So, some IT guy fucked up and broke a few servers, likely by dropping a large vat of olive oil over the NASDAQ server rack, causing a market crash. ROFL!!!!
You have to be kidding me. I wish heavy litigation and many firings at the nazz.
Despite the big reversal, and pardon me for being out of the loop today, nothing changes. There is still a MASSIVE unraveling of the yen carry trade, via [[FXY]] . And, gold is actually serving as a safety asset: scary. Into the bell, I am buying more [[VXX]] and I already sold out of Trico Marine Services Inc [[TRMA]] , [[MWW]] and Sociedad Quimica y Minera (ADR) [[SQM]] .
To sum up today’s epic trading session:
Yours truly was busy getting an endoscopy, while the bottom dropped out of the market (I am fine).
Most of my bloggers took the day off, because they don’t give a shit about the site. I need to fire everyone.
Someone printed The Procter & Gamble Company [[PG]] under $40.
Flight to safety is in vogue, a la The Hugh Hendry, via [[TLT]] .
[[VXX]] exploded to the upside, as predicted.
I am up 1.5% for the day.
Finally, THIS IS NOT OVER. Quit acting like you know what you are talking about. From my perch, you know shit.
[youtube:http://www.youtube.com/watch?v=A_sY2rjxq6M 616 500]UPDATE: Words of wisdom
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Get
Not true
This was the best tradimg day of my
Life. Get ready for more down side. Listen to The Fly.
I wish people would quit giving me such a hard time. I know the market dipped from me making a sell order mistake today. So I hit B, instead of M, sending the market down, but in a matter of seconds I fixed it so what the heck. I’m sorry.
The Fly is GOD!!!
No doubt.
Glad to see you got yourself out of TRMA. Hope you made money on its dead cat bounce Friday & Monday, but good riddance regardless.
fly is a genius
Welcome back. Glad to hear your health is good.
ENDOSCOPY — when I got home from mine, my wife says “did your doc find anything out of the ordinary up there — like your head? That’s where it usually is.”
Shit — took me 3 tries on the spam protection Q again.
That would be the colonoscopy. The endo goes down dah ‘troat.
_______
Lol…head in his stomach!
FLY FLY FLY…..Why didn’t you go with GIVN??? Pill Cam instead of the procedure? btw they are reporting at conference tomorrow I think….they also got a pill cam for colonscopy in europe, and trying to get it approved here…..CEO at JPMorgan Health Conf in San Fran earlier this year was pretty sure it should be approved in USA this time around….
Fly’s time machine is in fine working order …. you must of just gotten a tune up, eh?
One question … what to do with MTA?
EURO trash. It will rally fierce when we bounce.
Thank you Allstate!
In awe of fly… bet you are hungry, eat a steak!
Same sellers became buyers..happened too fast for any othe explaination
Think about the concept of a lag and a finite number of sellers, and then you’ll know why that isn’t the only explanation.
There is no doubt that The Fly’s advice is worth a full subscription to the PPT. Completely transformed me into a stock market winner after years of hammers to the groan.
I think my iBC mug is broken because no black smoke is pouring from it. Do I have to add water or something?
Thanks.
Hammahs to mah groan
Hammahs to mah groan
People try to play me wif
Hammahs to mah groan.
__________
(I am definitely using that.)
____
Pants on the ground? Pants on the ground? hamma to the groin with my pants on teh ground
wtf is that?
Weirdness escaping from my head.
____
It’s this:
http://www.youtube.com/watch?v=tMwhl4IrPNc
Short timer cain’t hang with them bondz ain’t no playa.
Hey Jake –
You may need to upload a new avatar:
http://espn.go.com/
Presumption of innocence!
Presumption of innocence!
Laughing the fuck out loud!
