I am “ostrich trading” today, ignoring the news, buying the orient.
Thus far, I’ve built up decent CHL/FXI positions. Now, in an unbelievable twist of events, I am buying JRJC, and a little WX (thin trading), with several others on the soon to be bought list.
I know the news is bad and I am still saddled with lots of short positions. However, for today, I feel like throwing a few old dudes under moving buses.
Some of my long positions include: MT, BUCY, PFE, MOS, CLX and even a little MVIS.
Sometimes life throws unhittable curve balls at you. It is my job to kick the catcher in the chest, throw dirt in his face, then proceed to take first on a passed ball.
As for the banks:
Sure, they’re fucked. But don’t tell that to the idiots buying GS up at these levels. Those guys are serious about losing money.
In short, get drunk and buy a few chicoms.
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fig
I like the mos, got some AGU too.
Down hard tomorrow in front of shit numbers Friday?
The FLY, filled with happiness at his new found success as a Bull in a China shop, sends his trader servant to the laundry with his “ticky” and decides to order one from corrum A and one from corrum B for lunch
is this where you get your numbers DEVILDOG?
http://www.youtube.com/watch?v=x8hMJVXt09E
BAC ready to break. 1 , 2, 3, 4 …….bring out the champagne glasses . DONNY where are you ? Why are you not celebrating my success in shorting BAC ?
We’ve got another 80 points on the spooooos to go.
Don’t lay down in front of my “Range Rover Rally”
IF the financials go the other way Andy, your Range Rover rally will become a Yugo reality. NOTE: Andy is long 20k FAS.
Starting to get that itch to begin shorting this mini rally
just closed out the give me trade, bought dollar yen just below the fig and turfed it out here.
No kidding in the past month (just short of) that trade has made me around A$ 190k. Beats trading freaking stocks here.
It smells like the BOJ has bids below the figure which is why it seems to never be able to hold down there and it resurfaces.
You buy it between 88.50 and 89 depending on how the market feels and the time… Say in London buy it at lower levels as NY may send it down. place a stop at 86.80 tokyo cut only after the first hour of trading. Then sell it up higher.
Look at a chart of dollar yen, it has a pretty good bottom at those levels and smells like something big is down there.
CAP good job on BAC.Fuck the banks fuckem all!!
I will jump back in and short GS soon. As FLy said dumbfucks biding it up right now and I decided to cover and take small gains. I am not going to stand in front of the idiots on the GS train.
News Flash
http://www.nbcnewyork.com/around_town/the_scene/Breast-Implants-Set-World-Record-.html
here we go again. the market cannot capitulate unless it does it without any assistance from the outside. along comes the stimulus package and all the Zach Karabells jump around in their leotards, thinking it’s all over. nobody is going to trust the market if the market is not the entity that tells them the game is up. meanwhile, hat tip to my wife for the short costco trade. “Ma” as we call her here on the farm, informed me some months ago that they were going down the Thain commode due to the fact that they do not take credit cards. She put a list together for me of such stores, gave me a kick in my dungaree ass and told me to go short them.
Sometimes life throws unhittable curve balls at you. It is my job to kick the catcher in the chest, throw dirt in his face, then proceed to take first on a passed ball.
Spoken like a pitcher.
_______
Don’t lay down in front of my “Range Rover Rally”
WTF? You already discarded “Jedi rally?”
Disco hater.
_____
@CAP that’s the game we’re here to play 🙂
j
I am looking at the AUD/USD trade. It is knocking on the the 200 day SMA.
They will be selling it off into the jobs number tomorrow. Careful out there.
Well for now it appears BAC is holding. She’s one stubborn bitch refusing to drop below $5. It’ll happen though.
Devil Dawg — serious query:
Thoughts on the $TRANny swing low, here?
_________
Unemployment claims tommorrow at 8:30 and unemployment numbers Fri.
Correct?
Fuck it back on the short side on GS at 88
Way too much optimism…time for me to change course.
I have a mind of my own, thank you.
http://www.adpemploymentreport.com/pdf/FINAL_Report_January_09.pdf
ADP report released today.
You all know the drill. Rally one day, give it all back the next. sniper6 is preparing to fade the afternoon trade, maybe with SKF sub $140, BGZ sub $64
relax. quit watching every tick.
go eat a sandwich.
Now watch XOM go South because the shorts here have given up.
And it goes ’round and ’round.
