The Dow is down 7 consecutive days, the most since the debacle of 2008. We’re going into 4th of July weekend, when Americans are “patriotic as fuck,” throwing small hand grenades at one another and making pretty explosions in the sky. What you need to acknowledge, as a bear, is that you have a mental illness. Don’t get defensive on me son; hear me out.
You want America to fail, and the world. You are a malcontent, likely the result from being beaten as a child. I mean, come on, you know damn well Jim Chanos had the liver beaten out of him in the school yard when he was a young lad.
My point is this: go have a white trash party, with hot dogs and budweiser cans. This market is just about done going down.
Go ahead and bet against me. See where it gets you.
NOTE: I bought a truckload of CLF, added to FLS and CIEN and nibbled one some TNA. My cash position is still north of 50%. But it’s a process, fucknutter.
Any thoughts on oil fly?
Tell that to Tim Knight who yesterday boasted he had 171 shorts on which he built the day before.
Frankly I can’t figure Happy Tim out. Why on earth run so many shorts when all you have to do is short of buy the index or efts, as he’s basically short the indices with that sort of position.
It’s kinda strange him making money as he hasn’t for over 15 months. It just doesn’t feel right as a sort of natural order of things.
I don’t read his blog.
I don’t either until yesterday. I kinda felt soiled doing so, like i was violated.
I really should go over and read his blog, I heard that Leisa was taking over it while he is on vacation. Leisa is so cool…miss her at Rev’s Place.
Exactly, anyone who has half that many positions is kidding himself…just use an index. I think it stems from not having much to do, being bored.
I think free commisions for life was part of this prophet charts deal
I have no other way to explain it
TA
It would take a few days to get out that many positions i reckon. How the fuck do you get out in hurry, although i know he’s never in any hurry as bet he’s really only paper trading.
IB has a ‘close all positions’ single click option – I assume TOS would have the same but of course you are selling everything at the bid
yea but that’s no way to handle orders though, as the slippage could be huge.
The only reason to manage that many positions would be if you’re running enough money that you’re concerned about overpowering average float.
just read that Rambo Timbo Knight of da Bearse, is the most short he’s ever been – 142% short …… it’s battle of the bloggers ….. Timbo vs da Flea
http://slopeofhope.com/2010/07/real-estate-iyr-breaks-another-trendline.html
developing …..
to be continued, next week 8)
Looks like Timmay kidnapped RW to use as his avatar… WTF? He did clean him up a bit though.
Whey you say going down, you mean in the short term(earlier in the week you mentioned we will rebound in 5 days or less)? Long term, we are still in the funnel and getting deeper?
Yeah, long term we’re still fucked.
Don’t catch a falling knife, I mean M-80.
I would be interested to know what is going on behind the curtain regarding the next round of QE and forcing the hands of representatives to finally approve the financial reform bill as written. Where is the GOV PPT?
With gold, oil, and equities hit hard it looks like global liquidity is decreasing and the Iran question looms.
Greenspan was on CNBC the day and I felt it was the most interesting interview I’ve watched on that stupid channel for the past 5 years. The most interesting thing he said was that he felt that asset prices are extremely important for the consumer because as a result of various fed studies they’ve figured out that consumers actually look at the asset appreciation of their homes, 401’s and other assets as money. They use those values as spending determinants, so he thought what was going on in the assets markets was very important. IF he thinks like that then the Fed thinks like that too.
This comes back to QE. I don’t think we’ll be too far off from QE if asset prices come down further. However the problem is that the ECB and the BOJ will also have to be involved. Credit Suisse thinks we’ll see $5 trillion of QE around the world by September of this year. My feeling is that we;ll see it sooner only if the ECB can get around that. But the problem now is that Angela Merkal is losing a ton of support for helping out Europe and there could be some real resistance coming from the Germans as they hate inflation.
Suddenly the world looks murky again.
I really like CLF but it’s recently broken it’s beautiful long term uptrend from Mar 2009.
I have no edge here especially with the market being as gay as it is.
