I changed my mind. I went to a full cash position, selling out of a variety of names, including Corning Incorporated [[GLW]] , IAC/InterActiveCorp [[IACI]] and Chipotle Mexican Grill, Inc. [[CMG]] , amongst several others. This is as cautious as I can get, without going short.
In the meantime, I will sit here and THROW, mind you, hot slices of pizza at my trader/servant, while praying to the stock Gods for a SEVERE, and entirely unexpected, decline.
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Is The End near?
yes it is
are the turkey gods still going to put 10500 on our tables?
That’s exactly what I was going to ask.
Spooked by the Dodd monster?
Holy sh… 60%! You ain’t kiddin.
Did the PPT break a record on the upside?
I’m with you on this… anecdotally I’m seeing a lot of names which were moving up with the market before that are failing miserably now…. also the general attitude of several people I talk with normally has gone negative… not on the capital markets but in everyday life.
Something is amiss…
Somethings amiss?????
No shit Sherlock!!! What’s amiss is that jobs are STILL being lost and will CONTINUE to be lost. There are not enough “service sector” jobs to keep this country afloat and manufacturing anything here as a business model sucks, plain and simple. Therefore we have higher unemployment to come, lower wages for all laborers that are working, flat to declining revenues for cities, states and other units of government.
The “stimuli” have so far been placed in the wrong areas seeing as how all the banks have done with it is tidy up their balance sheets. Joe sixpak…..remember him?…AKA the consumer, is out of business until further notice and the economy isn’t going to do jack squat until he returns.
Get ready for the second down leg of a never ending W shaped recovery. Never ending that is until Armageddon does indeed happen.
Just trying to brighten everyones day a bit 🙂
Sold some VIX strangles.
The Turkey Gods are failing us?
I get the 40% cash but 60% is usually reserved for a significant downturn of more than 10%.
The tape doesn’t look that bad right now, internals are ok – even financials are holding up. NQ is green.
Everything green, even after the last 2 up days too.
this does feel very treacherous right now
WTF!
What happened to my turkey dinner?
That is even more than the 100% cash position of 55% cash. PPT math rules fill me brain with larvae.
Some funds / managers can’t hold more than a certain amount of cash at any given time, so I assume this means that Fly is at his maximum allowable cash allocation based on how he set up his portfolios.
Ass u but dont ass me
The Dow went down 4.2% on Veteran’s day last year. Maybe it’ll go up 4.2% tomorrow?
The turkey gods are great out of the gate but not much for stamina. I’m starting to see an orange dumpster in their future.
http://ibankcoin.com/flyblog/2008/11/21/the-devil-is-in-the-tape/
I do contract IT work for a large architecture firm in Atlanta. They have cut over 50% of the staff over the past 2 years. They were trying to wait until after Christmas for the next round of layoffs. I found out this morning they will be laying off (firing) 10% of the remaining staff on Friday due to cash flow problems. The only work they have coming in now is remodeling and additions for schools. A huge part of the business was hospital design which is now DOA.
These are $70,000 and up jobs being lost by guys with 20 years experience, probably for years and years. Bye-Bye middle class socioeconomic status.
TVS, Perkins & Will, Smallwood? Care to elaborate? Don’t worry, I now call NYC home, no longer ATL.
It’s not just the $70k jobs at big compainies that are going away. We (10 person company) just hired an intl work this am. Smarter and hungrier (more available) than our local workers at 20-30% of the cost. Yes, 70-80% cost savings. If we raise prices we will loose business, so we cut costs.
corr.
Senor FlyTK,
Can you offer any commentary regarding the most recent developments within this wonderfully undervalued piece of crap company? Thank you.
Does anyone understand the lack of volatility with FTK?
Yea, what happened to the Turkey Gods??
I KILLED YOUR TURKEY WITH A BAZOOKA AND FED IT TO MY DOG
ON A SIDE NOTE… hopefully the market doesn’t run over us like this woman
http://www.dailymail.co.uk/news/worldnews/article-1226586/The-sickening-video-shows-drunk-womans-brush-death-falling-underground-tracks–right-path-oncoming-train.html
Remember last year when the S&P dropped 168 points the first three weeks of November?
That was followed by a 96 point bounce. Ahhh, good times!
This market bores me…
Fly buy signal…..market enters explosive third speculative phase.
Time to back up the truck on : DRYS
FTK
Prudence Senor Tropicana,,!! Why not protect 80+ % YTD gains, eh?
As of the moment, we have a Non-Confirmation in both the SPX/COMP (thus far; subject to change?) and the RUT is need of severe repair.
Good Day, Sir!
Indeed.
Poosay.
*buying with two fists*
Doomsayers are appearing again, hoping that this local peak, unlike the last thirty we’ve experienced, will prove to be “the one”. Get ready for another pullback.
My intel informs me that, should it prove to be a major downward correction, they will lovingly name this peak, “The peak of November, 2009, Sparky, the Deathbringer”.
the rally will continue -fly will chase back into the market and make some overtureit was part of the grand genius plan
15:11 FTK Flotek Industries delays 10-Q filing ($1.67)
Q3 results will be materially below year-ago quarter.
Green Mountain Coffee: Earnings release technical preview, short-skew, gap risk
BULLISH CASE: On better than expected news/outlook the stock could trade to the upper limit of the bullish price channel at $74.04. On a bullish breakout above the price channel the following resistance levels would become upside objectives: $75.89, $77.20, $79.23 — lifetime high. Additional upside objectives, based on average range, may be at the following levels: $80.81, $82.43, $84.08, $85.76, $87.48, $89.23. BEARISH CASE: On worse than expected news/outlook the stock could trade to the lower limit of the price channel at $70.89. On a bearish breakdown below the price channel the following support levels would become downside objectives: $69.70, $67.24, $64.88, $63.69, $61.93, $60.54. NOTE: Very large short-base at 9 days to cover, but with an extremely large 23.5% of the float short. Traders are positioned for extreme negative news. Reactions on a surprise. especially a positive one given the large short-base and extreme float-skew, have a high probability of being extreme in duration and price. Extreme gap risk.
SNS KV into the close at $.30 all day
Fly, are you still holding FTK with the whole audit committee now reisigned. I think I may hit eject.