Tech and retail are on absolute fire right now, led by gains in NVDA, AKAM, EQIX, NFLX, GYMB, M, NWY etc. The fact that the bulls managed to reverse today’s losses, while Europe was down 1%+, is amazing.
The market can go straight down today and I will still be floored by today’s rally. If you are in the bull camp, you are not surprised, naturally. I mean, if I was a Yankee fan, I wouldn’t be surprised to see them win another World Series, it’s just the sort of thing they do. This market is sort of like the Yankees, winning all the time, regardless of news. It does not matter, up, up, up.
It’s very hard to get in front of that. As I type this, breadth is turning for the better and upside momentum is gaining. Regardless, I try to avoid making rash decisions on days like this. I have my mind set on what I want to do. For the more flexible types, get out there and scalp a few trades. I’ll be busy allocating half of my cash into TLT, over the next few trading session.
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damn this hurts
so will the VXX purchase go down as your worst move in the last two years?
No. This is my third foray into vxx. My first two netted about 100%. My worst trade has to be ftk.
buy $TZA when $IWM hits 67-68?……buy $FAZ when $RIFIN hits 790-800?….again? Too easy to keep working is my thought. Of course The Fly is quite possibly 1000x richer than me and he did not get there by losing.
What’s $IWM……….?
Amzn now up 50+% since they last reported (and missed) on July 26th. Is there some area on their website where you can buy crack and heroin ’cause thats the only thing that could explain it.
Asshole dip buyers brought their silly rally hats today
Tech is really unbelievable, especially when you add the ADBE episode.
Lo shalt Merlin return soon to take your bitchez and margined losings, but be wary upon his arrival, for he now practices a darker form of art, one swirling with sulpherous winds intent on cornholing all investors who view this terrain with only a casual eye…
BEWARE!
Fly, do you still in a big pull back?
Why do you ask? Fly has said it before, this market is very tough to trade even though it appears the trading range bound market is still intact. This rally makes no sense, but it is what it is. Fly already has expressed his amazement today. I agree, but you cannot argue with the tape. Markets do not want to roll over just yet, and Apple is smocking crack. Shit, Cramer that fucking lunatic, but his new call for Apple at $325 may just happen very soon. Unfuckingreal. You just need to make the right adjustments to your portfolio. Hopefully you are not leaning heavily one way or the other. Fly is not, and it seems he thinks there some value into going into TLT again. I have to admit his call on TLT months ago would have paid handsomely now with less volatility and stress than what he endured. Shit just buying that damn ETN for the high $90’s/$100 back then, sit back and relax, and be done with it for 2010. And worry about selling it in 2011. But who knows, TLT may be alright in 2011. At least you are getting a half way decent dividend.
I forgot, Fly was pushing TLT when it was in the high $80’s. Arghhh. If ony if. But that is the market for you. Lots of what ifs.
Also who knows. The folks at CNBC are saying this September is on track for the best Sept. return since 1954. So at this point is this rally driven by mutual fund managers trying to catch up before quarter end, “window dressing” perhaps? Will we see the “Sept sell off” actually happen in October? Everyone was saying it will happen in September. Too easy. The perfect contrarian indicator. So maybe it happens in October before the elections?
The “September Sell Off” happened in August. That was the surprise.
Fly – Are the quarterly gains being protected to the end of Sept. ? or could this theme make it through to the end of the year?
Hmmmmmm TLT is betting on lower yields. True? If you are right, yields go even lower than now, stock market will collapse, as there is already a HUGE gap between rates and equitiy prices, yields lead the stock market.
AEM… just watch it, dear sir….
gold is about to trigger some short covering at about 1300 level..
in no way i want to advise you on your trading….
just my obseravtion… next step 1340 level
AEM 72-74
go milk a goat!
go wash your mouth young man…
AEM breaking out….
Market Fuckery at its best.
Indeud!!!!
If the market is like the Yankees then owning the VXX is like rooting for the Mets…
Mr. Fly can I buy out one of your “tabbed” bloggers shares now?
Who told you to leave the weight room? Did I tell you? No. Now drop and give me a hundred.
V.King, I have to ask – do you really know the fly? I’ve noticed the only time he responds to you he bans you… just curious.
yep..
The V.King cums and goes when and on who ever he wants….
I repeat ….The V.King cums and goes when and on who ever he wants….
whoever ?
who, whom, when, where, who-ever, what-ever…
V.King Do It….
10.10.10.
you can buy mine for 75k
I want a VXX T-Shirt!
Had to get a Qid position here at 14.65. That bearish 60 minute megaphone pattern is too vivid. I wont look to add any more shorts unless the Russell retests Fed day highs.
I’m just speaking from memory,
but yesterday a chartist on Slope,
showed a longterm chart of the Naz
and said it about to break a 10-year long downtrend.
If anything I would be buying TYH or QLD here on any dip in the Naz.
Only speaking for myself, of course.
we are staying at these levels for at least a couple of weeks. too much upside momentum… the game now becomes playing the obvious levels and stopping out weak shorts/longs. this market is now out to f*ck everyone !
Here’s a chart worth looking at in regards to TLT: David Rosenberg’s long-term bond yields in the US…:
http://pragcap.com/more-mean-reversion-in-the-bond-market
Maybe you know this one already:
http://globaleconomicanalysis.blogspot.com/2010/09/curve-watchers-anonymous-investigates.html
No I didn’t, but thanks for that. Nice chart showing bond/SPY correlations and the former leading the latter. Lots of mixed info out there.
Revenge of the Momo traders. Cash is looking for places to earn more than 0.01%.
Stocks and gold are two of the places.
The momo trade forced me to get long after week one this month. We could test the April highs before we get any kind of a meaningful pullback.
“WTF, the market is going higher. Time to throw in a bid.”
—-Chimpanzee Trader
Woe betide those who troll in the depths of the trough of disillusionment…
I just traded a 10 oz silver bar to a guy I know for two tix to the Patriots vs. Bills tilt this weekend. Face value of tix $117 each, I bought the bar for $130 about a year ago.
sniper6 wins again!
So gold/silver bars do work as currency … nice!
You both got screwed!
I’ll be there too, until Giselle says it’s time to go
Dear Fly…. you should be adding to your AEM short as I am adding to my long all day here..
you friend , commie
Look at AEM’s volume today though?
yes… i prefer to look at TSX volume on canadian stocks though…
on gold stocks I only care about price action though…
once it starts squeezeng shorts out of it…. to the moon, alice
The FLY is about to short it more, getting close to the 71 target….so we’ll see who wins?
no need to see… I have stops for that lmao…
always in the money.. like Putin
AEM is impressive. it just does not want to stop…
yes.. but so are my other golds… GG GRS KGC ABX GDXJ
Don’t forget to put the $104 gain on your 1040.
I’ll be probably buying it back next week for a hundred bucks, LOL, cokeheads never learn!!
Who the heck is still buying AAPL?? Just super lame, like this Tech Rally following ubber messed up PMI data out of europe….it looks like that FCC allowing White Noise bandwaves could have been some of the catalyst, but it’s beyond toppy and is acting so much like 2007…
…
Apple bots?
Mutual funds want to show they own it at quarter end…Make their clients think they’ve been riding it up all along.
darn you aapl bots, bullish people and mutual funds…they don’t play following fibo rules, lol.