Gold at new highs (props to Jakegint). The Euro is up and the Yen is up. Stocks, for the most part, are sucking dick. We’ve been enduring some pretty wild intra-day swings, which in turn makes me very nervous. Some of you are questioning why I chose to cover hedges and nibble down here. My answer to such questions is “STFU, bitch.” Leave me be to my own devices. It’s not important to me to nail the very bottom or top of every range. I am making a conscious decision to “play the upcoming bounce” before you hear about it on the teevee. That’s what investing is all about, isn’t it?
Or, have you forgotten what this shit is all about? Are you a trend setter or a follower?
Granted, it’s not looking too good for my new thesis and I am losing money. I am prepared to lose money, lots of it. I might not like it; but it is expected.
I added two stocks to my portfolios: MWW and FLS.
I sold MWW north of $15 and $17 and FLS @ $98-102. Essentially, I am buying back old inventory at much lower prices. MWW has been smashed
due to the employment picture. However, they are still a prime takeover target. And, FLS is rifuckulously cheap and a great global growth play. I know, global growth is dead, yada, yada, yada. I am not here to vote in annual meetings. I am simply scalping.
UPDATE: I bought another 10,000 MWW @ $12.20
Again, keep the big picture in mind: my cash horse is upwards of 52% and I am short MET.
NOTE: My complete buylist, which is subject to change, is now post in The PPT.
NOTE II: CDS spreads are widening most for AXL, ARM, AGO and BC.
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global growth is hot hot hot!
You’ll appreciate this Sir Le Fly :
“Technical analysis….has exactly the same scientific validity as pretending you are a witch and forecasting market moves from chicken droppings,” said humorist, Scott Adams, of Dilbert fame.
today makes me scurred.
I am still going to use the PPT total Market Hybrid Score my Nymph way to see if it plays out…mainly, as long as we keep a nice steady sell level with these intraday moves we will downtrend and that we really won’t have a good relief rally until it hits o/s or a buy in a intraday or eod score…I will see.
until it hits o/s or a buy in a intraday or eod score
Well I think you got all possibilities covered there.
Po…I have more problems riding a trend then buying or selling….so this Hybrid Score is helping me to try and ride a trend….it’s a experiment that I will tweek as I watch the results.
Go ! Mr. Fly. You are my Gold.
Still in the FAZmobile with Michael VXX.
Still expecting to be south of DOW 9k, shortly (no pun intended).
So do I. I just don’t think it happens overnight.
Mmm, FAZtastic
Fuckery, fuckery, everywhere FUCKERY!!! GS tradebots are determined to shake out everyone without titanium testicles.
LOL……….
Whats the PPT score at now
Hybrid has held this level since one hr into the opening yesterday; however, the SP has been slowly making lower lows. This divergence will break soon.
When someone like you, who is much much more experienced and much much smarter than I, says “WTF is going on here”, that’s a good sign that I should be totally in cash and watching Seinfeld reruns or something.
I told you hedge funds would close. That’s because most suck.
http://www.marketwatch.com/story/hedge-fund-liquidations-increase-in-first-quarter-2010-06-08?siteid=rss&rss=1
For every one that closes, five more open…the fools are the people giving them the money.
Nice FLASH rally…
3:00 = rally time.
3:15? or maybe 3:30??
Don’t hold your breath, you’ll turn blue.
Well, I am buying. Not sure exactly when the rest of the world will catch up.
I hope you are right. Looks like we’re stuck in the La Brea Tar Pits with that damn Tommy Lee Jones volcano about to burn our behinds off.
TNA is positive, and started going up at 3:00…so I was pretty much spot on.
What is interesting, it wasn’t the FX that moved the market up this afternoon…
Turn those caps around……clap people clap!
The 120-day correlation between Aussie-yen and the Standard & Poor’s 500 Index rose to 0.8277 today, the highest since at least 1991, or as far back as Bloomberg data goes. The relationship dropped to as low as 0.06295 on Feb. 2, the weakest since October 2008.
If you consider what rates are globally, AUD bonds offer 4.5% and every other major CB yields lower than 0.5% The ECB is still 1% but they meet on June 10.
Jillian Broadbent, the only current board member to serve three terms for the RBA (Reserve Bank of AUS), said that “interest rates at the long end (of the curve) will be higher.”
While correlations do not portend causality the facts above lead me to believe that the positive carry trade between borrowing USD and JPY for AUD that has been strong since 2001, save the credit crisis, could be a leading indicator for volatility dampening. Because the correlations rose so strongly after the lows of the credit crisis this signaled the carry trade being put on and now staying in lockstep, subsequently unwound.
Does this mean we’re going up or down? In English this time please.
Market makers trying to sucker in losers and grind them up a bit before moving the market out of this trading range. I have no opinion on if it’s going to be up or down. Le Fly has placed his bet. I admire him for that.
The market is repositioning assets out of small cap and high growth to large cap and dividends. I guess they think there’s some risk out there still, no?
For now it may be a better way to play if there’s a global slowdown but don’t forget that Bush dividend tax rates are done in January 2011. Last I heard they were calling for 40% instead of 15%.
Fly,
Since I cannot post in the “user notes” section of the PPT (most likely because I am still a piker), I will thank you here for posting that report in the PPT Blog.
Now get your fucking rally caps on and cheer bitches!
Anyone can post. Click on a symbol (like SPY) the SPY page will open. Go to the lower right hand side of the page. The box to enter a note will be found there.
lol.
Punch in the stock that you want to post about, on the bottom right under “Wall Graffiti” post your comment and submit. It goes auto to user notes.
http://www.eutimes.net/2010/05/toxic-oil-spill-rains-warned-could-destroy-north-america/
Prepare for end times, now.
“should a Katrina like tropical hurricane form in the Gulf of Mexico while tens of millions of gallons of Corexit 9500 are sitting on, or near, its surface the resulting “toxic rain” falling upon the North American continent could “theoretically” destroy all microbial life to any depth it reaches resulting in an “unimaginable environmental catastrophe” destroying all life forms from the “bottom of the evolutionary chart to the top”.”
This is “Turnaround Tuesday”, indeud.
We’ll return to our usual programming tomorrow.
Stay tuned.