un real
Comrade Rally Monkey is supposed to warn us about days like today 
un real
Sounds like a buy...
I just love a sudden-debt over time game.
Who the f*ck is buying SPG? Shouldn't GGP going BK + bad retail report cause these investors a little concern?
Do they not realize the the dividend will be payed out (again) with stock?
--
The Zombie Apocalypse begins when U3 hits 15%
TAKE THE MARKET ON THAT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
From Zero Hedge:
- "Zero liquidity now"
- "Large quant blow up in progress right now"
- "Massive unwinds of index shorts"
Not sure what it all means, but I guess that explains the spike.
i'm guessing that they did it for liz...
"Night of The Brown Shorts"
It just took Obama and the new folks pulling his strings a while to learn how to run the PPT machinery, that's all.
I can certainly understand why hedge funds are blowing up right now...Elmo just got fisted by Kermit.
From the last thread...
bgates wrote on Thu, 04/16/2009 - 12:01pm.
"So World War III is going to be Civil War II."
Are you kidding? I wouldn't even throw a pebble, much less pick up a gun, to keep TX in the union. If anything, I'd rather throw a bake sale to encourage them.
I don't understand why everyone assumes there has to be violence associated with this "sucede from union" topic. Based upon the serious polarization between the left and right, why don't we just agree to "part ways" without the bloodshed. It's the perfect solution. The country can be peacefully split. The liberals can live in a social utopia of big government, big taxes, and big intrusion in one's life. The conservatives can live in sort of a "Darwinian survival of the fittest" freedom utopia. No one needs to kill or be killed.
Reading the previous paragraph, I've noticed something quite ironic. Liberals who will fight to the death for the questionable theories of Darwin, want nothing to do with living that way. On the other hand, conservatives, who typically feel intelligent design to be a superior explanation, want to live as Darwinians. Go figure.
It's not just $5.89 billion in option ARMs, it's $5.89 Bill in reduced doc, no downpayment, non resident alien, option ARMs. The Option ARM is becoming the option to buy.
SPG and SHLD ... wow. Day of the living dead.
Tupuli (member) wrote on Thu, 04/16/2009 - 12:08pm.
Who the f*ck is buying SPG? Shouldn't GGP going BK + bad retail report cause these investors a little concern?
Do they not realize the the dividend will be payed out (again) with stock?
This is one of the worst misreads in history. General Collar Stays has gone out of business so everyone thinks that means Simon Collar Stays has the market to themselves.
What does Simon say?
The problem with separate USA Blue and USA Red nations is that, while there are "red" and "blue" states, at least 30-40 percent of the residents in any given state are of the "opposing" color. ...
Are we going to make them all git up and move?
At least is 1/3 of the country had to move, it could reignite the housing market....
Maybe OTS can run a draft style equity raise - "The Big Kahuna" is now on the clock!
From Zero Hedge:
- "Zero liquidity now"
- "Large quant blow up in progress right now"
- "Massive unwinds of index shorts"
Not sure what it all means, but I guess that explains the spike.
But should not the spike be going the other way? If this is true?
http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff
SPG now up 100% from its recent low.
that is a thing to behold.
SRS looking tasty.
Is the late-day run-up against irrationality a sign of a market turn-around? Could well be tomorrow marks the day.
debtinator wrote on Thu, 04/16/2009 - 12:18pm.
What does Simon say?
Simon says bend over.
Comrade Rally Monkey is supposed to warn us about days like today
The longhorns could be national champs. Every year !
anyone check out what happened with Regions Financial today? Lots of short covering in the regional banks...
Elmo just got fisted by Kermit
Well, he is just a hand puppet after all.
Q: But should not the spike be going the other way? If this is true?
A: Not if the fund blowing up is massively short, and being bought in.
There goes our one functional airline....
