I am calling an audible here by going to cash on a number of names. I sold out of Ciena Corporation [[CIEN]] ($11.30+), STMicroelectronics N.V. (ADR) [[STM]] ($7.80+) and [[ARMH]] ($6.20+), while blowing out of 75% of my Alcatel-Lucent (ADR) [[ALU]] and Pacific Capital Bancorp [[PCBC]] positions as well. All in all, my cash position is now nearing 35% and I have little motivation to buy this dip.
The market just “feels” fucked up, like it wants to rape people of their coin. I will have you know, “The Fly” has never been raped and does not intend on allowing that to happen in this lifetime or the next.
I have a long list of stocks on my watchlist, worthy of purchase. However, barring a significant change in tone, I will take my lumps on the remainder of my longs—into the bell—knowing that I have reduced my risk and responsibly booked profits.
For now, I believe this is the best course of action.
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FIG
I think that shadow counseling you in the men’s room was Edward G. Robinson.
Straight up old school gangsta.
It must be boring as hell to be dead.
George Raft, seeee?
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I just read somewhere that Raft, always in hock to the IRS, was in Havana at a mob casino doing the greeter thing the night Batista split and the commies rolled in. They trashed most of the casinos, but recognizing Raft, he was able to persuade them to skip his boss’s joint, at least long enough for them to get most of the cash out. Or so the story goes.
Straight up gangsta fo’ shizzle.
He was a bootlegger before he was a movie star. Much murkier lines back then.
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Incorrect. The shadow is of the man on the front page.
Very good, Sir.
He has always been the shadow.
And you have always been “The Fly.”
i approve
This might be the trend change. At the least it’s a sign that the trend change isn’t too far away. Couple that with Fly’s observation about the insane action in shitty stocks yesterday as often signaling a possible end of rally.
Fly mentioned a few days back he thought we’d have another couple weeks up. Today’s movement could be a warning that we may be nearing that point.
On the other hand, this would be a great fucking headfake to get the bears back on board before ripping their heads off once again. A move up from here would blast the last few bears left.
Everyone has to be taking note of today’s action. Bears are too shell-shocked and timid to pile in short but the bulls have to be wondering if their game of pass-each-other-shit-but-at-higher-prices is about to end. The bulls holding shit now are in the early stages of beginning to wonder if they need to get rid of it fast.
Still way too many ‘this rally isn’t real’ bears out there who want revenge on the longs for making them all look like fools. Lots of ‘I lost $xxx on faz’ and that’s just the ones who will admit it.
The market loves frustration and pausing or dipping here only to push higher would be the most funny.
Before one gets too hasty, keep an eye on UUP which is approaching a critical junture here at $23.28.
I am waiting on bailing (on anything) until then.
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a lawn guyland…dolla bounce is ovah heeeh now Joey…da dolla gonna bounce
I will merely note, in support JG’s point, that UUP hit it’s high on March 9th.
precisely Watson..which if now the dollar-peso begins to rally its lights out for the mkt…and precious metals for awhile…
yep, excellent points…
fughetiboutit.
http://thebsreport.files.wordpress.com/2009/07/leaving-brooklyn-sign.jpg
Fly,
Do you hang out on Smith Street?
calm before the storm?
Hey Fly you wanna buy some gourmet hot dogs?
Speeecial priiice for you
we could prepare for what should soon happen but has not, and that is what was supposed to be the next death nail….commercial real estate, I’m waiting for MAC and SLG and the like to jack up another 20% from here so when the shit hits we can short these pigs from the top rung of the ladder and throw meatloaf at their grave markers.
I still cannot get over that avatar.
I can’t believe Fly turned it down.
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BAC is unable to finish red.
Market about to do some Xtreme bear blasting.
I don’t think the market has gotten totally gay yet…soon though
From the Twitter:
http://www.distressedvolatility.com/2009/08/gld-dec-out-of-money-put-spread-75-85.html