Paul Volker and Prezident O’bama are dipshits. That’s all. There is no need to pontificate further.
Today’s sell off was uncomfortable, but entirely expected and appreciated, from the bottom of my black heart. If I could be so kind, as to return the favor, I’d like to punch the mustaches off of the men who concocted this anti-bank legislation. As a matter of fact, I would rather emphatically enjoy doing it.
Life is good at THE HOUSE OF FLY, as new business keeps rolling in and idiots get kicked down stairs— laden with metal spikes—with great frequency and efficiency. For the day, I nibbled, ever so gingerly, on Cummins Inc. [[CMI]] and TEKELEC [[TKLC]] , with the intent of taking large lion sized bites later on, should the market trade lower from here.
As always, I will use The PPT as my main indicator, to assist the timing of my buys. It truly is a marvel and should be used by all money managers in the United States, providing they were interested in getting out of little leagues of course. Step your game up son, for Le Fly is gunning for your fucking face (so sorry for the sudden outburst of hostility).
My best guess: we have another 3% of downside, then straight up.
NOTE: While you fuckers were hiding under your desks today, “The Fly” was dancing in the blood to this shit, featured below.
US natural gas rotary rig counts are starting to rebound strong here. http://intelligencepress.com/features/bakerhughes/
FTK is levered to the natural gas rotary rig count and Fly has a good pick here. Besides the weekly rig count, another catalyst that will move this stock is the hearings for the XOM merger with XTO. Hydraulic fracing has been a large topic at hand during these talks, which represents a shift in the thought of where and how to obtain new and clean energy. If legislation is passed to allow hydraulic fracing look to get FTK or any of the natural gas drillers in the Marcellus Shale region, like Chesapeake.
TRHIG 🙂
Fig
Fig pucker
A dislexic spelling for Pig Fucker
I love the reports from Tech companies and their Non-GAAP reporting. Why the fuck is it always higher than GAAP? Rhetorical question, but oddly amusing nonetheless…
Speaking as an auditor of public companies, though I do notice the rhetorical part, it is due to the fact that GAAP is stupidly conservative in alot of instances. While we have calmed down from the post Enron/WorldCom SOX over-reaction there is still many revenue recognition, disclosure and valuation rules that lower the performance of a firm to below what the most probable economic outcome actually is. Hopefully with IFRS tending to be a little more lax and less prescriptive than US GAAP & GAAS this should improve in the 5 or so years till the US will adopt.
I’m digging the increased quality of reader content over the last two days.
Low-volume 10% 2-day China pullback = opportunity. I will ride the next wave up like I’m on a surfboard, and sell out with 30% + gains. I know you don’t believe me, all I can say is: watch.
By the way, did y’all see Boone Pickens on Cramer last night? I was already a nat gas believer and I’m already heavy into SD, but I swear they are convincing me more and more that the nat gas plight is feasible. I am thinking about dumping 30% to 40% of my port into nat gas plays, specifically SD and CHK, within the next few months, for a medium-to-long term play. Cyclical. Buy low, sell high. Nat gas has been hammered. This possible new legislation could be huge.
“The time to buy is when blood is running in the streets.”
-John D. Rockefeller.
I will now stop hijacking this comments section.
I’ve got some TKLC, and, on further weakness will jump back in to SWKS as well as FCS, which was up strong today.
On politics, you must see that the Prez as GOT to kick the shit out of the banks, don’t you? I don’t see why it’s a bad thing. G-S has got to be reinstated, and there has to be some sensible shit done to keep the banksters from stealing every penny this economy is able to produce. Securitization on a small scale means market efficiency. On a large scale, though, it means the medium has become the message. No prob for TV, but big prob for the economy.
We should have kicked them while they were down. But kicking them now that they’re back up isn’t too bad! Short-term it’s not great, but long-term, it’s the right thing to do!