DALLAS (AP) - Southwest Airlines Co. reported a surprisingly large loss in the first quarter due to weak traffic in the recession, and the company said it was freezing hiring and offering buyouts to employees to trim its work force. ¶
Shares of the discount carrier were battered in afternoon trading, pushed down 64 cents, or 8.4 percent, to $7 after dipping to 6.58 earlier in the day. ¶
Southwest said it lost $91 million in the first quarter, or 12 cents per share, including $71 million due to the falling value of its fuel hedges. ¶
Without the fuel-hedges item the airline would have lost $20 million, or 3 cents per share, on $2.36 billion in revenue, a 6.8 percent decline. A year ago, the company earned $43 million, or 6 cents per share, excluding special items. ¶
Analysts, who usually exclude items from their forecasts, had expected Southwest to lose a penny per share on revenue of $2.4 billion in the first quarter, according to a survey by Thomson Reuters. ¶
Over the first three months of the year, Southwest's traffic fell 4 percent, a smaller decline than at most other U.S. airlines. And traffic seemed to stabilize in March, declining just 0.4 percent from March 2008. ¶
But the more-lucrative business travel remained weak, contributing to the loss at Dallas-based Southwest, which went 17 years without a losing quarter until last fall but now has posted three straight losing periods. ¶
Sales of higher-priced tickets - those bought close to the day of travel - fell sharply in February and haven't recovered, officials said. ¶
Chief Executive Gary C. Kelly called the financial results "disappointing but not surprising given the current economic environment." He said it was the toughest revenue environment in the company's history. ¶
"the questionable theories of Darwin" yeah like those unproven hunches of Copernicus. Either Darwin is right, or God is one Sadistic Fucker. Why would that bastard be creating drug resisstant strains of TB?
SRS looking tasty.
Down 90% from its peak! Nasty.
Greater Fool,
LOL I was just looking at the parabolic look to SHLD today and it's low low 140x P/E ratio...
You have 10 days to merge, or we're taking you down.
Yeah. That oughta avert a panic.
There goes our one functional airline....
It seems like the closer you are to "real economy" the more dismal your numbers are right now.
--
The Zombie Apocalypse begins when U3 hits 15%
GE is going to be particular interesting tomorrow morning. the producers/mfgs have been underperforming but the financials have been beating estimates; wonder which side of GE shows up.
and of course, C is going to beat
Ok so the government is buying equities via investment banks to subsidize markets and banks - The Chinese are dashing like mad to buy up copper and other commodities to try to ditch the US dollar and US bonds.
Seems to me that this represents a victory of the technical traders over the fundamental traders. The natural outcome is for the market to begin swinging wildly on momentum, completely ignoring reality, sucking true wealth out of the real economy. As long as this continues, the farther down the eventual bottom. At that point, nobody will want to invest, because they've correctly diagnosed the market as a casino.
Yeah, and I thought SRS looked tasty at 45. Looking forward to some nice deductions next April 15. Cash really is king.
Hmmm looks like some folks are edging out of GOOG towards the close...
Thank you Eric
http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff
"I just love a sudden-debt over time game. "
Are you trying to compete with Nemo 
looks like some folks are edging out of GOOG towards the close...
The market hasn't even opened yet!!
I thought is was "Fly United", not "bank united".
Boring but:
Anyone still in this market is not investing. I have nothing against gambling except when the gamblers try to pretend they are performing a market function.
Does anyone else find the term "prompt" odd? How long have people here been putting BU on the list of prime FDIC takeover targets?
Hey wait a minute . Maybe there will a GA bank tomorrow afternoon .
What is most striking about this rally is that the true turds: companies like SPG, VNO, SHLD, BAC, C, GE etc. have gone through the roof. Similarly, companies that are actually performing and reflect true value have been relatively stable. This is likely why so many hedge funds, which were leveraged, are blowing up. It seems odd to me that the VIX is going down right now. If it were a reflection of the true health of the markets, it should be rising steadily at this point.
There is also a bit of a circular ponzi scheme going -- banks have program trades running up these turds. These companies then raise capital and pay down debt. Banks benefit and get the cash infusion required to continue the pump job (benefitting from the endless supply of bears, betting on fundamentals, who get caught in a continuous short squeeze).
Needless to say it won't end well. But how long can it continue?? If you're not loaded to the hilt in longer dated puts right now, you're missing out on an opportunity of a lifetime.
That's Ballgame, Goat Herders wrote on Thu, 04/16/2009 - 12:18pm.
The problem with separate USA Blue and USA Red nations is that, while there are "red" and "blue" states, at least 30-40 percent of the residents in any given state are of the "opposing" color. ...
Are we going to make them all git up and move?
At least is 1/3 of the country had to move, it could reignite the housing market....
