As we approach 11,000, bulls are positioning to buy. The trade has been very easy: buy all dips, ’cause Ben and the Fed have your back. Well, that sort of thinking is dangerous and idiotic. Think about how complacent you’ve become, expecting free lunches and easy short cuts. You are America, land of the criminally insane, home of the Big Mac.
You can’t expect the market to go up all the time, simply because you believe the Fed wants prices to go up. I hear you jackasses on the radio and the teevee and you make me sick. Like that guy David Tepper, manager of $13 billion, yet so stupid he exclaimed on CNBC that “everything would go up” under QE2. Seriously, have you people forgotten free markets? Have you people lost your fucking minds, with all of this HFT/QE2/POMO bullshit?
This is the stock market, where opportunities are shattered and pikers are sent home with last night’s dinner in a lunch box. We go down every so often, you know. The stock market is designed to crush people like you, novices who naively navigate without a clue.
What am I doing, you ask?
Well, for one, I am 55% cash. I sold out of BORN this morning too. In addition to that, I bought more SCO and that’s it. I’m content losing less than others, instead of making a killing on the downside.
Look, my Risk Appetite Index is down another 1.6% today. This thing warned you the market was about to take a dump; but you chose to ignore the signs. The OVERALL PPT score of 3.32 two weeks warned you of an extreme OB condition, yet you ignored it. Now I am telling you, the Risk Appetite Index is wiping out months of bond market gains. Currently at 100, if it hits 97, that would represent the dissolution of 6 months of gains inside of one short week.
Yeah, but I guess NFLX is a neat buy down here, right?
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We were waiting for it.
Not really a valid comment if you’ve been waiting though this entire rally.
Well, I was waiting for the moment when the market realizes that QE is deflationary in its nature. But I didn’t want to stand in front of the epic bulls run a-lá San Fermin. I was just a spectator (paid in VXX for the entrance ticket).
KABOOOM!
The Fly is Allah.
no… he just has a time machine.
thats no compliment marlon
SC motherfucking OOOOOOOOOOOOOOOO!
Then why am I trying to BUY 125,000 C @ 4.19?
I hate being corrected.
The correction is now correcting.
and then that’ll be corrected to, 15 min before close.lol
Buy program running @ Noon. May get a dead cat bounce….Hopefully we will get a deeper panic sell when Mr. Joe 401k pulls out of the market. Drudge has it posted…
http://www.youtube.com/watch?v=oMlqn_Hjyi8
yup,silver and gold. add a little blue and we got a foriegner tune
the correction is almost over. For now!… Kaboom will happen, but not just yet. Ireland will be coerced/bribed into accepting a bailout!
Sold ZSL for a $27:) gain and put all of i into TZA-in the money-puts. I like to see the all the cocsuckers come out and tell me how wrong I am…clearest indication that I am in the right place:)
It’s funny that I made FAR more gains sjorting gdx ($54-43) and silver (ZSL, 12.20-15.36) in two trades than JCunt (fox-news parrot) did longing it in the last 18 months…
Cheerio,
congrats on the winners
you are a gentleman and a scholar, thank you.
LOL @ JCunt
He is a fox news parroting douche bag
No way. I enjoy his creative posts and verbose banter.
Pay small attention to Dim Joe. He inhaled a bit too much shoe shine today whilst he was giving out “stock tips” and snapping a rag.
You missed a spot on my spat, Dim Joe.
___________
Also, Dim Joe’s fantastic boasts about being loaded aside, if he could afford the PPT, he’d know where my positions are exactly.
Including ZSL, ironically.
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I don’t want to get my hopes up too high….but it is nice today so far.
“pikers are sent home with last night’s dinner for[sic] in a lunch box”
Classic, senor. Classic.
Tepper stupid? hahaha. He liquidated all his holding during his CNBC appearance
He also bought loads of CRISCO
Yeah, Tepper bought 6 million Crisco just before they got deep fried, but it looks good down here if they announce a divi or buyback, don’t you think?
You still holding GMXR Fly? And how about that CHNG, buyin’ some down here?
Still in GMXR, No to CHNG
QE will make things go up in a sense, but it’s really an optical illusion because our currency is being debased. So it will take a bunch of more dollars to buy the same thing. But maybe more people can get jobs? Maybe it’s a way of undercutting minimum wage. It’ll still be $8, but it’ll be more like $4/hr in real terms.
$100 tomato.
Fly, about that trip: avoid Marbella, Valencia is ok, the coast of Murcia better, not as much development, laid back and at this time of year mostly locals.
“where opportunities are shattered and pikers are sent home with last night’s dinner in a lunch box.”
Love it Love it!!!!!!!!!!!
Also love street signs, the only reason I watch CNBC. Mandy and Erin!!! Hot damn!
no but oil is.
