Well it looks like everything is back to normal again. People are buying stocks. Larry Kudlow is talking about mustard seeds and CNBC as a whole is all giddy and shit.
And, once again, all of my ‘smart friends’ are bullish, exclaiming “the Santa Claus rally has begun!”
Look, I’ll say it once more, lower oil prices is not good for the economy. The Government needs tax revenue, not a population with a higher savings rate. We’re in crisis mode here. Also, I don’t hear anyone talking about the negative headwinds to the oil/gas industry. Last I checked, those fuckers were the only ones making money, able to pay bountiful Federal taxes. Unless oil rebounds quickly, expect to see some pretty ugly numbers out of the sector.
Nonetheless, the underlying stocks do not reflect the deteriorating fundies, similar to homebuilder stocks, circa 2005.
Also, because of the anticipated 300+ billion infrastructure bill, infrastructure names, with shitty businesses, are sprinting higher. Look at GVA and VMC for proof.
Both of those companies are ripping their customers off, raising prices in a spiraling environment. I can’t wait to read about the type of egregious mark ups they assail the tax payer with. It will be grande.
Long story short: fuck this rally. I’m about sick and tired of it. It’s time for a little Great Depression, the sequel, to kick in again. With my money, I will begin unwinding my longs and start shorting stocks, in a very maniacal sort of way.
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Fly, I would like to wish you and your family a very Merry Christmas. Thanks for everything you do for all of us.
Don’t do it.
The One is about to say “that thing.”
You do not want to be on the wrong side when he says “that thing.”
_________
I took a position in FAZ this morning break even at 70.65 and the darn thing crashed to 57.50
I need oil to go up to around 60-70 barrel for my families business (which my parents started) that is oil related to prosper.
FYI everyone that HATES oil people or their related companies:
My Family business has been in business for 58 years, we employ 124 people, we have HEALTH insurance.
WE PRODUCE IN AMERICA BY AMERICANS. Even tho Schlumberger wants us to move most of our business to China.
We have to have oil prices up to this range to KEEP JOBS IN AMERICA…
What the fug is “that thing”?
Jake—what is “that thing”, tax cuts?
Someone say “thing?”
get long FCX @ $8
lol
opps.
I knew I should have studied spanish in high school instead of french…
Taxes
Thus far, I have not sold anything. Still long TNA, KBR etc.
I will try to time this right. However, I think today is the last day of the rally.
X-MAS rally is not scheduled until December 18th anyway.
The Fly is a man who sees tomorrow while piss ant losers like me are watching today.
i have never been more bullish in my life. even if we end up retesting the lows, which i dont think we will, this market is a once in a lifetime buying opportunity. i am 70% long right now and will be going 100+ long after the employment numbers friday. i hope they are a fucking disaster. will be buying the following;
home builders
beaten down energy
ge
selected retailors
bac bonds on margin
c bonds on margin
ge bonds on margin
jpm bonds on margin
I just sold TZA for a small profit 🙂 on the opposite side of you Mr.Fly 🙂
PS…..THE NEW MAN is talking….will he move the markets?
Up In Smoke (the sequel) coming to a brokerage house near you.
Now excuse me I need to go burn one, or twenty three.
Still in a range…
Market can rally under the 20 day MA — not really shifting sentiment except for dickheads on CNBC.
More ominous is the shrinking credit — as credit card co’s start to tighten the reins on deadbeats. Shopping will collapse. Strong sales are expected when everything is 50% off. Now what about the next 3 weeks?
AMZN is best of breed — of course they are going to do well, and so is WMT — the other 50,000 retailers are getting the scraps.
Certainly do not want to be long by the close of this bell. Fuck no. Who’s holding AMZN overnight???? Shit, the p/e (which is shrinking and will be shrinking next year) is only a measly 30. Who can resist?
That “thing” is Generational Bottom???
That phrase always reminded me of a very rounded apple ass.
The PPT must be expanded to stop the deflation in the Commodity Markets.
Next Step: The Obama administration will announce that TARP funds will be used to purchase Crude Contracts.
Just crazy rallies.
Are you shorting VMC?
There’s no way we don’t eventually get to “extreme bargain” territory before this thing is over. Everything I have indicates that is about 500-600 on the S&P. The only question is do we do it now or over 1-2 years or so.
Chivas, I agree, but I was planning on a retest to load up. I’m not so sure we will get one however. If we do it would mean the economy would start to recover in 2010. I don’t know if I can be that pessimistic.
What happens when a fly pisses upwind?
Fly;
Did you say “Depression”?
The “Grapes of Wrath”
http://www.321gold.com/editorials/russell/russell120308.html
I would love for Obama to talk about a “generational bottom” in any capacity.
However, I don’t believe he will.
_________
*anecdote alert*
just a few days ago, i rec’d an email from BAC raising my credit limit. i haven’t been buying anything, so i’m not sure if their goal is to try and entice more borrowing from non-deadbeats, or if they’re just crazy.
I am not shorting anything yet.
Just waiting.
