This market is death for creative writing. What am I supposed to talk about, great gains and more great gains? I much prefer, from a writing standpoint, to talk about the moon crashing into the Earth or some sort of infectious disease infecting the brains of monkey’s, enabling them to talk and conquer humans. Instead, I get blah—this brick-walled market.
Look at today’s tape: utter stupidity. People don’t know what the fuck they are doing; hence, we ride the hamsterwheel, like a rich prostitute in France (no idea what that was supposed to mean).
I’ve taken the liberties to build positions in the refiners, for two reasons.
1. Hurricane Season
2. The prospect that oil may come down, while gas remains high—effectively increasing the crack spread for those bastards.
A basket style approach to the sector is the preferred course of action. I like Tesoro Corporation [[TSO]] , Western Refining, Inc. [[WNR]] , Holly Corporation [[HOC]] , Delek US Holdings, Inc. [[DK]] , Alon USA Energy, Inc. [[ALJ]] and Valero Energy Corporation [[VLO]] .
As an aside, using The PPT, I caught a sweet swing trade in TerreStar Corporation [[TSTR]] today. I intend to hold it for another day or two.
Some stocks on sale, worth perusing, include: Starent Networks Corp. [[STAR]] , TEKELEC [[TKLC]] , [[ENTR]] , Brocade Communications Systems, Inc. [[BRCD]] , [[ERIC]] and General Cable Corporation [[BGC]]
Off to go throw some cherry bombs at homeless people.
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we ride the hamsterwheel, like a rich prostitute in France
Priceless!!
Best blog-post title yet!
This market could use a little slap-chop.
Instead of “throwing cherry bombs at homeless people” wouldn’t it be more appropriate to pick up the homeless people in your fleet of limos and drop them off on the front lawn(s) of the hoity toity in the Hamptons?
Class warfare is in vogue.
Haven’t you heard?
It looks like the summer doldrums are surely ending around here.
hate to make this prediction but more than a few dudes that i respect like Jeremy Grantham have been saying that we may end having a tremendously dull and boring market for years.
Could be right. The down side is protected by cheap interest rates while the upside has obvious headwinds.
j – I was referring more to le Fly’s posts than the action in the market. You could very well be correct.
Yogi…. your comment got me thinking about what some of these players said a little while ago, that’s all. Hope they’re wrong otherwise we’re all dead.
The thing I fear going ahead is that say the reality of predictable slow growth economy becomes a reality. Not too slow to cause a material fall as you have low interest rates supporting the bottom but the top has a lid on it as a result of all the bad shit we’ve accumulated. In that scenario the freaking market will just go nowhere. Add to that the market has been able to discount all that along with the shitty leadership in Washington.
The vol in the market has been unprecedented and I always know that after huge moves in the currency markets the boredom would set in and last for ever. We ‘re fucked.
Hope I’m wrong.
We are Europe until 2010. What the market does will be determined upon what they think of the 2010 elections.
Good news is — Harry Reid, Speaker of the Senate, is down almost 11 points against Tark the Shark’s son in Nevada.
Viva Armenia.
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Yea Dems will lose alot of seats 2010 no matter what, which is another reason why Obama needs to pass healthcare for all. Nothing for Dems to lose by passing it, with 51 votes in Senate if necessary.
Yes, it sounds like a replay of the 1970’s only “different”. I don’t want to mix up too many topics in this thread, but I’m really suprised the Social Security cuts/lack of COLA increase has not made many waves. It’s really all part of the same problem of over promises by the politicians, and pushing the real cost down the road. If slow or no growth is the end result I think the politicians will have a very, very tough time. The real reason they COULD over promise and deliver to an extent was a result of the growth of the economy, not the brilliance of their plans.
BTW all Camaro owners get a free Papa Johns large pizza today if you drive your Camaro to a Papa Johns today only.
I followed without explanation Fly. TSO and WNR are my largest positions.
It really is easy!! WTF are people doing?
The course of action seems so simple when you’re right.
Speak for yourself Sir Henry! I “did the right thing” and sold my underperforming TRID a couple of weeks ago and bought a couple of now rotting tamales. I’ll bet if I sell them, they’ll take off also. (BTW I did follow RC in on WNR and yes, it’s very easy when it’s going right.)
Anyone know what’s up wid TRID?
I sold it…
Story of my month. July was great, August… not so much.
Now Todd Harrison is talking top here. Yes, it was VG not VN that popped this morning.
Yes..on a boring week like this, go read The Fly’s interview in case you missed it. If you’ve read it before, you can’t repeat even repeat three words he said, so go read it again.
http://www.my10000dollars.com/interview-the-fly/