“The Fly” has retired.
I sold the remainder of my [[SRS]] , [[EEV]] and [[SKF]] and went to cash.
As an aside, I do not think the market will crash; it just sucks.
I may take a little coin and buy some stocks. Or, I may play handball inside my office.
Developing….
UPDATE: I couldn’t help myself. I bought 10,000 National-Oilwell Varco, Inc. [[NOV]] @ $32.
UPDATE II: Okay, this looks like a classic bottom. But you never know. I bought 100,000 [[UYG]] @ $11.85 and 10,000 [[NOV]] @$32.10.
UPDATE III: I bought 20,000 [[NOV]] @ $29.25.
I am done for the day.
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Fly, this is a shameless endorsement but let me know if you like the stuff.
http://www.cafepress.com/IShortYouNot
Fly – go to 1/4 in DGP, 1/4 MERKX, 1/4 cash, and 1/4 marijuana.
It is after all wacky Wednesday. Anything goes and apparently it does today.
Jeff can I substitute that 1/4 marijuana for blow ? Marijuana dries up my throat and makes me sound like Hank Paulson.
Can I substitute the marijuana for Flomax for men?
I’ve been buying IWM
Fly,
let me ask. UYG booked orders on TD ameritrade looks lop sided on the ask side is that not bearish?
Great call on SKF.
So…the Senor Tropicana is calling a Vince Farrell bottom ehh?
Hah! May the best man win…
Ill call it at bottom once we bounce off the tech bust bottom…
I say we have another 3000 points down to go. This is only the beginning.
That spade could not ahve helpped you, Mikey
Whats Crames saying this morning. Anyone notice that his bald head goes a shiny red coloration whenver he get worked up?
You’re not done Fly. You’ll be back to average down 😛
Jeffrey Cooper
10:03:42 AM
No positions in stocks mentioned.
Gap & Fill Pattern
Gapping down on the 3rd day and reversing through S&P 1005 is bullish if that level holds. If we should undercut it again, and then regain it, I would go with it.
Also, any ORB (opening range breakout) after this Gap & Fill pattern could lead to a buying riot, a stampede before the day is over.
Heads up about the shorting a retracement here, IMHO.
Fly, If this market continues to get ape raped and you get caught long, I would not want to be your trader servant. Watch out S&P 700.
Should’ve waited till end of day to start buying fly. I don’t know how you can tell anything from this mornings action. I concede you are the space alien magician and I’m just and internet fucktard. Good luck.
Jeffrey Cooper
10:03:42 AM
No positions in stocks mentioned.
Gap & Fill Pattern
Gapping down on the 3rd day and reversing through S&P 1005 is bullish if that level holds. If we should undercut it again, and then regain it, I would go with it.
Also, any ORB (opening range breakout) after this Gap & Fill pattern could lead to a buying riot, a stampede before the day is over.
Heads up about the shorting a retracement here, IMHO.
================
Laurie McGuirk
09:56:07 AM
No positions in stocks mentioned.
Fixing the Unfixable?
With all the talk in the media with numerous economists, former and current central bankers and politicians telling us how “they” are going to fix the unfixable and “restore confidence”, here’s an old fave of mine. (BTW- what credibility do business economists or retired central bankers have? Most should be ashamed of their non-performance and embarrassed to be interviewed!).
There are some ominous similarities to the 1929-33 era when it comes to “talking up” the economy, stocks, confidence etc. Click here and ponder where you think we are on the time scale. I reckon we’re not yet at Number 6.
The gold chart will be the inverse of this one, once the paper metal players are cleaned out by the massive (and very orderly) buyers of physical metal. Metal purchases will soon become “disorderly” as more and more look at Precious metals as a safe haven/wealth protection. Precious Metal equities will have some +20% up days very shortly, IMO… tick tick tick. A goldmine is better than a money tree… think about it. A silver mine at 77-1 gold is the ultimate asset to own.
