Commodity stocks are ripping today, thanks to QE2. However, even though QE2 really does exist, tech stocks are lagging. Naturally, they are playing rope a dope, ahead of merger Monday. But, it is worth noting the weakness in the nasdaq, as evidenced by two consecutive days of downside reversals. I speak of NFLX, PCLN, BIDU, QCOM, ATHR, SYNA and AKAM, all stalling out here a little.
Do not be alarmed, as this frightening occurrence must be a temporary glitch in the QE2-3000 algorithms. I am sure they will have it fixed shortly. At that time, you may resume your regularly scheduled “perpetually higher” tech stock rally.
As an aside, I used my final bullet to short a little more AEM, in the $71.50 range. I may now proceed to lose vast sums of dollars, as QE2 inflates the value of everything, sans the shit in my pocket.
NOTE: TLT is not down as much as it seems. They paid a divi today.
Goodbye and farewell.
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fig newtons
http://finviz.com/futures_charts.ashx?t=CL&p=d1
Vivid “Complex Bearish Head and Shoulders” pattern on daily chart of oil. If we hold resistance here, Oil could get destroyed starting today. The last time I saw a textbook chart pattern this vivid, it market a major SPX low in July (Megaphone bottom).
Here’s the explanation of the complex H and S pattern
http://thepatternsite.com/chst.html
QE2 IG!
I just got an email from my voodoo chart chomper, and he now says Dow 12,000+ before year end.
Gee thanks, QE2 !
Look at what else is going on besides QE 2. Federal Reserve corruption beyond belief– and that is saying a lot:
http://www.reuters.com/article/idUSTRE68S01020100930
Corruption is right. This Euro rally is totally absurd.
I guess we can dispense with tedious things like ‘research’ and just plan to get our ‘daily 40’ for eternity. I’ve been well hedged for weeks now, with $RUT & $SPX put spreads against longs. Perhaps it’s time to join the QE2 party.
Anyone talking shit about qe2 will be tracked and arrested by your local magistrate.
Le Fly.
See the below Urban Dictionary definition of QE 2.
Which applies?
I think he mean the first one.
I think you are right.
Leaving a QE2 in a low flush toilet can’t be good.
I think that’s actually a “Princess Margaret.”
_______
… or a Prince Charles.
Not sure what this QE2 is so I looked it up in the urban dictionary.
Somebody please tell me which definition applies
http://www.urbandictionary.com/define.php?term=qe2
I sold half my GLD this week and would love to join The Fly on his AEM short but I’m too big a pussy. It’s like standing in front of a freight train.
thanks
Yes!
Get a QE2 greeting card.
http://www.zazzle.com/urban_dictionary_greeting_card-137299890145917137
Get a QE2 bumper sticker.
http://www.zazzle.com/custom_urban_dictionary_bumper_sticker-128491400197503618
And a QE2 hat.
http://www.zazzle.com/custom_urban_dictionary_trucker_hat-148044169903074104
It didn’t come out so here is the page.
http://www.urbandictionary.com/products.php?term=QE2&defid=5205945
Oh my.
If you check the QQQQ today would be the 5th red close in a row, IF it closes down.
which as you know creates a case for mean-reversion…
To hell with “A chicken in every pot”
QE2 will give us a Leopard in every car.
http://www.youtube.com/watch?v=CA65tiIU4nI#t=0m7s
picked up a bit of DUG for the weekend, $54.85
and, selling PCX at $12
Why is Senor Fly’s blog becoming more and more Zero-hedgey (sans the Gold mania)?
I will explain that in great detail shortly.
Mary Mary quite contrary, how does your stock portfolio grow?
Shorting gold, hmmm. A study of history would provide more insight to the complex and the fact that every country uses gold for its reserves. Clearly we are in the beginning stages of a financial collapse, gold is the canary in the gold mine and although they have tried to bring it down, a flight of physical is causing major delivery disruptions on the 100 to 1 paper to physical complex.
I just shat curds and whey.
And a tuffet?
_____
Well gold and gold stocks are NOT the same, in the 1987 meltdown, gold did relatively well, BUT the XAU got CRASHED, check out a price chart of the XAU autumn 1987, (or in the 2008 meltdown) gold stock will go cliff diving, too!
However in a “normal” decline of the DOW, SPX , gold stocks can rise at the same time equities decline.
Nothing ever the same exactly.
Adopt to the new reality.
Only time will tell if gold stock will go cliff diving…
Gold trades in it’s own world, do not look for correlations, they will only confuse you.
So far Gold has the longest bull run – 10 year and I don’t see the end of it.
Welcome to October everyone.
Stay long and strong.
It is all about sitting tight after all.
Are you sure you’re not Old Turkey?
(that was his name, wasn’t it?… shit I just realized it…)
______
Jake,
I am him…. 100%.
Mr.P
Is that you Gary Savage? Lol.
_____
Jake,
My name is Mr. Partridge…
and I like ten baggers, something most traders never experince in their lifetime 🙂
butterface needs ten bags?
i think thats what is being sought,”to sit tight”. cause if your nimble,makes it harder to get the arrow in the loins. they are buying complacency.yours, and others.when i think this is the time to be more alert.
“I used my final bullet to short a little more AEM…”
We all know that when fighting zombies, one should always save the final bullet for oneself, because there’s always more zombies coming. But I wouldn’t put it past the Senior to have hidden a few Very Large ordinance stockpiles with which to surprise gloating enemies. This will be fun to watch!
Smart money massively short the NDX, now $7.9b worth, increase of $5.2b in 1 week. Previous record was ~$4.3 billion Oct ’07 and Dec ’04.$$ – sentimentrader.com
The market is going to make a Donkey Kong move, either we squeeze the smart money, or they’re about to chop you giddy bulls into pieces. Place your bets gentlemen.