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Politics : Welcome to Slider's Dugout

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From: SliderOnTheBlack	7/26/2007 6:00:24 AM
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Bonfire of the Sanities? We are indeed living in interesting times... The markets are gyrating in 200 point daily swings and the VIX is going nuts. Retail sucks at 2 p.m. on a Tuesday and the market sells off 200 points...but, then at 11 a.m. the next day on Wednesday, it gets news that it really doesn't suck that badly...and rallys back 200 points. More subprime woes hit the wires and the market tanks, only to rally back 12 hours later when the same traders decide the contagion is not spreading....only to be whipsawed again when Countrywide says - "oh yes - it is." What the hell?!?!? Just manic/depressive traders, hedge funds all sneaking toward the exits (hoping no one's noticing), or the Titanic in it's final death throes? And Barrons has the chutzpah to ask: "Where's The Little Guy?" ...a polite way of the street saying: "Where are all the bagholders? Oh @#$%! - we're the bag holders!" Well, I need a couple of days to clean the beach sand out of my toes, my hair and my clothers. Then I'll be back Sunday night for a little smackdown... along with the latest update from the eye-patch wearing offshore pirates of the carribean. SOTB Oh...and PS: It's not about "subprime"...it's about derivatives. Earth to Moody's: AAA is not "AAA"...it's junk. And it's been levered up to 12 x And all those earnings and bonuses for the last few years are the result of that 12 x leverage and all those valuation assumptions & models that have just been blown to hell... Bear got pay back. They got to hold their own bag. And they won't be the only one, or the last one. ...more Sunday.

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