I warned you this would happen. You simply chose to ignore THE PROPHECIES OF THE FLY, in exchange for your silly bullshit. Now, before you go ahead and shoot yourself in the face with a howitzer, let’s examine the situation, shall we?
Like it or not, China is slowing. Without a doubt, that is bad for stocks. Here in the U.S., there appears to be something wrong with our semiconductors names, which are leading indicators for the economy. Despite record low yields, the housing market is dead in the water. The Yen is going up too much. As a matter of fact, it may severely hamstring the Japanese economy, which is still pretty fucking big. That’s assuming the “yen-carry trade” no longer exists, which I know for a fact it still does. The Euro is getting “Charles Manson’d” today. Oil is so extended, I piss on it, via SCO. Food commodity prices are through the roof, another big negative for U.S. consumers.
On the other hand, the bullish case: the Federal Reserve’s policy is to reflate. Therefore, all increases in commodity prices are expected and welcomed. WTF!!?? Yes, it’s true. China is slowing, but still growing incredibly fast. The Yen is some sort of fucked up anomaly. Let’s ignore it. The dollar will continue lower, effectively giving a boost to U.S. equities and all things denominated in dollars. Finally, tech firms have record cash on hand. The majority are coming off of record quarters and will likely use said cash to make acquisitions.
See, there is always two sides. Who do you believe?
Answer: Both.
It’s important to be flexible; but not malleable to the point where you have no soul. Clearly, the market is overdue for a pullback, as evidenced by the repeated 3.00+ scores in The PPT. Now, are we setting up for some sort of cataclysmic drop?
Answer: yes, but not yet.
It’s a rare event to witness stock market crashes. It makes no sense betting on them. With my money, I am betting on price declines through the Fall, leading up to a grande [sic] buying opportunity. In other words, you and I may have a lot in common, just not now.
Into the shitstorm, I booked an 8% overnight profit in EDZ and will hold the reminder of my VXX/SCO until further notice.
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V.King(ed)
may the armageddon ensue
If the market manages to melt up after this mornings purging… I will remained convinced that this market has some legs to stand on. If not, I may need to go to confession and repent.
Today shall be known as “The Beginning”.
Said this in PPT. Now I will say it here. Breadth is horrific to the point of a possible 4% down day setting up.
Don’t be a hero.
You are my hero Fly.
I am no hero, merely a HEAD MASTER LEMMING.
Idea for next video contest:
Picture the video game “lemmings” Fly as the leading role as the head lemming. He builds a bridge across and the others move across safely except for a few left behind who self destruct. He builds another ridge across. Finally he runs out of material to build but he pulls the parachute while the rest fall off and go splat, and those that survive are members of the PPT.
cut to black screen with white writing:
Lemmings ruined: 6 billion.
Lemmings survived: 12631.
I’ve got the perfect tee-shirt for you, Monsieur Le Doctuer!
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haha, nice
too late
went long at -3% ndx
Fly, I could not find it in the blog or the forums. Where did you post that in the PPT?
Thank you for all your help I am learning a lot.
Look in the “User Notes” section
The people with cash, be they corps or whatever, are keeping it. There is nothing to bring the cash into this market. That’s the only thing that will make it go up. So long as most cash is in jail the economy cannot grow and the markets cannot recover.
all aboard the “sell stocks, buy Madden 2011 trade…”
Yesterday someone accused me of having bad breadth, I said I know, but at least I’m short.
He asked me what my height had to do with anything and I said those long will get the homohammer.
Then he started asking why my orientation was important, and I realized we weren’t communicating on the same level so I punched his mustache off.
Well played lol….
Thanks to Obama America is a “Mickey Mouse economy” that is technically bankrupt, according to Jochen Wermuth, the Chief Investment Officer (CIO) and managing partner at Wermuth Asset Management.
“America today looks like Russia in 1998. Consumers, companies and the government are all highly indebted. America as a result is a bankrupt Mickey Mouse economy,” Wermuth told CNBC.
The comments followed news that the Fed was extending its quantitative easing program following what the Federal Open Market Committee (FOMC) described as a fall in the pace of growth in output and employment.
