Sorry for the unintentional misdirection, through previous claims that the world was indeed ending.
As a result of the market reversal, I sold out all of my SRS, north of $64. And, I sold out all of my FAZ, and TZA, north of $58 and $57.50 respectively.
This leaves me with a massive cash position, north of 40%. And, it also leaves me in a net bullish position, long BUCY, MT, FXI, CHL, JRJC and PFE.
On the short side, I still hold big positions in DUG and ERY, as well as minor positions in REW and SDS.
UPDATE: I bought 1,500 JRJC @ $9.79
UPDATE II: I bought 5,000 BUCY @ $15.60
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FLY is God
Mustard seeds takin root
My root
Fly,
You’re killing us you are. You’re up and down faster than a hooker’s panties.
This is a fuck you market. Had some decent gains in Euro.. gone
Gold gone and now I’m short
Aussie freaking loss at this level.
Every fucking thing is correlated to one. Even the last stock on the Mongolian stock exchange moves with BAC now.
I’m going to bed, wake up the wife and demand sex immediately.
Mustard seed, hilarious “romance novelesque” word-play.
______
Okay… What… Im like shorting here
Fly is comin around.
OK I just got back from the gym. WTF Happened here ? Stopped out of my GS and JPM shorts. OK so the world is not ending. This looks to be a buy the rumor sell the news type event. When that Bad Bank plan is announced Monday, I see the market dropping 500 + . Kind of like when that TARP thing was announced.
I think a line from Thus Spoke Zarathustra accurately reflects the mentality of a successful trader.
“I change too fast; my today refutes my yesterday”.
It WANTS to end, but Uncle Same won’t let it.
The bid is getting stacked on BAC. This thing wants to rally hard. Given the action on GS (I’m stopped out at 92.50) and MS, BAC will be next.
In with 5,000 shares long BAC at 4.35.
Stops at 3.95.
cap
just don’t predict anything in this shithole we’re in. I sometimes do the opposite of what i really wanna do and it works.
This tape is all bipolar and shit. hahahah
There are no inbetweens. One day it looks like the world is ending, the next day, it feels like we’re going to rally to the sky… until we don’t. 🙂
Ah Wagner
trade with the wind.
Smoke and mirrors.
OK I just got back from the gym. WTF Happened here ?
You flucked up. You trusted Devil Dawg.
____________
CBL Q&A update… the RBC analyst is no longer being introduced as “RBC Securities” but “The analyst from Royal Bank of Canada.”
Now THAT is a huge sea change. I’ve done a bunch of stuff w. RBC and I would’ve had to stop and scratch my head if you’d asked me what the “RBC” stood for.
_______
________
Fly, you have lost your mind. I’m very unimpressed with your abilities after your display of being led around like a stupid COW. I’ve now been forced to raise my SSF to for digits in your honor. SSF is now 1028.
If all these banks were “imminently going to be insolvent without immediate infusion of federal money” thus the emergency TARP, now, all the banks want to, and are reporting that they want to give it back so they do not have to be under the new rules? If they are giving it back, then what the fuck?
This whole last 6 months as been a historical time of total FUCKERY by the banks as far as I see……..
In the business we call it manic depressive or possibly bipolar as Phil from Brazil suggests.
I recommend a corned beef on rye, heavy mustard, and an egg cream.
Don’t forget the pickles.
Another blog is reporting that the motivating factor behind the market’s reversal is a rumor that the SEC may overturn mark-to-market.
http://www.ritholtz.com/blog/2009/02/nyse-floor-rumor-sec-to-overturn-mark-to-market/
Observe how we can’t get above 8000 on the Dow. And GE still looks like shit.
Irony Illustrated’s Cover Story:
… like a stupid COW. I’ve now been forced to raise my SSF to for (sic) digits in your honor.
___________
BAC has the look and feel of the Costanza trade of the week. There. See what you’ve done? I’ve become a chest-thumping, bottom-calling pussy.
Carry on.
DEVILDOG
I am going to bowl on your face today!
i see dead devildogs.
NO NEW LOWS THIS WEEK. WRITE IT DOWN.
SEC won’t do shit until those Bush fucks are all gone, gone, gone and someone tells Schapiro which way the wind is blowing.
I can’t see it blowing in the direction of reversing mark to market.
Who would buy a financial if it was mark to mystery or mark to bullshit?
