patrick.net

Oracle mentioned,

Anybody notice that the NYSE collars had to be activated 2 hours into trading today? People are really spooked. We very well could have had a complete market crash today if the collars were not activated.

Forgive my ignorance. What are these collars ? How does one find out if the collars have been activated ?

Thanks in advance.

Those interested in the So. Cal. blog party over at Surfer-X's (possibly this Memorial Day weekend?) say so here with your preferred day (Sat, Sun or Mon).

If you provided a valid email address when you post (or logged in), I or Surfer-X can contact you with the decided upon date & time, what to bring, directions, etc. (emails are hidden to most bloggers, but visible to us). If it's a fakeroo, no dice.

What are these collars ? How does one find out if the collars have been activated ?

Electric shock collars...

Blog party too far away……….

How about a NorCal blog party at the same time with video conferencing?

How about a NorCal blog party at the same time with video conferencing?

You know there are too many I.T. guys on your blog when...
:-)

Sunday or Monday's fine for me. I just found out I have a commitment on Saturday, so that's out.

How about a NorCal blog party at the same time with video conferencing?

No Krab!

Why not a sushi party?

sushi is fine, but I thought you had a prohibition against synthentic seafood

sushi is fine, but I thought you had a prohibition against synthentic seafood

Actually, I am fine with fake scallops. They taste okay as deep fried fish cakes. But they are no replacement for 12-count jumbo sea scallops!

MMMMM monster prawns, I had some that were at least 2" across, mmmmm.

oops, need another tiny url... or abolish the post :cry:

surfer, are you sure that’s not your 2nd blogspot?

That was truly stunning, a McDebtor took such umbrage to my ramblings that they took the time to spoof my blog. Amazing. I'm sorry you are in such debt Mr. McDebtor, well on second thought, I'm not.

@Different Sean, I'd like to show her my "Ute Werner"

Actually, I am fine with fake scallops. They taste okay as deep fried fish cakes.

Are they made in China at the great knock-off factories? Perhaps the same ones that make the knock-off LV purses?

OK. My mistake. I did not follow the rule - Google first, ask later.

NYSE Trading Curbs :

http://invest-faq.com/articles/exch-circuit-brkr.html

that would be like the famous line from 'young frankenstein':

Ute: Why, he vould have an enormous schwanzstucker!
Surfer-X: That goes without saying...
Ute: Voof

i thought the 2nd blogspot was more authentic X than the real one! (btw, no relation to Robert X. are you?)

i think electric shock collars would work better -- shock the floortraders so they are in agony and can't make harmful downtrades...

anyway, i don't see why they are necessary, the market is perfect and beautiful as it is without introducing distortions like collars...whatever it does is always right -- see how well the housing market performs when left alone to work its magic!

Thanks everyone for the input on the trailer home.

Interesting perspective!

@LILLL, odd that the ramblings of a drunk surfer got under the trolls skin so much. Must have had their ARM reset. ahahahhahahaha fuckers

anyway, i don’t see why they are necessary, the market is perfect and beautiful as it is without introducing distortions like collars…whatever it does is always right

Well, well --bravo, Sean-boy! It's about time you finally saw the light! We finally made a market fundamentalist out of you, eh? :twisted:

X-man, LILLL, Joe Schmoe & Peter P,

Please check your inboxes.

We finally made a market fundamentalist out of you

yes, now when i see a distorted market, i reach for my revolver...

i want to see no taxes, no govt*, no regulations, just pure, perfect market from here to the horizon... that way, everyone will be better off, even when they're worse off, and if they're worse off that only proves they deserved it -- and god clearly blesses the prosperous, they're not shrewd, just holy, righteous people... goddam commies, stealing my profits! :x

*except for the marines, we need gunboat diplomacy to open new markets and persuade the locals to rethink their position - no mcdonalds without mcdonnell douglas :evil:

Blog party? Blarty?
Hey, I'm gonna be in SB (Goleta) Memo weekend, right after camping in Kings Canyon (by the way, anyone know where "Lady Lake" is?).
If I'm in SB's "ghetto"...I'll be sure to look for all the cruisers w/flashing lights bustin' up the blog fun :)

Watching the housing bubble burst in slow motion is so much more fun than if it would happen quickly. I get to say, I told you so, for a couple of years more. I fear though, that this time, it will happen more quickly than the last.

SJ_Jim, stop on by!

"All I can say is this…I was watching a live Streamed Quote Ticker as the Dow was dropping. Between minus 230-249, it had a very fast and furious fall, and then as it pushed up against -250, it just amazingly stopped & reversed. I’ve never seen anything like it and found it to be very unusual. "

I was rather amazed; I'm pretty well diversified, and everything seemed to be down down down today (except for very small caps that are (seem to be) very very random). Anyone know of *anything* that was up today?

"Watching the housing bubble burst in slow motion is so much more fun than if it would happen quickly. I get to say, I told you so, for a couple of years more. I fear though, that this time, it will happen more quickly than the last. "

Mike, LOL! Where are you, BTW?