I have found the most beautiful short…WYNN
Just broke through $28…which was the yearly lows…tremendous momentum to the downside, and WFC just cancelled some event with them…
WX took off after your post, nice call Fly.
To Devil Dog: How about a little more about “What You Are Doing” vs “What You See”??? Would be a little more “value added”, at least for this avid reader.
Anyone notice?
GOOG — BTFO!
______
diary of missed opportunities by aris:
yesterday, i was looking at DRYS. only half-serious about it. said to myself that it’s probably going to run, if the market catches a bid.
didn’t act.
opened up 15% today, after doing the same yesterday.
meanwhile i’ve got nothing, so i guess i’ll just go read cronkite or something.
Getting a little spanked by my shorting on GS at 88
But as Fugazi sings-
I am a patient boy
I wait I wait I wait I wait
Time Warner Inc Could potentially repurchase GOOG stake’s in AOL unit as option after GOOG sent request to excercise demand registration rights for 5% stake in AOL
– says has no plans to sell its Bebo social network.
Moe
On the aussie sell rallies but get out if you have a good run. Don’t think too hard on the trade and keep a tight leash on a stop.
this is what I use. I’m constructively bearish the aussie. I use a ma envelope to trade it from the top of a rally when it hits or gets close to the top of the envelope Works well. I use the hourly chart with a 2% band from the middle on either side. At the moment it’s telling you short sell it if it gets to 65.75 however that changes too with time.
Then do what I do, Moe. After you’ve made money in currencies keep thinking you’re a shit hot trader and funnel the currency profits into stock losses. That way the account stays square.
I’m doing the best I can to make money in currencies and then in a round about sorta way funnel the money over to fly.
May as well just write him a cheque.
How’s this thesis…big money rotating out of bonds and into equities. Major asset allocation shift by the institutions.
What of BAC, I mean, this is glaring sore.
Fly – wake up Jeremy and have him set up Cronkites tab already .. I’m starving for news 😛
NEWS 🙂
– US equity indices are making solid gains this morning after the ADP employment and ISM non-manufacturing data came in less bad than expected and the Baltic index jumped 15%. Investors were further heartened by the downward revision to last month’s ADP data, although the Challenger index of planned job cuts data painted a darker picture, jumping 45% m/m to its highest level since 2002. Note that the big rise in the Baltic was its 12th consecutive gain and its largest daily rise in nearly 24 years, sending shipping stocks up by double digits, with EGLE spiking 27%.
.
anyone know why MS has basically put on 2.25 bucks.
BHO coming in with some hard language- “I will not tolerate it as president”
Isn’t funny how the government is quick to blame the “greedy’ on Wall St. and refuses to look into the mirror. They attach the blame to a target to exonerate themselves
JakeGint
If the fed has announcing that they may buy treasuries to keep rates low, why are you confident that there is upside in TBT?
Do you think they will just begin lending directly vs trying to control rates thru purchases?
I’ll take an up 3% on rye into lunch hour.
7 out of 8 positions still green!
AFAM down .04
LH LLs from 850
Who the fuck does he think he is Mugabe? The US isn’t some shit hole in Africa where he just tell people what he can and won’t tolerate.
Maybe he ought to start worrying about whether his cabinet has filed their tax returns.
Nice prez. great choice.
Shut the fuck up Kudlow
If the fed has announcing that they may buy treasuries to keep rates low, why are you confident that there is upside in TBT?
Wtf? Are they on drugs. They’re about to run these huge actions and they’re buying bonds. Has everyone in the US government taken a stupid pill?
The short-term rates will remain low as long as capital does not trust the banks or stocks
Burp.
Now where was I… Oh yeah buying the SWHC pullback under 2.50 with impunity.
Putting balls on the line with a lotto ticket. T MOE buys REW at 70
good call t moe. i’m in REW at a higher cost than you, but I’m willing to wait on it. I work in tech, and I can tell you nobody’s buying anything atm.
It’ll pay off T MOE.
Larry Krudlow, that fuck face just said “we’re headed for a terrific rally”?
really? how the fuck is this assface so sure? O… I forgot, he’s part of the CNBC rumor inventing fuckery team…
Artist,
I’m just waiting for them to throw big money and shoe contracts at me, then I’ll join the rumor-inventing-fuckery team. they need a point worth a shit.
Market Internals update at 12:00pmET
– NYSE volume 515M shares, about 10% above its three-month average; advancers lead decliners by 2.2:1.