There have been 7 serious articles on gold ownership increases published in the last week in FT, Telegraph, WSJ etc… Gold is heading mainstream, but Main Street doesn’t know… it’s only the financially educated and wealthy who are buying at present.
Will Fly be retiring to Miami Beach? He will be wearing white shoes with a white belt and hitting the early bird specials at Wolfies.
Hey Fly,
I’m fairly new to the site and have a suggestion: I know there’s the Recent Comments on iBC sidebar, but it would be great if there was a similar thing that tracked only the tabbed bloggers, or even one for each person. You put some great info in some of your comments, and it’d be nice if there were a way to avoid missing any of them.
Thanks!
Jeffrey Cooper
10:03:42 AM
No positions in stocks mentioned.
Gap & Fill Pattern
Gapping down on the 3rd day and reversing through S&P 1005 is bullish if that level holds. If we should undercut it again, and then regain it, I would go with it.
Also, any ORB (opening range breakout) after this Gap & Fill pattern could lead to a buying riot, a stampede before the day is over.
Heads up about the shorting a retracement here, IMHO.
================
Laurie McGuirk
09:56:07 AM
No positions in stocks mentioned.
Fixing the Unfixable?
With all the talk in the media with numerous economists, former and current central bankers and politicians telling us how “they” are going to fix the unfixable and “restore confidence”, here’s an old fave of mine. (BTW- what credibility do business economists or retired central bankers have? Most should be ashamed of their non-performance and embarrassed to be interviewed!).
There are some ominous similarities to the 1929-33 era when it comes to “talking up” the economy, stocks, confidence etc. Click here and ponder where you think we are on the time scale. I reckon we’re not yet at Number 6.
The gold chart will be the inverse of this one, once the paper metal players are cleaned out by the massive (and very orderly) buyers of physical metal. Metal purchases will soon become “disorderly” as more and more look at Precious metals as a safe haven/wealth protection. Precious Metal equities will have some +20% up days very shortly, IMO… tick tick tick. A goldmine is better than a money tree… think about it. A silver mine at 77-1 gold is the ultimate asset to own.
There have been 7 serious articles on gold ownership increases published in the last week in FT, Telegraph, WSJ etc… Gold is heading mainstream, but Main Street doesn’t know… it’s only the financially educated and wealthy who are buying at present.
========================
Todd Harrison
09:34:59 AM
No positions in stocks mentioned.
The Dew Screw!
* Minyan Kirk notes that in September 2001, the S&P was 24% below the 50- and 200-day moving averages. Today, we’re 25% below. That’s an interesting data point with a conscious nod to something pep said last month. Technical indicators, by definition, don’t work during a crash.
* I’ve been deluged with emails and phone calls from folks asking if they should pull out of the market. My response is consistent with what we’ve said from day one in Minyanville. It’s impossible to offer blanket advice to a faceless audience as each person has a unique time horizon and risk profile.
* What I have said–and understanding that many folks aren’t in the same position–is that, as a function of my most cautious stance (100% cash in my long and short-term bucket), I’m in a position to put some money to work. That may or may not be the right approach but it’s what I’m doing.
* At question is social mood and risk appetite, which shape financial markets. While difficult to gauge, we’re somewhere in the last trifecta of denial-migration and panic.
* And yes, I’ve reminded myself of something we’ve long discussed on Minyanville. The stock market crash didn’t cause the Great Depression, the Great Depression caused the stock market to crash. It’s called a process of price discovery for a reason.
* I offered yesterday that I would likely pare some risk into the bell as I traded around my posture. Even still, I continue our journey with two legs in the bull costume (50% conviction). I will slip an arm in (makes 75%) near the opening (S&P 960), with a conscious nod that ‘straight up’ is too easy. Sometimes right, sometimes wrong, always honest.
Michael:
Fuck you.
So…The Fly’s Vince Farrell bottom already broken…go figures…
hehehehehe “welcome to iBC” that’s funny.
Vince Farrell’s bottom is broken? Yeah, I’ve heard that about him.
Poof! You bull shit rate cut rally is gone!