This is “down the elevator shaft you go” trading action, for those of you keeping track at home. I have one long up, JDSU. Other than that, it’s been bloody murder—all day long.
I added to my underwater FAZ/SRS positions and thankfully admired my FXP. However, my short exposure is limited, effectively leaving me naked and exposed to the cold winter winds of a bear market pullback.
The question on everyone’s mind: is this a pullback, or the resumption of the bear market? Those answers, and more, will be answered later on this week. For now, it’s important to run personal stress tests and figure out pain thresholds and whether it makes sense to buy more, down at these levels, or head for the hills. After all, if this is simply a pit stop, on the way higher, today is a divine buying opportunity, with many stocks down 10%+.
In my opinion, the banks never deserved to go higher anyway. Fuck the banks and the bullshit jalopy they drove in on or inside of or whatever the fuck they use to transport themselves from A to B.
My point: the rally was never about the banks or cre. It was about a pick up in end user demand, as evidenced by the sharp increases in factory utilization. However, let it be known, people are still woefully unemployed and the country is a dastardly-bastardly mess. I said it once and I will said it again: I am bearish on stocks for 2009, no matter what. But, I have no problem getting long, if only to prostitute myself for a little coin.
With my money, I will keep my overweight long position in place; but add to some shorts—just in case.
If you enjoy the content at iBankCoin, please follow us on Twitter
The bears are still alive, even when they appear to be losing badly.
the Fly always wins, even while wearing Crocs!
Is somebody getting hit with a hammer?
world starvation continues to spike in part due to Bush/Obama/Daschle ethanol policy of a few years ago. The Prof is pumping funds directly out of this market into world aid orgs…
Last I checked the Fly was indulging himself to the crappiest crap as of Fri afternoon and basking in his pinada
Wonder when the sale occurred?
The Fly is perfecting the art of buying crap and getting the crap kicked out of him
Fly I hope the hell you didn t get your crocs’ blown off
GEE, who knew? DEVILDOG!!! Odd no?
DEVILDOG Says:
Hope you’re getting paid for your toils as you are going to lose a lot of money on your longs bought at the top of the just completed counter trend rally. Going DOWN hard and FAR starting Monday. Enjoy your B’day.
April 18th, 2009 at 3:47 pm 6 2
DEVILDOG Says:
Kinda stupid to be buying at the top guys.
Who was it a month ago that said the rally would end at S&P 874? Who posted it several times? DEVILDOG!!!
873.58. Sold all my longs and bought another 40K shares of FAZ at 8.67. I’m 300% SHORT.
Have a great weekend!!!
April 17th, 2009 at 2:09 pm 1 0
Fly is as clueless as the rest of the financial community…even a blind squirrel as they say get’s lucky on occasion…pure entertainment value that’s the only reason to come to this blog.
Biggest one day rise in the VIX in months.
What is it with you guys? Fly has better year over year returns than 99% of traders. Stop picking on him on with every adverse market move.
Macktheknife34,
Right, some basic fundamentals, but major Fuckery going on and I will admit that I am spinning my wheels here and my broker is banking coin.
Let it be known that I am now working with Financial Ninja to bring down the Fly for his long deviancies. Short GS, GOOG.
Get on board bitches the short train is leaving the station!
for what it’s worth, the only way this rally is stopped is for a 350 or bigger drop. It’s got to scare the weiner’s off the cardboard cut outs on tv. If we’re down 230 or so for the day, the dice will still be in the air.
Are we still in a bear market? Ummmmmm… FUCK YES!!!
Long bullshit with light exposure and heavy short offsets on banks and CRE. I like long small amounts of FAZ to hedge the homo longs like ALU and the other bullshit names. Note the only bullshit name I am long right now is ALU but the other longs are being deathtrapped at 10% clips too.
I am short GS and HME and long FAZ.
Murder hole followed by funnel time. BYOB..
And I backed up the truck (again) on RGLD on Thursday.
Odd, no?
_______
Braveflaps just picked up my wiener.
It s easy to get caught up and feel left out when the Market goes Buck..sometimes you just don t wanna be left out..I got out over a week early and it drove me nuts that I didn t hold. Then I figured I try one stock, bought EBS @ 10 was up bought more @ 11.90 now my cleverness is mocking me..where is an anthrax out break when you need it???
GS is a tool of the other PPT and you want to short it. I’m not touching that shit!
Single tear – I only have 1 green as well a shit stock named TLAB which has been in the red since I can remember.
First class idiots.
down into wednesday
testing…..1,2,3
DD, how many shares of FAZ did you end up with, I see you bought it 5 times, from 15, 14, 13, 10, and 9.00. just curious.
Macktheknife34 said-pure entertainment value that’s the only reason to come to this blog.