>>The OVERALL PPT score of 3.32 two weeks warned you of an extreme OB condition, yet you ignored it.<<
And weren't you loading up on "Chinese lottery" stocks (and dumping your VIX) just ONE week ago? Certainly, you've made some great trades lately, but didn't you ignore your own indicator?
Long 25,000 NFLX
Most of those tevee heads belong back on the levee choking on a greasy bandanna.
Fly,
Do you believe FTK will continually be repelled from the $3.00-$3.10 range. Do you know who is on the other side of the warrant? They have the same incentive to keep the price 3.00
I asked this yesterday –
20 days above 3.02 is an eternity –
I am holding FTK forever…or untill iit reaches $15ps
Saudi Aramco. Surfactant Flood products. Shale well frac pump support. Some things are destined.
seems from all i read…the dip-shit dip buyers are all lined up waiting to load up…recipe for a power smash lower..imo.
i sold my sco today. 80-82 will be good support if we get good inventory numbers again. one gap left at 81.45. staying all in cash for now. if euro weakness continues will jump back into sco.. not sure what your price target for crude is fly? GM IPO this week. the market WILL RISE !
Logical
Quite the contrary
I stopped out of my lotto names and had a 50% cash position coming into today, with an sco hedge
Yes, I agree re. “coming into today”… But you wrote about your indicator saying this two weeks ago, and yet one week ago you were still playing “Chinese lotto” like a Party member on a junket to Macao.
Don’t forget I was crazy back then.
LOL… I’ve been there (too) many times myself.
Great post. Got it. Buy NFLX. Thanks.
Fly any opinion on the solars?
Just shorted FSLR today and wondering what your time machine says?
Alright I’m calling it. There is no money exiting this market. That would imply sufficient buyers.
The markets themselves have to be grinding to a halt. There is no safe trade anywhere that I can see. I usually base my strategy around what the security theme is telling me. But that theme right now seems hellbent on betting on the end of the world.
We will be seeing a massive correction in one of the markets soon, and I’m betting it’ll have to be the precious metals again.
Unless the Fed caves, in which case who the fuck knows what’s going to happen?
Sovereign debt led correction would be good for the USD and bad for gold in the near term, right?
If said correction resulted in a derivatives “thing” happening, wouldn’t there then be a scramble for precious metals as the sky fell?
It would be good for the USD only in so much as a rush to dollars is still viewed as a flight to safety.
I’m not sure of that logic any longer. The recent parabolic moves in the precious metals coupled with the anti-Fed sentiment lead me to believe that bit of wisdom is being challenged.
I think the number one case for precious metals at this point is the omnition of any government on the planet which seems interested in engaging in monetary policy designed to maintain a strong and steady note.
Notice FTK went down as low as 9% but BOLT is up on the day….Hmmmm…
I’m taking down the David Tepper poster on my wall and replacing it with a Roubini poster.
Mr. Fly – I’m with you regarding what’s happening on bond side – the the 20 and 30 year bonds are literally swirling the toilet. Dollar most likely painted a bottom. Is everyone gone fucking insane? Talking about leading the lambs to the slaughter…
I hope all those pigs get what’s coming to them. The Fed may be able to stem the dam until early January but at some point gravity WILL kick in. Just a matter of time…
I’m in cash watching this tape for sheer amusement.
New government directive: put out a news release about GM IPO being at $33.00 due to investor demand every hour on the hour.
Really. I hear you.
If Government Motors is worth $33 I would have to say Ford is far undervalued at +/- $16. They have already turned the corner and are scoring hit after hit with their products. The new Eco-boost V6 they will be putting in the 2011 F-150 (worlds best selling vehicle) absolutely rocks. Stupid amounts of horsepower and 25 MPG from what I have been told via ……er ………..a person familiar with the product……. Now think of that. A truck……that brings 365HP to the plate……….and gets 25MPG in normal mixed driving……….they will sell a million of these in one year.
(ok…….maybe that’s a slight exaggeration) but still, Americans love their trucks and there is nothing out there for at least 2-3 years that will compete with this vehicle.
The other side of the coin is that the enmity many have toward GM because of the bailouts, is being neglected and ignored. Much, to their current chagrin, like the current administration did with the healthcare/deathcare bill.
It’ll maybe pop for $33 but I think it will correct soon enough. Then again who knows, maybe China will buy the whole flippin’ offering and become the largest car manufacturer in the world………..just sayin…….that’s one way they could convert their worthless US Dorrahs for something tangible at least.
In addition, someone please tell me where the Chevy Volt makes sense anywhere other than for an urban driver doing 10-30 miles per day, while not hauling any kids around, and not picking up more than a bag or two from the local store…………..
What about all these bull flags on Dow, Nasdaq, SPX, Russell, oil and the euro?
Until these daily chart flags are broken, we are not actually in a downtrend yet.
Id look for a trip back up to ES 1202 at a minimum.
TLT up, TBT down.
Holy crap, SB, where’ve you been?
Financing Dim Joe’s Shine Box?
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