The “recession” of 2008 was nothing more than a temporary pause, in what can only be described as “the best bull market ever invented.” People, the banks are kicking ass again and the Chinese will grow at 12% forever. There is nothing to worry about, since all losses are guaranteed and all bills will be paid for by the Federal government.
Of course, being “fully invested” at all times is a splendid idea. As we melt up into the bell, I, regrettably, inform you of my egregious shortfalls in positioning for this rally in advance. I failed to foresee the egregious events unraveling right before my eyes and I mean that sincerely. Remember, stock market rallies or declines are not “stupid.” That title is reserved, solely, for people.
At any rate, I was bailed out today, due to big positions in a few longs. I’ve been fluctuating between 1-2% gains all day, but down aggressively in personal accounts. That’s the way the cookie crumbles people. Don’t cry and bitch about it. Pick your shit up and do better next time.
[youtube:http://www.youtube.com/watch?v=q0HIxJtLI_Q 616 500]Folks UPDATE: “It’s AGAINST THE LAW, folks”
[youtube:http://www.youtube.com/watch?v=npcPsttR2pU&playnext=1&videos=0QswPRDJhqA&feature=sub 616 500]God Bless all things to do with DENNINGER.
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V.King(ed)
i used to wonder why you got banned. now i wonder why you are here.
Sorry rob…let me add value
FIG / Fly is God!
so true… the same genre.
I’m here for 2 reasons
The PPT works …and to meet chicks…hahaha…. alright 1 reason
Plus it gives you something to do between protein shakes!
I’ve been waiting to see the V.King video… deadlifting 630lbs – had to double the bar for you to make it a challenge – free t-shirt
So you really met a chick here …. Cool
DOW 36K ??
I think there is resistance at 35,900.
Wow! there’ s going to be resistance!
Damn.
It’s the Guilded Age!
it’ll be a bull market when the dow gets back to 14,500. the bull run today was due to GS’s bots having sex last night. no follow thru tomorrow,just means today was a great head fake. now watch all the talking heads start up about a job less recovery ……..
arch says:
August 2, 2010 at 3:43 pm
is every body happy ???all complacent ?? counting your $$$$ ??? thats good..real good….
cause im planning on plundering your accts tomorrow… again
i will assume that you allready know 1 of the reasons why this rally happened was dividend payment ..must be owner of record today… expecting that side lined money that got in today to get out tomorrow..correct me if im wrong…they only play for the dividend
Arch, do i need to give you ten more bullet points for why this market keeps chugging higher? It most certainly had nothing to do with dividend record dates.
when have you ever heard the market doesnt need 3 days to “digest info ” it was the gamblers and people who needed to be on record as owner of a stock to collect next 1/4 dividend that ran the market up today .along with people who piled on at the last minute…in my opinion… alot of profit taking tomorrow
Man-UP bear shitters….
I don’t know what I enjoy more…monstrous profits or watching the Slope of Hopers squirm…muahaha!
ALLPROz
The FLY is the greatest man to ever walk the face of this earth!
There was a guy on the streets of Brooklyn this past weekend that claimed he would introduce anyone to The FLY for $100. He said he would be willing to drive them to The FLY’S front door for $300. The whole thing seemed kinda shady to me
When I asked how he knew him….he said ” Its a guy that I sold this ugly ass radio to at one of my yard sales”.
Hmmmm, I do recall a picture floating around the inter-webs of a radio on Fly’s kitchen counter that was pretty damn ugly.
True spit
STFU
The Fly doesn’t really exist…He’s more like a combination of the Matrix and Santa Claus if their DNA was to be combined…
Mr. Fly – you seem to have done brilliantly during this wood chipper of a market – so don’t beat yourself up too much. IMNSHO we are pushing to 1160ish and then drop like a rock. It must happen as anyone daring to even dream of short/put positions needs to get shaken out until the trend down can continue.
Mrs. Market is a cruel mistress and will always punish most market participants – that simple. Your cynical tone implies that you know where this is heading long term thus I am probably preaching to the choir. Keep up the good work.
Mole
Only bullish factor I see is slightly overbought yen. Here’s market profiles/sectors
http://chart.ly/ce7q5c http://chart.ly/8zmkhg
Late day Breakouts into new highs were being led via retail,and financials. That’s the same intraday behavior we saw at April Dow top.
This market is “one rib” away from a waterfall decline IMHO.
http://www.youtube.com/watch?v=KNQRqAoT-2c
I was thinking the same thing, but if everyone thinks the SPX will climb to 1160 or 1175 or whatever the number is and then fall, it almost makes me reconsider and want to get retard long in the highest performers.
