Dow 30 components need to be bought, especially Citigroup Inc. [[C]] and General Electric Company [[GE]] . The market is in the process of taking the path of most pain. Unfortunately, for you turkey haters, that pain is to be distributed to short sellers, via much higher equity prices.
It truly is amazing; but then again, everything is.
Ride the wave of optimism, via getting long retailers. I forgot to mention another retail position of mine: GameStop Corp. [[GME]] . That fucker is so coiled back, it’s sickening. I actually want to vomit because of it.
Dice rolls include, but not limited to: Alcoa Inc. [[AA]] , The Mosaic Company [[MOS]] , United States Steel Corporation [[X]] , UnitedHealth Group Inc. [[UNH]] and The Blackstone Group L.P. [[BX]] .
UPDATE: I bought 10,000 [[M]] @ $6.95. And, I bought 3,000 [[FXP]] @ $61.25.
UPDATE II: I sold 3,000 [[UYM]] @ $12.50
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Homebuilders via ITB (etf) is a bigger dice roll.
Wouldn’t want to hang around in Dec. though for tax loss selling. Jan. should be big for small caps after the tax loss selling is over.
LM downgraded on serious liquidity concerns
SLG downgraded by Goldman
Fly,
You once Said FXP is like an ATM when it prints a 6 handle and it has shown some relative strength vs the other inverse ETF’s in this tape so why not load up on it down here for the inevitable collapse 6 months or so from now??
Euro/Yen broke through 125 which was a really key level . Euro is over 1.30 and the Aussie is now at 66 cents. the world is “liquid”. These markers indicate stocks are going higher.
Bennet Sedacca
09:00:00 AM
No positions in stocks mentioned.
Has the Slope of Hope…
…Become the Wall of Worry?
Me thinks so. Not just because I am long for the first time in eons, but because not a single person i talk to agrees with me that I talk with.
Performance anxiety is now in play.
For what it’s worth, the announcement this morning for the treasury to buy MBS is the first good use of my capital I have seen. It actually goes to the root of the problem in housing.
It also makes me chuckle in that my firm is like 100% long MBS. I guess they saw the same value we did.
So we will see. But I view all action above 840 SPX as highly positive. It could make performance anxiety that much worse.
Government cheese for the student loan ABS market. I’m going to take a shot on an SLM short squeeze today, maybe FMD.
I’m starting to sense people are positining for a decline in the dollar after its monster run, so commodities should work. As mentioned yesterday, FCX is a must own with gold and copper ripping.
The fact that everyone and their granny thinks the collapse is inevitable 6 months from now makes me more bullish…
What’s the moral of the story?
Markets don’t go straight down, even in the face of negative economic activity, deflation, and a possible 21st century depression.
If you tilt bearish, like Donny, you can make a fucking fortune by simply switching your position when the market is vastly oversold, and riding these vicious bear market springboards.
With that said; I fully expect the market to make new lows next year, but in meantime, we’re going higher.
Fly
You think it’s worth adding to C here in light of the Fed new actions to support the mortgage market?
TBT can suck my ass.
Can oil stay down near 2 bucks and DUG not go up? I think not.
I was going to ask why you never mentioned GME yesterday.
Contrary Indicator, calm down, it’s blowing the top off.
All the Eco news this week will temper the rally. So, place your hedges. As always it seems that all the action happens at the close anyway.
i bought QLD and BGU in size on that dip. gobble gobble!
Nibbling for an avg down on FXP.
Avg down on M, as discussed.
And, selling a little UYM.
These light volume Holiday weeks typically do the opposite of what might seem rational…like continued rally after record two days up…
FXP looks yummy here for hedge…
did you find something out about FCX and NOV that you didn’t like? Haven’t heard you mention either of them in awhile.
Master Fly, is this a FXP only thing or are you bearish on all EEM? Looking at nibbling at EEV myself.
Watch out, Paulson about to open his pie hole.
Jeffrey Cooper
09:36:21 AM
No positions in stocks mentioned.
Agenda?
The government is throwing everything and the kitchen sink at the market to save Black Friday for the retailers.
I would be careful about shorting in to the agenda to rescue Christmas and get Santa off the milk carton.
Bennet Sedacca
09:21:43 AM
No positions in stocks mentioned.
The ultimate carry trade
If you could borrow at 0-1% and lend at 6%, and it was financed by foreigners and US citizens, would you?
Of course you would. I don’t know if it will work on the real economy, but I know this, the math works.
Fly, how much money do you think is going to be pumped in overall by the end of obama’s 1st term?
Fed pumps money at regular basis, obama plans 500 billion stimulous, the bailouts of AIG, bear, citi, money flying at the autos, etc, some have estimated 2 trillion, others have said 7 trillion… when does it stop, and doesn’t this signal stocks will eventually be much, much, higher, if not because of inflation alone, or do you think the banks are going to have all this money and still not lend?
FCX acting well.
Such a disconnect between Dow and Nas
The spike and the beat down has happened in SLM. BOT at $9.61.
No sellers came out in FMD so I didn’t get anything done there. It’s up 52% from yesterday’s close.
What do you want to bet that Black Friday is a historical crash
Buy and Hold MOney Good
BOOMER – do you still have your GOOG or did you sell yesterday?
what’s up with RIMM today? That Gartner handset news? or?
Big Bamboo will eat your Turkey.
Looks like the rally is ending today. I would suggest you start selling your big winners over the next few hours. Start getting basically even as this thing fizzles.
We will see if it keeps going, but the majority of this rally is now behind us.
Someone needs to walk up to the podium and bunch Paulson right between the eyes. I’d pay big to see that happen.
GOOG “significantly” reducing the number of contract workers it uses…presently has 10,000 contractors…
Guess explains the nice pop today after downgrade yesterday…
All your tax receipts are belong to us 🙂
Paulson walks off the stage, the market rallies 1,000 points within minutes – the thank god that fucker is gone rally.
MMMMMMmmmmmmmmmmmmmmmm…burp…says the Big Bamboo.
I killed it with Googs and uyg…. Good thing I grabbed my balls and went in heavy…
Sold the goog! 🙁
Spanky Paulson sure is one stuttering Hank.
I think the pressure’s getting to him. I bet he can’t wait to get back in the role of armchair QB.
I’m out. mush.
off shop for gifts with my boy. maybe stop by the drum store. have a great day all.
i just bought back my SMN…fuck this.
i need a hedge and materials look weak
God says “you’re welcome Boomer.”
FXP looks better.
anyone see any news on AAPL?
yeah i see that…maybe fxp too. tx