Stocks were way oversold and short sellers got a little ahead of themselves—just a little bit. Just yesterday, I was buying United States Steel Corporation [[X]] due to PPT OVERSOLD readings. To be honest, as opposed to outright lying to you, I felt bad buying it. I felt as if I was doing something wrong, similar to being late to a super-duper-grouper important job interview. You know that feeling in the gut that makes you feel like shooting yourself in the face with a howitzer? Yeah, that feeling.
Fast forward one day, I’m back inside of the U.S., kicking old fuckers down empty elevator shafts, while banking “fuck you” coin in the market.
Into this melt-up, call me nuts (see if I care), I like Spain, via [[EWP]] . And, I like my usual suspects: POSCO (ADR) [[PKX]] , Ctrip.com International, Ltd. (ADR) [[CTRP]] , [[CBD]] , CGG Veritas (ADR) [[CGV]] , ICICI Bank Limited (ADR) [[IBN]] , SandRidge Energy Inc. [[SD]] , Masco Corporation [[MAS]] , Cummins Inc. [[CMI]] , TEKELEC [[TKLC]] , United States Steel Corporation [[X]] and Nucor Corporation [[NUE]] .
Some new stocks on my radar, all thanks and praise to the beta version of The PPT‘s 2.0 overbought/sold indicators include: [[RINO]] , [[TYH]] , Microsemi Corporation [[MSCC]] , Duke Realty Corporation [[DRE]] , Altra Holdings, Inc. [[AIMC]] and [[NLR]] .
In short, Le Fly is back from his Romanian cottage, where he fended off local homeless guys who wanted to fleece him of his sheep. YOU MAY NOT TAKE my sheep, fuckface, for they are mine!
NOTE: As discussed on PPT, rock salt maker Compass Minerals International, Inc. [[CMP]] is ripping through burlap this morning. I guess when D.C., amongst other places in the U.S., gets buried in snow, business is good for CMP.
Packing my bags and planning a trip to romania again.
Developing…
ba a aah
you still buying COCO here Fly?
no. still holding
Any of those sheep have a rhinestone collar?
long live ppt.
PIGS = (P)ortugal (I)taly ( G)reece (S)pain
STUPID = (S)pain (T)urkey (U)nitedkingdom (P)ortugal (I)taly (D)ubai
you can change Italy for Island if you want but then you will get non-European PIGS…..
Okay. I will play.
DIPSHIT= (D)ubai (I)taly (P)ortugal (S)pain (H)aiti (I)celand (T)ajikistan
interchangeable, nice
“kicking old fuckers down empty elevator shafts”…old men wearing burlap lined depends…YOU KNOW IT!!
The V.King returns 10-10-10
If I was you I would own ACLS and LMLP
+150 in the first hour!! Six more hours of this and we will close up 900 points!!!!
Stuttering BOOYA’s to all of you and God Bless!!!
II knew we’d be up today just based on Dennis Gartman’s look out below call!
S&P up 11 points, and SRS still UP. Hmmmmm…. Sell this fucking rally if you know what’s right.
Yeah, all praise to the Fly, but I gotta say, IYR looks vulnerable right now.
no kidding but this market looks like crap again. It really doesn’t seem to be able to hold any gains and if it does it’s only temporary.
The only thing that will turn this shit around is further economic numbers down the road that point to a sustained recovery which is going to be March April. Outside of that you need some monetary action from Europe and Japan other wise this thing looks like tanking.
Awww. Come on J, someone must have pissed in your wheaties. Whatever happened to the bull-tard attitude. Everything is rosey, the government always tells the truth, and Obama is fixing everything for all of us.
FIG fuck off with the troofer shit, you unsophisticated douche. It’s not the the government is lying about i;’s stats, the problem really started the day purple lips decided to attack the banks straight after the Mass election.
You now have political risk and unguided missiles coming from Europe. Europe scares the shit out of me ans the Euro really could break up. It’s the fist time I have really been worried now for a long time.
You just woke up. Congrats. This did not start with Purple Lips. Purple Lips has no control over this runaway train. What started this was the bull-shit run up and sell off on AA. I talked about this weeks ago, and have changed my stance on the market.
The one bit of control that purple lips has is through enforcing leverage rules. He knows we are fucked, and he also knows the Euros don’t give a fuck about each other.
The fall in this country will be led by Commercial Real Estate while Europe crumbles.
Congrats for coming to your senses. It only took 10%. Now scale out of your bullshit names and get short. This is a GREAT Opportunity to sell your bullshit right now.
This doesn’t turn around until financials get it back in gear. That doesn’t happen until Obama stops with this dumbass talk about not allowing banks to make a profit ever again in the history of the United States. Well that’s what you would think he said based on market reaction at least.
Exactly. The stupid purple lipped moron panics over the loss of the seat and turns to an 80 year fucker with one foot in the grave to come up with a plan that makes him look like a populist and totally fucks the banking system again bringing the entire market down with it.