Bottom picking is not my style…
I’m sure you’ll make a killing on it as usual
spot ore out of China and India are down again today…no demand yet. Damn, I know we are o/s and PPT is at levels that say to take profits and run…but I am amazed how low TRIN and VXX is……yes, we will probably attempt a rally soon w/ the help of some lame Euro Reason but not selling short position.. just watching and learning how this plays out. Will it be a May Pattern of VXX pop as the top, or just a slow grind down?? Interesting. For being Bearish…a friend pointed out last night that it is so bad Karma….but for me I just have to play the facts in front of me….the world got stupid and they must fix up the mess they made, will take time and printing more money isn’t going to do it…….off to eat my Veggie Hot Dogs…
Screw the vegetarian dogs – eat raw foods. Simple raw, delicious foods given to us from mother earth. Did that sound too gay?
Yeah it did. Mother earth also gives up Salmon, peas, and butter. Oh yeah, bacon also. Raw is good, but raw soybeans suck. Cooked ones or tofu deep fried and crunchy are yummy. Rhubarb is much better cooked than raw IMO, but our kids eat it raw no sugar anyway. I like rare, but a 2 1/2″ rib eye is much better on the grill or for that matter a nice smoked turkey. And I really dislike veggie hot dogs. Sorry TN.
Bacon is the greatest gift to mankind
Actually pigs, cows and chicken are in general pretty awesome especially on a BBQ.
All natural of course.
Dry Rub for Ribs (pork spareribs not baby back): Salt, White Sugar, Brown Sugar, Paprika, Coriander, anise, chili seasoning, garlic/onion salt. Trim the ribs of the excess crap and rub that bad boy the day before and smoke it for 6-8 hrs on 200-225 temp. Spray with apple/grape juice combo throughout and use cherry/pecan combo for smoke. Finish with BBQ sauce glaze.
How could I forget the chicken? One of the most perfect animals ever invented. Eggs, Chicken Liver, and of course BBQ’d. Ahhhhh.
Sounds like a great dry rub. I’ve been experimenting with dry rubs on Beef and chicken in the smoker. Also made some smoked almonds. They get better after sitting couple of days in the jar after light smoking. No comparison to that crap in the can.
Yogi –
How long and what temp do you smoke the almonds? What type of seasoning do you use on them. This sounds great -have not smoked almonds before.
I threw a package of them on an aluminum pie tin that I poked a bunch of holes in. I put them on after my beef was done and left them as the fire died out. They were on for about an hour or two. I didn’t put any seasoning on them. I just left them naked. I guess you could soak them in a brine for a bit if you wanted a little salt.
They really were good, but as I said, they got better after a couple of days. The smoke flavor really developed nicely. I used hickory. I also smoked some sea salt (coarse grind) at the same time. I haven’t used any of that yet, although it tastes pretty good.
Yogi – thx. Will give this a try this weekend as I smoke my brisket and pork butt.
Yogi, Most veggie dogs are bad…but Lightlife polish dog style are pretty good, but not for a meat eater, but to me I really like them
Alvari…Totally gay, lol. Actually in Callie it’s totally ok to talk that way….I go Raw a lot too…but I am keeping with the Forth of July theme. BTW it looks like we are attempting an afternoon rally just now, Fly is right again of course. The Rally is a little too early though, lets see if can hold over the 2pm….yeah, shorts taking off risk trades would make total sense going into the weekend.
lol – I need to leave mother earth for Berkley.
I am day trading these bounces in the market with AAPL – lovely.
This push up is on decent volume at least.
@Nymph. Since you’re in Cali (and ever in Hollywood) then the veggie dogs of doom are at Astro Burger, and the worst over-hyped crap ever = Pinks. I’m a fellow gay-dog participant as well.
On a market note. Closed out my one big short yesterday (long DRV from 6). Went long $RDN and short $VXX. Still think Tuesday is going to be sketchy, but this last 2 weeks feels too far down too fast w/ too many days in a row. Still believe long term we have more downside, but I’m on the relief rally train now. The PPT further confirms it. All hail das PPT.
