We should be down 300-400 points today, considering the Yen and bond markets are unhinged. Take into consideration the bloodbath in Europe, we are fortunate to have such lovely, benign, robots controlling our markets. Those French robots must be real assholes. I bet they smoke cigarettes on the trading floor.
I made a commitment to refrain from making any trades, until after 10:30. The reasoning is to allow the excess to get out of the tape, considering all of the pole smokers who jumped in/out of the market, following the HORRIFIC housing numbers. You must understand, days like today is when you lose it all, literally. The tape looks so bad, it’s as if the stock Gods are granting us all a gift, in the form of FREE SHORT SALES. Hell, we can short anything and get rich. Oh, but wait, it gets dicier. All of a sudden, the dollar goes down and inflationistas start diving into empty pools again, via large directional long bets. Eventually, the pool is filled with a bunch of dead bodies, making it safe for newly minted inflationistas to jump in, without fear of death. Then the rally begins.
In no way am I suggesting, at such an early hour, that we will have a pool over flowing with inflationistas, which effectively will lend towards a robust bounce. That would be most preposterous, small pleb. I am only offering an alternative ending to the fucked up story-line we are given.
In short, keep your eyes on the metals, banks and tech. Dollar weakness is good. But we need some deterioration in the Yen and bond markets, if we are to witness a bounce of stupendous proportions.
If you enjoy the content at iBankCoin, please follow us on Twitter
Fly, VXX isn’t really working well as a hedge — not sensitive enough (I guess it’s because of range-bound in S&P). What would be the next best way to hedge longs?
I am holding VXX, despite its gay demeanor. It is a “surprise” holding, whereby it will outperform everything, should we get “surprised,” in some fucked up way.
If you hold VXX long enough, even if we get that “surprise”, will you have already paid more for insurance than VXX will return to you when the “surprise” comes?
In the big scheme of things, what do you know?
Dollar just PLUNGEROONIED.
Hold all bets.
________
You are correct. I am holding all longs.
Just unloaded half my holdings. Europe is getting raped… Fly is right
Don’t count out a bounce.
cuban cigars anyone?
Hmmm… I wonder if Ben hit the button before or after the housing numbers came out?
_____
AGQ!
— The Silver Beetle.
________
You don’t have a care in the world do you? A man built from cement.
Not having a care in the world has got nothing to do w. financial acumen, young pleb.
But as for being able to read Ben “The Depression was caused by lack of liquidity!” Bernanke’s playbook, well…..
Not exactly industrial espionage, ovah heah.
_________
his next book might read. prophylactic measures work prior to bubbles, not after bubbles.
once the edge of the envolope is breached, there is only one outcome.
Si Senor.
For the life of me, I wonder if the BOJ really knows what it is doing. One of these days they’re going to wake up from their sake induced slumber and see the Yen where it is and panic.
Never mind the BOJ, howabout the MOF suggesting “moah stimurus!” as the answer to their now 21 year old problem?
Their problem can drink sake now!
________
they’re fucking crazy. More stimulus with debt to GDP of 230%.
They NEED to provide stimulus. Without it their problems would be much, much worse.
DRYS, for instance, is almost a dollar hgher now than the last time the mkt was here.
It is indeed but if you consider that the freight market has strongly recovered and almost doubled since that time this is not very surprising…
He Never Sent me Flowers, Jake…………………………………Yesterday I asked Stockrider if his Planets and Stars saw this drop in the Post he was posting about flowers on…..he never even answered…………………………Oh, Oh Fly, Fly do you see the drop….so totally cool, once I totally wake up and get charts up I am going to see if we turn at the point I posted on in Jake’s Flower post at….we will see.
Don’t worry at least the real estate market is a pillar of strength…
http://calculatedriskimages.blogspot.com/2010/08/existing-home-sales-july-2010.html
Fly you came at the right time. Here in Scam Diego we’ve had the coldest summer in history until yesterday
Nymph waxing poetic
lol, always..
Every homie I track is up 1-2%.
That being said I am out ITB (Homie etf) now with about a 2.5% gain and the crash may now proceed.
with Obama’s econ team bailing. It just means there is no ribbon at the end on the run… Hence, im out… 1/2 anyway…
Sold out all VXX. Bought TNA.
TLT is just ripping.
Staying away from those nasty ETF’s….
SHIT SHIT SHIT Missed my TSL limit order by a hair. She’s popped like a sizzling kernel of popcorn. Damn it all!
New Home Sales tomorrow, Poor People Claims on Thurs., Q2 GDP on Friday……hold on to your yamakas! FAZ mobile looking good, most likely will pull half off today and wait for a bounce.
Fly- have a good time in SD. I was just there 3 weeks ago, played Torrey Pines, beautiful track! Not sure if you play, but if so, TP is a must!