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To: ild who wrote (72271)10/18/2006 1:03:04 PM
From: Ramsey Su
   of 110046
 
Which Wells Fargo? you mean this one?

financial.wellsfargo.com

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To: Wyätt Gwyön who wrote (72263)10/18/2006 1:05:41 PM
From: anachronist
   of 110046
 
Increased amount of bear capitulation on this list lately.

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To: russwinter who wrote (72274)10/18/2006 1:07:37 PM
From: UncleBigs
   of 110046
 
I agree Russ. Yesterday IBM reported earnings and instantly the stock gapped up $4 and change to $91.50 and never varied more than 50 cents. Whoever bought the gap higher couldn't have possibly had the time to even read the earnings release.

Today, IBM is pinned in the $91 to $91.75 range and over 20 million shares have traded.

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To: Ramsey Su who wrote (72276)10/18/2006 1:12:10 PM
From: UncleBigs
   of 110046
 
ramsey, that no equity second mortgage up to 125% of value is so ludicrous, I just had to laugh. I can't believe I'm looking at that.

No bank in their right mind would ever offer that kind of product. And Warren Buffet loves this bank. Has he lost his mind too?

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From: UncleBigs10/18/2006 1:21:41 PM
   of 110046
 
"Oh @#$!, look what I've done," Steve Wynn punches hole in $139 million Picasso.

foxnews.com

Just a day after arranging to sell Pablo Picasso's "Le Reve" (French for "The Dream") for a record-setting chunk of cash, casino owner Steve Wynn put a silver dollar-sized hole in the prized painting with his elbow in front of a star-studded group that included Barbara Walters and screenwriters Nora Ephron and Nicholas Pileggi, the Las Vegas Review-Journal reports.

The costly bout of klutziness occurred as Wynn, who suffers from an eye disease that affects peripheral vision, gestured in the direction of the art, leaving a hole in the forearm of Marie-Theresa Walter, Picasso's young mistress portrayed in the painting.

And according to a report in Ephron's blog, Wynn reacted accordingly.

"Oh @#$!, look what I've done," she quotes him as saying.

A mere 24 hours before the hole-poking nightmare, Wynn had finalized a deal to sell the painting to art collector Steven Cohen for a cool $139 million — $4 million more than the previous high for a work of art, according to The New Yorker.

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To: Ramsey Su who wrote (72276)10/18/2006 1:28:36 PM
From: UncleBigs
   of 110046
 
Why bother to sell your house. Just get a 125% loan and move out. Hold a liquidation sale before you leave so that all that's left is a rotted out carcass for a house.

I think it's gotten to the point now where a big percentage of borrowers have no intention of repaying the loans. They are just taking the loot and running.

I also think that amongst the senior citizen population, they are loading up on debt and planning to stiff the lenders when they die. And I don't blame them. Hell, enjoy the last few years of life and send the bill to Wells Fargo or Capital One.

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To: russwinter who wrote (72274)10/18/2006 1:35:28 PM
From: benwood
   of 110046
 
When some new group of pig men become big enough to exploit a weakness that the current dominant pig cannot mask, then I think the unpinning will be truly amazing to behold. Then the fallacy of allowing the capital markets to be manipulated so easily and thoroughly will be understood as private companies who had lined up to make legitimate stock offerings will find themselves without any takers. The entire validity of the stock market will be in question and hordes of real investors will take their money elsewhere.

In the long run, I think this incestuous state of affairs is going to cause some serious long term damage.

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To: westpacific who wrote (72275)10/18/2006 1:36:12 PM
From: russwinter
   of 110046
 
Added to my blog today:

What I'm about to say, may seem wild eyed, but this "stock" market has an almost unprecedented pinned looked, as if there is an historic manipulation going on in the futures pits, or with some type of Robotrader derivative trading. Free, non manipulated markets just don't act this way. I really don't think it's the Fed although they are negligent. It could be a Pig Man operation, they've captured the market, at least for now. Maybe some modern day Jay Gould and his henchman Fisk in the garb of electronic trading? Market and banking oversight today has morphed back to 1869 defacto standards for sure.

Another theory, is there might even be a rogue trader or group of rogues, who have been allowed in this unregulated environment to accumulate some massive leveraged equity futures or option position, and in the short term literally hijack or at minimum strongly influence the market? Don't think so, well it's happened before.
en.wikipedia.org

A slightly different twist,
Message 22920546
is that a thousand Riskloves and crazies are all trading the same black box program at the same time. When you look at measures such as TRIN, it just doesn't look like real money is driving this, but more like synthetic trading of some type.

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To: anachronist who wrote (72277)10/18/2006 1:37:42 PM
From: benwood
   of 110046
 
Even I have felt the pull of the pig men. And if I capitulate, the sun will probably explode and vaporize us.

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To: benwood who wrote (72284)10/18/2006 1:43:16 PM
From: anachronist
   of 110046
 
Please give me one hour advanced warning of your capitulation, so I can buy puts. <g>

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