With Rosie now gone from Merrill Lynch/BofA (new research here), let’s see what his replacement, Neil Dutta, is up to:

Leading measure of commercial real estate market heads south



Neil  notes that Commercial construction contracting, as demand for architectural services (a  leading indicator for nonresidential construction) is still contract as of March 09, as the Institute of Architects’ Architectural Billings Index dropped to 42.8 in April from 43.7 in March.

Category: Economy, Real Estate

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

168 Responses to “CRE Faltering”

  1. ben22 says:


    Who’s coming with me.

  2. I-Man says:

    I’m in. Just with a third though. In at 24.

  3. Cursive says:

    Three cheers for Rep. Alan Grayson:


    And so it begins. Rep. Alan Grayson has distributed the letter below to all Democrats in the House and will use it to generate Democratic co-sponsorship for the HR1207 Bill, aka The Federal Reserve Transparency Act, allowing the GAO to audit the Federal Reserve, and also require a Fed report to Congress by the end of 2010.

    BR: He is speaking at our conference

  4. Cursive says:

    I’m riding the FAS train instead. RIFIN is stubborn this morning.

  5. I-Man says:

    Yeah, I posted that link to my facebook Cursive, good stuff.

  6. km4 says:

    @ Cursive Three cheers for Rep. Alan Grayson:

    Bingo !

    I saw his video of his testimony last week ( no time to find link ) but he had this to say…

    Apparently nobody at the Federal Reserve has any clue where the trillions of dollars that have come from the Fed’s expanded balance sheet have gone. Additionally, nobody there seems to have any idea what the losses on the Fed’s $2 trillion portfolio really are.

    As for the pittance of $9 trillion in Fed off-balance sheet transactions over the past 8 months, well, yeah, that’s also somewhere out there… Just don’t ask the Federal Reserve where.

    Rep. Alan Grayson summarizes it best “I am shocked to find out that nobody at the Federal Reserve is keeping track of anything.”

    Alan Grayson should team up with Ron Paul to also get his bill passed because the $9 trilllion are the guarantees that the Fed has given to underwrite various markets … There is no accounting for this as most was done through the New York Fed which is a PRIVATE CORPORATION… and is NOT subject to Congressional inquiry or Agency oversight …

    This quote is more true today than depression years

    “We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it”. — Congressman Louis T. McFadden

  7. Mike in Nola says:

    So why is my SRS down so much ove r the past few weeks and barely changed today?

    Thinking of some long dated puts.

  8. DL says:

    Mike in Nola @ 1:36

    Why not just short IYR…?

  9. cvienne says:


    Go for it Ben…
    Ya Gotta get your hands on some of those “rounded bottom” formations…

  10. Onlooker from Troy says:

    Interesting that IYR is showing relative strength today. Weird stuff.

    Once again I wouldn’t hold SRS. IYR has been hard to borrow. (go figure, eh?) I’m paying a small fee most days to be short.

  11. leftback says:

    SRS will have its day, but it is probably best used as a small core with relatively large trades around the position.
    Here at Schadenfreude we are also big fans of Rounded Bottom™ formations.

  12. I-Man says:

    @ Left:

    Think I’m gonna bail on SCO… should’ve done so earlier when you did probably. Although volume is weak on USO’s bounce off this mornings low… I dont like it. The USD is throwing a wrench in this trade at the moment. Gotta split for the hills.

  13. Mannwich says:

    @ben22: I’ve been too early on this one (as many here know) but my time will come. This shit storm will be the next one to hit eventually. I just hope SRS isn’t at zero by then.

  14. cvienne says:


    I know the “math” works out in it’s own way…But if you think about it in a SIMPLISTIC way, SRS started its lastes incarnation in FEB ’07 at $60…

    Essentially it did a TRIPLE (going to $180 – I know it spiked “beyond” that, but let’s call that NOISE of 3 trading days)…

    So now you’ve have a TRIPLE retracement of $60 (down to $20)…Sinewave amplitude…

    I’d be willing to bet you’ll see $60 easy again if the markets do a re-test of the March lows

  15. leftback says:

    @I-Man: AT thinks crude may see $64 before a pullback – he may be correct. I felt like I would enjoy the weekend more with minimal risk. Market is still going to be here next week.