– NASDAQ volume 910M shares, about 18% above its three-month average; advancers lead decliners by 1.8:1.
.
Artist…Rumor Inventing Fuckery Team…aka R.I.F.T
Nice.
Who is Cronkite? someone we know?
PWRD ramping
My good God almighty!!! Harry Markopolis’ testimony in the Madoff investigation should have cratered the dow a thousand points (imo).
“3498 of the 3500 SEC employess should ber fired…NASD and FINRA not worth a shit…our regulatory agencies have no interest in doing their job(s)…they’re all in the pockets of Wall Street big boys…etc. etc. etc.” (I’m paraphrasing here, but you get the jist.)
Whatever trust may have been left in the system just got AK-47’d…big time!!! Again, why no market effect?
Ok BAC is about to break . This is intense.
RIFT belongs in the ibc dictionary.
Mornin’ Brushbuck. Maybe people already lost faith in the SEC, so much has happened already, they’re just shell shocked.
BAC = Break And Crater
BAC and C? be careful if you thinking of doubling down to make up for your unfortunate long @$10 for both stocks, eventhough the stock look very oversold and attractive right?.
Note that the market cap of Citigroup (C) is roughly $19 billion and Bank of America (BAC) is roughly $27 billion. The treasury is guaranteeing $400 billion of debt on companies that would be worthless without those guarantees. Does this make sense?
Nancy is a weapon of mass destruction:
clicky
http://www.drudgereport.com
USD is being good to me. Note: During a bear market just trading the 39day MA will win 58% of the time. I guess with the higher volitivity it keeps you ahead of the 50day MA suckers. That is for longs and shorts.
When addicts cut back you know its not bullish. PM reduced 2009 forecast…
GET SHORT
POOF! Bullshit rally is GONE!
BAC – Gone !!! $5 broken
Bennet Sedacca
11:53:08 AM
No positions in stocks mentioned.
TLT near support…
Near-term support that is.
While I turned bearish around 122 on this puppy and 2.50% in long yields, 100-101 should be near-term support.
http://admin.minyanville.com/assets/FCK_Aug2007/File/Theale/sg2009020441803.gif
While not bullish, a bounce could be anticipated from here or at the least, some consolidation.
Intermediate and longer term, I remain bearish.
Considering there are many auctions coming up, I would imagine the Street will get the market to a level that they don’t get their heads ripped off in the process.
Mornin’ Boca,
Yeah, I know the SEC was not high on anyone’s trust list. However, my point was that, as I watched Harry K’s unrefuted and imo very credible testimony(uninterrupted, on Bloomberg), our ENTIRE FINANCIAL SYSTEM INCLUDING ALL REGULATORY AGENCIES ARE FILLED WITH FRAUD. In other words, our current problems are far wider and far more egregious than just a few bad banks, sub-prime loans, etc. The corruption is very deep and very rampant.
CAP is ticktarded
Bennet Sedacca
11:18:42 AM
No positions in stocks mentioned.
More on mortgage apps
Prof Krueger mentioned mortgage applications and lumber.
Why lumber is limit up is beyond me, except for a technical move. There has NEVER been any more inventory on the market and with employment dropping this will likely not change anytime in the next several years, no matter how much the Fed wishes to influence mortgage rates.
In the Mortgage Bankers Association’s release this morning, they stated that mortgage apps due to purchases FELL 11.2% week over week and 36.3% year over year. Further, the 5 week moving average of mortgage apps due to refinancing was a less than wonderful MINUS 6.2%.
Just for good measure, ARM applications are 82.8% lower than a year ago.
In short, I do not expect a significant turn in housing until I retire. For real.
So who bought out Goldman Sachs? I didn’t even know they were bidding on it, I guess someone bought them since its moonshotting while
losingbleeding cash.I like the way SRS has been holding the past few days. We get some bad retail news and that thing is going off to the races…bad retail news what are the odds of that when consumer confidence is at an all time low.
Hedging with TEX, UYM and GU. All is well yesterday and today but Monday kicked me in the nuts like an orang-u-tan on crack.
Bennet Sedacca
12:43:19 PM
No positions in stocks mentioned.
Laffer Curve revisited?
Or is it Communism? I have already made my feelings know about Socialism, so I won’t go there.
From my early days in college studying Economics, I stumbled upon the Laffer Curve, which is ‘a curved graph that illustrates the theory that, if tax rates rise beyond a certain level, they discourage economic growth, thereby reducing government revenues.’
