Due to my obvious disobedience to the sublime laws of perfection, I was punished today, with blood curdling horse kicks to the chest, on a personal level, via TZA. As you know by now, I sold TZA and bought Texas sized positions in BAC, EMN, TSO, just to name a few. I sold out of my third largest position, FLS, because I can. And, I sold out of NVDA, because it sucks.
At the present, my cash position is rich and I am itching to buy lots of names. But, it’s important to remember, wealth isn’t created in one trading session, only lost. So, I will take my time reallocating my capital, in order to right my ship and get back on track. The truth of the matter is: my recent foray into VXX was misguided and wrong. I based my decision to buy it on a hunch, rather than my time machine. Being in the hole already, I’ve decided to ride it out, based upon the fact that we are in a choppy trading range. Today’s garbage is tomorrow’s commodity, according to the NYC sanitation department.
I want you to focus very quietly and understand what is transpiring. The market is spitting in the face of investors daily. Despite today’s donkey cocked spike, GS is down. Figure that one out.
I am about 5% off my all-time highs; but I should be 10% higher from here. My personal account is up so much, I am unable to share it with you, for fear of jealousy driven retribution.
“The Fly” knows exactly what he is doing and will execute said plan, within days.
Oh, by the way, my promise of “5 days” for a certain handful of stocks to lift higher came to fruition. Your apologies are not needed, nor will they be accepted.
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FIG
What’s FIG?
Fortress Investment Group…
Fucking Incredible Gyrations.
It stands for Non-Creative Ass Kisser
right
Figure It’s Good
I can’t wait to eat $16,000 bacon cheeseburgers… the deflationary vortex has been avoided
Mission Accomplished
no!
Man, how long is it gonna take boneheads to realize that we have BEEN IN deflation…the bet is over. Adn with sugar prices goosing things…the bet now is indeed inflation
my bet is that im long, until further notice.
So, you will not be addng to your VXX position lower?
What the fuck don’t you understand?
Like I said in the last thread: We close on the highs. 🙂
Hey Yogi. I was tellin you man…. this market is going to fade by the end of the day….
Great song on that…… (Maybe Le Fly will want to use it in one of his posts)
http://www.youtube.com/watch?v=J9IwMcHPoJI
Props to MDA, he held like a champ. And, trades strictly based upon ppt hybrid. He is killing it today.
Who is MDA?
a gentleman of the highest order.
A true student of the Hybrid.
It has something to do with Jerry Lewis and Jerry’s Kids.
Roflmao
Easiest trade out there; short Euro
Short SP 10 points higher from here, it’s done!
Somewhere Devil Dog has a smile on his face right now. You should speak to him FLY.
“And, I sold out of NVDA, because it sucks.”
Elaborate, please, oh venereal one…
er, venerated.
Price action.
Gracias, Señor Mosca.
See…. now…I believed in you, instead of the PPT.; lost money; my mistake. I will learn from it.
The PPT is untouchable.
Enjoyed the column, thank you
Loving my ISLN position that I have been accumulating for over a year now
Short? 😉
no long. posted here that i was buying ISLN for over a year now
Just teasing. Yikes! I just peeked at the weekly chart. Nice job.
LOL at the rehash to NYC sanitation dept.
At least you weren’t in your car when you sold that MLNX garbage to some guy today, for it would be impounded.
Ok, everything in the economy is fine..
Not.
Got repect for The Fly, one of the best who publicly speaks about his opinion on the markets, but your “I know exaclty what I am doing” coments are losing merit, b/c you don’t ALWAYS know. Nor do I, but I don’t confess that I do. If I read your blog only the past few days for the first time, I’d blow you off as another cocky sob who claims to know everything, while being owned by the market. fortunately for me, I’v been a reader for more than a couple days. – I’ll leave you with this, we will rally for another week, gonna squeeze hard after breaking the 50, the reaosn for this… the Euro. it aint done. – we must go higher, before we go lower.
Chart
Shut up.
Fly, do yourself a favor, sell VXX and buy back lower. — I tell you this b/c I respect you.
chartkiller:
“you don’t ALWAYS know. Nor do I, but I don’t confess that I do”
Followed by
“it aint done. – we must go higher, before we go lower.”
Wow. You do know multiple personality disorder is treatable, right?
oh yeah…. BOOYAHHHH
Fly,
whats the deal with MLNX dropping 30% with record revenue?
does it have something to do with low operating income or with the “analyst downgrades”?
I trust the PPT #’s more than any individual since fear and greed can make emotional decisions like “All In”.
The overbought trigger over 3 was not believed and then the 2.24 oversold trigger was just “proven” right, although it has been a one week delay from the trigger.
From now on, any 3+ reading and any 2.2X reading I will be reacting and positioning the portfolio for.
Favorites: TLT, VXX, TZA on overbought. TNA, SPY Calls on oversold.
I think we have one more day of pushing higher into the weekend (my best guess). The market could go over 10,400 and 1,100 and use that as a new support. This could be a reversal of last options expiration with the market pushing higher. I was surprised by B.B.’s projection numbers for GDP and unemployment numbers in 2011 and 2012, much healthier than I would have guessed. The Fed stands ready for further easing if the market (or should I say economy) needs it.
Fly, if you change the ppt calculations let us know, because I am already factoring in a few days delay between the trigger and the market reaction.
I suggest playing rubber band man as a video, apt for this snap back bungee market.
you think we break SPY 110 for a day annd then reverse??? if we break 110, we are going higher for days.
I didn’t say reverse. I think the market at that level would consolidate for a few days going choppy but who wants to forecast out more than a day or two? Instead, I would consult the handy PPT score and if it triggered, I would know that we had a few days before the market could test lower.
News items say lower while lower interest rates are improving corporate earnings and all weak hands have already been flushed out due to a record mutual fund exodus and the flash crash. Fundamentals have failed me with a loss a year ago in SRS due to changing accounting laws, propping the market, buying MBS, etc. So in the paper rock scissors, politics and fiat trump fundamentals. I now look at political power projection and the force (ppt scores) understanding stocks don’t move in a straight line. The economy and the market are not completely correlated.
TPTB that control the market make the most money by directing the market in the opposite direction to the emotions of the majority. That’s why contrarian (buying when oversold) makes sense.
Everyone who got it right yesterday please offer your free advice for Fly below …so that he can easily reference it.
I still think he should break out the “white robe, sandals, and golden chalice” just for kicks. PPT rocks.
Dear Dr Fly:
Now that you admitted to disobedience,
are you going to give a membership discount to those of us who follow and believe?
I literally destroyed the market today.
Mostly back in cash now, will look to short higher.
Did you do better than $5.20?
made 2.5% today….
Sure, buy and holders made that much too….but I only had 2% of my portfolio at risk…..(not including my 25% TLT position)
Out all shorts, small gain.
There’s no easy way to trade back to back 90 degree angle surges in the market. Needs scaling, patience ,and smaller positions than normal. This market is officially insane in the membrane.
Look for the consolidation breakout of C on weekly.
European bank stress test results tomorrow.
Everyone already knows the results…they are a joke, Sell the news imho
The PPT has been great for calling the overall market trend, but I’m having a hard time using it for individual names – very confusing as to when it is giving a signal to buy or sell a name (even though it says, “buy”, “sell”). I’m new to it though and plan on using these summer trading weeks to learn how to use it effectively for individual names.