Disclosure: positions in JPM, C, ETFC, HSBC, MET, and, AFF!
fwiw .. Bill Fleckenstein on el Prezidente & da banks –
“However, about an hour into the session the market broke hard and by midday it was 2% lower (with the Nasdaq only off 1%). That moment in time coincided with Obama’s TV appearance to discuss his plan to put an end to “Too Big to Fail,” which will ultimately lead to a separation of banking and gambling, i.e., back to the future before Glass-Steagall was dismantled. Both outcomes will be a welcome relief from what had been allowed to evolve. I’m all for risk-taking, as long as folks are using their own (or their partners’) capital and not in essence taxpayer’s capital. Thus, this is potentially a very positive step for the country.”
The market sold off because the financial system will be less prone to implosions. Yeah, that made sense.
Would the last 3 days be considered an ape raping, or simply a monkey rape with the possibility of ape raping dip buyers?
This could be considered “collateral damage from speed-chopping carrots”
This is exactly how bear market rallies end.
Shit, Shit and then more Shit!
Well fuckers … I haven’t been very active because I got my fucking wings clipped at the beginning of last year. Those days are over, and considering I’m still playing with my HUGE gains from 2008, I’m declaring that I’m back motherfuckers.
With that said, prepare for new lows this year. We all know the bullshit the government has been doing is unsustainable, and there’s no better time for them to unplug the life-support than right now.
It’s coming fuckers … prepare.
LOL.
Ladies and gentlemen… “the Donny.”
______
First off Jake……. I love the values that you hold to be true.
Alfred Einstein states the truth: You can not do the same things over and over again and expect different results. Socialism has been proved over and over that it does NOT work.
Without the systemic liberty that allows companies and entrepreneurs to innovate, free of arbitrary regulation and punitive taxation, there are no hot new investments to ride to wealth.
Without the individual liberty that allows free consumers to choose how they live without the Nanny State making them buy this kind of car and eat that kind of food and carry this much insurance and use that type of light bulb, there’s no free market to innovate in.
But most importantly, without the liberty that we all have to voice our opinions with our dollars, there is no demand for all the things that give us the ability to show our support for, or opposition to, the modern Ameri-comedy. Things like burgers for those for whom cholesterol is just a number, and tofu for those who really want to die young…
Big trucks and Al Gore-sized mansions for those who scoff at the global warming HYPE, and electric roller-skate-cars and pre-fab mud huts for those who buy into it…
Harley-Davidson Road Kings for those who want to have enough horsepower to tote a passenger and a POW/MIA flag off their backseat at highway speed, and little imported Italian scooters for those who need only putt-putt their own metrosexual selves between a city flat and the local coffee shop…
Americans should spend 10 minutes a month pondering the erosion of liberty, the bastardization of the Constitution, the institutional racketeering and extortion perpetrated by the RepubliCrats on The Hill, the corruption of the “watchdog” media, and other major issues confronting us as Americans — or as members of the human race.
I say we have a stupidity tax. Just tax the stupid people. Cheers
Alfred Einstein makes a great bagel.
“Without the individual liberty that allows free consumers to choose how they live without the Nanny State making them buy this kind of car and eat that kind of food and carry this much insurance and use that type of light bulb, there’s no free market to innovate in.”
Hey liquidbrain,
So that means that you can sell cars with defective brakes, lead-paint toys, and poisoned fish because the “Nanny State” shouldn’t be able to regulate those products? And banks should be able to sell trash labelled AAA?
I think you’re right. We should tax stupid people. Why you’re in the world of investment is beyond me.
What really irks me, I gotta say, are right-wing idiots who think they represent come kind of “pure” capitalism. It only shows how stupid and ignorant you are. If you read the history of capitalism, you will understand that it developed and reached the critical turning point where it could actually produce enough capital in order to fund industrialization, in the 18th century, precisely it operated as an arm of the state. If you don’t believe me, look up the history of the East India Company–which appears, largely, in the British Parlimentary papers, available in any serious library. Look up the history of Edmund Burke, the conservative English thinker, capitalist, and director of the EIC, or the history of the French Indies Company. I.e. colonialism and the pillage that it made possible, was a state-capitalist affair.