Myke…I TOTALLY know about PINKS, yuck…even w/the Coleslaw all over it, it sucks. If it’s 2am and I am in a Pinks Line, I actually would go with the real thing or just the bun and Slaw….thank you for the heads up on Astro……………….SPX is again attempting w/ our quant pop…getting slapped down w/ the 233MA on minute chart right now.
Buy in July and go get high!
Buy in July and try not to fucking cry.
I love how our government talks about raises taxes going into the 4th of July. By the way, can you work on Labor Day?
and, that’s about it for sniper6 for the week.
Getting ready to squeeze into my burlap speedo, rub some tanning lotion on the snipette’s iBC tramp stamp, crack open a malt liquor, and throw some roadkilled skunk on the grill.
Cheers!
Don’t forget to feed the pit bull your leftover hot dogs, and be careful to return those Dukes of Hazzard videos you rented for the weekend….and make sure you mow the grass around your mobile home…you wouldn’t want all the little rug-rats getting ticks while they’re making “some-mores” around the fire in that rusty 55 gallon barrel.
Just some friendly advice, dude.
Tim has that many positions cause’ hes a god damn pussy.
I agree being seriously short through this weekend would be a momo move. It will be angry patriotism if mkt closes at the lows though…
fly are you holding over the weekend? any news coming out of asia/europe that could f*ck things up?
It’s time to get this party started…Fly and V.King style
http://www.youtube.com/watch?v=crY84NXzUmg
Fell off my chair on that one V King. Guess it was enough to goose the market here – let’s go into the long weekend with long positions and long smiles. Ummm…..too gay again.
I’m telling you The V.King is the 2nd greatest source of content on this site (PPT being #1)…I’m planning on posting much more to cancel out Trading_Sieve’s annoying rants and endless compliments to lonely internet bloggers who leave her comments on her inane thoughts….
might as well get some practice in before the rule of law is history. http://www.youtube.com/watch?v=2i3XM6ef_eE
Great post…i heartily enjoyed this.
I’ll be leaving to the poconos for a week….i am long as all get out and plan to leave it that way. Hopefully i’ll have some access to the internets up there, but if’n i don’t i full expect to be up big when i get back.
I’m going full-cocked and unhedged into the mountains. Should be a peaceful and tranquil time as long as the market doesnt completely melt down next week. Which it will not.
I took a position in TNA last week and hand my nuts ripped off with the big gap down. I got stopped out. I agree with Le FLY ON TNA but I think he’s just a few days too early. The reaction, if it comes, might be very spectacular.
7 days straight!! Oh No!!
I’ll stay short
7 more down days in this manner and you may be close to breaking even!
171 shorts????? Even with computers, it would take about 3 hours just to spend about a minute looking at the status of each one. One person is going to do that every day? TZA could have been bought late Mon. before the close and sold today for 20%+. Anyone know of a website that recommended that someone buy TZA late Mon.?
Great post, The Le Dr. Fly.
Happy 4th, Distinguished Gentlemen, degenerate gamblers, pikers.
The Fly is God.
Just completed the formation of an inverse H&S on the 3 min chart @NQ (stop laughing Fly). We break the neck line, the measured move is HOD.
“That chart munching unholy witchcraft NEVER works.”
This is the worst article ive ever read in my life in fact this the first comment ive ever made because it was so bad
Are you the same permabear from stocktwits?
Your comment just proves a simple fact–
Confirmation bias is nature’s only renewable resource.
Show me a perma-bull, or perma-bear, who is consistently profitable. Just one.
I have limit sells on just about every long so I would be out next week with any decent snap back. I believe the low for the year will be in Sept.-Oct. and a rally beginning before the Nov. election. If Pelosi becomes a lame duck, she will still do damage by forcing thru more socialist stuff.. The “normal” Presidential cycle is the low this year to the high next year produces an average 50% gain.Of course, this isn’t too normal.
Fly…
U bastard…I hate you. Will you marry me???
Fly and the PPT rule yet again.
Nice S.A.M. call.
Will congress, in spite of its recent vote, end-up extending unemployment benefits (welfare 2010) yet again? In an election year?
Do voters like free money?
Business as usual: Fly wins again.
There’s no point in mocking iBC’s enemies anymore; nobody kicks a dead dog.