The contractor-
Yes. Oil will follow Gold. But not yet. I’m shorting the hell out of oil for now. Okay, I admit I’m not a gazillionairre investor. I’ve been learning and investing on the sides for a few years though and I’m up a lot over the last two years. I’m mainly a swing trader, with some that I hold longer term. I work at one of the oil majors, have degrees in geology and engineering, and can assure you that the longer term price of oil will bitch slap the world into an energy revolution. (High global declines). $200 oil will be a longed-for distant memory.
But all things in their time.
For now, I’m balls deep in DUG, and shorting oil companies that I think are a lot crappier than Exxon. Most small-medium cap companies with big debt who aren’t hitting production targets are good targets for shorting.
The short term prognosis is a glut of supply that is almost all getting sucked up by China. Soon they’ll have their storage full, and when that happens, the short term oversupply will send oil prices to the low teens. $12/barrel is coming. But it won’t last. After a few months of oil below $30, many companies will have gone belly up, and enough guys like me will have been layed off, some further production will be shut-in, abandoned, overlooked, and critical infrastructure will have rusted a bit more. Add high oil field decline rates to that, and the commodity will become scarce. The perfect storm is a brewin’. When I see oil below $25/bbl, I’m going cash. It will fall further, and then at some point I’m going to try and buy a small oil pool somewhere.
End of transmission from Mars. (A Space Geek in Calgary)
Market is in Costanza overdrive. Note how shit stocks like BPO are rallying. The BAC clownfest is about to begin. Buckle up boys.
Thoughts on Pfizer? Everybody thinks the Wyeth deal is awful and doesn’t fix their pipeline problems. Suddenly they will have a ton less cash and more debt, and they slashed their dividend.
So what is the bullish case other than “oversold”?
Perhaps armageddon fever reached bubble proportions?
FOOL BUY
STEM $2.54
Thats the first martian I’ve ever agreed with.
@ BraveFlaps
I hear ya. Suspending mark-to-market is directly contrary to Obama’s claim that banks need to provide heightened transparency. Perhaps he only wants them to list perks, but hide the true value of their bullshit assets.
Phil
I have a buddy in the trading side at bofa. Bonuses were shitful even for good traders like him. You couldn’t buy a steak at the Post house if you earned 10 mill for them.
They’re all shitting themselves as there’s another round of layoffs coming soon to cap it off.
They reckon that they’re in a shittier position because bonuses were better at C. relatively better anyways.
I am going to bowl on your face today!
Use the real bowling ball this time, eh?
_____
go2mars–
Thanks a lot for your thoughts. Much appreciated.
Takin bout ….. hey now, hey now
Iko! Iko! an de’
Jackomo fe no a na nae’ , Jackomo fe na ne’
Up over
11%13.5% on my FAS buy, moving my stop up some.I’d stay away from Pfe, Leo. Go with shit the goverment needs to save in the next 3 days.
Maria isn’t the one that’s going to be using peanut butter tonight, it will be Trish using the peanut butter tonight….and tomorrow night…..
Fly,
This market has hours left not days before we take out Jan lows. 8100 is the ceiling on the Dow.
Sierra
I started reading this blog a few weeks ago and I certainly enjoy this blog above all others. I must say though that the constant predictions are bordering on laughable. The reason the market is choppy every fucking day is that NO ONE knows. How could you? If you did you would not spend time middling on this board that’s for sure.
Long 2K FAS @ $9.55 – See I know less than everyone!
http://www.youtube.com/watch?v=5PsnxDQvQpw
This is a time of new beginnings as I mentioned yesterday evening.
A lot of ‘ partnerships’ are being discussed behind the scenes, these unions if accomplished will be a good thing.
Growth comes after rectification. Aside and beyond what the DEM government is up to….BUSINESS IS doing things….
Focus on staying balanced…nothing in excess.
you are not sorry, that is bullshit, quit your damn lying. BGZ got all BoGuZ on me, I’m not skeered, I’ll buy more if it hits $60
Fuck you. I post my shit in real time.
I am BOWLING on you too.
explosively clad welded gains!
Who would buy a financial if it was mark to mystery or mark to bullshit?
It helps them for regulatory reasons by not forcing them to raise more capital. What the investing world thinks of it is of lesser concern when you are talking sink or swim, all laden with bowling balls.
________
Fly,
Every time you call XOM a short…it takes off…WTF??
