I’m leaving early today, taking off to my weekend hiatus.
For the day, I just about broke even, proving my ability to travel time, via a plutonium powered time machine. Keep in mind, there was nothing in Woodcheddar’s charts that made me buy [[RKH]] and [[UYG]] yesterday.
Aside from the obvious, I made money in a variety of long positions, including, but not limited to, Starbucks Corporation [[SBUX]] , Assurant, Inc. [[AIZ]] , Auxilium Pharmaceuticals, Inc. [[AUXL]] , Valeant Pharmaceuticals International [[VRX]] , Lehman Brothers Holdings Inc. [[LEH]] and The Clorox Company [[CLX]] .
Conversely, I gave back some coin in my shorts in Legg Mason, Inc. [[LM]] , Vulcan Materials Company [[VMC]] and First Horizon National Corporation [[FHN]] .
Unlike everyone else, I think today’s dip in energy names present a good entry point. With [[DIG]] , I will buy down to $80, then pray to the stock Gods to prey upon short sellers.
In closing, never bet against the man in a time machine. And, furthermore, never bet against “space alien magicians,” who frequent low end eateries, just for the “atmosphere.”
Top pick: Equinix, Inc. [[EQIX]]
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I am now major league overweight cash.
Range has tightened & volume goes low next week.
Machines should drive a wild ride next week.
i agree about traditional energy. i think we’re much closer to the bottom of their new range than the top. however, i can’t bring myself to mess with stuff like ENER.
…ugh…i sense another bad internet guy post.
…
gay people are stupid!
Beautiful work Fly. It’s a pleasure watching you work this market like a pimp.
Have a good weekend.
yeah jake, top ten day, as they say, out here .. was at the beach with fam & friends all afternoon .. just got back to the running of the bulls
Jason Goepfert
03:58:27 PM
No positions in stocks mentioned.
Food For Thought
Speculators in the US Dollar have moved to their second-largest net long position in history as of this past Tuesday (just shy of 30,000 contracts). Large speculators are currently holding 71% of all outstanding long contracts, small specs are holding 10%, leaving “smart money” commercial hedgers with just minimum exposure.
The only other instance with larger long exposure from specs was mid-November 2005… just as the Dollar was topping out. This is worth keeping an eye on.
Looks like Obama has picked his VP.
http://www.kmbc.com/politics/17267009/detail.html#-
http://market-ticker.denninger.net/archives/549-Weekend-Special-Lehman,-Pumping,-And-Lawsuits.html
The story of the day, which hit at 6:00 AM CT, was that Lehman was being “eyeballed” by a Korean group lead by Korea Development Bank (KDB).
This resulted in an instant ramp in the futures which persisted into the day, and was the catalyst for the near-200 point rally in the market.
CNBC and Bloomberg were repeating the story literally all day long, with Bloomberg running it as recently as 5:30 Eastern.
There’s only one problem – KDB denied the claim early this morning:
“South Korean banks led by Korea Development Bank (KDB) have shelved plans to buy a stake and management rights in Lehman Brothers due to concerns about its financial health, a report said Friday.
….
Problems with the accounts were more serious than initially believed, an unidentified government official was quoted as saying. “We concluded that it was too risky for KDB to take the deal.”
koreans can’t even deal with US beef imports. can’t wait to see how they’d do with a disaster of an i-bank.
THE FLY-heres a couple-STAA- insiders bought in at 2.50 now at 5.50,getting good press. ELBX heavy buys in the 2.50 trading up- both of these will get sold for 10 or more. As for banks GFG -insiders buying a boatload senior v.p’s and ceo.Yes i own all.Obama and Biden=gold- Putin going to play whose your daddy- all nite long.
I don’t get all this talk about “shorts” and “positions” and “entry points”. That seems like a lot to put up with for coin.
I’m here for the time-travelling space-alien magic show. Is it true that you can pull a neanderthal rabbit out of your hat? I’d like to see that.
Here’s a list for you, in honor of your 8-06-08 pledge to abruptly cease your foul language, thereby creating a space-time rip that will suck the Dow down to 11,000. Number 10 will surprise you. Number 9 is a Fly favorite. Number 8 can’t rise any higher even with an average of 2.69 fukz per minute. You can get the 2-minute, condensed version of Number 7 here if the kids are in bed. More links on the list:
http://www.scene-stealers.com/top-10/erics-top-10-swearing-movies/
Another one bites the dust.
Columbian Bank and Trust of Kansas Shut by Regulators
http://www.bloomberg.com/apps/news?pid=20601103&sid=aJqU2qEw3_2c&refer=us