Think about it, Jack the Convict was the tell for the roaring 90s. When you said your pet crustacean went “Psycho Jack” in July I should have gone 100% long.
the cocksucker doesnt hold a scalpal in his gravatar for nuttin. fuck that sissy site of hope.since when does “hope” become part of a trading strategy,roflmfao!
Daily OEW Recap:
SHORT TERM: Welcome to Primary wave III, DOW +208
> The market gapped up this morning, on overnight buying, and cleared the OEW 1107 pivot within the opening minutes. This rally from friday’s low at SPX 1088 continued higher, clearing the uptrend high at SPX 1121 by 10:30, paused for a couple of hours and then moved higher yet again. As expected, major US indices have confirmed this uptrend, from the early July SPX 1011 Primary wave II low, in the early part of this week. The first day. We continue to count this rally/uptrend as Major wave 1 of Primary wave III of the ongoing bull market from the Mar 09 SPX 667 bear market low. The count posted on the SPX chart has now been upgraded from tentative green labeling to the appropriate colors/wave degrees. We continue to count this now confirmed uptrend as posted on the SPX/DOW hourly charts. <
Let It Rip!!!
http://www.youtube.com/watch?v=zCF1qE86edk&playnext=1&videos=OCiab8ZEWOE
teahouse, what do you think about this count in gold. Agree or disagree?
I think he veers off the path when he dismisses the “International” count which seems to be on track with OEW. There was a breach of Major Wave I just below $1000 around Sept of 09′ that created a split to an Intermediate count from that point. Hence OEW is on track showing Major Wave III just completed at $1265 with the current downtrend being Major Wave IV … So we still have an entire Major wave to go with the possibility of more intermediate, minor & minute splits to the OEW projection of $3750. I’d also note that his Primary Waves I and II don’t tie into OEW’s but overall he was on track until he ignored the split. Check the expert’s charts to reconcile with your link – I have to rely on Tony as he’s been on target and I don’t think he’d make such a drastic mistake.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987&cmd=show%5Bs67199592%5D&disp=O
Page 9 of 23
Good news, I think, Neighbor Fly. I am still unemployed but not for long. I got a job on a boat called Time Bandit and will be fishing for Alaska King Crab starting in October in the Bering Sea They let me have a job because they knew I wouldn’t eat up their profits as I don’t eat shellfish Steve, Jr. will be coming with me and wants to know if Fly, Jr. wants to tag along.
I am going to hire V. King as my personal trainer so I can build up my muscles.
Please order a case of T-Bombs asap…
Your training begins now…do 25 deep knee bends for every 15 minutes you sit infront of your P.C.
Are those Hindu squats you’re prescribing? Pah!
Steve,
I have a coworker friend up visiting Wild Bill and his wife in Valdez, AK She is on the Kodiak as I speak, going with them to watch Pink Salmon fishing and tendering operations. If the Time Bandit gig don’t work out, we’ll see about getting you on the Kodiak. The food thing is secondary to the muscles V.King will help you, Steve Jr and Fly Jr develop…take some NoDoz with you and some rubber booties.
Looks like SPY 1,000,800 shares @ $110.3643 just traded at 16:50 hr… WTF?
$100,104,525.90 plus personal favors.
BREAKING: BASIL MARCEAUX ON JIMMY KIMMEL TONIGHT!
Monsuer le Fly please note construction up 0.1 % vs est – 0.5% is entirely due to yours , mine , everybodys tax dollars being put to work just in time to influence the November elections via ” stimulus dollars ” All the States which have towed the line have released a large amount of stimulus money courtesy of the administration this past month . As this money begins to flow ( and this is the last of it ) , do not be suprised to see a small spike in employment in July and August but it will be temporary . How do it know you ask ? It know because it be a contractor and shit . And it pays attention to such info again and shit . Again note as per my previous message these contractors are no longer bidding for profit they are buying jobs for survival at a greater than 20% cushion between the low and second bid . This is capital destruction at a desperate level( Construction Companies capital being spent to buy work to keep their key employees employed for another month) It cannot continue and it won’t. Also note on my previous rant I noted after the fact several of your bloggers made note of Virginia’s surplus budget . I live in Virginia and it is total manipulation . They pre-booked taxes from future quarters and neglected to list pension obligations . Goot luck and shit ! DWS
What I’m really learning here on PPT/IBC is that, well, sometimes shit happens. I shouldn’t obsess about losses, shouldn’t cry about lost opportunities (but light hearted joking/moaning about it is ok 🙂 ), that’s all part of the process, just try and do better next time. There’ll be lots of opportunities in the market in the future, thinking about the past might/will cause me to lose out on the future.