The Fed has spent like a crack addict under Obama on a route of aggressive rate cuts and purchases of trillions in various securities but it is running out of measures it can take, Pimco’s co-CEO Mohamed El-Erian told CNBC.
Wermuth is a fund manager heavily invested in Russia and says if the same International Monetary Fund (IMF) team that managed the financial crisis in the former super power in 1998 now turned up at the US Treasury, they would withdraw support for current US policy immediately.
Why is Wermuth investing in Russia? If he thinks U.S. is going bankrupt, that will hurt oil demand. Russia lives and dies off of oil prices and if the oil prices go, Russia will do bad, and China who uses petroleum to produce products will be better off at the expense of Russia. On the other hand, China will certainly be hurt by US demise as well for awhile, So I’m not suggesting China is a good play either.
Tell me where I’m wrong there.
Awesomeness
Haven’t peeked, but must be nearly oversold. I like that ppt thang
Hey Fly…. just like my Weekly Article said on Sunday …. We’re goin’ down… http://www.youtube.com/watch?v=1XmwiwQjU8E
Your broken clock trophy is en route.
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Let me guess… iron ore spot prices in Timbuktu are the reason
I think Helicopter Ben pulled up the chart on Tazmanian spot ore, noticed it had broken through the 8956.321 sec Fibonnaci retrace and decided to tank the market. Just like TN called it.
lol…Actually it’s the spot out of India Goa Margalore and Paradip or China Qingdao port…etc..not sure if Tazmania has any ports at all?? Have to go check that.
Jake..lol…..actually I am getting much better….Bullish….actually, it was the breath on the NYSE, we won’t hit any type of support until tomorrow at the earliest. Ore, Copper, China, F/X, Breath, Fibo..etc all are just pieces in this great picture…
Oooo! Calvino!
nice on the Mary J. Blige. She makes “goin’ down” seem like a good thing.
Solid channel all day…so far.
So much for that…. danger/ouch!
I am coming to your rescue – and all hell is coming with me…
BANZAIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Your next nom du blog should be “Braveflaps-flaps-flaps-flaps-flaps.”
_________
Possible turning point for the day SPY SMA50 108.89
Bitten once today. I may or may not try to recoup. I’ve got an order in much lower.
Fly, dude… thanks for getting me into VXX/ERY. Covered 1/3….
Flash crash part 2 ?
FLY said not yet!
oh my god i want to punch you all in the throat
Back from vacation. Did I miss much? You fuckers seem to have short memories. A little overnight fuckrey seems to have gotten everyone excited. As much as I want to short the hell out of this market I’m sitting tight for a few more days. Just remember the overnight fuckery can run in the opposite direction.
you fucking come in here talking shit,
and your fucking flat?
Hey Bond fund guy. Shut up!!
WTF is all the whining about? The Dow is not even down 300 points yet! Put your big girl panties on and go eat a pastrami on rye.
Sold VXX at $23.8, purchased 111 calls expiring in 10 days on SPY.
Yesterday I sold SPY puts for a hefty profit. Tried purchasing SPY puts overnight but the system would not let me (Etrade).
The PPT appears to be supporting the market at very round numbers (market bounce off of even hundreds), today looks like it is 10,400. I have noticed a retrace to the mid-point of the large drops. So today, from 10,632 to 10,400 on the dow is a difference of 232, half of that would be 116, and if we add that to 10,400 it would be 10,516. Of course, patterns work until they do not.
Price stability = 12631.
You mean sold VXX for $22.8?
Yes, apologies, typing too fast. 90 words per minute, could always fall back on a secretary gig but apparently would need to proof read.
You going to celebrate EDZ winnings with a Kahlua mudslide?
Currency rallies over the past two months are reversing with great force. DX, EUR, AUD, GBP, NZD futures and USD/NOK, USD/SEK (!), USD/HUF, etc etc. All of the G-Units is gettin’ gunned, son. Don’t matter if you is G-20 or G-8.
Jake is just hating because my hat is bigger than his.
Lol.
___
Repentance is an on-going process for some.
Hank
I said it in user notes section under SPY
Shit looks over done now…US/CAD didn’t really do a whole lot compared to others….I’m going in
u just try to be bearish. fact is your still down on your positions re-tweet when all ur averaging up on your shorts has finally turned a profit