Leno called but I need to ask my Master Mustardseed if I can appear because he usually doesn’t want me to upstage him.
Macktheknife:
Very insightful. Perhaps you have some better advice? If so, feel free to share it. I am sure everyone anxiously awaits your guidance.
Gobble! Gobble! Gobble-Gobble!!
_______
The fly is getting DE-Balled once again in this market, hey fly you have played this game awfully bad, hurry up and buy shorts now!! lol
First JakeGint post up: “Recruiting the New Jacksonians”… thanks Fly!
_________
How so?
I made every single dollar back, lost in shorts, and more last week via longs. Into today, I was up 25%. Tell me, how many people do you know +25%.
Exactly.
Shut the fuck up.
can anyone read this?
Comments don’t work on the JakeGint “tab”…
rally is over if and only if we close at or below 824 spx. I doubt that will happen but that’s what I see. After that it won’t mean a thing when we bounce off 800.
Can’t comment on Jake’s inaugural blog post. So I will here.
How appropos! Andrew Jackson, eh?
Hey fly I just know one guy whos up 80% on the fas trade like 2 weeks ago and 30% on a dxo trade like 2 weeks ago too, and that same guy bought back the dxo today and a lil faz.. hey im up more than you with out buying all that crappy penny stocks!!!
The comments are not working on the Jake tab and I have a few hundred to post.
My friend in Taiwan says , they cant tell if factory orders are restocking or demand . Feb and March demand up , but still not sure if it continues
Comments working now “‘Ugo.”
_______
FAGGOT MAG
So you say. Maybe next time you will write about it in advance.
BTW:
Being long FAS got you long a whole basket of crap stocks.
Yah, I don’t know if this is the correct place to whine (if not appy polly logies to thee and thine in advance Fly), but I cannot post my smarmy comments on Jakegint’s ‘tab’ either. Which I find as irksome (mildly) as Jake’s zealotry.
fixed.
Whats with all the Tards today? Go Fuck a Tractor
Fly is the Blogfather! A God if you will!
The FLY is correct about going HOG short at this point the inverse ETF’s are only set up for day trades so day trade or set trailing stops if you have profits. Not in swing trade set up yet.
Fly, are you dipping or waiting?
I have two new etfs in registration and they could be a major hit.
PIS will be a 20X the inverse of FAS.
PEZ will be a 20X the inverse of FAZ (and all new PEZ traders will receive a free PEZ dispenser with a head that looks like Dennis K.).
Bored during lunch and found this:
“Everybody wants this market to pull back,” Cramer said during Friday’s Stop Trading!, but “it ain’t going to wait for you.”
http://www.cnbc.com/id/30268549/ – from Friday 4.17.09
TheArtist Says:
testing…..1,2,3
DD, how many shares of FAZ did you end up with, I see you bought it 5 times, from 15, 14, 13, 10, and 9.00. just curious.
April 20th, 2009 at 1:01 pm Vote: Add rating 1 Subtract rating 0
128K shares. Currently, my one and only position since selling my highly profitable DZZ on Friday.
My next door neighbor that I help out has 50K shares.
My Dad’s account who I got all in last at $9.07 has 85K shares.
Does anyone even listen to Cramer? Cuervos?
cramer is a limp dicksucker…cnbc sucks monkey balls…could someone punch Cabrera in her throat now..beaner skank doesnt shut the fuck up…
DD, thats very brave of you. Whats the average share price on your FAZ? I hope you are above water already…
thanks DD,
you really hit the nail on the head with the S&P getting to 874 prediction, which you made about 4 or 5 weeks ago. right on time with that.
and Henry Fool nailed the SWHC which he begged everyone to buy when it was around 1.80 and it now is still around 6.00, and he jumped on the ShutterFly at around 6 or 7 bucks and it now is 10.54….
My average cost is $10.1778. Like, I’ve stated many times for months I only play the BIG SWINGS and I play them BIG.
Fly getting touchy?…truth hurts…I put you in almost the same class as Cramer, albeit not as well compensated nor nearly as followed by the sheeple…no one can time the market, but there are many that can manipulate it, including you Fly in your very small way. Time machine? More like a Way Back Machine as in finding your way back to profitability.
TheArtist, THANKS! I’m still working on the next SWING point for this down leg. Right now it is between 780 and 746. I’ll pin it down as it progresses. Holding my FAZ until then regardless of the “NEW BULL MARKET” bullshit put out by CNBC and “but what about money supply???” idiot j created daily swings between now and then. Good luck.
http://www.amoeba.com/dynamic-images/blog/Chad_2/5all%20for%20one/clown%20cars.jpg
The only way to fly, really.
UPTICK rule rules destiny of the bear market and this time again , the uptick rule do not make short time easy .
look historical graph about uptick rule