With over 4% intra-day gains, I have been paring down my monstrous [[VXX]] position. And, I sold out of my [[FAZ]] . IF I went to cash on the entirety of my [[VXX]] position, I would be more than 55% cash, right now. Although that seems like a lot, I would still be subject to daily drubbings on the remainder of my assets (45%) that are long.
To be blunt, I am strongly considering taking my huge gains (millions) here and blowing out of some longs, even if it means taking big losses. For the record, I will not consider selling out of Flotek Industries, Inc. [[FTK]] , since it’s too thin to absorb my tickets.
More later.
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For the record, I will not consider selling out of Flotek Industries, Inc. (FTK: 1.41 -6.00%) , since it’s too thin to absorb my tickets.
Fly, You own the company. A mutual friend down south could do the IPO for you.
http://www.reuters.com/article/idUSWALKGE65Z20100520?rpc=77
Alright, the government is offering short term maturity paper pushing over $100B now. This doesn’t smell right, any of it.
A la USG removes support for equities at the same time it begins to selling trillions in short term paper at an ultimate average of zero per cent?
Not that I am a conspiracy theorist.
Well – at least not that kind…
No bid today. Looks like the HFT boys decided volatility was “outside their parameters”, shut down shop and went home.
Congrats bro! Good call! Hope we are all as happy as he is 🙂
Up 3% myself
Well played. I exited a small portion of VXX followed by the entire position shortly thereafter. I also bailed on FAZ. I’m 100% cash in IRA and have a few long position w/ options protection on them to ease the pain a little. I’m also holding some bearish credit verts that are sitting at max gain, which I intend to let expire worthless.
This market is very close to a bearish confirmation per Dow Theory. All that needs to be seen in a push below 4169.05 “flash crash” lows in the TRAN and we are officially in a bear market per Dow Theory. If we get the new low in TRAN and see a pop after, I’ll be slowly building a bearish overall bias in my portfolio.
All in all, this market is tough to nail at these levels. I can’t say I’m confident in anything I do here, so I’ll likely refrain from entering any new positions for at least the remainder of the session.
You’re the man, Fly.
I’m thinking mean reversion over trend; 2004 over 2008. A range for the rest of the year is possible, albeit a violent range.
Steve, do you have an opinion on PBP (s&p 500 buy write ETF)? Its already below the Feb. lows, while the SPY is still above. I expected the opposite when I bought it (back in Jan.) I figured you might know something I don’t since you’re the options expert. Thanks.
Fly, well all this happening is like a all duh which we talked about 2 weeks ago or so, we are getting done with our daily fixing rally and will be attempting a rally to get back and retest our 1110ish range….but that could roll
Yet still amazed to watch how VXX is doing better then SMN,FXP which goes to the heart of it….but we talked about that too.
You could use your gains to ditch your GS position.
Yeah, best to desquidify your portfolio. lololololol
thanks, that is all.
Fly. Is. God.
Before long you will not have to worry about finding buyers for FTK.
Starting to look juicy… Fly, what would you say to someone who was thinking of initiating a position in FTK down here?
sold my vxx for almost 50 percent gain. I know I may have left some money on the table, but it just make sense to take it now, In hopes that the down side is limited from here.
TDAmeritrade WTF!
No shit. Luckily it’s just a boring trading day…(insert eye roll here)
Having issues? I just placed an order for EXK @ $3.55
TDAmeritrades’s main web site was fucked up, people couldn’t log-in. Call TD and you sit on hold for 25 minutes, then they tell you to go to http://www.amtdw.com , the mobile device site.
Yeah glad I wasn’t looking to trade anything today. The main site is back up and running now.
thnx…just downloaded the app on my phone
OK, PPT now at 2.teens
Is this an intra-day indicator to buy, or must we wait until the end of the day?
This is pressure to congress on the finance reform bill – they are saying, vote as we want you to vote.
Sometimes takes a day for the market to listen to the PPT.
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fly is god! i’m down 20% but since i don’t use margin you won’t be able to pick up my shares at a lower cost … oil the snake looks like it’s headed to $66 and is gonna take the market with it… this ain’t over yet. as soon as i break even my broke ass is signing up for your site. i am a believer..
Fly, your market awareness and anticipation is quite something to witness, I have been following for some time, I have not joined yet, I can’t at the moment, but I will be in the near future.
I have a question.
how does the US protect itself agaisnt two large economys, one with a peg(china), one with a devalued currency(Euro), US with a strong currency. Could trade barriers be on the horizon or would there be any other alternatives for the US, to counter act this inbalance?
There are no other economies big enough to take the exports of China & Europe and they both now have an unfair advantage, that interms of the Euro will not be fixed for some years and china will not unpegg tomorrow.
“For the record, I will not consider selling out of Flotek Industries, Inc.”
🙂