  16. DL says:

    Onlooker from Troy @ 1:56

    “IYR has been hard to borrow. (go figure, eh?)”

    You’re right. I just tried to enter an order to short it (just to see what the response would be). The icon came up: “can’t borrow the shares”.
    It’s just plain weird. Short interest in IYR is very low. And, since it’s not leveraged, I can see no risk to the brokerage firm whatsoever.

    I think that someone out there is making a killing by shorting SRS and FAZ

  17. Mannwich says:

    @DL: Might that “someone” be Goldman (and maybe Morgan Stanley & JPM Chase), perhaps?

  18. I-Man says:

    Glad I didnt pull the sell trigger on that one!

  19. DL says:

    Mannwich @ 2:09

    “I just hope SRS isn’t at zero by then”

    That just about sums up my sentiments about SRS, FAZ, SKF, and a few others.

  20. I-Man says:

    Dude, TLT is getting shelacked…

  21. leftback says:

    “I think that someone out there is making a killing by shorting SRS and FAZ”

    That’s why they are best used for day trades/swing trades now, and when the odds are in your favor.

  22. DL says:

    Mannwich @ 2:12

    Not only are they making money at everyone else’s expense, but they’ve got it set up so that their short positions don’t show up in the short interest figures.

    It’s somewhat analogous to “naked” short selling, which is only available to a few people.

  23. I-Man says:

    True… but they have to cover sometime… and a couple more days like today should get em ruffled.

  24. Mike in Nola says:


    Re: shorting IYR. Been lookin at it. Not exactly a huge volume though, esp. farther out. I suppose the writers are scared of IYR too.

  25. leftback says:

    I-Man: I have a large and illiquid position shorting the 10-year, against which I hedge occasionally by buying govies when the sell-off seems extreme. Today, you’d have to say, would probably be a good time to buy TLT.
    But for a trade, with the view – expressed by DL – that the long term trend in the 10-year is toward higher rates. I do think govies will be OK over the summer, once the $ finds support.

  26. Mannwich says:

    I’ll see if I can find the post, but I believe that Zero Hedge recently had a post about the REIT’s raising more capital that surmised the games in that sector (thus affecting IYR and SRS) could go on until early June once all of this capital raising concludes. Let me see if I can find it but I believe this is probably correct. SRS seems to be settling around the 19′/low 20′s area…for NOW anyway.

  27. I-Man says:

    Yeah, I dont own any TLT… just very surprised by the action today… still scratching my head. There werent any govie auctions this week were there?

  28. leftback says:

    More supply of Treasuries next week. I am guessing there will be buyers (BB), so will get in ahead of the trade.

  29. Onlooker from Troy says:

    I’m only short IYR against my O position. Conservative little REIT with no mortgaged properties, little debt and none due ’til 2013. Very conservative management who saw the crap storm coming and sold off some properties, raised some cash last summer, lots of liquidity, etc.

    I’m confident in the div, but hedged against cap losses with the IYR short. And it should outperform the IYR so I should get some net gain from that. But if not I’m happy with my 9.45% yield.

  30. Outlier says:

    Can’t believe people are still messing around with the likes of FAZ and SRS.

    One more time, those leveraged etfs have a very strong volatility decay. They pay off great when they move in your direction but ONLY when they are moving in that direction in close to a straight line. If they are moving in bits and spurts with real corrections in the mix then their value is going to decay away something nasty even if the sum of the movement is great. Toxic to hold on two, use them for very specific short durations only.

  31. Cursive says:

    @ Mannwich 2:21

    Read that, too, but too lazy to look it up. Also, in case anyone missed this little nugget from Denniger two days ago:


    “What I do know, because I have a real-time squawk feed with commentary, is that Goldman was very quietly selling S&P futures in the back of the pit this afternoon.”

  32. [...] there is the CRE market. As both Zero Hedge and Barry Ritholz write today, it is the commercial real estate market that now seems to be in trouble.  This will [...]

  33. AmenRa says:

    Uh oh. Somebody pick up the red phone and get the PPT on the line asap! 875 on the S&P is going to get tested today.

    Also isn’t this redemption month for mutual funds. The 30 day notice has to be in before May is over.

  34. Mannwich says:

    Like I said earlier, looks like it’s not “sell in May and go away”, but “sell when Mannwich goes away.”

