The metals are breaking down, quite aggressively, as the indices goose step higher. I know it’s practically illegal to discuss the prospect of a pullback, amidst Ben Bernanke’s QE2 programme [sic]; but it’s gonna happen one way or another. On the other side of the coin, tech stocks are offering leadership, after getting kicked in the nose, all summer long.
With the Bank of Japan resisting the efforts of China to strengthen the Yen, I find it interesting that no one is talking about that. After all, the recent climb in Yen was attributed to China allocating capital into Japanese debt, no? I mean, China benefits from a strong Yen on many levels, yes?
All of this shit makes my head hurt. It’s too much. All I know is stocks do not go up in a straight line, nor do they go down forever. Even when things looked so bad I wanted to vomit on my short positions (despite profiting immensely) in 2008, stocks rallied. Even during the dot com bubble, people lost money during sharp profit taking sessions. Trust me when I tell you: they were sharp indeud.
I’m frustrated because I missed out on the second half of this recent run. I caught the bottom; but then I stepped out and hedged. But what exactly do you expect from a person who is intent on catching tops and bottoms? It’s bound to get messy.
Like I said yesterday, I have more than 50% of assets in cash and will average down, one final time, in both TZA and VXX. However, the market is not talking to me yet, so I haven’t done anything. There really is no sense of urgency, especially when the volume is light and the moves are methodical. I’m better off watching Honeymooner re-runs, than attempting to fade this market. Hypothetically, should the market pullback and close lower 30 points, I would laugh at that. I am waiting for a sell off with meat on its bones, so that I might take a nibble. Until that happens, I will be busy partaking in the arts of passive money management.
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After all, the recent climb in Yen was attributed to China allocating capital into Japanese debt, no? I mean, China benefits from a strong Yen on many levels, yes?
And they were told to fuck right off by the Japanese who will act in their own interests, not the Chicoms.
I am frustrated that I didn’t enjoy the second half of this run after catching the bottom also.
I need to start letting the market show weakness before getting out, at least on the long side. On the short side, proactive profit taking prob makes more sense.
Mr. The Fly,
You are adept at catching the turns AND accomplished in the art of passive money management?
wax on/off
Maybe the chinese wants to put the screws to a few goverments, and a weaker yen will help them gain leverage on these countries.
Dow 36K coming with the bullish monthly falling Axe pattern that started in 1982. Fully loaded with C4 on margin. TNA, FAS, BGU, ERX, SOXL. This melt up will guarantee a loss for the repbublicans come November.
FIG
maybe I’m over -tired or something…
Shouldn’t we get positioned for a second pounce on the YEN by the Chinese?…and then dump the sucker big time…only to re buy just to keep the Japanese running in circles..?
Could U imagine the spikes on that…would rock the market….just throwing it out there….much like I throw crusty buns across the restaurant just to see how close I can get to knocking something over…and looking innocent as hell
The VIX is pointing to rising volatility, even though the market has not sold off at all. I think Fly will get his chance soon, very soon…
Wo Fat just showed up outside my office.
Turns out he just brought my missing T – but I know he wants something.
He always does…
If its Wo Fat, let him in.
Certainly beats getting a margin call from Chow-Yun-Fat.
http://www.youtube.com/watch?v=4OPyoJgV_YY&feature=related
Awesome scene; awesome flick! Chow rules! The Killers and Hard Boiled are his best.
The Fly is God.
Interesting website: http://www.consumerindexes.com/index.html
Neighbor Fly wanted me to lie but I can’t. Fly and I are at the Harlem YMCA where he is testing out his new Speedos. And then on to Amy Ruths for some fried chicken and greens. The Fly and Steve families will be heading over to the Enchanted Forest / Water Safari in a few weeks. I will make sure Fly brings his sunblock this time and Mrs. Fly will make sure he doesn’t lose his Speedos this time going down the big slide.
get your 40
… for those of you wondering, I’m going to go take a nap.
Lots of coke induced spikes in energy plays presenting at the Barclays Energy Conference today … anyone playing?
“The metals are breaking down, quite aggressively”
Maybe check that one again. I don’t see it.
I am talking about yesterday +today. Check X for details.
Check AKS today.
AKS? LOL
Down 6% is funny?
Nope, the funny part was my sell yesterday. Thanks to you scaring me… so thank you.
You tink dats funny, bullish?
Yeah, I AKS you a question, bitch.
That was very funny too Fitty
Dare I make a comment about iron ore…using proper grammar…..and spelling…..AKS says iron ore will be up 65% this year from China demand. I’m thinking maybe the better way to play it other than the black lung diggers (big recent run) is to go the route of the shippers since that shit is going to travel overseas anyway. Check out FRO, etc. etc.
One of these days, Alice– POW! right in the kisser! To the Moon!
there will be no rally without oil
as you were
The oils and materials and shit is tanking today thanks to BoJ. Their devalue is like an upvalue to $.
The direction of energy = direction of the market. Write it down.