Idunno. After watching the market get manipulated almost every day over the last 2 months with a steady 1:30pm melt up into the close, why would a steep capitulation be unrealistic to imagine? The whole market seems to have been rigged since February. Days when the market had every excuse to print red magically pulled a bunny out of Erin Burnett’s ass and closed a happy shade of green. Today the market was pushed off a cliff, not by mistake, but by manipulation. There’s been plenty written about front running using high frequency trading programs. I have no doubt that’s what happened today. A front running avalanche on an avalanche with nobody on the bid.
JMO
Stop stickin’ stuff up your shoot. You’ll go blind.
Thank Fly for TLT! It was the sole beacon of green in my bloody portfolio today.
lol! gold is a still a safty net at how many dollars an ounce? if you would have said that 5 years ago, you’d be laughed at. 10 years ago and you’d be put into a nut house. Funny how times change… I don’t disagree one bit though, still very far away from it’s $2000+ inflation adjusted high and I don’t believe that takes into account true inflation including fuel and food inflation.
I’m now fully diversified, I own both gold and silver. lol only kidding.
In all seriousness how can there be 5 times as much gold as silver and silver is used up at a much faster rate, yet gold is worth many times silver I know historically gold/silver ratio and gold is the “crisis metal” and all that nonsense, but when are people (if ever) going to wise up and buy silver instead?
http://seekingalpha.com/article/14922-is-the-old-gold-silver-ratio-of-16-still-alive-today
Own both in size, and get some platinum too.
Btw — that article you posted is from August 2006… when the gold-silver ratio was 56.1x.
Today, at close it was 68.4 x.
Food for thought.
________
Yours truly was busy getting an endoscopy, while the bottom dropped out of the market .
Ba-dump cha!
Most of my bloggers took the day off, because they don’t give a shit about the site. I need to fire everyone.
Have at. People in my names were safe today. Go figure.
_______
Now don’t go starting a fight. The man had tools inside his bum.
Hope everyone didn’t get hurt today.
Hope Fly is feeling well.
endo is down the throat, jackass
Sorry, I missed that part.
Hope you are well nonetheless, if only for your sweet disposition.
Of course it’s down the ‘troat.
The other is an assectomy, dummy!
_
Colonoscopy is the Big One.
Thats what she said
TBT and MON? …at least your selective acknowledgment of facts remains unscathed.
I was green today, since the bulk of my assets are in gold, silver and cash.
How reamed were you, Master F. Troll?
Sounds like mightily.
_______
You two crack my ass up.
Hope all test go well etc.
Relax and pour your angst at the underserving minions after some rest.
congrats on VXX again
I was eating a sandwich at Panera while this happened.
The past few days have been a learning experience for me- I thought the Greek thing was already in the market. It seemed pretty clear they were toast some time ago.
I hope you had a Greek salad with your sandwich in honor of the Greek crisis.
Thanks for the info FLY. Don’t fire RC 🙂 , he was with us and love his insight also!
I know what I’m talking about, any more openings @iBC?
Go throw your hat in the ring over at the PeeGee.
I hear the pay isn’t worth the application
You’re joking right?
Not really, I’m lazy and need incentive to tap my brain on a site that doesn’t require a subscription…besides, Fly don’t like me anyway 😉
Fly, what are your thoughts on MTA? It is getting butchered with the mockery of Euro and wondering if you still own it or got out of it after taking home the divvy they paid out last week?
Disclaimer: I’m long some MTA – nothing to be worried about it but wondering if it is at a point to average down on it, take the loss and move on or just stick with it while the mess clears up.
Congrats on the great VXX trade. I’ve been long w/ you on it since the start and believed that we would see it go into +ve territory pretty soon!
Jake-
Forgot to tell you that there’s a “Fame and Recovery” documentary on A&E (http://www.aetv.com/listings/episode_details.do?episodeid=560508&airingid=560610) partly featuring LT. It’s on Sunday May 9, 2010 at 3pm, EST I believe. Check your local coke dealers for times.
Awesome, thx.
_____
fuck you. I don’t think so.
Is that the real Calvino??
______
Calvino – where you been?
