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| nikoschopen 2,824 posts msg #54343 - Ignore nikoschopen |
8/25/2007 5:02:57 PM Here's an interesting aricle on CFC in today's NYT. Inside the Countrywide Lending Spree ON its way to becoming the nation’s largest mortgage lender, the Countrywide Financial Corporation encouraged its sales force to court customers over the telephone with a seductive pitch that seldom varied. “I want to be sure you are getting the best loan possible,” the sales representatives would say. But providing “the best loan possible” to customers wasn’t always the bank’s main goal, say some former employees. Instead, potential borrowers were often led to high-cost and sometimes unfavorable loans that resulted in richer commissions for Countrywide’s smooth-talking sales force, outsize fees to company affiliates providing services on the loans, and a roaring stock price that made Countrywide executives among the highest paid in America. Homeowners, meanwhile, drawn in by Countrywide sales scripts assuring “the best loan possible,” are behind on their mortgages in record numbers. As of June 30, almost one in four subprime loans that Countrywide services was delinquent, up from 15 percent in the same period last year, according to company filings. Almost 10 percent were delinquent by 90 days or more, compared with last year’s rate of 5.35 percent. Many of these loans had interest rates that recently reset from low teaser levels to double digits; others carry prohibitive prepayment penalties that have made refinancing impossibly expensive, even before this month’s upheaval in the mortgage markets. “In terms of being unresponsive to what was happening, to sticking it out the longest, and continuing to justify the garbage they were selling, Countrywide was the worst lender,” said Ira Rheingold, executive director of the National Association of Consumer Advocates. “And anytime states tried to pass responsible lending laws, Countrywide was fighting it tooth and nail.” Click on the picture to read the full article |
| msummer2007 129 posts msg #54345 - Ignore msummer2007 |
8/25/2007 6:32:25 PM Niko there have been a lot of great posts on this thread. I remember the original post. All my systems have been thrown out of whack. Recently they have been coming back into line, but I am skeptical to trade them in this environment. I wonder how many others feel the way I do? There is the urgent need to remove a trade immediately, whether this feeling is real or a sixth sense, I don't know. Even going long recently, seems to be fraught with risk. I usually don't day trade as frequently as I have been, I like to let the trade work for awhile. I too hope everyone came out of this OK. |
| heypa 283 posts msg #54347 - Ignore heypa |
8/25/2007 8:32:45 PM Yes Niko all the worlds problems are this countrys doing. Therefore let us make sure that it pays for these percieved transgretions. Yes I sometimes get too intense,but was what I said in error?The final result of this drive toward globalization is ONE WORLD GOVERNMENT.Picture it as one run under the strict rules of the Koran. It is within the probable and desireabe to a fast growing segment of the growing population. |
| heypa 283 posts msg #54348 - Ignore heypa |
8/25/2007 8:37:36 PM Back to the original. It is extremely difficult to trade successfully against the grain. Most retail traders are probably swing traders.Only accomplished day traders such as youself have much chance of success. |
| nikoschopen 2,824 posts msg #54349 - Ignore nikoschopen modified |
8/25/2007 10:37:48 PM msummer, this thread began just prior to the subprime fiasco, which eventually pushed the market off the cliff. If anything, this thread should serve as a chronicle of those wild gyrations that have plagued us all and, above all, the bone-chilling pleasure I had of thumbing my nose at the badass big players. However, I agree that the current environment is fraught with perils, especially for day traders whose tight stops are the favorite targets for these same big players. I got shot down in flames on so many occasions I feel like a lost puppy these days. Heypa, you obviously understated my ability as a daytrader. I'm perhaps one of the most obnoxiously retarded daytraders there is. I keep making the same mistake of giving back my hard earned profits and yet I can't help indulging myself in thinking that I can surpass Mary4Money's wealth in due time, whatever that means. One world government? From Europe to Asia, and from Africa to perhaps Antarctica, Coca-Cola and Madonna practically dominate the scene. What more can you ask? If there would be such a silly thing as a one world government, it would mostly be under the control of America with her agenda at the very top of the list. No wonder other countries laugh at our democratic double-standards. |
| nikoschopen 2,824 posts msg #54369 - Ignore nikoschopen |
