For most of you, especially those who work for a living, being in cash is the best option. I am at the turret all day, like some sort of paradiddle. I can easily sell a bunch of shit and pull retarded rabbits out of my magic hat. Most of you are simply too busy to partake in this gamble.
I’ve been able to skip getting slaughtered, thanks to my large positions in AG, NGD, APC and CLR. Some of my other stocks, like BZ, BORN and FORM, are bleeding out. But the losses are acceptable, since the majority of my holdings are in the right sectors. Late in the day, I bought CENX, strictly for a bounce play. However, if I was all dumb and shit, like you, I’d sideline my cash and wait for a better opportunity.
My year to date gains stand at about 5%. My personal aggressive account is down about 15%. However, that shit is so volatile, it could swing around 20% in a few days. Following last year’s 875% return, you’d think that I’d accept a small pullback. I cannot.
Bottom line: I’m not sure if we are on the “other side of the mountain,” or simply resting before going higher. Aside from gold, silver and oil, your best bet is to wait with cash.
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Thanks for recognizing those of us who are unable to pull retarded rabbits out of a magic hat, Fly. It’s a dicey market for us folks who are not as quick as you are.
Fly, have you sworn off $VXX vapor rub?
My little green book is actually the Trader’s Almanac. And you weren’t paying attention were you?
-Moh
It is so much easier when everything just goes up all the time.
I’m seeing more and more stocks that look like they have crossed the summit of the Matterhorn.
http://www.google.com/images?q=matterhorn
For whatever it’s worth I am trying to dance with half my portfolio and letting the remaining half sit this number out while I make an honest buck. I am hoping that between the PPT, 12631, Jake Gint and Fly missives I can gain an edge and keep the ‘folio moving in a positive direction. Seems the thesis of oil, silver and gold from Fly and Gint is one that my cynicism of a burning world can appreciate.
Fly finally calls for caution after being hit with another high speed turd
I think the note of caution was for the small pleb. The Fly can usually be found in his spaceship uncautiously racing through the galaxy at Mach 10 x ( log 10 +/- xr2 ).
😀 funny ! high speed turd 😛
it beats snorting lead dust while painting and polyurethane apps on floors.cant even be in shit while working for a livin. was worth going to cash
You used to breathe polyurethane for a living?
yes,at one time i was known as mr.sandman,exclusively sanding floors..the old fashion way.i dont do just any kind of floors,when my floors are done,thats all you’ll look at in the room.the way it should be.pure oppulence.
Chicago has a mayor that isn’t named Daly ? WTF ?
BB. he got in TOO FUCKING EASY. fucking steamrolled the whole thing,as if “some” moses laid out the unincumbered path right to city hall.BB,i live 3 blocks from the city limits,so we dont get to vote in city stuff.
Sitting in a legislative conference listening the the michigan house and senate majority and minority leaders talk about the proposed budget. I was hoping for somwthing other than union pandering from the dems after having their heads handed to them last Nov …..but alas, nothing has changed. Look for a Wisconsin event here in Mich at some point.
FLY – What do you think of DRYS, simply for the 2 oil rigs and 4 drill ships, they also have the 12 oil tankers being delivered over the next two years. Will this join in the oil rally.
Daytrading game plan on for tomorrow:
Long, short, short, long.
Damn, that was a solid post – many thanks.
OEW Daily Synopsis:
“At the low today there was a slight overlap between the SPX 1303 Minor 1 high and this potential Minor 4 pullback. This brings the entire short term count from the SPX 1173 Intermediate wave four low into question. This also increases the probabilites that a Major wave 1 high, and an uptrend high, occurred at SPX 1344. Nothing confirmed yet by OEW, will keep [readers] advised. Should OEW confirm a downtrend the likely support for Major wave 2 would be between SPX 1173 and 1227, Intermediate waves three and four.”
“Short term OEW charts remain negative. The SPX would have to rally back to 1320 and above to turn them positive again. Overhead resistance is now at the OEW 1313 pivot range, and then 1363 above that. Support is at the OEW 1303 pivot, it held today, and then 1291 below that. Short term momentum has risen out of the extremely oversold condition, but just barely. We remain with the counts as posted pending further market activity. It would appear this seven month uptrend has likely ended if Crude clears $100/bbl in the next few days.”