  35. leftback says:

    Quite the sell off. Just like old times.
    Don’t get too greedy guys, as Andy T says: “don’t be a dick for the tick”. Classic.

  36. I-Man says:

    “The SEC needs to start issuing subpoenas NOW. This has gone on now for more than two years, dating back to the 2007 “surprise” discount rate cut, the “short ban” on financials and more. It is abundantly clear from a simple examination of the price and volume immediately in front of these announcements that someone is being given the information before the rest of the market gets it and they are trading on it, and that is against the law.


    Too bad it will never happen, because they are on the take too…

  37. Cursive says:


    Ron Paul + Alan Grayson = Dream Ticket, circa 2009

  38. Cursive says:

    @ Mannwich 2:55

    I need for you to book about a 3 month engagement in corporate living. Stat.

  39. I-Man says:

    @ Left, Karen:

    Bailed out of SCO just now. Tidy loss. Not worth carrying it over. Might take a peek at DTO next week Karen, that one seems to track USO a little better.

  40. cjcpa says:

    How would you compare decay on SRS (or QID?) with margin account interest?
    serious question.

    I’m with you (and manwich) to the tune of 100 shares of srs until I get conviction.
    I almost had it yesterday at 10am, but ….not quite enough.
    To further the word play, I’ll have conviction about the market when I see a conviction (and jail time) for anything mentioned above. (I-Man)

  41. Mannwich says:

    @cjcpa: From what I can tell, the decay is FAR more pronounced with SRS, FAZ and SKF, so be careful with those. Not as much with QID and SDS.

  42. AmenRa says:

    Calling the PPT: “The number you have dialed has been disconnected. There is no other information at this time”.

  43. leftback says:

    Don’t complain, guys. TRADE. We have to OUT-THINK these cunning bastards.
    Nice pile of cash over here today. I feel more handsome than ever . :-)

  44. Onlooker from Troy says:

    The REITs and banks are more volatile day to day than the overall market therefore the “decay” is more pronounced. And of course the 3X are even more volatile. The volatility is the important factor here.

  45. Bruce N Tennessee says:

    Feelings can be SO misplaced, Lefty..

  46. DL says:

    Leftback is right. There’s always a way to do an end-run around those “cunning bastards”.

    However, it is worth spending some time to figure out what “they” are going to do.

  47. Onlooker from Troy says:

    Who’s complaining? :) I’m up and quite happy.

    Do we have more follow through tomorrow? Will there be discomfort holding long through the long weekend with today’s action? Do we test/break the 875 resistance tomorrow? Key questions here for the very short term trade.

  48. leftback says:

    Onlooker has fingered the culprit correctly. Don’t sit in those things, use them like hand grenades. I keep a small amount of SRS as a marker. I probably will not go in that direction until after the inevitable post-holiday rally.

    Here is a thought for I-Man and ben: Johnny Retail will be buyin’ em again on Tuesday, after those Tall Stories from Brian the Broker at the Memorial Day barbecue. Shorting into Memorial Day is un-American, eh??*

    * This is a joke.

  49. I-Man says:

    I think they might even rally this thing a bit tomorrow on the light volume… looks like the big shorts are still a little gun shy. Cant say I blame them really… but it sure would be nice to see them.
    I was expecting to see alot more fireworks at 880… maybe AT’s right and we’ll see them at 875.

    Summary: tomorrow will be a yawner.

  50. cjcpa says:

    I’m looking for a low volume pump job tomorrow. But I have been wrong a lot….


  51. leftback says:

    I-Man: Here is the Schadenfreude game plan. We plan to do diddly squat until about 3.45 on Tuesday.

    Tomorrow, a yawner. Low volume up day.
    Tuesday, Brian the Broker placing new orders for Johnny and Jane Retail. Everything will be up. Green shoots!!
    Wednesday, “Sell em, Lloyd”.

    Now, Bruce, get back to the grill, please. You know how LB likes his burgers.

  52. I-Man says:

    @ Karen:

    Damn… looking at the day you had with DUG compared to my day with SCO I’m thinking SCO sucks.