Fly,
I agree with your assessment. Just look at metals, minerals, and all the other commodities. DRYS is in deep, as no one is buying Jack overseas, hence no shipping. Here in Mobile, there are empty containers stacked like Saltine boxes at the docks.
Starting to nibble at FAZ.
Agreed, this market is to messed up
“That thing” is when the Big O says he will not be raising Capital Gains taxes.
what hits 30’s first…. FXP or TBT?
Toptick — shit I knew Richard Russell was old, but mein gott in himmel, he’s freaking ancient!
________
Two bullish reversals in two days… I think our “40% bear market rally” has begun.
-DT
Nibble BIG at FAZ FLY…..Im deep in the hole on that one 🙂
That’s right!!! Fuck this rally, short qqqq at 28.43
cover later today @ 27.73. Bring on the GD.
Starting to nibble at FAZ.
You mean more FAZ?
________
DT – Yup!
This rally is all about the retail #s. Problem is, AAPL is lagging. (for those who don’t know, AAPL is a retail stock, not a tech stock. LOL)
-gio-
I think our “40% bear market rally” has begun.
Wanna bet on it?
Chivas –
Be sure to get lots of Beazer, it’s a fucking steal!
New lows every day until spx 125. You’re all morons.
BAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHH
Donny,
No. I just want to say it so that if it pans out, I can say I said it.
Also, I think we’re gonna see new lows soon.
There, now my ass is covered.
-DT
My oh my, look at those qqqqqqqqqqqqqq’s drop!
The whispers are saying, “start getting short in a big way”
plan now!!!
fly, I’m impressed. New lower LOWS this month in spite of SSF stupid sheeples and cows buying stocks. BTW, it won’t be a “little” GREAT DEPRESSION. It will be a “GREATER” GREAT DEPRESSION as I have said many times. In addition, I will be one of the Revolutionary Leaders of the new America. Write it DOWN.
Thanks DEVILDOG, you have marked the bottom.
F is moonshotting by the way.
If they get 30 year fixed mortgage rates under 5%, I bet we’ll see one of the biggest rallies of my life in consumer discretionary names like homebuilders and retailers.
I just think we get one more big woosh down sometime between now and March before it happens.
Devildog if you’re one of the Revolutionary Leaders in waiting I trust you’ve developed your “list” of people who must pay when you’re in power. So tell us, who gets the guillotine first?
If there is no “meaningful” rally by close, I go short in a big way.
I have given up on CNBC.
Now I listen to Bloomberg Radio on Sirius. Guy this am spoke of Great Recession guaranteed coming in 2009.
A beautiful video, once again exposing the Ass Clown, known as Jim Cramer:
http://www.youtube.com/watch?v=GT1wH8DG-h4
Retail update re BKS:
For the first time ever, Barnes & Noble has shut down part of their system in order to accomodate heavy holiday site traffic. There was a notice in my seller account management section this AM saying:
“Due to very heavy holiday traffic and volatility in our Feedback System, we’ve temporarily removed those ratings from display on our website.”
Yay, shoppers are back in quantity.
yrs sincerely,
Your Up-to-the-Minute Retail Reporter
Every time I try to put on some SKF and SRS, Devil Puppy pops in. Second thoughts. Damn! If Devil Pup wasn’t such an indicator!
What is the difference between DEVILDOG and a bucket of shit?
Devildog is a Somali pirate… correction… a Somali “ass-pirate.”
OH SNAP! IN YOUR FACE DEVILDOG!
BOO-FRIKKEN YAH BITCH!
-DT
BAC is today’s tell.
The Zing! Award goes to DT.
Inwestors are hopeful for a change.
“BAC is today’s tell.”
—————————
What is it telling…you…us ? tia
.
Kudlow is talking way too much about mustard seeds. 1st, there is no profit in mustard seeds. 2nd, he was fun before he was born again (read brainwashed).
Charlie Gasparino would make a good AG maybe even prosecute some of the departing rascals for their egregious crimes we & our children will be paying for a generation.
What the fuck is the PPT telling us at this point?
everyone on CNBC is a complete and utter D’bag!!
The PPT is worthless junk and so is Fly’s call for a top today. We are at a generational bottom and are going higher! Stick with Kramer!
THE FLY BOTTOM!!! Boy, I am super-duper bullish right now…j/k
Anyhoo, seriously I will not be bullish AT LEAST until Obama takes over, since a burst of optimism will take place and people with IQ’s lower than mine (including the Fly) will get drunk with buying stocks.
So Maria B. used to be called “The Bullet”??? I guess because she used to carry her little magic bullet everywhere. Must have been going through the batteries big time!
Itchy, yes I have a list which gets longer everyday. You won’t know who is on it until action is taken. Action will be taken.
Boca – Thanks.
jig – You are too kind.
DD – Be kind, please. But I can think of a couple of chins that might make the list.
Gonna cover my qqqqqqqqqqqqqq [email protected] before the PPT COMES BACK FROM LUNCH!!!!
SELLING OFF IN A NICE ORDERLY FASHION.