I have to say that as a free market guy, I don’t like the idea of capping anyone’s salary, even in the NFL. It simply does not encourage folks to work hard, like 70% taxes in the 70’s which had Arthur Laffer come up with his concept.
I recall vividly growing up in New Jersey and my dad working in the Big Apple, and his net take-home pay was 20 cents on the dollar. So he didn’t bother to create more tax revenue.
This anti-business stuff is the last thing we need. You want to punish them? Throw them in jail. Or don’t pay preferred dividends. But folks need to be ENCOURAGED, not DISCOURAGED to fix this problem.
If I sound disgusted, it is because I am.
Twit hour on CNBC…… the new RIFT channel….
Markets are doing down. If you aren’t bearish, do yourself a favor and sell out of your longs.
Artist…I assume you have included Donny Deutche-bag as part of the RIFT?
@henry fool
nice call on EGO to hit 8
In response to “you never finish” Gasparo says “I could be doing this elsewhere” ….
So he must be renegotiating his contract with CNBC and holding out his “FBN” in the hole … that explains his contemptuousness of late. Sue says “we don’t want to go there” …. No!
GE fresh 52 week lows, pennies away
Thatsa summa spiceey meataball!
Employee8, I gathered the same thing….. Gasparino has been above his normal self lately….he could be on the verge of going elsewhere?
Meatball must have a perpetual backache having to carry that gigantic chip on his shoulder all the time.
sold BGZ $66, bought $64 a couple hours ago; may reload if it pulls back sub $65
for all i know the markets maybe sucking in bears and then rip towards end of the day…
Financials have been holding up on this little dip as well as BAC’s dip. It’s saying something.
Re; Brushbuck and ENTIRE FINANCIAL SYSTEM INCLUDING ALL REGULATORY AGENCIES ARE FILLED WITH FRAUD, not to sound overly cynical but I think anybody who has observed the market for any lenght of time already knows this to be true. Hence the no reaction reaction.
Bennet Sedacca
01:10:18 PM
No positions in stocks mentioned.
Bank preferred holders beware
I mentioned on the Buzz yesterday that I thought bank preferred and hybrids were in danger.
Today, Bank of America (BAC) and Citigroup (C) preferreds are getting unmercifully trashed.
I believe the market is waking up to the reality that dividends for anything controlled by Uncle Sam simply won’t be allowed to pay preferred or common dividends.
I think this event will happen sooner than later.
You still playing SMH and the homies TC?
Michele “fucking” Caruso “fucking” Cabrera is my newest most irritating RIFT host…… what a fucking cunt whore, pompous ass twit…… she is one of these cunts that has no problem with any CEO cheating, stealing and lying and paying themselves 100 mil a year to bankrupt a company and then claiming they still deserve the 100 mil….. In this cunts mind “they earned it they should be paid”
and in this cunts mind the government has no right to place rules on taking tax money, to her it should be given to these executives without any rules and in her warped cum stained mind these executives should spend it anyway they want to….
She must be blowing every executive within a 30 mile radius of NYC……
Yes. I was in and out of SMH twice early for about a 2.5% gain.
Shorted XHB (homie etf for a no change).
PHM (Pulte) reports in the AH.
she is so useless…except for her big tits..thats all shes got…i find bartiroma and her fat ass the most annoying
sue muthafuggin herrera riles me up in the same way Artist, feel ya.
Check out http://solari.com/blog/ for a blog with substance, written by a high-powered industry insider.
Awesome vid found on the blog mentioned above —
http://youtube.com/watch?v=LWgAzgP5fko
FAZ already recouped daily losses. Movin on up, movin on up.
People are to scared to take off their bull goggles.
Most people see a market down 40% and ready to spring back for no reason (Ken Fisher!!!).
They can’t see stocks have new valuations that are still looking expensive compared to future earnings.
tricky situation…..news are not bad, but index is going down
GS TARP repayment is a very strong movement for financial industry.
I will hold my long. no short for me now…
COF has craped its pants in front of all his girlfriends
Dive BAC Dive!!!!!!!!!!!!!!!!!!!
Check out how FXI is holding up during this down draft. Maybe THE FLY is God….
I SEE DEAD BULLS.