You dolts don’t have a leg to stand on, because your ideas about capitalism and its success are all as mythical as fuckin’ Avatar. Go read some history and then come back here and spout your nonsense. The “great” libertarian American 19th century was largely characterized by a number of financial crises that actually retarded our development. It wasn’t until the European powers destroyed themselves that we had a chance. The Chinese have read this history and they understand. But not you ignorant flag-waving fools.
Get this through your head: stupidity is not patriotic!
Spooky is a fact-deficient, historical reconstructionist. What you are bitching about, incorrectly, is not Capitalism, it’s mercantilism (East india Bay Company etc.) Moron, you can’t change the definition to suit your leftist views. State-capitalism, which your boy Obama is resurrecting, has been tried in the past. That guy also founded the National Socialist worker’s Party of German in the 1930’s.
Notice any similarities to the 1930/40’s Volkswagon and the 2010’s GM; Krupps/ GE.
“All within the state, nothing outside the state, nothing against the state”- Benito Moussillini
Don’t redefine capitalism based on Barney Frank and Obama’s talking points, try Adam Smith and Milton Freidman, finger sniffer.
Us right-wingnuts love us some book learnen with pictures.
You have an open invitation to my blog any time sir.
Antennae should always go up when leftists promulgate “history.”
(the quotes must be used)
________
I am an independent and I deeply admire Fly. So this is not a strike against him or righties – I think Obama and Volcker are not exactly dipshits. After the word’s worst crisis, you need a jolt or two to teach the wrong doers. This is not about curbing capitalism neither is this about curbing good bonuses in the long run. This is about curbing the loot mentality emanating from the wrongful practices that led to the credit meltdown.
Rules can be relaxed later but a message has to be sent out that funny business doesn’t have a place in an already fragile global economics. Yes I do wish Obama should have included some of the other miscreants like smaller banks who also reviled in the pathetic mortgage credit fuckery and then you have the more fucked up freedie and fannie. But this is still good. Something is better than nothing. And hopefully in the right direction.
Yes we may pain in the short term. So what. Obama doesn’t give a shit about us traders and he shouldn’t. He is a leader. He has to do what makes sense in the long run.
This dip will be followed by another dip followed by a mega rally. I guarantee you.
To cry and curse at the president policies because you are seeing a few reds on your screen is pretty lame. And if you are doing it on an ideological basis, I don’t think this is about curbing free markets. This is about sending a message. The same financial industry could be encouraged or supported once the corrective behavior gets hardwired in the companies about proven reckless business practices. And aren’t we already supporting them in so many ways. If you have any doubts, just look at the yield curve.
Bottomline: I feel we should stop being paranoid and give the course of nature a chance.
Read you Constitution. The President does not have the right to make arbitrary rules that affect selected bodies differently from the rest of the citizenry.
You want to hammer this bubble economy bullshit, put a leash on the Fed. Pass THAT legislation.
They will never do that., this side of a second revolution, unfortunately.
But do not fall into the trap of giving approbation to tyranny just because you happen to like the particular ox that’s being gored. We follow the rule of law, or we are Venezuela all over again.
___________
tru dat
Succinctly stated Mr Gint.
And very treu.
Lets say a kid had an extremely bad time and the only means to prop him up is through psychological support and being there for him. So amongst other things you do for him, you give him access to the candy jar in the kitchen. The kid starts abusing it by taking too much candy. What do you do? Do you stop giving candy to the kid completely? No. You ground him or penalize him. But you keep the candy supply available because you believe they can have candy in moderate quantities so they feel happy and not psychologically deprived, which is good for their all rounded growth. As they grow matured and the discipline gets hardwired in them, they have unrestricted access to candy jar but not the same urge to abuse it. The candy jar is money supply by Fed. The kid is the bank. And you, the parent is the government.
Yes you did the mistake by giving the candy jar with unrestricted access in the first place. But you can’t take it back because it can have other negative psychological effects. So you did the next best thing in the given circumstances.
I say don’t judge regulation just because it is so. Regulation is not in contradiction to Constitution if it is used to address crime that manifests from abuse of liberties.
Bama: A leader? OMG…… a leader of what? Ohhh….. ya…. now I remember….. he is the leader of ACORN……..
Volker is an American hero. It is encouraging that Obama let him out yesterday.
