Money CNN has a great 1-2-3 bubble story. Our old friend NRU is back in the news. Excerpt:"I was going nowhere," she recalls. "How was I going to find my fortune?" Then a girlfriend introduced her to Nouveau Riche University.
Not exactly a university, Nouveau Riche offers real estate investment classes -and a host of related products and services - to would-be tycoons. In April, Cuevas plunked down tuition of $16,000 and attended a weeklong program in Phoenix. Two weeks later, emboldened by her instructors and an advisor assigned by the university, she refinanced her home, taking out $200,000 - a large share of her equity. She used the money for down payments to buy - sight unseen in one case - three investment properties through a real estate agency controlled by Nouveau Riche. By midsummer Cuevas' portfolio of investments had grown to include a condo in Colorado, three acres of undeveloped land in the Smoky Mountains, and a three-bedroom house in San Antonio. Her debt load has grown too, thanks to the hundreds of thousands of dollars in loans she took out on the properties, but she doesn't worry. "I learned how to be bold at Nouveau Riche," Cuevas says. "They're the market experts, so I trust them to help me buy. I can't wait to make my next purchase!"
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Cough, sputter...
25 comments:
nru suxs.
first!
"Not exactly a university . . . "
:D
You can say that again.
I am guessing NRU has specific mortgage company(s) that it works with so that it knows it can get the loan no matter what. If we could get a list of those mortgage companies we would have the list of who to short after CFC goes down.
"I was going nowhere," she recalls. "How was I going to find my fortune?" Then a girlfriend introduced her to Nouveau Riche University.
And I'm sure the girlfriend made some dough by hooking this dumb chick. Hint, she's nto really your friend genius. At elast now she'll be going SOMEHWERE fast. the poorhouse and foreclosure.
On another note..CFC is taking another dump I see, still short on them for 5000 shares at 21.
Legion, nice going mate - I missed the train on this latest CFC downleg, so I am waiting for the next entry point. It is currently in the 17's. I believe the next trough is in the 16's - where I will go long. Where is your short position exit?
This latest employment report tilts the odds in favor of a rate cut.
I am currently twiddling my thumbs with no money in play in my options / trading account!
Turns out I exited my AAPL short position too soon, leaving a bit of money on the table as it is going even lower today.
@FCB
Well seeing as how SOMEBODY is running this piece of crap up again, my exit point may be real soon, better to let it go too early than too late.
I don't know if people will wanna hold on to this thing over the weekend, and I hope that there will be a selling off period this afternoon. If that's the case I'm buying to cover.
I know you ahve already done well this week so congratulations:-)
well, off to prosper.com for some fun for awhile:-)
I could have done better - but I gave it my best shot.
Your plan sounds very sensible - take a profit and have a good weekend!
Every time I hear about NRU, I'm reminded of the scene in "Rubin and Ed" where they go to the scaminar. Very funny movie, highly recommended if you haven't seen it.
A fool and his money are soon parted.
I cannot believe there that many MORONS out there. I guess KC has a lot of company.
On the East Coast they are currently running radio ads for playng the stock market. In it:
Paul says he used to work in a geocery store, but scored a big $1600 investment. And it takes him only 15 minutes a day.
I turned to the guy sitting next to me and said "Who would take advice from a bag boy when there are guys with masters degress in finance who get in trouble?"
We really need to allow caning in all the states so that we can let most the light offenders out of prison and put the criminals behind bars for this kind of mischief away for a long, long time.
Paul says he used to work in a geocery store, but scored a big $1600 investment. And it takes him only 15 minutes a day.
Well Just think H. Simpson, this moron spends 15 minutes a day, I do it in one second with throwing darts. He'll be back bagging groceries soon enough. That's the problem with anyone with a gambler's mentality, you never get out until you have blown thru all your money.
well so far cfc went from -.04 to about -.40, so I am glad I stuck it out. We'll see what happens at the end of the trading day. Looks like about 12 grand for this week's take.
Legion,
Next? Pure buy at? 17.80? Sell stop out at 20.50?
12gs is good money just for watching a trainwreck.
@Rob
I think FCB is right, wait until 17 then buy long.
Yeah it's good money watching the train wreck, but sometimes it does feel like dancing in a minefield.
Sweet, below 18 again, hope the selloff starts soon.
You're thinking about buying CFC?
(sharp intake of breath)
There's a reason the professionals don't do a lot of channel trading--you make a dollar here and a dollar there, but when it really moves it will wipe out all the money you've made on the last few trades in one fell swoop.
PV,
Sure, once the big guns get turned around, aimed and get permission to fire we don't stand a chance.
CFC is the first of the new wave. Nobody is sure how to handicap it as it exits ungracefully. BofA thinks or pretends it is worth 18. There are craploads of yahoo forum twits who will get short squeezed on their narrow bets. The company is toast. The stock is still going to flop around on the dock for a while. There isn't enough money to pay everybody who bet short. The solution is to kill them. Gosh, like that's never happened before.
Minor clarification: I will go long CFC if it drops BELOW 17 - something that starts with 16. I am also considering going long GS prior to earnings announcement on Sept. 20, but only if I can enter in the 175 range or below. I would not want to be short GS going into the earnings announcement.
AAPL is and has been trading on shear emotion, making for good opportunities which I believe for the next few months will continue to be on the short side.
Good comments and good luck!
I also believe that ALL investors - longs, shorts, cash, fixed income, commodities, etc. - should assume and position themselves for a coming rate cut of 50bps and then further easing.
I think the market has already priced a 50bps cut into it. The interesting bet is a high risk bet that it will not occur.
In the shocking news that isn't shocking to anyone with eyes and a web browser, CFC to cut 12,000 jobs.
Countrywide Announces Plan to Address Changing Market Conditions Including Workforce Reductions
"Countrywide Financial Corporation today announced a plan of action to address changing market conditions that positions the Company for continued growth and success. Central elements of this plan include:
-- Reductions in workforce which will occur in areas most impacted by lower mortgage market origination volumes. The Company presently estimates a total workforce reduction of 10,000 to 12,000 over the next three months representing up to 20 percent of its current workforce . . . "
That first line is simply amazing.
2:37 PV
Go back about 10 days ago.
You will see me say that when you hear "Positioned for Growth" it is a code phrase that the end is near.
GQ Bob started it, and many a looser CEO has since used it.
sold at 18.08. oh well
, H Simpson said...
2:37 PV
Go back about 10 days ago.
You will see me say that when you hear "Positioned for Growth" it is a code phrase that the end is near.
GQ Bob started it, and many a looser CEO has since used it.
If they want to show that they are really positioned for growth they should get rid of the moron leading the titanic, that's a couple of million at least, and technically, that asshole ahs taken 460 million out of the company (with his strike price at 12 dollars and a sell at 28, wow, that takes a genius to decide to sell or not. He is also saturating the market with his numerous sell orders. Then again he could have just appeared optimistic so that he could sell off his last million shares before cfc tanks completely.
Silvia Cuevas had a mid life crisis at 40? And decided that slow and steady isn't as much fun as fast and crash :)
What really brings a smile to my face is when I get behind some cadilac escalade with a vanity plate like U-Wish or something like that.
"positioned for growth" y yet another euphemism for "layoff".
In the early '90's, I recall "rightsizing". Like putting a smiley face on the executioner's hood.
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