Financial fuckery thread

[Adios]

I think someone needs to remind fat boy that this isn't the 1930s.

Oh, hell no, I want moar!

[Doktor Howl]

The Asian markets are in complete free fall, worse than 911.

Korea has actually closed trading.

Hooooboy.

[Cain]

Shit, South Korea's a relative heavyweight, as well.  London aint gonna help matters any, either.  Dow Jones is down 5.50% and the Nasdaq is down 6.90%.

Bank of America needs to be put on death-watch, it's down 20%.  Spanish and Italian bonds are improving, though.

[Faust]

The petrochemical I was going to invest in yesterday but forgot is up 30% missed the boat.

[Triple Zero]

I warned a friend a week ago, right on august 2nd, he's got some kind of savings he can manage by basically choosing higher or lower risk investments (the higher give more potential interest, but it doesn't deal with actual stocks afaik), that right now would probably be a good time to switch it down as far to low-risk as it goes. But he was busy with work etc (hey, it's only your savings), so I think he missed the boat as well and took or will take a hit.

[Cain]

The petrochemical I was going to invest in yesterday but forgot is up 30% missed the boat.

I think petrochems are going to be bouncing around a bit.  As the risk of recession grows, they'll drop in price again, so you may not have to wait long.

[Faust]

The petrochemical I was going to invest in yesterday but forgot is up 30% missed the boat.

I think petrochems are going to be bouncing around a bit.  As the risk of recession grows, they'll drop in price again, so you may not have to wait long.

And then when we stumble into the next crisis in six months time it will shoot up again and I can sell it off.

[Cain]

Well, depending on exactly what it is, most oil companies and related do better when the economy looks to be growing.  Oil prices take a hit when the economy looks to be shrinking because, of course, there is less demand for them when less people are going to work, factories are producing less etc etc.

Which is why today's jump in price is kinda surprising.  It could be some new development is underway in Central Asia or China or something and I haven't been looking (very possible, in fact, since I haven't looked at all).

Just looking now, these may in part explain it

http://www.msnbc.msn.com/id/41922527/ns/world_news-africa/
http://www.ft.com/cms/s/0/17bdbda0-c188-11e0-acb3-00144feabdc0.html
http://www.dailystar.com.lb/News/Middle-East/2011/Aug-08/Kuwait-to-build-port-despite-threat.ashx
http://www.monstersandcritics.com/news/business/news/article_1655616.php/Norway-s-Statoil-announces-promising-oil-find-in-North-Sea
http://www.bloomberg.com/news/2011-08-05/u-s-debt-deal-kills-off-prospects-of-renewable-power-support.html
http://www.greenprophet.com/2011/08/glasspoint-solar-wins-huge-middle-east-oil-field-contract/

[Cramulus]

http://www.youtube.com/watch?v=2Z1XOBDbIy0&feature=share

This video got my attention because it was posted to FB by both my extremely liberal and extremely conservative friends. Ratigan starts to have a conversation about the economy, then his head explodes and he spends the next 6 minutes shouting at the camera about how neither the left nor right wing solutions actually address the real financial problem. He says the real problem is money in politics - politicians who can be effectively fired by defunding them. Everybody at the table seems to agree.

it's a prety good Howard Beale impression

[Cain]

The markets seem to be improving...but I haven't paid much attention, to be honest.

[Faust]

The markets seem to be improving...but I haven't paid much attention, to be honest.

Sudden huge drop again in the last hour.

[Cain]

Well, that recovery certainly lasted 

[Disco Pickle]

I've been watching it less closely since I decided to bounce nearly everything into the bond market.  Yields are shit, but since the Fed is going to sit on their hands on rates, it's the safest thing I could do.  I left 10% that I'm ok with gambling in an aggressive spread of funds, and if prices continue to come down I will probably shift that up to buy some cheap stock in good companies that likely aren't going anywhere.

Dow is hovering around 10,800.  It would take one more good sell off to see it hit 10,500 again. 

[PopeTom]

I've take this opportunity to short my first stock (Bank of America).

While I seem to be making money on that decision having actually done it I see the downside.  My profit has a maximum limit (ie company goes out of business and buying to cover costs $0) but limitless potential for loss.

Unfortunately I'm not allowed to do options trading yet beyond selling options for stocks I already own.

[Precious Moments Zalgo]

I've take this opportunity to short my first stock (Bank of America).

While I seem to be making money on that decision having actually done it I see the downside.  My profit has a maximum limit (ie company goes out of business and buying to cover costs $0) but limitless potential for loss.

Unfortunately I'm not allowed to do options trading yet beyond selling options for stocks I already own.

That sucks.  Weird that they will let you do something as risky as shortselling but won't let you buy a put.  If you could buy a cheap way-out-of-the-money call, then you could at least limit your potential loss if BAC turns around and goes to the moon.