In summary, “Don’t cry and bitch about it. Pick your shit up and do better next time.” – I like that! 🙂 Next time, not so much VXX!!!
So was this a heavy volume rally or a light volume rally?
Just curious.
see above denninger video
Light volume. According to Fast Money tonight – think it was Carter Worth that said this – it was the lowest-volume 2% move day so far this year.
GOD BLESS DENNINGER…there is no way anybody was playing on a level playing field today and tomorrow ??? well , you have my opinion
Interesting…
Looking at all the explanations as to what happened today.
Me?
I won’t bother you with details as I’m starting to sound like the “Bad Parrot”
The EAST wind pushes us a little further.
The YEN..hmmm..
Guess we should be seeing some real weakness soon
I was severely gored today….what a bummer.
i was endowed with a spam induced stiffy
and even with that im not happy about it now that i see it wasnt fair and square ..according to the denninger video posted above…but dont ask me to give it back as i give nothing back ever …..
I am deflated by the whole episode. I saw it coming. Yesterday. Spent hours mapping out a plan to unload my shorts at the open and get a nice long bias. And the market gaps up on me like a freaking mighty mouse.
Just killed me. I should probably just go to cash until September and reset my brain.
if its any comfort i did get some VXX around 2:30 ..i think profit taking by the masses tomorrow along with people getting out of the bank rotation …that rotation into banks never lasts .. im in and out of them all the time…what i saw with FAS near the end of the day seemed artificial…
If we get some decent profit taking, say .5 percent or so, then i will reset and go about my business. If we run up again Ima be taking some lumps.
I’m really hoping for a nervous selloff before the employment numbers friday. DUDE, if those numbers disappoint, WHOOOSH. Down we go.
I don’t think they will though…..so, im just hoping some nervous nellies take profits beforehand and i can close out some of these shorts at less of a loss.
I can tell you im fucked though…the market is going to run all week. YOu know it does what you HOPE it won’t. I should just take my lumps, i should just take my lumps, i should just take my lumps.
But i can’t bring myself to do it after a rally like today. I need to get out on a dip.
me i just got short ,so i can hedge if needed ,but it wont be with fas it looked to me that the easy money was allready made in there and a tuff grind ahead for them..dont worry smart people will be taking profits… but dont base your decision on anything i said trust your instincts @4:00 am…. you will know
maybe ask THE FLY what he thinks..he will know what to do..or some other people in the PPT who show skills.i know i would be asking the holiest of holies
Just get long a little something to hedge your losses.
For the life of me I don’t understand what made you guys bet against this market, right here, right now….when you have chessnwine, scott on create coin, Jake and others providing valuable insights…and none of it was bearish.
Indeed
i sold my longs today…spun into VXX a little for a sell off at the close to be honest …nothing major
Me too.
I did pick up some vxx this afternoon just to try the ETF crack.
I don’t intend to be a habitual user, but just wanted to try it.
I offer this with with the most sincere intent – Try and stop guessing what will happen based on hunches and devise your system to objectively catch turns based on news, data, and charts. Make the fucking market prove to you that it is turning rather than devising a thesis that may be correct one day – how long can you hold out until you are correct. Use market news and thesis as a basis, but until the market moves in the direction dictated by your thesis, you loose. The vast majority of indicators are lagging – granted. But devise a system of indicators/data trackers that gets you as close to the turn as possible. Then, generate your thesis but watch your indicators for confirmation. You WILL NOT catch tops and bottoms – it’s the meat of the move that counts. I have been reading comments all day long tha are aong the lines of “vol sucks, I am adding to VXX”, “this market is manipulated BS, no way it lasts, I am adding to FAZ”, etc. These are people that got caught on the wrong side on Friday morning and are now in their defiant stage. I have been there and have lost plenty of cash pursuing the market this way. Get rid of your fucking egos (not you in particular – nothing personal intended) and LET THE MARKET GUIDE YOU. Take a step back, look at the 120 min chart on the Naz Futures if you have access to it. There was a clear indication of a bullish reversal at the start of the day Friday. That chart is in my arsenal, I saw it, and quickly processed it with all other data/information I use (including the Hybrid). That processing included the inability of the market to go down in the face of bad news all week, a bullish divergence on the cart, the bottom tail reversal on the chart, money managers being left outin the cold during the entire month, end of month, etc. It all needed to be processed to determine the best course of action; however, it was the market showing its hand at that time that triggered the decision making process, which included overriding the Hybrid. Even Fly has said to not let the Hybrid be your God. This from a guy that has a vested financial interest to make it your God – he was providing solid trading advice. Did anyone hear it, if so did anyone understand what he was saying? Bottom line, make the fucking market prove itself. We all have egos and want to be able to call market turns before they happen; however, that do not approach this profession that way. You will most certainly loose if you continue to do that. With all due respect.
