I bought 100,000 [[UYG]] @ $10.27, 3,000 National-Oilwell Varco, Inc. [[NOV]] @ $24.70 and 3,000 The Mosaic Company [[MOS]] @ $35.06.
Disclaimer: If you buy the above stocks because of this post, you will get testicular cancer. And, you may lose money.
If you enjoy the content at iBankCoin, please follow us on Twitter
Mmmm, testicular cancer. Yummy.
I “caught the knife” with NOV yesterday afternoon about 3:56.
If it’s still sticking in my hand, do I qualify for tumourous testes?
_____
Fly
I though you said stocks were going down 1000 points today. What swung you so dramatically my head is still spinning. Was it the sex or the decent breakfast?
As long as I don’t go bald. Righto!
fly,
fully invested? 100% long?
“I bought 100,000 (UYG: 9.89 -1.88%) @ $10.27”
Dear God –
The Fly is taking the opposite trade to Tim K.( 250k SKF) slopeofdope. Only one is coming out of this alive. Its like Megatron (the Fly) v Optimus Prime (Tim) .
Done for awhile. Thanks OIH. FU SMH.
The Fly v Tim K.
http://www.youtube.com/watch?v=WJ8Xuylu4Vg
Jake,
-10 on that comment…man thats hard core.
My Yahoo page is FUBAR
Minyanville Staff
09:47:16 AM
No positions in stocks mentioned.
Vibes from Minyan Tony “Snoop” Dwyer of FTN Midwest.
With all unprecedented global monetary and policy initiatives over recent days/weeks/months, how can the commercial paper market remain stressed and 3-month U.S. Treasury T-bills be yielding roughly 0.20%? The answer is that individuals and businesses alike do not trust traditional money market funds given the historic credit crisis, and are moving their money out of traditional money market funds into Treasury only money market funds.
Traditional money funds are significant buyers of commercial paper, and despite the desperate need for companies to have access to this short-term financing arena – the traditional buyer (traditional money funds) remains a seller due to the money moving out of their funds into Treasury based money funds that only buy short-term paper.
I have seen a behavioral change that is going to take a long time to reverse. As you all know, I would love to become more positive if the equity market successfully retests last Friday’s low and the credit market shows significant and sustainable improvement. We are indeed getting the retest, but the credit market remains totally dislocated and historically stressed despite all the global monetary and government moves to achieve the opposite. I wish I had better news to offer, but this is why I’ve recommend staying out of the way until there is a successful retest and sustainable credit market improvement.
Again, there are two key perception changes that need to take place before the financial markets could see a significant and sustainable recovery. The first needed key perception change has largely been addressed – that the global financial system is going to zero. Every government in the world has made it clear they will do whatever needs to be done to protect the banking system. As I have said many times – saving the system from total failure is good, but it is not a growth strategy.
The second needed key perception change that does address a growth strategy is playing out in front of our eyes, but in the wrong direction. The second perception change needed is that the global economic is decelerating sharply. While many would suggest very weak retail sales were today’s catalyst for the decline, I’d offer that the catalyst for today’s global equity market weakness is the continued collapse in the Baltic Dry Index of shipping prices, which has been a great indicator for global demand. What is my proof? The “decoupling global growth” myth stocks are getting hit the most – Energy, Materials and Industrials. As I write this, the S&P Energy and Materials sectors are down 16% and 12%, respectively. My greatest fear has always been the unwinding of this concept and it is likely to get worse before better. What could cause this needed key perception change? A massive coordinated rate cut (100 basis points) focused in Europe.
Todd Harrison
09:17:20 AM
No positions in stocks mentioned.
Morning Dew for Me and You
Morning Minyans, and welcome back to the world’s wildest reality show. Folks all around our grand land await the opening bell, popcorn in hand, as the financial script unfolds in real-time. Following some early morning segments on Yahoo TV–posting soon to the ‘Ville–I settle into my seat with hat in hand and eyes wide open. Some early morning vibes:
* What’s a sadder song–It’s Too Late by Carole King or Harry Chapin’s Cat’s in the Cradle? (Wow, I really am that old.)
*
Fund vs. Fund? Yeah, on the one side you have hedge fund redemptions (forced selling of winners and sinners) and on the other, peeking around the corner, the potential for performance anxiety in mutual fund land (that will only kick in if a rally sticks). Through their eyes, the only thing worse than losing money is under-performing.
*
Yes, I’ve adopted a more constructive trading stance and no, it doesn’t feel right. Someone once said that the hardest fades are the toughest trades but that most certainly remains to be seen.
*
With two notable exceptions–March 17th and July 16th–I’ve “sold rips to buy dips” (as one should during a bear market). With regards to my current posture, I’m flipping my stylistic approach to buying dips (last week, yesterday) and selling rips (Monday…).
*
There is a difference between a trading low and a market bottom. The hangover from the poppage of the MOAB (mother of all bubbles) will last a long time but the destination pales in comparison to the path.
*
Three things remain on my near-term radar. Credit lubrication (nascent signs but a ways to go), the dollar (equity bulls don’t wanna see a stronger greenback) and the tenor of the current test (breadth, the reaction to news (Citigroup (C), Merrill (MER), United Technology (UTX), UBS (UBS) and Friday’s intraday lows at S&P 840, INDU 7880 and NDX 1200).
*
As discussed yesterday, my sense is that Hank will try to pull a bunny from his magic hat before Friday’s expiration (perhaps another globally coordinated 50 bip snip). The market seems to sense that too so we’ll need to watch the reaction to NO news.
*
Is the “easy trade” the first fade lower? Perhaps. Either way, remember that each day has a P&L unto itself and don’t press to make up for lost ground. The mechanics of the swing are more important than the results of the at-bat.
I hope the cancer only gets lefty.. I never liked lefty.
BTW…all you fuckers ragging on “The Jake”
Give it a rest the election will be over soon. You are the same fuckers that if “The Jake” wasn’t posting all the time would be saying Where’s Jake, Anybody seen Jake. I miss Jakey.
Sheesh Ovah Heah
MOS will cause you as much angst as the POT short…IMO
MOS, already down 3 dollars a share…
Made my first purchase in many many moons. CSCO Nov 17 calls for 95 cents.
So Fly, how are those buys doing this morning? You and Barry Ritz… made a BIG mistake. We get a bounce at S&P 840…not much and CRASH to new lows next week. I’ll remind you again that the intermediate bottom will come when no one wants to buy stocks. Even this bottom next week will not be the bottom which will be in 2014 – 2015. You’ve been advised. Odd no? I’m heavily long SDP as of the open yesterday and big time green. Ta!
Dog
Why the fuck are you telling us about 2015. All I care about is making it through the next week with all limbs and testicles.
Here’s my prediction for 2015, dog.
Exactly.
And dog. Enough of this shit over the weekend, ok. Lets have a restful uplifting weekend without the End of Times.