  53. Outlier says:

    @cjcpa the margin interest is pretty close to the management fees built into a ETF. Any decay effect is going to be on top of that.

    best illustration of the problem is to imagine a 3x Bull ETF stuck in a holding pattern. For math simplicity imagine both the index and etf start at 100, and the index is oscillating between 100 and 125 (25% up one day, 20% down the next, repeat.) The ETF is going to go up 75% and then down 60%. What how it plays out in numbers. 100, 175, 70, 122.5, 49, 85.75, 34.3, 60, 24.01… Catch that first bump to 175 and you are golden, but otherwise it’s just sucking money out of you. Buy that on margin and you’d be down a few pennies in interest, buy it as an ETF and miss your exit and you are bleeding despite the fact that the index is even and your ETF is popping up 75% every other day. And that’s a bull, the bear ETFs add an extra degree of decay.

    Obviously that’s an extreme case, but the bottom line is these ETFs lose value every time the market changes directions (in 1 day increments). Presumably some ETF house is going to start issuing long term bear funds at some point, but who knows.

  54. karen says:

    I-man, my real winner was dto… but you are right, dug held up the best.. dto was a good sell in the 120s, not a hold. i imagine sco was similar altho it’s not on my screen.

    i have a small post on faz on the previous thread.. did you see it?

  55. wunsacon says:

    I haven’t been able to keep track of the score. How many burgers have exchanged hands at this point? And who’s ahead — who’d better check their cholersterol? Maybe add a statin as a condiment.

  56. Bruce N Tennessee says:


    It is a pleasure to fire up the old grill for you….we will have to find something of interest for the room that we can resume our wagers upon after the holiday.

    Perhaps odds that Franky will find a job?

  57. Bruce N Tennessee says:


    As long as lefty is eating burgers it is ok with me…but if he reverts to those British Isles favorites like haggis or spotted dick….we may have to put the old grill back in storage…

  58. wunsacon says:

    Anyone think DRI is (still) a good short here (if not at least as a hedge)?

    If indexes were to head down from here, I don’t know why money would want to stay in DRI.

  59. wunsacon says:

    Bruce, send him over to GBK but only agree to pay for the Junior!

  60. I-Man says:

    @ Karen:

    I did see it… and yes, I see it too… the Cup and Handle part anyways…

    My system at work wont do 60 min charts… it bugs the crap out of me because those are my favorite, but I substitute with the 15 min 5 day.

    Not sure I want to see the H&S pattern… I only see what I want to see anyways. :)

    And honestly, although I’m holding 2/3′s of a position on FAZ, I rarely look at it. I do my homework on that trade with XLF, and shorting that is really my trade with FAZ. On XLF, we got the breach of the third trend of the Fan Principle today, as expected. Might recycle back up to test that, but unlikely. I say it throws up a doji tomorrow, if not a weak advance on weak volume. Either way, I’m long FAZ until XLF makes a higher high. I have my line in the sand at 13.25, and then I wont take any more pain.

    Its all down from here on XLF… stubborn it may be, but the thing is coming down.

    Today’s close oh so predictable.

  61. karen says:

    all that burger talk! i had to go make myself a giant arugula, basil, avocado, feta, and raisin salad.. drizzled with chipotle olive oil and balsamic..

    that xlf chart looks pretty strong to me… maybe you better try turning it upside down…

  62. leftback says:

    @wunsacon: Bruce inserts 81mg aspirin and a Caduet into each burger.

  63. I-Man says:

    Thanks for the laugh Mistress… I needed that.

    Lunchtime for I-Man. Catch yall later.

  64. Bruce N Tennessee says:


    If you had to pick one investment to stabilize your finances assuming the day of inflation returns…what would it be?

  65. cvienne says:


    Try making yourself a pizza with stracchino & rucola (arugula)…

  66. Bruce N Tennessee says:

    In your case Lefty, the Swedish twins have asked for a little Viagra in each burger…


  67. Bruce N Tennessee says:

    In your case Lefty, the Swedish twins have asked that a certain “performance enhancing drug” be inserted into each burger…

    …sorry, hadn’t really meant to tell you. At least it wasn’t aspirin..

  68. leftback says:

    Let me see, from today’s Bloomie:
    Krugman calling for a $ collapse, Swonk talking about an oil spike, Gross saying US to lose AAA but not yet.

    Given the market acumen of this lot, I’d say we see a $ and Treasury rally quite soon, and oil is going to sell off.