Purple lips and the old fucker he dragged out of palliative care really have no idea what they are doing.
J,
You are a fucking idiot. Don’t you understand the problem here? Obama is pissed at the banks because they fucked the government’s plan. The plan was to recapitalize the banks to allow them to loan to the public. They refused to loan and instead inflated the shit out of commodities and treasuries. The banks don’t give a crap about this country and are quickly moving assets to non-US currencies.
Think about it like this…
Big business is not linked to any country. They will move their funds from one currency to another one whenever they need to. On the other hand, government is directly linked to the country they represent. When the country is fucked, the government is fucked, however, big business moves somewhere else and counts their money.
If you care about this country, you should be pissed off at the fucking banks, not at Obama.
Bac looks like the turkey to watch and it’s just trading terribly. Either a fundi is getting out or it tanks to heel taking everything else down.
Funny but the market really started to tank the day the Mass senate seat was won by the GOP 🙂
Exactly. That was supposed to be the catalyst that propelled us to new highs. Ooops.
JPM has been trading like hammered dogshit as well.
What’s red, orange, and yellow and looks great on burlap?
Fire….
I suggest everyone take a trip to several local malls. Take a look at how many of the BIG BOX stores are closing at your local mall. The retailers are cutting back on their excesses and this will cause the next domino of commercial real-estate to fall. Why do you think Thain, who is now a government operative, has moved on over to CIT. My guess is that CIT is going to be the next AIG play for the government. They’re gonna have to prop up that bullshit company and all their toxic loans to prevent the depression.
Where do you come up with this nonsense?
from his backside.
I honestly don’t believe it is nonsense. I live in the midwest, the heartland, so to speak. We never experienced the huge run-up in housing, and we never really felt the bullshit recovery after 2000. Our unemployment rate is above the national average and has been for decades. I know what a recession is, because I have lived it everyday for years. Big box stores are closing around my neighborhood. Stores may not be closing around you because you live in an affluent neighborhood within an affluent region.
As for CIT. You already know what CIT’s role is in the economy. The government had to bail out the massive wall street players back in 2008, but only did it after it was clear that the entire economy was going to implode if they didn’t act. Now we have CIT with their huge portfolio of small business loans. The government knows that small business needs to stay afloat, but no one is buying anything, small businesses are going under, and the toxic loans are mounting at CIT. The bull-crap sale of MER to BAC back in Sept 08, was brokered by the Government, and they need his assistance again. The government needs to keep the bad assets off the bank balance sheets, so they will keep it locked up in CIT just like they did with AIG.
FIG, I’m with you regarding your analysis. CRE will be the next domino that tips over. It’s not just the small businesses that are taking a beating. I was in a large mall Friday night along with a Lowe’s and both places were less than 50% normal customer count, including all the kids that hang there.
I recall a meeting in 2005 with a group of fellow contractors where we hypothesized how the run up would end. Not that it was that great here to begin with, but it was clear to all of us that things absolutely could not continue as they were at that time. We had hoards of people who with a combined household income of maybe $40-50 K were building $400K houses with nothing down. Houses with human car wash showers, granite counter tops, expensive hardwood floor and all that crap while cheaping out on low efficiency HVAC equipment, good insulation and other things that would make the home less expensive in the long run. Now, if those people are lucky, one of them has a job yet.
None of what we saw at the time made any sense at all unless you believed that housing would appreciate10-15% per year indefinitely. Now you can find those same houses for $275K or less and the banks can’t get offers on them. If they do get an offer they won’t accept it because the buyer can’t bring 10% down to the table. Lot’s of empty houses sitting around that banks have foreclosed on but not actually declared on the balance sheet. How’s that work? Simple, things have yet to reset to their actual market value, which ain’t a helluva lot right now, or in the foreseeable future. My gut tells me that we bounce around in the 10-12K range on the Dow for a long time with forays much lower occasionally…..which if one plays it right, will not be too bad for Banking Coin. That is…..unless the bottom falls out completely, which is still very much in the realm of reality.
You deride Fly for being permabull because he didn’t sell stocks a few weeks ago? Then give us this:
Our unemployment rate is above the national average and has been for decades. I know what a recession is, because I have lived it everyday for years.
Here’s a hint, asshole… if your unemployment has been bad for decades, MOVE MOTHER FUCKER!!!
Are we in Golden Cow territory Fly?
Watch the daily 8ema and go eat a banana split
what PPT is available for subscribers? 2.0 Beta version or 1.0 ?
1.0
2.0 will include lots of upgrades. However, just know, the price is going up. Current users of The PPT wil be grandfathered in at lower price.
Thanks. Appreciated.
Fly, when do you expect 2.0?
Can you shed some light on what’s new in 2.0?
dear mr chanos…Greece is your bitchin mother country ..write the damn check for 53 billion – milk money to a billionaire like you…hell buy the whole damn country and make yourself king…that should impress Spitzer’s old call girlfriend! cheers!