The inconvenience of moving would be share pretty equally across the spectrum. However, there is no requirement that someone move. It would be each person's free choice where to live. The civil war killed an estimated 620,000 people. The total US population was 31 million at the time. Our current population is roughly 10 time that.
Would you prefer the alternative of maybe 6.2 million dead? If I were so bothered by the opposing ideology, I would pick moving.
That comment about stimulating the housing market is quite funny, and maybe viable!
"What is most striking about this rally is that the true turds: companies like SPG, VNO, SHLD, BAC, C, GE etc. have gone through the roof"
Doesn't that just confirm someone's suspicion of this being a short squeeze?
"I just love a sudden-debt over time game."
Nice. Very Nemoish.
I say keep Texas and kick out California and Vermont. Vermont can join "Greater Quebec".
If you're gonna make money in the market, you can't think like Joe Retail. Joe says, "Logic and 'The Fundamentals' tell me this is where to park my money." The Insiders say, "Look at all the data flows showing where Joe Retail thinks the fundamentals are. Let's blow Joe up and retake his logical positions."
IMHO, the only way to make money is to be short Joe Retail.
There is nothing new happening here, only the degree to which it is happening.
Correction is imminent and what we are seeing is preeminently logical.
I hear the dinner bell and SRS looks tasty.
Anonymous wrote on Thu, 04/16/2009 - 12:36pm.
"What is most striking about this rally is that the true turds: companies like SPG, VNO, SHLD, BAC, C, GE etc. have gone through the roof"
Doesn't that just confirm someone's suspicion of this being a short squeeze?
+10
The market obviously doesn't believe the tax day pump and dump theory.
Interesting...money flow leader for Selling on Strength in block trades atm is QQQQ...
http://online.wsj.com/mdc/public/page/2_3022-mflppg-moneyflow.html?mod=m...
What a joke! This bank should have been shut down months ago. I guess the OTS just wanted a reason to justify their existence, since they lost all the other poorly-regulated charges: IndyMac, WaMu, Countrywide.
OTS = worst bank regulator ever, they make the S&L regulators look good.
I can't wait for GOOG to knock the cover off the ball tonight and send this rally into hyperspace!!
this has got to be one of the more humourous threads and informative) in a hwil
simon says bend over"
night of the brown shorts"
I just love a sudden-debt over time game."
lmao
Ok so the government is buying equities via investment banks to subsidize markets and banks - The Chinese are dashing like mad to buy up copper and other commodities to try to ditch the US dollar and US bonds.
I wondered for some time whether China would wise up and do that. Oh well, stinks to be US.
"Doesn't that just confirm someone's suspicion of this being a short squeeze? "
yup. everyone and their cousin jumped on leveraged index stuff at the same time in the past few weeks. the SRS fans on this board are a nice example. anyone still holding stocks long in their retirement funds should write a thank-you note to their local short for allowing an exit at levels 30% above the lows.
yikes cant spell humorous
If Texas left would we build the fence along the Oklahoma border? Not that I would mind seeing TX go that much, what have they contributed to the country of any value in the last 40 years?
I have no positions in Citi, but if they show a large profit tomorrow, I'll whip out the BS detector.
Another thing I've noticed recently, a slow decline in panic, stupid selling of small quantities of bonds. That means the frightened retail investors have pretty much left the noninvestment grade, and once-investment grade building. Might have something to do with why short term treasury yield round to zero.
Oh, and thanks to the stupid sellers for those bonds at crazy prices. Why do some people wet themselves on a bond downgrade? 21 out of 22 of those buys are profitable so far. Zero defaults. Take your pick, is Some Investor Guy: A. Just plain lucky. B. Lucky to be liquid when corporate bonds spreads went massive. C. About to get drowned by a tsunami of defaults. D. Stuck with a portfolio of performing but illiquid securities. E. Going to be prohibited from making fast trades by the new job's trade preapproval requirements.
Why do some people wet themselves on a bond downgrade?
aren't many institutions prohibited (either by law or rules) from owning below-investment grade paper?
Does anybody think this might be a blowoff top?
Dirk van Dijk (member) wrote on Thu, 04/16/2009 - 12:23pm.
"the questionable theories of Darwin" yeah like those unproven hunches of Copernicus. Either Darwin is right, or God is one Sadistic Fucker. Why would that bastard be creating drug resisstant strains of TB?