Yeah, i should start being late and stop being early. Definitely right.
maybe just cut down on your investments until you fully understand the tools in your tool box.. try that ,might help some ..play small pot poker.. new things need new understandings
I am not a sophisticated trader and have no problem admitting it.
But, take FAZ, for example, why would I even start to accumulate a position here until I see some kind of resolution in the price action of XLF? Take a look at a weekly chart of XLF, the 89 moving average looms above at 15.33 but it has never been a factor in recent months on the weekly chart. I just don’t think now is the time to buy FAZ…and I won’t be saddened to think I missed out if it goes up like a rocket tomorrow without me, because it’s just so darn risky.
Good community reminder, Alvari.
Add this for the unprepared or unsuspecting:
http://www.archive.org/details/lookforexits
thats a good one ..heh heh
This story sounds alot like Fly shopping at the Whole Foods Market.
http://www.freerepublic.com/focus/f-chat/2562402/posts
lmao how’s that TZA tasting?
It tastes like a tazer to the tongue
worse than licking a 9 volt
It tastes like a tazer to the tongue
huggie bear wants some doom
huggie bear wants some gloom
and he wants it now
Huggie… First thing you should know is that FAS/FAZ are not triple XLF.
Sorry Huggie, I met flyaway. I miss read who wrote that.
I never said it was; however, those institutions in XLF are among members of the Russell 1000 Financial Services Index which FAZ tracks.
I’m going to blow everything I made in this market and use it to buy as many TMV OTM calls as I can because I don’t give a fuck anymore.
Who’s with me?
OMFG – look at that shit!
lol…. wait, you mean “not giving a shit” isn’t a good enough reason to place a trade?
No, no no – I didn’t know there was such a beast as a 3x 20 Yr Bond ETF – lol.
ha, and there’s options on it…. as if 3x etfs wasn’t enough… there’s a whole group of people looking to take those leveraged instruments, and leverage them even more…
ha… I think I’ll write some BS story of “how I turned $100 into $10,000,000 with 3x ETF options” figure out exact high and low points so I can make the story sound legit, then write a book on it selling the “dream” to everyone, just so I can pump up the idea of 10x leverage and create a demand for 10x with options, so I can sell more “pipe dream” books and laugh as the market becomes so “Faztarded” that I eventually die laughing while watching everyone trading these things die of a heart attack.
you on your own…. it will hurt.. a bit
Hey Fly, I believe you still have a position in TEVA. I have been doing some research into the company, considering getting into it on a dip. I am not sure I want to mess with it now after reading up on what is going on with the company though. According to what I read, there are several major challenges to the company’s status as a growth stock.
Long TEVA too.
What did you read that changed your mind?
Here, read this article.
http://seekingalpha.com/article/216412-new-challenges-to-tevas-business-model
Although Denninger has some good shit, Denninger is the sterotypical example of how someone looks after Fly punches their mustaches off. No other way to explain it, really.
It’s not market manipulation as long as stocks are going up.
Denninger says contact your congressman? He has a phone in front of him – why doesn’t he call the SEC? Congressmen want to know if you contributed to their campaign and if not, then they will try to get you to contribute – they are not interested in your F’n problem.
I just think you should make that disclosure when telling Huggie (who clearly is having a bad week) to watch the XLF as an indicator for how he should trade FAS/FAZ.
The market is tough enough let alone thinking your trading something that you arn’t.
i dont think he ever said he was trading those .but not sure
Bullish, all one has to do is read the description of FAZ,
then check out the components of the index it tracks
to determine that there are (some) similar equities between the Russell 1000 Financial services index and the XLF.
It is one indicator, that I use, how’s that.
-30-
Flyaway, I wasn’t starting an argument just thought it’s something to note. Some people read astrology charts to help them decide when to buy and sell 3x ETF’s… To each their own
Sean just posted this F/X. Live…….BIG SUN FLARE HEADING TOWARDS the earth…anyone know about this….http://www.telegraph.co.uk/science/space/7923069/Nasa-scientists-braced-for-solar-tsunami-to-hit-earth.html
It looks like it may just be northern lights….not sure, still doing research.
Just a C class according to NASA. http://www.nasa.gov/topics/solarsystem/sunearthsystem/main/News080210-cme.html
dick deep in CAT still…