Apparently CLR missed earnings.
ya you fucking nerd
Sorry. I must have misconstrued information on the report I scanned.
Nerds tend to do that
yes indeud’e
CLR beat by .02 you fucking nerd
I have the distinction of having the most fucked pick of the week so far. Congrats to me. What a turd.
Nice Fly
Great advice.
Nitroglycerine trading
My still immaterial account was up around 3.3% today.
Holdings: Cash: 0.5%, stocks long: 5%, warrants: 24.5%, pm calls: 61.5%, other calls: 5%, other puts: 3.5% No margin. (bin there) I’ve sold nothing this year, not because I didn’t want to, but the round-trip commissions/spreads would eat my lunch.
My current holdings are down about 30%; essentially ytd. However, things are looking good at the moment. I’m holding and adding new money as it is found. 20%+ daily swings are not uncommon. I know, the position sizing is a bit off:-). Believe it or not this is on purpose. It’s the highest leverage I could find, by design. (I haven’t had time to learn how to trade commodities or currencies yet.) I have some physical silver, but don’t know how to leverage that.
The goal is not to invest this way forever, just to string together a few 8-10 fold increases which will eventually turn into real money. I’m 1 for 1, starting last May (8 fold). It’s certainly not for everyone. I’m looking forward to PPT’ing it, at some point this year; unless I btfu.
In other news, it looks all of the Bernank’s work is finally killing the USD:
“’flight to quality.’ While the market used to jump into the USD on any uncertain news, we have witnessed this has been replaced by flows into the EURO. This was most obvious on the news out of Egypt, as uncertainty was followed by moves higher in the EURO, the CHF and Gold”
Faros Trading
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/2/22_Faros_Trading_-_Stronger_EURO,_Weaker_US_Dollar_Still_in_Play.html
I’ve learned so much here Thanks to the godly folks at iBC.
Ballsy, ballsy, ballsy.
Yeah, it’s not forever. You will get religion once you start trading 6 or 7 figures.
Good luck with your current trading strategy, though.
Fly- I noticed the PPT score was over 3 just before we dropped like the last time we dropped significantly a week or two ago.
It would be interesting to see another long term chart of the PPT score, I am a member but haven’t seen a chart function on it?
Notice we started the slide on 2/22/11(2), it would be nice to get a numerologists opinion on that one. It dropped shortly after the S&P completed its doubling since 666.
If Bernanke has our back, I assume that we will stay above 1300 – it looks like they defend specific levels and we bounced right off 1300 today. If we hit it again tomorrow and bounce I may buy calls for March.
We have more significant POMO’s tomorrow and Friday. I look for bounces between 11 am and 1pm (seems to be turning points often in the market intra-day).
However, debt ceiling is coming up – last time the flash crash occurred the financial industry had to scare Congress to pass its version of the financial reform bill. We need to justify QE3, constant monetization, and this requires a reason and political will. We should hit the debt ceiling in late March or early April.
I also look to go long when Bernanke or Obama make a major TV appearance following any drop. Tea Leaf political analysis seems to be more effective than fundamentals or technical. Also, the market tends to do well going into any 3 day weekend or event where people will be getting together and talking with each other (superbowl / President’s Day Friday).
Gold/Silver/Oil & SPY calls when appropriate. I would assume Fly’s personal account also used options and triple ETFs to get that kind of impressive return last year.
Nice post Apoky.
I especially liked “last time the flash crash occurred the financial industry had to scare Congress to pass its version of the financial reform bill. We need to justify QE3, constant monetization, and this requires a reason and political will. We should hit the debt ceiling in late March or early April.
I also look to go long when Bernanke or Obama make a major TV appearance following any drop. ”
That’s nugget rings true.
Time for the clam to start handing out more sweet nose candy, free of charge, agane!
Hustle Hustle Hustle..HARD
Naz futures getting the homo hammer – let’s see if it lasts.