    More importantly, Bloomberg had a story this morning that lingerie sales were down. Karen, say it ain’t so…?

  69. karen says:

    Bruce, you have been too fun and funny today! But, I almost choked on my arugula, LOL.

  70. Pat G. says:

    The NAR will spin the news.

  71. DL says:

    I-Man @ 4:00

    I’m hoping for one last gasp from XLF.

  72. DL says:

    Lingerie sales….

    … the new hemline indicator?

  73. wunsa-

    please know: how stupid this: ” Maybe add a statin as a condiment.” is..

    see: http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=statin+risks


    pick one investment to stabilize your finances assuming the day of inflation returns..

    what are you planning to use over the next 1 year? 3 years? 5 years?

    Plan ahead and stock deep, not deeply in Stox, or debentures (“Return-Free Risk”– from J. Grant from the source he named from the ’30s, Freeman)..

    Grant on WBBR, this afternoon, needs to heard..

  74. leftback says:

    Bruce: Couldn’t post b/c I was laughing so hard. No wonder Inga and Britta were impressed.

  75. lb,

    this: “I felt like I would enjoy the weekend more with minimal risk. Market is still going to be here next week.”

    will keep you Alive & Well..very Sage–speaking of condiments/compliments ~

  76. cvienne says:

    @Bruce in Tn (4:15)
    Stabilize your finances in case of inflation?

    -Buy some land
    -Buy a tractor
    -Install solar & wind power
    -Get a nat gas generator and a large propane storage container
    -Refit your vehicles to nat gas
    -Make sure the basement in your home is climate controlled to between 55-70 degrees
    -Drill a well (or stock up on bottled water)
    -Buy 4oo lbs of dry food (rice, beans, flour, pasta) and SEAL them
    -Buy seed packets of whatever you like to eat or think you can grow
    -Read up on gardening

    As for investments…ask the other guys

  77. cvienne,

    you know which way the Sky is, no Compass, or Quotron, needed..

  78. Chris Whalen says:

    Faltering?? Barry has been taking nice pills again. CRE is dead, muerto, kaput. There are buildings withing walking distance of TBP HQ that are trading at 40% of last valuation. And the party is not even hot yet. This is why I am so negative on the banks. When 2/3 of the financing for the US economy DISAPPEARS and all that is left are the banks and the Fed, the only place prices can go is down. This goes for non-conforming RES in NY/CT/NJ/CA etc. Stick a fork in it. NEXT!

  79. cvienne says:


    A compass wouldn’t help anyway if and when the magnetic field of the Earth changes…

    I’d rather stick to the old fashioned way…

  80. wunsacon says:

    Thanks, Mark. (I followed your statin-related search link a few weeks ago, since I take a very low dosage.)

  81. Mike in Nola says:

    Think I may adopt the Taleb strategy: small bets on way out of the money long term options. Schwab now allows you to see option charts. Not very detailed, but you can see even those way out of the money skyrocketed around the bottoms.

    Put a toe in on a couple of puts way under the market on IYR: Dec o9 and Jan 2011. Also one in Dec. on SLX. It’s had a runup of 50% in the last couple of months ont he non -existent Chinese recovery.

    lefty: regarding treasuries, Mish suggested the same thing here:

    I think he was a little premature, but correct. The power of green shoots cannot be underestimated. Whenever the market starts crashing, there should be a flight back to treasuries.

    Agree with you on oil, but got dug way too early and it ain’t doin to well. May look into puts of IYE. USO sucks.

  82. leftback says:

    Chris, agree completely re: the death of CRE.
    See it everywhere in NYC, feel it, hear it, anxiously waiting to trade it. The Inevitable Fall™.

  83. wunsa-

    good, just be sure to replace what it’s taking from you..


    you know what’s Up, that’s why those ‘tools’ weren’t needed..

  84. Chris,

    btw, shorter days are soon to be here, y’all @ IRA need to get w/ the T-Shirts..

    and, yes, CRE, and ‘banks’, thereby, are truly Toxic, soon to look like T+1 Neutron Bomb detonation for Debtor Nation..

  85. cvienne says:


    If they could somehow find a way to convert all that empty CRE space into Costco & WalMart grocery aisles they could solve the problem!