NEW LOWS NEXT WEEK.
i bought FXI yesterday and sold it this AM. It was an excellent trade…. Watch out for tommorow though…. China & Nikkie won’t like todays action
You got Fly’d
Tomorrow we enter DEVILDOGS Lair…. Friday we blast, the fuck, OFF ! ….. much to DDOGS chagrin
well… we’ll see 🙂
one day at a time 😛
Market Internals update at 2:00pmET
– NYSE volume 805M shares, about 12% above its three-month average; decliners lead advancers by 1.3:1.
– NASDAQ volume 1.4B shares, about 18% above its three-month average; decliners lead advancers by 1.2:1.
hey other-jg, stop impostor-ing, dummy.
JakeGint
If the fed has announcing that they may buy treasuries to keep rates low, why are you confident that there is upside in TBT?
How much value do you put in the Fed’s promises?
I believe in markets.
___________
Fly,
What are you doing with your SRS?
I’ve seen some crazy things in the mortgage biz the past 8 yrs but this crook (panzi?) wins the prize…
“A typical welcome aboard gift was a pair of scissors, tape, and white out, three things a loan officer or financial professional should never need..”
http://www.triduanum.com/memo.pdf
lady G newest attraction: advancers vs decliners.
Well, advancers were up in the morning and decliners are up in the afternoon. So how this information can be used lady G? Sell when advancers are leading and buy when decliners are leading?
Fly,
What are you doing with your SRS?
——————
fly pretends that he is making egrigious amount of money on the days SRS goes up even though he bought it 10 points higher.
Another “no confidence in Obama” selloff.
Even Maureen Dowd spanked him hard yesterday. Can we get an election do over?
Same Store Sales For the Morning of February 5
American Eagle AEO $0.20 $930.80 -14.1%
Abercrombie & Fitch ANF $0.95 $996.00 -25.5%
American Apparel APP $0.07 $156.40 5.0%
Aeropostale ARO $0.92 $661.30 5.1%
Bon-Ton Stores BONT $2.66 $1,054.70 -11.5%
BJ’s Wholesale BJ $0.86 $2,635.50 3.1%
Cache CACH ($0.26) $66.80 -17.7%
Chico’s FAS CHS ($0.17) $369.50 -11.0%
Dillard’s DDS $0.29 — -6.8%
Fred’s FRED $0.25 $477.50 -1.3%
Gap GPS $0.28 $4,180.30 -15.2%
Nordstrom JWN $0.31 $2,260.90 -14.5%
Kohl’s KSS $0.99 $5,193.00 -15.9%
Limited LTD $0.62 $3,068.80 -17.1%
Children’s Place PLCE $0.73 $448.60 -2.2%
Pacific Sunwear PSUN ($0.48) $344.20 -13.9%
Ross Stores ROST $0.74 $1,718.70 -2.1%
Saks SKS ($0.29) $863.90 -16.2%
Target TGT $0.87 $19,511.10 -6.1%
TJX Companies TJX $0.50 $5,472.80 -7.9%
Wal-Mart WMT $0.99 $109,736.80 1.1%
Wet Seal WTSLA $0.07 $158.20 -11.7%
I gave blood today so the market didn’t have to – I can see it didn’t help.
Hey Juice –
You are right about as often as we are.
Did you ever dream of becoming a meteorologist?
When the market tanks SRS is like a basketball being let off from the bottom of the (gene) pool
I posted the information mostly to see the volume of buying and selling – someone was asking about the volume yesterday. NYSE is 12% above its three month average, NASDAQ 18% above.
As far as up this morning and down this afternoon goes…well as I said yesterday:
Thoughts for Wed: Defensive
Can you see the humor in Mother Market chiding and playing with her children?
.
Loving my BAC lotto tix…. FEB 2.50 Puts. Yeah, yeah I’m a big pussy for not playing in the big leagues, but this action is better than putting $$$ in at the Wynn.
Can you see the humor in Mother Market chiding and playing with her children?
——————
yes, i can
In one sentence, Neal Sedaka’s credibility takes the big plungerooni–
Just for good measure, ARM applications are 82.8% lower than a year ago.
Back to finding the way to San Jose with you, Neal.
___________
LGS:
“Can you see the humor in Mother Market chiding and playing with her children?”
Excellent.
And then, Neal regains it:
This anti-business stuff is the last thing we need. You want to punish them? Throw them in jail. Or don’t pay preferred dividends. But folks need to be ENCOURAGED, not DISCOURAGED to fix this problem.
_______
Can you see the humor in Mother Market chiding and playing with her children?
Excellent
thanks for the sss Lady G.
new post, plebs.