What a beautiful day.
I reduced my position in Cummins Inc. [[CMI]] by another 25%, leaving me with half a position. I will sell the remainder above $60. Also, I added to and initiated positions in a number of names, like [[CBD]] , Brocade Communications Systems, Inc. [[BRCD]] , [[TAN]] and Visa Inc. [[V]] .
The bears have been routed. Now it’s time to raze the conquered cities and loot it for all of its worth aka “rape and pillage.”
Disclosure: Long, with great vigor, into the bell. “The Fly” wins again.
[youtube:http://www.youtube.com/watch?v=eV2lN68pSIc 616 500]
I await the comments of a certain “Mark Spiegal,” “Tmoe”, “FIG” and other wrong headed burlap models.
They may be a while. Trying to get their mid-month burlap suit quota put to bed, they are out there pushing the “houndstooth with matching brogans” like there’s no tomorry.
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Funny you should mention Tmoe(rawn). He was just chest-thumping the other day (Monday? which so far has been the low for this pullback) about how well DUG was treating him given his entry point of $13.90 IIRC. DUG closed today at $13.19, a loss of 5.1% for the heir apparent to DevilDog if he still has the position. And when I say chest thumping I actually mean chest thwacking since he’s probably got manboobs.
fid
Well done blog father.
BWLD getting smayshed in AH
chicken wings =make your stupid fat kids fatter …call the White House refirgerator police……they’ll shut down the whole operation…or offer free stents with purchase on a double order.
Frank and Theresa’s Anchor Bar..the original..and they sucked there too…
dean foods trashed also …chart doofus on Fast Money said play sysco off this…
didn’t some GM car come with chicken wing parts stuffed into the door wells put there by some disgruntled union worker?
Do we stop at the fitty day, senor?
Today was trading session 17 of the selling stampede that began on January 20th. Every selling stampede ends with 2 consecutive up days accompanied by >1:1 internals (advancers:decliners and up volume:down volume). It looked like Tuesday was going to be the first of those 2 consecutive up days but the stampede killing rally sputtered out on Wednesday. Tomorrow will tell us if today was just another false start like Tuesday or if the selling stampede really is finished.
I’ve been an asshole dip buyer every time the percentage of S&P stocks above their 10-dma got 1 std deviation below the mean. Which is to say I’ve been putting money to work on the long side for the last week but I think today was my last day of buying for a while;
http://www.indexindicators.com/charts/sp500-vs-sp500-stocks-above-10d-sma-params-x-x-x/
Now it is time to sit back on my long positions and assess the quality of this newly born rally. I’ll be closely watching whether we can make a higher high than in January and for confirmations/non-confirmations in new 52-week highs and the cumulative advance/decline lines.
fid
By the way, glad you got rid of your avatar depicting you as a female doctor.
Thanks Wood. Now you should follow my lead and rid yourself of that transvestite av.
I thought that his avatar was a pic of the “man” that had the baby recently, no?
Review at your leisure.
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Jake, the regular strength Rogain didn’t work for you?
I think you are confusing me with my brother, “Mr. Clean.”
He, too is into the “prison pussy” hirsute look.
_________
Oh Fly, one of our gang has to be pleasing to the female iBC’ers. Its tough being me.
That’s right, you tell ’em, Wood.
Fly, you’re playing my music. For awhile there I thought you were deaf in one ear and couldn’t hear very well out of the other…. Haha. Nice song.
You smell that?
That smell. That gasoline smell….
I love the smell of flaming burlap in the morning. It smells like…. Victory.
Some day this war’s gonna end.
Shorts are ready to be passangers on the USU nuclear thermal rocket express headed for Numbfuckland. Short interest has INCREASED from 11% to 12.5% over the past couple of weeks while price action gives us a bullish consolidation just below the 150 DMA. Next stop $6.60 ish level (>50% pop from here). Enjoy the ride boyzzzzz
Below the 150DMA? Todd Harrison would say that sideways action above resistance is basing which is bullish and sideways action below resistance is churning which is bearish.
fid
Just a heads up on Fidelity:
You can now trade these iShares funds for ZERO commissions:
http://personal.fidelity.com/products/trading/What_You_Can_Trade/offer-faq-popup.shtml?refpr=elfi0001
.
U.S. EQUITY INDEX FUNDS
Russell 1000 Growth (IWF)
Russell 1000 (IWB)
Russell 1000 Value (IWD)
Russell 2000 Growth (IWO)
Russell 2000 (IWM)
Russell 2000 Value (IWN)
Russell 3000 (IWV)
S&P 500 Growth (IVW)
S&P 500 (IVV)
S&P 500 Value (IVE)
S&P Mid Cap 400 Growth (IJK)
S&P Mid Cap 400 (IJH)
S&P Mid Cap 400 Value (IJJ)
S&P Small Cap 600 Growth (IJT)
S&P Small Cap 600 (IJR)
S&P Small Cap 600 Value (IJS)
INTERNATIONAL EQUITY INDEX FUNDS
MSCI ACWI (ACWI)
MSCI EAFE (EFA)
MSCI EAFE Small Cap (SCZ)
MSCI Emerging Markets (EEM)
FIXED INCOME FUNDS
Barclays Aggregate (AGG)
Barclays TIPS (TIP)
iBoxx $ Investment Grade Corporate (LQD)
JP Morgan USD Emerging Markets (EMB)
S&P National AMT-Free Municipal
Soon, I will design a system to trade them. It will be killer. Word.