Uh, Dirk, without getting into the general topic of the origin of "bad" things (and why would an intelligent designer do that), the drug resistant strains of TB are a result of our own efforts. They are a direct result of the failure to use antibiotics correctly. And if your intent was to imply evolution is proven by the emergence of drug resistant TB, you are confusing micro evolution with macro.
Unfortunately, there's no gaming commission to vet the owners/managers of the Wall Street casinos, so mobsters are in control. And since horse owners are unable to pay for the upkeep of their steeds, horses heads will be be cheap.
If this is the 'free market', we need another choice.
Dirk,
Well start with a whole lot of oil...but really that regional game is another substitute for the 'other' to be distracted by (generally race, creed, national origin or orientation).
Investing like tomorrow's the end of the world. Like a meteorite is bearing down, smack center. Like money is funny, and there is no tomorrow. Spending like a dead man.
Dead man walking, dead man investing, dead men blogging.
Someone should start a website that interprets/translates what Zero Hedge is saying.
I think we have some serious opex algorithmz combat going on...clash of the hedgies...
Zero hedge reporting that money markets are following the quants to the brink of disaster. Anybody else have a feeling that very bad things will be happening shortly?
"Investing like tomorrow's the end of the world."
sadly, puts are still really expensive. what we need is a few months of range-bound complacency for a real window for shorts.
Oh, and while Texas is talking succession, can we just add MS, AL and SC to make a group. They can call it the confederacy and have the old confederate battle flag as their new symbol.
But, I agree that no civil war this time. Just let them go. Oregon would be happy to have the residents of Austin move to our blue/green state. Dallas and Houston, not so much: we'd have to check voting registration in TX before allowing the relocation.
Southwest Airlines didn't mention whether they were getting an unusually high redemption of Rapid Rewards tickets? I flew a ton of business travel for years, couldn't use them all. Went out on my own and started using them up. I'll bet tons of people are using their free flights while on their own or unemployed.
Dirk van Dijk (member) wrote on Thu, 04/16/2009 - 12:44pm.
If Texas left would we build the fence along the Oklahoma border?
Just depends if you want more of Mexico moving further north
I have been following Zero Hedge on the latest re: Quants blowing up and now money markets. I understand this as a liquidity event, can anyone give me greater insight into the implications of today's action in those posted charts.
Screwy thinking seems par for the course when you consider the source.
Social Darwinism:
http://twains_ghost.typepad.com/my_blog/2005/11/selfishness_and.html
"Just depends if you want more of Mexico moving further north Smile"
That"s funny they are in Canada already!
If hedge funds are covering their shorts, why would the next move be down? I would take it as a sign that they've thrown in the towel and they would go long the market (various articles have pointed out the hedge/quants have not made money in this rally).
Wow from yesterday afternoon's low, the QQQQ's moved 5%...
Place yer bets: Does SRS make a sprint at the finish?
--
The Zombie Apocalypse begins when U3 hits 15%
"It seems like the closer you are to "real economy" the more dismal your numbers are right now."
Well for those not on the Fed/Treasury --> AIG --> GS counter-party teat, it is pretty hard to escape reality.
LUV always seemed a little pricey for me to jump in on, when the rest of their competitors are TBTF. Plus LUV only buy one type of aircraft and that makes it kind of hard for Boeing to sell a Dreamliner or two, if those who would buy one are getting eaten alive by a lean mean LUV. So, you end up with things like LUV being pushed out of DFW, and Love field banned from in-state flights.
"In order to have viable and sustainable growth total debt levels must decrease, savings must increase and interest rates must rise. But that would require an extended period of negative GDP growth-a completely untenable position for politicians of all stripes. Ben Bernanke would like you to believe inflation will be quiescent and he can vanquish it if it ever becomes a problem. Just make sure you don't invest as though you believe him." --Jesse
Man cannot live in the present alone but must establish institutions to make provision for the future. Imperil that function or destroy the confidence in its preservative storehouse value and you create a system with nothing to lose or gain.
Destroy confidence in money markets, commercial paper, equities, bonds of all stripes, currencies by abuse? You innoculate the enemies of your liberty against your power to correct. Like TB to antibiotics. Your immunity to future shock is compromised. Grim black death scours the land laying waste. Your greed can never match his greed. He will snap lives and fortunes like matchsticks.