I had a minor procedure done a few weeks ago (removal of a blood filter) and was reminded of The Fly:
http://twitpic.com/1fenea
Modern medicine is a good thing…
Endo? Market? Your gag reflex would have got a good workout either way.
Two things I picked up in the single digits for the long term – MEOH and BIN – were up today as traded in Canada (MX and BIN), which is where I have them. But somebody out there might want to check into an arb as the US-traded versions were way down, and there seems to be quite a spread there in relation to Toronto…
Thumbs up. Touch wood. Say beaver.
Same with PDL.TO and PAL.
Who runs the robots on the TSX? RBC?
Carney.
aka Vampire Moose
BOC. Gotcha, thx
He does look a little on the evil side, doesn’t he 🙂
If its simply olive oil, anal probes and P&G papered over below $40, why did triple M drop as well? Moreover, explain why robots didn’t circuit break? You mean to tell me there is no stop gap?
Fly,
You post PG at $39, did the computers kick in from that orginal PG $39 price, creating computer selling, as the 1000 point sell was rapid, 30mins.
or is this a real selling agaisnt the issues in euro land etc
your thoughts
Some Dumfuk is on CNBC saying “The trades in PG below 40, and in Accenture at
a few pennies will be broken!”
I say “WHY THE FUCK SHOULD THEY BE BROKEN?” There was a seller and a buyer.
If the seller was so stupid as to put in a market sell – FUCK him!
The trades SHOULD STAND. There is no reason not to.
go back to the employment line. you do not belong here.
And you do not belong in the stock trading business, you Dumbass broker!
FED roboserver will “Winstonize” as needed.
[hope this crowd gets it]
for the most egregious print of the day check ACN. it hit 4 CENTS. closed down less than the overall market on a percent basic. crookery if they do not break those trades, all of the mom and pop stops taken out…
I closed a short position in TPX around 2pm before the mass exodus because I always expect a bounce after a minor cliff dive, but it continued for several more points only to eventually close higher. At that low point of the day I tried putting in bids for call options on spreads that were blown the fuck out in numerous equities but didn’t get one fucking fill. The options robots were confused. I want to melt them into fake teeth.
Tough shitsky! Those dumbasses put in unlimited stops. Let them pay the price.
I have taken an egregious beating over the last three days. The bastards got me.
Anyway, Mssr. Le Fly, earlier you said we would be revisiting the lows. Just which lows were you talking about?
Are you talking about the intraday lows? Or are you talking about THE lows – the triple 6’er.
I think it’s time you write a post about what your future strategy is and what would bring you to buy again — an event or a price level.
HB 2000
Humbling day… I don’t think people will trust the market for awhile after that.
“Humbling day… I don’t think people will trust the market for awhile after that.”
How quaint.
CNBC reporting a no-bid on some stocks.
nyse ceo: Tomorrow will be ugly.
http://market-ticker.denninger.net/archives/2282-Mr.-President-Unplug-the-Fing-Computers.html
“So, some IT guy fucked up and broke a few servers, likely by dropping a large vat of olive oil over the NASDAQ server rack, causing a market crash”
A better explanation than this fat finger bullshit.
And thank god for volatility. Money to be made here.
Raised some cash today as I took a 5% hit since my cash and hedges weren’t big enough for the Big-Finger Fuckery …. seems I need more PM’s and VXX
Sold GTI $15.43 (bot @ $13.20) for a 17% gain
Sold USG @ $20.70 (bot @ $12.00) for a 72.5% gain
Sold TWI @ $11.77 (bot @ $10.05 for a 17% gain
Protecting gains in case Fly is right about the fuckery continuing and he hasn’t been wrong for some time now so no sense in betting against him here (you doubters) ….