8/26/2007 8:54:59 PMFed bends rules to help two big banksIf the Federal Reserve is waiving a fundamental principle in banking regulation, the credit crunch must still be sapping the strength of America's biggest banks. Fortune's Peter Eavis documents an unusual Fed move.By Peter Eavis, Fortune writer August 24 2007: 5:09 PM EDT NEW YORK (Fortune) -- In a clear sign that the credit crunch is still affecting the nation's largest financial institutions, the Federal Reserve agreed this week to bend key banking regulations to help out Citigroup (Charts, Fortune 500) and Bank of America (Charts, Fortune 500), according to documents posted Friday on the Fed's web site. This unusual move by the Fed shows that the largest Wall Street firms are continuing to have problems funding operations during the current market difficulties, according to banking industry skeptics. The Fed's move appears to support the view that even the biggest brokerages have been caught off guard by the credit crunch and don't have financing to deal with the resulting dislocation in the markets. The opposing, less negative view is that the Fed has taken this step merely to increase the speed with which the funds recently borrowed at the Fed's discount window can flow through to the bond markets, where the mortgage mess has caused a drying up of liquidity. |
| nikoschopen 2,824 posts msg #54370 - Ignore nikoschopen |
8/26/2007 8:59:49 PM Is the Fed outta whack?! I think this will only act as a catalyst for another panic selling. But, then again, I ain't no sage. |
| nikoschopen 2,824 posts msg #54381 - Ignore nikoschopen |
8/27/2007 11:32:10 AM Man, where the hell is everyone?! Volume is absolute crap. |
| heypa 283 posts msg #54383 - Ignore heypa |
8/27/2007 12:07:36 PM Scary man. The big boys must have gone on manual or their predictor programs are saying wait for something. |
| msummer2007 129 posts msg #54384 - Ignore msummer2007 |
8/27/2007 12:13:20 PM $4.5 billion options bet on catastrophe within four weeks PDF Print E-mail Written by Ticker Forum Sunday, 26 August 2007 Anybody have a clue as to what these 'investors' are expecting? [Editor's note: And guess what? Just as no one caught the criminal accomplices who short-sold airlines just before 9-11-01, so the financiers have kept their privacy walls despite all "anti-terrorism" legislation. Only those who plan and profit from such terrorism would be in favor of keeping such transactions untracable. Only merchant bankers have the power to prevent that logical anti-terrorism regulatory measure from being taken. -- Dick Eastman] The two sales are being referred to by market traders as "bin Laden trades" because only an event on the scale of 9-11 could make these short-sell options valuable. There are 65,000 contracts @ $750.00 for the SPX 700 calls for open interest. That controls 6.5 million shares at $750 = $4.5 Billion. Not a single trade. But quite a bit of $$ on a contract that is 700 points away from current value. No one would buy that deep "in the money" calls. No reason to. So if they were sold looks like someone betting on massive dislocation. Lots of very strange option activity that I haven't seen before. The entity or individual offering these sales can only make money if the market drops 30%-50% within the next four weeks. If the market does not drop, the entity or individual involved stands to lose over $1 billion just for engaging in these contracts! Clearly, someone knows something big is going to happen BEFORE the options expire on Sept. 21. THEORIES: The following theories are being discussed widely within the stock and options markets today regarding the enormous and very unusual activity reported above and two stories below. Those theories are: 1) A massive terrorist attack is going to take place before Sept. 21 to tank the markets, OR; 2) China, reeling over losing $10 Billion in bad loans to the sub-prime mortgage collapse presently taking place, is going to dump US currency and tank all of Capitalism with a Communist financial revolution. Either scenario is bad and the clock is ticking. The drop-dead date of these contracts is September 21. Whatever is going to happen MUST take place between now and then or the folks involved in these contracts will lose over $1 billion for having engaged in this activity. "$1.78 Billion Bet that Stock Markets will crash by third week in September Anonymous Stock Trader Sells 10K Contracts on EVERY S&P/Y "Strike" Shorts Stocks "in the money" effectively selling all his SPY holdings for cash up front without pressuring the market downward. This is an enormous and dangerous stock option activity. If it goes right, the guy makes about $2 Billion. If he's wrong, his out of pocket costs for buying these options will exceed $700 Million!!! The entity who sold these contracts can only make money if the stock market totally crashes by the third week in September. Bear in mind that the last time anyone conducted such large and unusual stock option trades (like this one) was in the weeks before the attacks of September 11. Back then, they bought huge numbers of PUTS on airline stocks in the same airlines whose planes were involved in the September 11 attacks. Despite knowing who made these trades, the Securities and Exchange Commission NEVER revealed who made the unusual trades and no one was ever publicly identified as being responsible for the trades which made upwards of $50 million when the attacks happened. The fact that this latest activity by a single entity gambles on a complete collapse of the entire market by the third week in September, seems to indicate someone knows something really huge is in the works and they intend to profit almost $2 Billion within the next four weeks from whatever happens! Source: Ticker Forum |
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