  86. cjcpa says:

    just a note about the Costco joke.
    Costco should be busy as they sell food in bulk at discount. So if you don’t grow your own, you’d be buying 50 pound bags of rice and sugar at the Costco.

    They sell emergency-food-buckets online too. for the truly bear-cave among us.

  87. cvienne says:


    That wasn’t a joke about COSTCO…It’s absolutely true…

    Anyone who is driving around simply looking at how full “parking lots” are at retailers these days aren’t doing their complete homework…

    Costco is more packed because people are stocking up on bulk food (or, SAVING otherwise)…Costco members also get cheaper gasoline (so many who need to fill up their tanks with gas at $2.40 again are stopping in to do their shopping)…

    If you mull around WalMart or Costco…75% of the traffic is in the grocery sections…NOT the other retail areas…

  88. I-Man says:

    Another interesting tidbit on costco…

    They dont take credit cards.


    BR: The one by my house always takes Master Card or Visa . . .

  89. bill_from_chicago says:

    I am long the dollar….so gutted we did not see a flight to safety today. Is the DOW down | Dollar up correlation over? Or will we see Dollar strength if the wheels really come off this rally?

  90. cvienne says:


    That IS relevant…It signifies that everyone is maxed out on their credit cards and has to pay cash…

    Andy T has some good chart scenarios on that…Either the dollar holds here, OR, it crumbles down to 72 in a flash…

  91. cjcpa says:

    I-Man, they take the Costco-AMEX with 2% back. 3% on restaurants, and 5% on gasoline.

    They take any amex, I think, but that’s the one I have.
    Or, more importantly, the one I share with my wife who frequents the Costco.

    cvienne — thought your reference to Costco was a play on F411′s comment about the Costco being packed.
    snark upon snark gets lost.
    in any case, we agree, green light on bulk food discount.

  92. karen says:

    Bruce, just noted your question @ 4:15… “stabilize your finances” can mean different things to different people. For me, first and foremost it means zero debt, and at my age, no mortgage. So, that alone, is stability. But as far as managing my money, it means, where do I park dollars that I don’t want to trade and get the highest return possible? Since I don’t have the personality or desire to become a landlord, that basically forces me into equities. I keep my eye open for opportunities, and trade across the short, medium, and long term. For comfort, I have some physical gold and cash (dollars, candos and euros), not a lot % wise, though. Eventually, i believe we will return to the commodities bull… and i bot my shippers for the long term.. i consider that parked money. Hope I answered your question at least partially. No bonds, no CDs..

  93. matt says:

    Today was an amuzing day to watch SRS. More horrible news about CRE, the S&P down nicely, but somehow the financials didn’t get detroyed (must be all of the gubmint money) and SRS finishes down.

    I see there are several more states considering additional foreclosure moratoriums. Every month of moratorium is a month that the recovery is delayed, as those people living for free (or partial payments) are squatting in a house beyond their ability to service and preventing someone who wants to buy the house at a depressed price from buying it. Someone will buy these houses for the right prices. Let the prices go there and the recovery starts from there.

  94. cjcpa says:

    chuckling to myself. ….

    I don’t hold myself out as an expert on much, but the payment format at Costco is something I think I’m qualified as top-tier. I pay the Amex bill. *Extensive* personal knowledge.

  95. cvienne says:

    The folks in WDC will have to figure out how to incorporate “discount bulk food” into their LEI indices…

    “Oh look…discount bulk food sales are UP…more green shoots!”…Quick everybody…issue more common stock!

  96. cvienne says:

    Yeah I think I’ve got about $10k on an savings account balance that was CASH BACK from AMEX purchases…It’s earning, like 2%…In about 5 years that will probably be enough to buy a box of POP TARTS or something…

  97. ben22 says:


    I thought COST took Amex. Don’t they have some sort of corporate contract with them? I could be wrong. Maybe Franklin knows, then again, he probably can’t stand all the long lines at costco when he’s trying to check out so he just pays cash to make it quick.

  98. ben22 says:


    you don’t seem like a CD kind of girl. That seems way too boring for you.

  99. JDinCT says:

    she said no cd’s

  100. ben22 says:

    since I posted it first, I should just say, I DO NOT have a current position in SRS. I already got stopped out of that twice this year. Just waiting, right now I have no advantage there. There will come a time for it.