This wasnt a bad day for all those traders who decided to buy some COIN. Anyone who got in on my originaly buy signal down near a dollar is still up up up. Its not too late. Tomorrow there will be the big “bounce” and anyone who buys COIN now…I mean right now…will get a double in time. While everyone was selling their Proctor and Gamble, the smart money was getting into COIN…COINMAN won’t steer you wrong. Get some COIN…
Henry? Is that you?
douche bank is a generational buy lolololol
This is an orchestrated event to put in a psychological bottom for when Greece really does collapse in a week or five. “It was just evil terminator robots, the Turk 2.0, if you will,” and everyone will say FUCK THOSE ROBOTS, and get over it. I’m sure Greece will get another bailout too. FUCK YEAH. BUY! (people will exclaim) Then when Greece actually collapses because the 5th loan was also bullshit, people will say to themselves “My lordy, this drop in the market because of greece didn’t cause me evacuate to my bowels nearly as much as that other week when I totally shit myself. Better buy more at the lowe’s.
har har har time for another beer.
This should also distract a lot of people over the next few weeks:
http://tinyurl.com/tigersexgame
Euro trashed – good for financing our Bush/Obama deficit – good for staving-off the day when the dollar is no longer the planet’s reserve currency – good for sustained low US inflation
…bad for exports …bad if you’re scared of deflation
Where’s Trading nymph…..I just need a hug
FYI for you green traders … today was child’s play compared to 1987. Think about today’s 30 minutes of volatility happening over and over again right up to the close and waiting to see what the next trading day would bring. It was the computerized trading then and they said it wouldn’t happen again …. BS!
TeaHouse – Yeah, but then the MM’s stopped picking up the phones… Remember the sell-off started the week before. Friday was ugly I think 100 points down or such, then expected a Monday AM sell-off and bounce. “Portfolio Insurance” fixed that and we were down 25% on the day. The tape was running a couple hours late, no one knew what prices they were getting. Forget about calling Chuck, you couldn’t get through to buy or sell.
Anyone who thinks we automatically bounce now, should carefully reconsider what they are doing. I doubt this is over yet.
Still lurking, but not playing…..Kaiser the Dog and I are both glad all is well with Fly.
job damn well done on the VXX. tip of cap
I agree we go lower, but all those boring arse low beta dividend stocks I loaded up on earlier are liquid and I’ll be ready to sell them and get into some beaten up stuff someday pretty soon.
good luck all
Wait a ______-ing minute
Guys like denninger spent all winter convincing us all the dollar was going to zero.
Now that same “Drudge/Glenn Beck/Santelli” crowd is convincing us the dollar is going to DXY 200
Basically, no matter what happens—its an opportunity for them to complain.
Im starting to understand their genius.
I hope we get the biggest bounce ever tomorrow, for I will go shorter than a white chinese man’s pecker. Volatility probably won’t retreat as much as I’d like, but any opportunity to jump into the short-side tomorrow will be welcomed.
The good news for me is that I’m sitting on 40%+ gains this year; the bad news is with my thesis and the recent action, I should probably be up 100% or more. I guess I’ll stick around this site for a while, as I clearly have so much more to learn.
Fly, while I understand your comment last night about why people are pissed, I still come back to the fact that if there is no money, you can’t be too upset when your benefits are cut…simple logic, or so it would seem.
Mr. Cain Thaler, I am not a Detroit resident, but I am in Detroit and do not live that far away from the city.
dont see devildog posting snp to -5000 yet. we must be headed lower.
My DevilDog cartoon character must be making a killing now.
There is only one safehaven stock out there to protect your winnings. COIN
My theory is some clerk came in today without fully recovering from yesterday’s Cinco de Mayo blowout
Chart Addict’s tab is not visible on my browser today.
Chart addict got iMax’d
You truly have to be kidding me. What a weird day. I’m going to go dip my genitals in liquid nitrogen, then shatter them off with a hammer, over a glass coffee table. I have no idea what that will accomplish, but I may indeed have a moment of clarity.
LMFAO!
This event needs a Krull video as soon as possible.
Anybody trade the E-Mini’s?
I don’t actually trade them but they are my benchmark for observing the market.
Today I watched them go from 1147 to around 1060 in a matter of minutes. It was surreal man.