Collection of guaranteed morons: Fast Money contributors
Gartman, "Gold is not a safety trade". Dennis, you imbecile, it isn't a trade at all.
Cortez: "I'm short gold. The dollar is the place to be for safety". Would that be a ten minute trade and stop out?
Addenda. Cortez : "I really like consumer staples here...like Kraft" Can anyone believe this level of drivel? Can this guy hold a job? Who would hire him? Other imbeciles who also are being a paid a fortune for wearing a suit.
Notice how they suddenly bounced up? Pure short covering. No offers above and market orders to buy with the machines offering above away and lightly. They are programmed to adapt. Not hard to do based on sampling the print order flow. That's ":print", not called "loud".
I looked at a chart of Kraft, KFT, one of Warren's bigger positions. The stock has been at 32 +-3 for the last 10 years. I looked at its financial statements. What a POS on any basis. $2B in cash with $30B in debt. Let me fgure this out, although this is his typical inscrutable debt manipulation ploy mentioned at this place by ME in the past.
Warren holds this giant load of debt because rates are low and so there's minimal risk to principle, at least in theory. Meanwhile, old Warren is writing off the interest , and in some unclear way given there's been no interest charge over the last two Qs. Why? Anyone want to look deeper into this giant Ponzi? Meanwhile the company is carrying a whopping $38B in goodwill and a whopping $26B in "intangibles". The only question is, why is the IRS giving this red herring a pass?
Maybe old Warren baby plans to do a fixer upper on KFT. Polish it up and sell it to some bagged sucker which one can always find pushing a cart through the streets of NY. Just need to get a smart banker like the Bank of NY to carry the load of debt. No problemo. The plan is to dump it on a witless FED.
I swear, it never ceases to amaze me why anyone would pay the conga line of imbeciles parading through shooting off their collective yaps on CNBC.
Uh oh, there goes Griffith.No, Bill, it isn't about what some fool EU official is saying. Of course, he's nothing but a hack amateur who should never have come back from vacation. On his vacation, his journey to travel the world, he discovered that there's nothing there, so he came crawling back.
Take note all ye who seek to retire.and travel the world to have fun in the sun in old age.
CNBC is nothing but a collection of misinformed amateurs with Steve Liesman leading the stupidity.
Europe wasn't the cause for the market drop per se. This sell-off started with DM's rose garden speech. Why did Europe react negatively? It's simple. If the US can't get its shit together, the EU which was counting on various bails from the US, would be on its own. It can't make it that way. DM was planning to go along with the tying of the drachma and lire to the dollar, as previously discussed here. When DM made his remarks trust dropped off the board and CDS spreads started to widen.