It seems that over time, no commission could enhance the edge.
Only a few of the etfs have enough liquidity and tight spreads to effectively daytrade (if that is your intention).
I am not sure how well Fidelity executes their trades or even if it is direct access (I assume their active trading platform is).
I do know Fidelity screwed me in the ‘late 80s when they tacked on a short term trading fee to their hourly priced Select Funds. Before that happened it was like picking $$ off a tree as many of their funds were not price efficient.
It could be better to go with a direct access broker like IB,Lightspeed, etc. with low commissions and you would obviously have access to the entire market.
Dear Mr. The Fly,
Have you seen my $20,000 pen? I’m going to need that due to the number of “bwahaha” notes I need to write to my bear acquaintances.
Sincerely,
The Sax
thet chert don’t look bullish to me.
Scum!!!! It’s good to see you posting, again. When did they let you out? LOL, (just kidding)
http://cache3.asset-cache.net/xc/92934860.jpg?v=1&c=IWSAsset&k=2&d=77BFBA49EF878921CC759DF4EBAC47D02553AE2F29895F645516A0515650933D0D054ED647EEE974E30A760B0D811297
Dear,
La Mosca
Do you smuggle diamonds?
http://www.youtube.com/watch?v=4m5bXIjvfKQ
That’s an awful lot of chest thumping for one day. Your very bullishness is more than enough reason to expect that this market is going to yank your ass through a knothole sometime in the next few sessions.
BTW, bears don’t wear burlap. They wear Filson heavy-weight canvas. The engineering on it was worked out over 100 years ago. When ‘The Day After Tomorrow’ deep freeze hits, we’ll be ready. You, however, will become a bullcicle when your modern, high-tech rags fail to provide sustained protection from the coming winter.
when it gets cold enough to think twinsets, the only way to go is russian sable…max toasty with matching muff and chapeau.
Posturing or something bigger?
http://www.guardian.co.uk/theguardian/2010/feb/11/germany-greece-merkel-bailout-euro
maybe both, but posturing for sure….there is a way to get out of all this mess…..sell alaska buy greece…its all about the location
IMF is on it, no worries
Inquiring minds want to know where you hang out to get these child molester / serial killer pictures?
Near a university.
Fig
Then i was wrong about you. At least you are objective.
To be honest, I have a long term thesis on the market that includes extreme levels of inflation. Some may believe this is not objective, however, it is based on macro economic realities that have always been at play. We have been powerful enough to avoid getting sucked into a hyper-inflationary spiral in the past, but now all we can do is saber rattle and print more money as the market trades against the dollar.
My expectation is to see hyperinflation engulf the west around summer 2012. This gives us 2+ years to bounce around.
I was bullish and had no short positions for many months until Alcoa earnings. I posted in your comments that I went short AA the day before earnings. I was paid handsomely. What I didn’t consider is that the same day was also the top for the entire market.
I was foolish and believed the market was still in full bulltard mode and bought into SD heavily on the way down. When I saw it flounder intraday over and over again, I realized that this was not your usual dip. Then and only then did I change to a negative stance on the market.
If you look at charts of companies highly levered to dollar and commodity valuations, such as SD or any gold stock, you will see a blow-off top formation on January 11. I believe that was the day the market started a new downward direction. It will take a similar high volume move to form the bottom. This has not happened yet, and I don’t believe it will happen until after the next black swan event, most likely occurring this spring.
The only way hyperinflation will occur is when government is forced to ruin the economy through additional unsuccessful stimulus.
Consider this for a moment. Why would Germany risk ruining its economic power to save the rest of Europe? Do you honestly think that Germany has completely forgotten its extreme nationalistic history? The Germans are very hard workers and they take pride in the German nation. They know where this is headed, and they aren’t going to be neighborly. Germany remembers World War 2, and still has the same attitude it had back then. Fuck the rest of the world, we are Germans, our Aryan Nation is better than everyone else.
Glorious
Bears routed you say? Hogwash sheepmaster! I spent your meager gains on a bottle of Riunite Lambrusco circa 2009. Now I’ll wait to sip it while grilling Romanian Lamb.
I am here. Sorry, I work 2nd shift, so I am gone around 3:00 and don’t get back till 1:00am. Anyway, I expected an up day today with the non-news from Iran and the news from Greece. I lightened up on my shorts at the beginning of the day, and will put them back on tomorrow. Good luck with your view, we are still in a downtrend. Only if we get past 1100 will I change my stance.
who’s up?
new post on PEIX
http://ibankcoin.com/henry_fool/2010/02/12/peix-dynamic-breakout-or-breakdown/
I haven’t looked at these manually yet… from my STORM proprietary system screen for daily chart pattern breakouts to the upside that have multiple strong oscillator signals as well —
BC
BRKS
CAVM
CIG
CPX
FXI
GERN
GFI
IVN
LAMR
LVS
NVDA
PAAS
PDC
REXX
SAY
SFSF
SGEN
Lots more than this, actually. These are the best ones from the rankings. Tomorrow will be a good day ;-P
Inneresting… (sic)….
I was looking at adding to my PAAS and GFI just last night….
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