There are a few things in life “The Fly” does not do. One of them is defying the laws of The PPT. Responding to the OVERSOLD scores posted yesterday and today, I opened up my war-chest and started buying stocks—only for short term trades. Let it be noted, I still think the market’s face will get peeled off in September.
At any rate, I started positions in the following:
TNA, ANF, BUCY, GMCR and BAC.
My goal was to select a group of stocks that “embody” the market. I believe the above names accomplishes such an arduous task. Let it be noted and also known, it is very low class of you to refuse my pearls of wisdom, for I am light years ahead of you, with regards to spatial intelligence. What you need to understand, ever so succinctly, is that “The Fly” is your superior being. If you and I were living in the 1800’s, in the same neighborhood, you would be my butler.
Finally, I did not sell any of my VXX. I am sort of leaving it in place, as an insurance policy. My cost basis is high $24’s. Essentially, I expect to be wrong with today’s buys. Because of this, I made partial buys, with full intent to add to my newly formed positions tomorrow and again on Monday. It is a rare event to see “The Fly” on the wrong side of the trade. Do not bet that it will happen now.
NOTE: As you know, I sold out of my SCO position, booking egregious gains in the process.
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well played..
My first FIG
Nice work, Mr. 66
Will the dollar bounce be so short lived as to roll over in less than a week?
isn’t there a bunch of announcements tomorrow on the consumer including retail sales, and consumer sentiment. If those numbers are bad I think ANF will get destroyed as all retail will. Its going to be a big day tomorrow either way.
Consumer Price Index 8:30 AM ET
Retail Sales 8:30 AM ET
Consumer Sentiment 9:55 AM ET
Business Inventories 10:00 AM ET
GM IPO Tomorrow, it can’t be a failure or it is political egg on the face.
Tomorrow afternoon, the bots will want to front run the meltup monday pension & 401K influx purchases.
I plan on buying SPY calls before close today or early tomorrow morning on a dip.
lol, the market will head higher in september and your posts will look much different. please bookmark me on that. lets not make predictions becuz u hate our market. we are going higher buddy.
Really, who cares what you think?
People love Le Fly and spit on the one named “Ryan.”
I love that reply for so many different reasons…
Fly,
Nice post.
Are you an imbiber of Dos Equis?
Do plebs fight the urge to thank you after you punch their mustaches off?
Thank you in advance.
This market is about kinda sorta like Russian Cossacks riding tanks into Germany to fuck the Valkyries in a Berlin opera house. Best action is for a sniper waiting to pick off the strays. That’s our Fly.
Ftk will rip tits tomorrow
Fly, as I’m not familiar with FTK can you give quick summary of the story?
Everyone around speaks of it frequently.
If the Head Lemming likes FTK, I might have some spare $ for a roll of the dice.
Is it just me or is the iBC site not working?
Houston I think we have a problem or this could be iPhone user appreciation night as its the only way to post.
I guess no one has the ability to respond. You guys really should invest in an iPhone 4. Reception is wonderful.
How about that market? Do you guys just have that feeling the bulls are going to stampede again?
No need to respond bearshitters… Lol
Site works just fine
Umm… Did I get banned or something? I can’t make a post via the computer. Nor do I see a single post besides ours. Eerie quiet around here.
I can see the site on safari, but there is no way to enter a reply. Using the App to make rhis comment.
FYI
I think that is the first time i have ever agreed with Bullish. LOL
Good to hear… For a moment there I thought I may have been placed in purgatory forced to repent all sins.
Fly, Bman, thanks for pointing me to the user notes section yesterday
You should make it a habit – lol
Yeah, I would have made a lot more coin last year. 🙂
The browser comment entry shows up now.
Had a problem with one post, but last two working fine.
I quit this bitch around 5 pm because I thought I was banned too.
Friday’s trading will be dominated by the results of the Retail Sales report. We are also going to see CPI, Sentiment, and Inventories, but CPI and Inventories don’t matter and the market already expects the bad number from Sentiment that we’re going to get.
Good luck with the long equity plays… We’re looking to see gains in early trading among SPX components if the Retail sales number is anywhere between Good and Vanilla, but it’s going to be tough for bulls to rally troops into a weekend on the back of disappointing CSCO guidance and the highest Initial Claims since April (the second consecutive major weekly initial claims disappointment).
We see upside risk over a period longer than 2 days to be overwhelming and would rather take some profits off the table from our Sep. & October 27.5 – 30.0 VIX calls, December GC (gold) Futures 1255 calls, XLF Puts, and Long SDS positions, to add more to the table on a foolish Bulls bounce.
This market is oversold and has been coasting on artificial optimism for weeks. Get short on any bounce and I’ll check back to this blog in 2 weeks to see who listened and made money, and who didn’t and hates life.
Happy Hunting
Appologies… Last paragraph meant to read:
“This market is still overbought, and has been coasting on artificial optimism for weeks…”
Cheers
Why would someone with your wisdom and insight need an insurance policy with a position in VXX?