"SJ_Jim, stop on by! "
Wld love to crash the Blarty! But w/shame I must confess that I hate the t'killa w/out mas de lime flavor + ice + salt; but I bet that could be arranged! Si?
But how to get the location info? Someone must be able to get/give my email addy.?

Anyone know of *anything* that was up today?

commodities seem to be crashing everywhere. meant to be due to higher interest rates, but i think it is investor fear of WWIII breaking out after dubya told the world's press that the australian prime minister had no hair and was ugly...

The Australian share market should open sharply weaker as US and European stocks were routed overnight on concerns of higher global interest rates.

The Dow Jones fell almost two per cent while UK shares dropped nearly three per cent on inflation concerns, with the Australian market also expected to be hit by weaker base metal and oil prices.

The resources sector is expected to come under concerted pressure, particularly the majors BHP Billiton, Rio Tinto and Woodside.

On the Sydney Futures Exchange, the June share price index was 100 points weaker at 5112.

I absolutely hate when they put the "curbs in!" We all understand the implications of programmed trading but this is a FREE MARKET damn it! No one is held captive here against their will. If you want to sell..... then sell. One of the things that caught my eye yesterday was the sense that traders are now betting that the FED won't step in to prop up the bubble. With all of the talk about how rising rents will impact CPI it was as if the market was looking for immediate reassurance that rates would be contained. They were looking for a "hug".

This makes almost no sense. All throughout the rate reduction cycle the FED was unconcerned (or oblivious, which I doubt) that home prices were escalating at unprecedented rates. Now somebody's rent goes from $1,000 to $1,050 and they may be forced to act to "contain" it?

That is one nasty looking curve today on the Dow.

Mike/aka Sage,

I'm really torn as to wether I would prefer to see this thing implode over night or if we should be pulling for a protracted "dull aching pain"? On the one hand if we were to see the rightful "correction" of 20 to 50% by Monday, that would be great! At least we'd have a pauper's chance to see genuine appreciation of the sort to give our net worth's and retirements meaningful and lasting contribution. Done and done.

On the other hand the "bubbletainment" factor is nothing to trifle at! Just knowing what we know about bubbles (while aware of it in 2000) this thing has been a stone gas baby! If we do encounter the classic "two hit fight" (one where homedebtors get hit once and then they "hit" the floor) I would be almost immediately thrust back into the role of dutiful homeowner with all of the luggage that implies. With comments from BB like the "the cooling in housing is orderly" (or words to that effect) and realtors saying things like "there is now some balance in the market"or "we needed a breather" I'm just having way too much fun. Just think, if it all crashed tomorrow what would we talk about a X's blog party?

Dinor,
For me, I'd much rather see a swift fall. For one, I'm only here for 3 more years, which is tied to the cost of housing. If the prices came down enough in 3 years, I might( and the key word there is might) buy something. But if not, I'm outta here. So a slow fall would take years. it would be nice to know that at least I had a fighting chance so that my choice was well informed.
From personal observation I can say that the early spring bustling activity I saw around my neighborhood seems to have slowed down already. 2 houses that were pending are now back up, and nothing else has sold. Seems to me like the time period of unsold inventory is on it's way back to February levels.

I might also ad that a fast fall would be better for the local and state economy in the long term. There is a lot of businesses and individuals packing bags, so if the key reason for moving is out of the equation, the sooner the state can get back towards a substainable economy.

Wait a minute. I may have just answered my own question.

When your rent goes from $1,000 to $1,050 you just have to "take the hit". Perhaps skip that mid morning latte and a movie or two? Ask for a raise or take on a part time job.

When your mortgage payment resets from $3,900 to OMG I can't believe it! Simply call a mortgage broker for the 4th time in 3 years, do a cash out re-fi "to get caught up on some bills" take that much deserved vacation and slide further into debt with the standard procession. From 30 yr. FRM to 2/28 ARM to IO to ? This is pretty much how it's worked. The mortgage stats pretty much speak for themselves.

SP,
Not sure if I'd equate flyers in the box being grabbed to the sucess of a home being sold. People are like little raccoons. They like shiny things, so naturally, they'll grab something that's just sitting there. The boxes in front of all the homes that've been sitting for sale all winter always stay empty, yet there they sit, unsold. Sometimes I wonder if some of these yuppity people have been so obsessed with housing that driving around looking at flyers and homes is their only form of self entertainment.

- whoops. I meant to say that of the friends of mine who BOUGHT, they seem to be the ones that buy more stuff.

SP,

Take heart! I think the fact that this was a rental is the cause for all of the interest. It just seems to want to scream distressed property! I haven't been there so I can't say for sure but my guess is your "lookers" are wanna be flippers just gravitating toward it b/c they are in "survey mode". Like I say the specuvestor is very much a mom and pop operation. To my knowledge there are no national chain, franchises or major players in the business of flipping houses. No evil corporate types. These were your neighbors.

SP- one more thing about foolish money. The fact that construction companys can still get away for passing a loft off as a house that can be sold for 600k is proof enough that if you can sell what a few years ago was considered starvin' artist housing to uber-yuppie SF metropolitanites that people are easily brainwashed.