Unfortunately, today is playing out exactly as I expected: bad. Over the weekend, it was nice to see gold/silver/oil shoot through the roof. Most of my holdings are in those sectors and it made sense that I’d make a small fortune when the market opened for trade. My fears that the stocks would deviate from the commodities has been realized, as investors race for the exits, dying for liquidity. Oil could be up $50 right now and my APC would still be down. The only way to profit from this fucking disaster is to be long the commodities directly.
Early on, things looked peachy. But, it doesn’t look so fucking peachy anymore. Someone needs to drop neutron bombs on the middle east, STAT!
Aside from AG and CLR, I am getting donkey punched in a variety of stocks today. My losses are plaguing me to no end. I’ve been trying to ignore them, thinking “oh, gee, golly, whiz, it will come back.” But it’s getting worse. The sacks of shit that I call investments are melting right in front of my face and here I am chatting away with you misfits, as if my brain was surgically removed from my skull.
Nonetheless, I’ve made a commitment to see this crisis through, no matter how dire and bleak things may seem to be. The majority of my holdings are in commodity related stocks, so my losses should not be as horrific as Bill Millers. Plus anyway, I entered today at all time highs. At a minimum, I should afford myself 5% wiggle room.
Off to go wiggle away.
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If oil is ‘jumping’ as the news says, why are ATPG, MRO etc so down?
worst case scenario. that’s why.
On the whole, do you see similarities between this and the Egypt selloff – aside from that the spike in oil is warranted? Also, is with the selloff in the PM’s? Been reading a lot about margin calls and lack of QE3 being priced in (as if it was even a question that it will be announced).
Who was it who mentioned, in the comments on Fly’s previous post, that the commodiites sometimes go up while everything else– including commodity stocks– goes down, and then later the commodities go down too?
I sure miss out on a lot of upswings in the market, but on days like today it feels good to be only minimally invested as I am. Sometimes I am more of a chicken than a frog. But today I am a chicken with very little lost.
TraderCaddy was it. He leaves comments as an external consultant to bypass the 47.5 age restriction.
Oh, here. It was TraderCaddy. Quote below:
TraderCaddy says:
February 21, 2011 at 2:05 pm
If you own actual mining shares, I would say be careful because if equities take a HUGE haircut (almost crash like) they will turn around and head south.
Then the physical commodities will be sold to raise cash.
Always has worked like this (last 30+ years), so don’t get too giddy.
Be nimble and be quick, I say.
have you been saving this under your fucking pillow waiting on the tooth fairy, fuckteeth?
I’m surprised you didn’t hedge with SCO like you usually do, Fly.
After I read your blog last night and watched oil struggle to break $96 in pre-market,
down from $98 overnight,
I dumped my UCO at $12.15 in pre-market and then sold some EXK at $7.50 in the early morning to lock in some nice profits.
I’m bleeding a lot of red now though as I am still pretty long.
It’s still a bull market. I wouldn’t get too “hedgy” right just yet. Market fookery, and all that jazz happens—-faster than you can say, “Mohamar Kidaffyduck”.
And don’t forget that Friday will be end-of-month markup day…you’ll want to be long for that.
Month doesn’t end til Monday, though.
________
I know, mark-up day is always the 2nd to last trading day of month – this way the SEC won’t nail you for manipulation.
I sold tex for a 22 percent profit the other day, wondering if i should be buying it back over the next few days if the market continues to pullback any thoughts?
My brothers, I will see this through on the backs of the of the, life has been hard, its raining, and I will see the bloodshed on the plowshares, it is a good omen, I’m so tired, but those rats, dogs, foreign intelligence, fight to the end, I will go now.
Translation: Fuck all you stockholders, its time for war on my own people.
-Moh
In clam we trust!
Momo names getting slaughtered.
Pressure on the Fed to stop the printing presses and raise rated rises as each country topples in the Middle East.
This could get ugly.
Doesn’t matter. You already have so much debt that monetization is the only avenue left. It could be somewhate mitigated through massive slashing of spending, but your boomers won’t vote for that just yet. Not enough mayhem in USA (despite sill-high unemployment figures).
This market is reporting from the middle of an angry crowd in Cairo.
Soon to be Tripoli.
As long as it’s not from a Jerusalem (or Riyadh (or Islamabad)) under siege…
Shoulda rubbed on some VXX last night……
20 held (currently 131.81 looking like a nice support) i may nibble some more stocks if we hold this into the close
Real Issue is that China has not been Restocking like the World Market thought. Stupid Copper Bubble, anyway, Ben may still save the day again, but this Market which has a lot of air under it and going into some heavy resistance soon…For all the Bulls in the house.. http://www.youtube.com/watch?v=-DsyZdeFjug
typos..sorry, should have proof read.. take out “which” after market…
looks like a turtle head
131.81 held on 4 bounces then whoopsie daisy out pooped a turtle head configurations
Hilarious trebuchet-thrown man illustration on the cover, Monsieur.
_______
GPOR, GEOI, and CXO are where it’s at.
May have a chance that some of the middle east unrest could go democratic to a point.
The whole barns not quite on fire yet.