But it is kind of funny that Obama just got done re-appointing/rewarding the FED chairman who is shoveling free money to the very banks that fucked the country over. The bankers get rich (and/or painlessly recapitalized) your children get debt/inflation.
I told you all of youz in this here blog that once the wasted energy of healthcare obamanation is over that they would focus on the banks. About fucking time too. Something very close to the glass stegal act will be brought about and the banks that do not make their money trading (ala GS and MS) will be FUCKED. I sure hope WFC goes down to $.30 just so the antique, cocksuckers like buffet gets fucked for playing this fascist game in favor of GS. And the ‘banks’ who do make their money trading will either go private and become hedgies (which is what they are) or reduce their risk enormously, meanig far less attractive earnings and bonuses for them.
I would say we chop around here for few weeks and unless some serious new stimulus makes it through, we see DOW 8000 this year.
Mass. election was Godsent to these fuckers I voted for and who play the game dictated by the banks, insurance companies and the rest of big fascist business. FUCK THEM! They need to get the mess. that we are done mortgaging our grandkids future to protect the FUCKERS who brought us to this nasty place to begin with. We wanted CHANGE! and we still DO.\
Those of you who are underestimating the USD strength really need to reconsider your thesis and protect your families from consequences od a very strong rally in the very mighty $$$. You will be hearing the name Volcker a whole lot more going forward. I am not saying that the $ id perfect, I am saying thet the rest of them are far less so. Euro, yen…give me a break! Just as a galaxy revolves around a black hole so does the rest of the globe around the good’ol USA. And thank good for that. As frustrated as I am with what is going on here, I acknowledge that it is still far better than the rest of the ‘make believe’ countries like EU, China, Jap…
It’s “youse”, not “youz”. Learn your fucking Jersey-speak.
http://blogs.wsj.com/marketbeat/2010/01/21/obama-goes-long-volcker/
Old men are now pushing young men down empty elevator shafts. Obama tires of Geitner/ Summers, and lets Volcker take the reins.
Daddy’s Home!
Tough Love To Follow.
treu
Where is Devil Dog??
Hey Fly, I am new at stock investment. You seem to be very high on Flotek in a lot of your blogs. Do you still feel it is a good buy? Signed, dumb idiot!!!! 🙂
Disagree, Mr. Fly: Goldman Sachs, et al., should be confined to kiosks in shopping centers, with a cop standing by. These fuckers raped this country again since 1929 and Obama’s restrictions probably will not stop it since the bankers own the regulators. What a snafu. Makes me want to buy some stock.
Volker raised rates to 21.5% back during the Carter era….my god…..why would a guy that brassy jump on the Obamawagon?…I agree about Obama being a telepromtper reading robotic dipshite…I also will provide no details…they are self evident
Obama needs to grow a mustache
Fly,
If your PPt is over 3 and you know to reign back to 20 % cash, why not go further to 40 or 50 % etc to cash? Is it in your Money Mgmt obligtns to stay 80% cash? If you are pretty sure the market will be dipping get the fuck out, no?
Because I am not sure, which is why life is such a generous mystery.
That is a very good answer and speaks well for The Fly on many levels.
While you cannot be called a PERMAbear (in caps) for I recall your shorties in 08, you certainly have a very strong- shall we say commitment – to the long side for now. In the face of losses, you surely have a tough naugahide. And steel nuggets to hang tough.
PERMA bull, rather.
Wonderful answer! “generous mystery” and “I am not sure”
Speaks volumes for your character good sir.
and now comes arch..king cash…..
Watch out for the Ferengi in Presidential garb, for he will fleece you of your treasures thru subterfuge and deceit. You’ve been warned Space Alien.
the ferengi and their kind will be assimilated resistance is futile
http://www.trekmania.net/diplomatic/borg.htm
beware people of earth
GOOG recouped almost all after hours losses. As it is now back to $584 from $550. I want to smack the person who sold at $550. You just sold a stock that typically trades at a 30 multiple with 17% YOY growth for a 20 multiple. Doing acquisitions at 1 per month. Sitting on $24 billion of cash. Jack ass! Tomorrow we go UP.
you will be assimilated resistance is futile
Might want to look at those trades a little more closely.
http://www.nasdaq.com/aspxcontent/ExtendedTradingTrades.aspx?selected=GOOG&mkttype=after
Brother
put things in perspective.
