it. now is a great time to invest, if you can go the distance.
The problem is that because this is profit sharing, I can't put any of my own money in. So unless I have some cash in the account , (which I have some), I have to sell to buy.
I'm pretty diversified, so I'll just ride the wave.
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