Basel, yes, I've mentioned in prior comments that lots of institutional investors have to dump bonds that go below certain ratings. I think most of my personal bond buys have been from individuals. Pension funds usually have hundreds of thousands or millions in a particular bond. Most of the crazy deals I've bought were $15k at par, $34k, etc.
There were a few where the supply was well into the millions. Not your average retail investor dumping those.
IMO it's a blow off top. Personally, I haven't been in the market since early-March, as I've only been shorting and never short the hole.
But tops are another thing entirely, provided you're not getting emotional because you've been riding shorts up a 30% climb and losing your mind from The Fear. If you are there, or god forbid in double shorts, your hind-brain is of course misfiring. And since dollar-averaging is for chumps, you can't even think about buying in more.
SRS is looking tasty.
Buy in at 3:59 EST.
Does anybody think this might be a blowoff top?
That's a definite maybe.
Dirk van Dijk wrote at 12:44pm.
what of any value has come out of texas anyway...
---
hey texas contributed two of our greatest presidents johnson and bush
"I'll bet tons of people are using their free flights while on their own or unemployed."
I thought it was the options on fuel that served them so well on the way up, that was kicking their ass on the way down?
i just heard a commercial on the radio for a "Survival Seed Bank". the product is a selection of seeds to plant acres of nutrient rich food in case of some emergency. WTF is that all about? Did some of you doomers here get together and form a company to prepare for, and profit from, a coming apocalypse? please tell me you doomers are making some money from your outlook (other than the mint some have coined from the market down huge the past 2 yrs)
"Whoever thinks the government is pandering to the banks should listen to this morning's earnings call with JP Morgan (JPM) CEO Jamie Dimon. He came about as close to giving the government the middle finger as any bank CEO has done publicly."
Solid point (from Seeking Alpha) ... These guys aren't allies but some of them do need each other. Doesn't sound like Dimon fits into that camp though.
Call em,
There is no difference between micro and macro evloution, it is the same process. The only "difference" is that generations are much shorter for micro orgs than for larger species. Thus it can be observed in germs, but not in birds or reptiles, or primates. The distinction between micro evolution and macro evolution is just plain silly.
"Doesn't sound like Dimon fits into that camp though. "
no, but Gitmo is a camp that Dimon would fit into perfectly
Full Stop:
yeah the fear can get ya in double shorts. i have shat my pants a few times with them, but eeked out a small profit last year despite my crappy ST trading skills. BTW the profit was not worth the mental anguish. i don't recommend the double shorts unless you have nerves of steel that can hold, unwavering, for MONTHS....and...you have a sphincter of steel also.
Actually, Texas was the birth place of Eisenhower. One out of 3 ain't bad.
Seeds, haha. Seed banks, haha.
We specialize in seed derivatives. We created seed derivative CDOs, squared.
Think of all the eating we'll be doing. And none of the planting.
"Solid point (from Seeking Alpha) ... These guys aren't allies but some of them do need each other. Doesn't sound like Dimon fits into that camp though."
I was wondering when the rest of the banks were going to figure out that this is a, save GS effort, at the expense of anyone and everyone else.
Comrade Scott, in answer to you question in a previous thread: Hopewell.
Pavel Chichikov
LawyerLiz has been intimating that something is wrong with that bank. Chalk one up for the commentariat. 
I can hold double-shorts all day, every day.
Since the colostomy.
"Yeah the fear can get ya in double shorts. i have shat my pants a few times with them, but eeked out a small profit last year despite my crappy ST trading skills. BTW the profit was not worth the mental anguish. i don't recommend the double shorts unless you have nerves of steel that can hold, unwavering, for MONTHS....and...you have a sphincter of steel also."
Hell yes, if you short the hole or even the center. But not the top.
We are at top or close enough. It's the max pain shorts are feeling right now that tells me so.
SRS looks tasty.
Oregon. Even the NFL doesn't recognize it.
surge in deposits at GMAC??:
GMAC LLC, the auto and home lender that was bailed out to save General Motors Corp., said its mortgage unit is benefiting from an increase in refinancing and jumbo loans and is hiring 1,000 people to handle the workload.
As recently as November, GMAC said its Residential Capital LLC unit may fail amid foreclosures and eight straight quarterly losses. Since the government allowed GMAC to convert to a bank the following month and tap $6 billion in rescue funds, the company has used a surge in deposits and record low interest rates to bolster mortgage lending, said ResCap Chief Executive Officer Thomas Marano.
http://bloomberg.com/apps/news?pid=20601087&sid=aWX.BY5ozyNo&refer=home
dissing texas and the south is actually snob hatred of poor whites.