I’ll take a beating and tolerate this head-fake rally. My short positions will pay out with patience. Off to eat a sandwich.
The Artist,
COLT .45 COMBAT COMMANDER. ELECTROLESS NICKEL.
AMMO:
Federal .45 auto, 230 grain, hydra-shok, jacketed hollow point.
Winchester .45 auto, 185 grain, silvertip(for werewolves), hollow point.
J,
I know BAC is fucked. But that doesnt mean it cant rally 30-50% in the next 3 days. I’ve given up trying to make sense of this mkt.
7 up
AVAV AFAM LOPE PBE SWHC EGO
1 down
DVAX
1 flat
LZR
1 new
STEM 7.54- a test of 3 seems likely.
Anyone know why market rallying like a rocket ship last 2 hours?
T MOE sells GLD at 90
T MOE adds to spy shorts at 85
T MOE adds to REW at 70
EB-
Some talk about changes in the mark to market rules.
Once again fuckery by the govt
Anyone have sell targets on FAS or does the news change things?
Where do you see this talk? Just rumors?
“The Hogan Bottom Lives!
Takin bout ….. hey now, hey now
Iko! Iko! an de’
Jackomo fe no a na nae’ , Jackomo fe na ne’
Jake, I get that.. But it means their existing “capital” will be artificially inflated.
They might not need to raise new capital, but will they be lending more as a result? I doubt it. And then how do you really value the institution?
Aside: I also heard Immelt say the exec pay cap is a not a good idea because [paraphrasing] “you want to attract the best and brightest to the financial sector.”
And they did so much when they took out massive bonuses!
God forbid the best and brightest should go into science or engineering.
Immelt is dead as a CEO by December.
Other aside: got out of all of my shorts. Have to think about blowing off the hedges (mostly SRS) if we close above 850…
This market will dive.
Dog
Seriously every time you wish someone loses money your end up with a hot rod rammed up you backside.
that’s right, above comment , would it be funny if the bubble is the negatives.
Don’t ask questions.
Just buy a too-big-to-fail bank and hop aboard the psycadelic bailout van with Scooby Geithner and Shaggy O.
Good times.
All we have to do is end these stupid mark to market accounting rules and we’ll be up 300 today on our way back to 14,000 soon.
I’m loving this rally off of a suspension of mark-to-market accounting. Glad they are using this “magic bullet” now. I knew they would stay on the path of hiding the fact that the central banks are worthless. Fits into my long term DOOM landscape. GREATER GREAT DEPRESSION and S&P 150.
Keep your ammo dry!
Douche 14000.
Fuck it, short [email protected]
STEM load 2.47
Cheers to the WTF rally. From briefing:
“The major indices have since turned upward to trade with broad-based gains. While there hasn’t been a specific news item to account for the swing, financial stocks have provided leadership.”
Well that’s just fan-fucking-tastic.
Time to walk away. Maybe when I come back in a few hours, we’ll be down 200.
buy FAZ and load up SRS
US losing 500000 jobs per week and the market rallies.
WTF?
MS from 6.71 to 24.00 since all this fuckery began with TARP.
Larry Krudlow is so fucking removed from the real world it to me is mind blowingly unimaginable, but there it is….
Devil, looking at a Gold Cup Trophy..
but was asking opinion on AR’s
Punted FAS for a dollar gain. Took quick of a move to let it slip, 13% in 3 hours is wild.
Once again will the DJIA close above 8000? If not it will be the first time, including November, that it didn’t hold for more than a day…technically important…
Oh yeah, what’s the fascination with bowling peoples head over….should we read deeper into that? How would Sigmund Frued translate the bowling comments?
I like this news:
Under a bill passed by Congress last night, Neil Barofsky, the federal prosecutor who is the inspector general of the Troubled Assets Relief Program, would get new investigative powers — including the ability to seek warrants and seize evidence — without advance approval from the DOJ.
JF,
Are u actually quoting Nancy “Bologna” Pelosi?
Stoned Kid:
http://www.youtube.com/watch?v=6b8Q5BK3-ZQ
lol
ALLPROz
no
the Chinese gov’t can fudge numbers with the best o them…until they can’t…learned that from the US I suppose
long FAZ @ 50.42 12:48 PM
SELL faz @51.61 @ 12:53 pm
um…
silvertip(for werewolves),
um…
Nevermind. Not sayin’ nothing.