Can we move on now?
Can we move on now?
Can we move on now?
$ES_F at 50% retracement…
I’m half back from vacation, half interested in speculating on the weakening Eurozone, half sure the G20 headlines are going to move the markets but I’m a bit more than half interested in my November put spreads…
I impatiently exited some $ES_F shorts today, my stops were too tight, and I knew it. Live and learn, that’s another thing I have to more than half work on improving.
Sitting in this range is making it hard to find setups that I like.
I rolled up some SPY 117/110 Bear Spreads to 120/117. I don’t believe so much in this rally. If it’s real the shorts should be covered here, and we’ll blow through the 120 resistance by EOD (on volume?), but if it’s not we’ll pull back again at least to 115 and my initial 117/110 spread will go the way of, ‘phew’.
What makes me doubt the optimism?
I can simply count on the fact that it’ll probably surprise me…
In THE heyday FuckedCompany was THE site.
Between 2000 and 2007 FuckedCompany kept an unofficial count of the imploding internet bubble while smiling at the same time. Philip “Pud” Kaplan had his 15 minutes of fame publishing internal emails and chronicling the human cost of bad internet ideas. The site was subversive and mocking, you paid for the good stuff and it shined a sarcastic light on the dissipating euphoria of the time. Geeks (like the Greeks today…) were having a good time, some were even getting lucky, technology was enlightening and more and more people felt they could change the world by giving stuff away free.
The mainstream media eventually picked up on the site, and “Pud” started getting sued and having to bath. But watching the implosion while working at a start-up was disconcerting to say the least. I’d go into the office every day, sit down on my Herman Miller chair and check first to see if someone had leaked an email with my name in it. And a few had… I would troll the leaked emails for crusty tidbits about the competition. You would see Enron and Citigroup carnage alongside Scient and Razorfish (Remember the 2 Billion valuation and 1800 employees?). Political correctness was mocked mercilessly. This is an email from Citigroup C under a subject ‘ Umm, buttfucked?‘.
“From: GCIB Corporate Communications
Sent: 6/15/04 2:36 PM
Subject: Pride Month: Panel Discussion and Contest to Win Free Concert Tickets
To: GCIB & Smith Barney New York-area Employees
From: Patricia David, GCIB & Smith Barney Global Head of Diversity
Re: Pride Month Panel Lunch and Contest to Win Free Concert Tickets
What to say? What not to say? What if I display a picture of my same-sex partner on my cubicle wall? What if my employee puts up a portrait of his daughter and her same-sex partner and children?
For lesbian, gay, bisexual, and transgender (LGBT) employees, many social interactions involve a conscious decision on whether or not to be open about their status. It’s the same for many straight employees with LGBT children, siblings, friends, or colleagues.
In celebration of Pride Month, the GCIB and Smith Barney Office of Global Diversity invites you to attend its special panel discussion “Being Out in the Workplace: The Impact on Relationships with Colleagues and Customers.” The panel will feature several gay, lesbian and straight Citigroup professionals who, over the course of the luncheon, will share their experiences about being “out” at work. Among other things, the panelists will also share their views on the issues facing LGBT employees today.
This event will take place on Monday, June 21, from noon – 2 PM in the Greenwich Rooms, 388 Greenwich Street, 3rd floor. Lunch will be served and seating is limited, so please RSVP by sending an e-mail to Nancie De Almeida (firstname.lastname@example.org) by Friday, June 18. As always, this event is open to all employees and promises to be a great opportunity for you to meet other Citigroup professionals!
I started thinking about FuckedCompany because I read ZeroHedge religiously. ZeroHedge has the intelligence to run anonymously under “Tyler Durden”, a character from Fight Club, and though ZeroHedge has a serious gripe against Goldman, GS it’s not the “occupy wall street crowd” writing the content. This is one of todays posts under the subject ‘European Mission Accomplished: Everyone is Now Thoroughly Baffled With Bullshit‘.
“Some time ago we suggested that in lieu of actual practicable solutions (and a promise to recapitalize several trillion worth of insolvent banks absent some magic money printing tree or gold coin defecating unicorn, is so stupid only the market ramping vacuum tube algos can believe, if only for a few hours), the only thing left for Europe’s leaders is to baffle absolutely everyone with relentless bullshit.”
The subversion strikes the same chord for me today that FuckedCompany struck in 2004/5/6. Insiders are sharing some crusty perspectives, perspectives that WERE available only to a very elite crowd. They’re smartly writing anonymously under 1st amendment protection, and they’re likely profiting very well from these morsels. I can’t help thinking conscience probably crept up on these contributors. Pud on the other hand was probably just trying to get lucky; his readers, even.
Never-the-less if this parallel has any merit, it’s worth thinking about. The internet hasn’t gone away though many/most of the high fliers have, the institutional markets won’t go away but the financial mafia might be in for some changes.
An article about crazy single moms (Slate) caught my attention today, along with another, even odder, about a scary protester called Lotion Man (Gawker). I wonder what would happen if all the single moms got together with Lotion Man? He’s looking for a Red Bull sponsor… Maybe Red Bull could turn this into a major marketing coup. They could get the crazy wing suit guy, Jeb Corliss, the Lotion Man and NY single moms to take over Wall Street just after school lets out. Fox would be all over it!
There was unending stupid news today with the exception of Greece perhaps. It’s imploding again and this FT link follows it very well. The photos are disturbing (not for single moms with kids under 12).
A helicopter crashes into the East River.
The Apple iPhone let down takes up way too much space.
The Bank of America site is still down, after 6 days.
Boomerang by Michael Lewis. My next read.