Sigh. I guess it makes them feel better.
does the NASDAQ even take a break? GOOG +5% AH
ok since the subject of double shorts came up
Long 2700 SKF at 75 cost
Anybody have thoughts on Google earnings? Look to be pretty decent. Advertisers are definitely trending towards performance, where GOOG is hands down the best value. They're benefiting from a shift of dollars online in addition to a shift within online to what performs best. Looks like a pretty big pop afterhours
"Anonymous wrote on Thu, 04/16/2009 - 12:36pm.
"What is most striking about this rally is that the true turds: companies like SPG, VNO, SHLD, BAC, C, GE etc. have gone through the roof"
Doesn't that just confirm someone's suspicion of this being a short squeeze?
+10"
Thanks for the props-
Cinco-X (from the laboratory computer; gotta work sometime ;- )
J:
yeah, holding for the very ST is prob the smart way to trade them, not LT like i have had to because I missed a move, held too long and refused to take a loss so i wound up holding until the next move. it stunk.
FullStop:
good luck on the trade.
Full stop:
"IMO it's a blow off top. Personally, I haven't been in the market since early-March"
Don't go long for awhile yet. I think that within 6 weeks the market will head south for new lows. After that, it will make sense for younger folks to "start" getting back in, but slowly.
Cinco-X
CIA staffers won't be
tried for waterboarding
TBTF Banks won't be allowed to suffer losses.
Taxpayers will make whole all failure due to fraud
Tell me again how the state will dissuade crime?
NEW POST at Calculated Risk.
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GOOG also released an 8-K filing, what are the terms of the TSO - anyone?
Compensatory Arrangements of Certain Officers
On April 16, 2009, Google is filing a post-effective amendment no. 1 to the registration statement on Form S-3 (File No. 333-142243) to allow executive officer participation in the Transferable Stock Option (TSO) program.
Google will voluntarily disclose the number of options sold by each executive officer in the TSO program, as well as the value realized upon such sales, in Google's Quarterly Reports on Form 10-Q or, for the fourth quarter, Google's Annual Report on Form 10-K.
"i just heard a commercial on the radio for a "Survival Seed Bank". the product is a selection of seeds to plant acres of nutrient rich food in case of some emergency. WTF is that all about? Did some of you doomers here get together and form a company to prepare for, and profit from, a coming apocalypse?"
Many of us plan to survive off the squirrel population-
Junk stocks/companies can rally huge in bear mkt rallies because they were clown-hammered on the way down. can suck to be a solid fundies portfolio manager benchmarked against an index b/c the index benefits from the garbage stocks while a lot of solid fundies stocks move less than the index...but typically were down less in the fall. but the shareholders don't care about that....they want JUICE on the upside!!!!
I think they're gonna blow up the shorts and ultrashorts until there're all done. The longer shorts dig in, the tougher it will be. You can be looking at some kind of supreme last squeeze with full media backing --- like the 'stupid frugal' people in the WaPo--- to get things off the ground. If it fails, things fall apart. Am I mistaken in believing Obama's budget has not actually passed and may not in its initial form? That would be a defeat. As would PPIP not getting implemented, which if Jamie Dimon gets his way, apparently won't. He did say that today while we learn CRE is cliff-diving. That means things are less rosy in the future in a way they can't paper over. If you assume like I do this is largely a rigged casino with an inorganic outcome then that were true then it might just be what it appears, a short squeeze, with shitty stocks leading the way.
Or not.
In August 07, I thought the Chargers would get to Tampa.
These choppy traitor markets are best watched from afar, right is wrong and vice versa.
SRS up nicely AHours - Final blow off top was exacly what I was thinking....
Does anyone know how to get these stains out of my shorts ?
"dissing texas and the south is actually snob hatred of poor whites."
I tell you. Diss Texas all you like. I don't give a shit. Just be clear about one thing: Texas != The South.
Nor Idaho. Idaho First Federal the next to go down .....
To me, this doesn't look/feel like a "blow-off" top. Not saying it's not a top, but a blowoff top goes parabolic into the top. It doesn't have choppy type action with a sort of rising triangular look like this market has.
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