Sell-off’s are no fun. As we’ve often discussed, it’s hard not to let the direction of the line on the MBS chart suggest the direction of our moods. So hopefully this flashback to this piece from August 2009 (slightly modernized) helps lighten the mood somewhat (note: if you’re not familiar with the original “Gangster’s Paradise,” this loses some of it’s awesome. Otherwise, enjoy):
As I see no more rallies for the MBS
I take a look at my pipe
And realize there’s nothing left.
‘Cause I’ve been floating with positions so long
That even my momma thinks that old locks are blown.
But I ain’t never floated deals, that didn’t deserve it.
Massive Sell-Off overnight?, you know that’s unheard of!
You betta watch how ya tradin’
What snowball sellin’ you fadin’
Or the self-appointed gurus won’t have room to talk.
I really hate the spread but I gotta lock,
As prices fall like rocks, I see myself in line for docs.
Fool, I’m the kinda LO all you fellows wanna be like,
Hedged my pipe in the night
Saying thanks MBS Live!
We’ve been spending most July living in a trader’s paradise…
We’ve been spending most our time living in a trader’s paradise…
Look at the situation, disconnected tradin’
I can’t put out a decent quote, they keep raising my rates!
So I gotta be down with MND
Too much CNBC watchin’, got me chasing dreams.
I’m an educated LO with rebate on my mind
But even three eighths in my hand makes a gleam in my eye.
I’m all locked up bankers! I’m out of danger!
And my LO’s got lock sheets so don’t arouse my anger.
Fool, another Provi reprice ain’t but a day trade away,
Instead of living life do or die, I’ll live to lock another day!
I’m at 3 seven five now, will I live to see 3 seven fo’?
The way traders tradin’ I don’t know.
Tell me why do we
chase more Y – S – P.
When the ones who win
Trade on Wall Street?
Just spent most of July Livin’ in a Trader’s Paradise