I don’t want to give back recent gains. Normally, I Iet the market run its course. However, this time, I am making a stand and will protect my gains.
There is no denying the mental illness that has infected the minds of dip buyers.
Nonetheless, I have decided to cover all of my shorts, with exception to Legg Mason, Inc. [[LM]] , First Horizon National Corporation [[FHN]] , Vulcan Materials Company [[VMC]] and Pzena Investment Management, Inc. [[PZN]] .
I will cover all my of my brokerage shorts, including Goldman Sachs Group, Inc. [[GS]] , Lehman Brothers Holdings Inc. [[LEH]] , Morgan Stanley [[MS]] and even Merrill Lynch & Co., Inc. [[MER]] .
The little ones, like Cathay General Bancorp [[CATY]] , Pacific Capital Bancorp [[PCBC]] and East West Bancorp, Inc. [[EWBC]] : gone.
And, I will cover Bank of America Corporation [[BAC]] .
Lastly, I sold out part of my [[SKF]] , [[SRS]] and [[FXP]] positions, perfectly willing to miss out on “large penis gains” (pardon the lack of curse words), in return for safety of principle.
In an effort to hedge my existing shorts, I will go long [[UYG]] , [[RKH]] , Southern Copper Corporation (USA) [[PCU]] and Yamana Gold Inc. (USA) [[AUY]] —in size.
Don’t ask why or if I got banged over the head with a large “homo hammer.”
For me, at this moment, it is the right thing to do.
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Wussy
Shut up. I’ll kill you.
I also bought a lifetimes worth of DIG.
Good job.
Nice wins.
If Retarded Ape were to say…um…fall of a cliff…and die…would FLY have legal issues with that threat?
I know a good lawyer…
HRB ?
I’ve been out of HRB for over a month.
Didn’t you get the memo?
Three things:
Only children reference wrestlers, in cordial discussion.
If you haven’t noticed, I am banking egregious amounts of coin.
Don’t respond. Just go away. Your negativity is cancerous and not helpful to anyone.
I really hate you. Die slow.
If you’re no longer short of these, would it be a good idea to re-short them after a minor bounce?
I know i want to short these, but the market is acting so weird.
MEMO:
Must read FLY all of the time! When post is missed, go back and read it. No exceptions!!!
I would not short today.
All of the bad news has not resulted in down stocks. Therefore, sometimes it makes sense to listen very quietly.
However, my long hedges, especially in the banks, are very temporary. We are far from done going lower.
My point: I don’t want to give back my recent 15% gains.
And, I am heavily overweight materials and oil.
In short:
Bank neutral
Commodity long
Cash rich
GME back in the green. This market is as crazy as it can get.
Dickati,
Noone thinks you’re funny or even poignant. Go to another site and make people unhappy there. Or continue to depress your family.
Fly,
Glad to see your post, I did that same idea earlier protecting my gains I have made the past 1.5 weeks.
Timing the woosh aint easy huh?
Vix dropping…Fannie & Freddie falling faster than TC can hit the sell button..Fed meeting tomorrow. Dick Bove doing his thing with LEH. Nothing makes sense. Gaz will have to continue down for any sort of recovery.
2,000 points either direction would not surprise me.
Anytime they give GSE’s these cute names like Fanny -Freddie- Sally-Ginny….The Translation Is. “We are going to steal from you.”
Fly = Magician[sic]
I think they’re celebrating the eventual nationalization of FNM and FRE today. With explicit U.S. government backing, mortgage rates will fall. Lower rates, together with the $7500 tax credit and $300 billion Congress and Bush authorized for loan modification, the mess will get cleaned up sooner.
With housing starts at 17 year lows, and the homebuilder sentiment index at all time lows, some people are betting we’re at the point of maximum pessimism for the homebuilders. They’re on fire. CTX, my largest and sometimes most painful position since late June, is up 7.5% today.
Mr. Fly:
Will we Home-Gamers have a chance to ever bank egregious coin like you if we become iBC Premium Service subscribers? Your winning ways make the rest of us seem like pissant worthless hanger-ons.
I think thats the goal of the service
fly-been with you since the site was first up.love the site and the bloggers and my almost 7 figure portfolio has prospered-thanks. i usually buy stocks based on heavy insider buy patterns-not day trade stuff-but it pays off-never took the typing course at s.u.n.y binghamton should have. fly all the best-
Ducati998 nailed it.
This is a great site but does anyone else think that the Fly has gotten a little Cramerish? I mean he seems to be constantly chasing stocks and is way behind the market for the most part.
Discuss
i dont come here much anymore.
i hope calvino was still short CRM, he deserves it after all he put up with.
fly-
i have no problem with booking profits, but your spidey sense aint workin man. this is the tipping point, i am surprised you cant feel it. short term commodity bounce, markets knife lower, then everybody gets taken to the woodshed.
you think that its just some “funny coincidence” that all the dealers are fucking sold out of american eagles?
the market has called paulsens bluff, now he is gonna have to back it.
we will be punished. severely.
so nullpointer, are you long GLD for the long term?
Long: GLD and NOV
Short: the freakin’ elections
Better Than You, Fly is the anti-Cramer. But tell us, what are your best picks right now?