I was up 60+% in 2008, 90% in 2009 and already up12% in 2010. I can withstand a 10% drop from here without sweating. Hence the advantages of professional money management, not that think or sink shit.
you will be assimilated resistance is futile..large spacecraft from the skf galaxy have been detected
Somebody watched “First Contact” last night.
(Geek.)
________
looooooossssseeeeerrrrrrrrrr
LOFL…
“Think or Sink.”
You do realize how big those guys are, dontcha?
_________
http://www.businessinsider.com/big-banks-have-already-figured-out-the-loophole-in-obamas-new-rules-2010-1
I am ovah heah, “knocked ovah wit a feathah.”
__________
Why worry about Obama and his bank proposals? Look at healthcare, Guantanamo, global warming….. Dude can’t get anything done. Not while he’s saddled with Reid and Pelosi.
Hey.
I am awake.
Where is everyone?
I thought all of the good stuff happened after 2 AM.
Lies.
Plenty if high-quality China growth names trading at forward P/E’s of 8.
High-quality:china::funny:dane cook.
Give me a bear case for ADY, FUQI, CPBY, and LIWA.
Not a bear, actually the news out of china makes me bullish on china.
Just saying…
A material certificate out of china is not worth the paper it is printed on…
also, i just hate dane cook.
And I hate communism.
If you hate DC, what comedian(s) do you fancy?
One thing I am looking at right now is solar stocks like SOLF. I am right now sitting from afar wondering when the pivot might be. I looked at the TAN etf and saw it in an obvious channel and compared it against SOLF. I feel we will probably make the pivot on SOLF in probably 5 trading days. Its right at the 50 day today, but I dont expect for it to pivot there.
http://bit.ly/4F1fdY
Putting on the armour (sic) of steely determination and Getting ready to Jump!
Those of you who missed some my 100% gainers (“and moooah”) from last year should pay particularly close attention.
___________
Get ready for the bounce, you monkeys.
Who’s the dipshit? Our entire economy has been built on the transfer of fake money transfering from one group of paper pushing homos to the next. Vollcker seems to be the only person willing to accept this. The debt has to reset, so let it reset. Wallstreet thinks you can market to maturity until somehow they are able to reinflate level three assets back to valuations that existed when banks were leveraging 30/50-1. Its not going to happen… The FLy is calling for the ultimate destruction of our country by passing on the Kool Aid. God forgive you.
Fly,
With the consent of the Supreme Court allowing Corporations to pour as much money into political campaigns as they desire, the stock market should zoom. To hell with the people and the political process. Senator Goldman Sachs and Congressman Walmart will have our backs. It’s a sad day.
Does everyone see the support on the IWM at 62.2? That seems like a logical pivot for today, but if thats not it and the floor gives way then we probably have 2 points lower to go (on the IWM).
http://bit.ly/5WorAk
This is a good rest point right here.
That was exciting.
% of S&P stocks above their 10-dma is almost 1.5 std deviations below the mean = bounce imminent. Get your buy orders ready.
http://www.indexindicators.com/charts/sp500-vs-sp500-stocks-above-10d-sma-params-x-x-x/
fid
Clusterstock news headlines on the iBCNewsbot are misleading and generally subpar. A worse offender than zerohedge in fact. Like homosexual Southerners making Louis Vuitton crop circles, Clusterstock is diamond buttons on overalls.
“diamond buttons on overalls”!!! LMFHO! Top line of the day.
I am liking TASR
I like gold.
I don’t care what no body says bout’ it neither.
I like LEAP.
Large short position and a buyout rumor.
Low risk with a close stop.
If it can get a little momentum, it can fly.
UNG is blasting off.
http://bit.ly/5LBYMW
is FTK a good buy here? is the natural gas trend still up. Can anyone explain to me how a company with such massive debt and losses would be a good buy here. Is it a possible takeover target?