On trying days like this, it’s important to remember what got us to this point. Do not forget the reason why corn, sugar and oil are “expensive as fuck” and why gold/silver jargon is all the rage at NYC cocktail parties. As you look at AA ticking lower and the perspiration in your palms increases, remember what the clam is and how his hydraulic, pimp’d out, car “swaggers” into oncoming traffic, effectively “mushroom clouding” all those who get in his way.
Ben Bernanke is a great American and an even greater citizen of the world.
Having said that, I’d rather gorge my eyes out with a spork and stir fry my retina, than buy more stocks down here. All I have is 10% cash. I will not use said cash on such a minor dip. I reserve such cash for catastrophic one off events, or computer driven anomalies. However, I realize some of you are cash rich and very much interested in buying dips, like every asshole should.
With cash, I’d seriously look towards the refiners down here. I am a broken record; that’s okay. Crack spreads are another 5% this morning, to $26.44. Are you fucking kidding me? Do you realize how insane that is? The refiners are RAPING America and getting away with it, sort of. In my opinion, the time is NOW to bulk the fuck up on these bad boys, into May earnings, with VLO first slated to report on 4/26. Should they disappoint with Q2 guidance, as God and Santa Claus are my witnesses, “The Fly” will get in his hot air balloon and take that fucker into outer space, never to be seen or heard from again.
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induedly fine sir
I think the real monster this morning isn’t Godzilla, but MWW.
http://blogs.barrons.com/stockstowatchtoday/2011/04/07/barclays-big-oil-stocks-poised-to-obliterate-q1-estimates/?mod=yahoobarrons
i been hawking that alj for a couple of weeks now. that little shit should ripe any day now
I solemnly swear that at this point, The Fly is as Clueless as the rest of us Plebs!.
difficult turn of events, but instead of us being elevated, the one up high has descended to our realm.
That is all i have to say!!
Time to take that Fukitol pill.
Ironically, you said nothing.
As you were.
Really? How about the DAL hedge against oil? Look at it over the past 3 days. He was bang-on!
Really???? he got out of DAL and so did I.
it is not a bang-on, it is a gang-bang …. can’t fucking hedge when you’re not holding but shit in your portfolio..
Raising cash this morning.
I have a feeling that we could go much lower here.
I will see your feelings and raise you with an emotional breakdown.
ROFL – Spot on Genius. Another KO for Fly in 7 nano-seconds.
Senor Fly,
What tricks are up your sleeve on the day the government (does or does not) extend the debt ceiling? Will be a ginormous day in the market (one way or the other).
Not happening. We have imbeciles in Congress. They will spend until the union collapses.
It doesn’t make one fuckin’ bit of difference whether or not the debt ceiling
is raised. The Treasury will continue to issue new paper, and use the proceeds
to pay interest on existing paper and to redeem expiring paper.
Nobody gives a fuck about “bond rating agencies”. Do you think that pension
funds and corporations are going to stop rolling over US Treasury paper because
some dipshit agency “lowered the rating on US Treasuries”?
They WON’T STOP BUYING and they wont get one fuckin basis point more in interest
than they otherwise would.
so then let me surmise,the union is collapsing as we speak. we were in a downward spiral BEFORE mena and japan distractions,its digested,and now the spiral downwards just continues. fuck, what else is new anymore.
i do not buy into the concept of oil demand destruction. What is magic about $4 gasoline? When I was a kid, they sold it for .29 cents a gallon. It went thru $1, $2, $3. It will eventually sell for $5, then $6, then $10. We are gonna run out of the stuff. Fact. We will keep buying it because we’re gonna go where we want to go. Give up a weekend becasue we have to pay $3 more for gasoline??. Fed Ex is not going bankrupt. IEZ is beginning to get attractive down here. Also MRO which I am watching with an eye like a pissed baby hawk. They refine and estimates are on a rocket heading north.
EXACTLY
All of those idiots saying $4 oil fucked us in 2008 forget the CREDIT CRISIS. Oil had nothing to do with the collapse.
Come on Fly
That’s total BS. Margin collapses and a defeated consumer thanks to higher oil were a big part of the collapse. Credit was the larger cause but to say that oil had nothing to do with it is ridiculous.
Keep in mind that unemployment was half of what it was in 2008. To me $120 oil is as painful as $140 was back then at this point because more people are jobless and are runnign out of options.
Unemployment is double what it was today versus in 2008…Typo..
Reread what you have written. The answer is in that post.
The problem isnt crude at $150, $200, or even $500. The problem is that crude is moving too fast, and thereby not allowing companies and consumers to adjust their spending habits.
If crude is going up at a parabolic rate, this market is toasted. However, a gradual climb over time is very bullish for stocks.
The problem ultimately reflects back to fiscal and monetary policy. This all has been years in the making…….before most of you were even born…and it will get worse, because there are clueless, undisciplined, cowardly idiots running the village.
The best you can do is protect your assets, for the idiots running the show are coming for what’s yours.
I think it is astounding how the lib-tards keep harping on “tax the rich”, like that will solve the problem, when 1% of earners pay 40% of the taxes. Total tax receipts from corporations and individuals run about $800 – $850 billion a year. Even if we all paid DOUBLE the taxes we pay now, it wouldn’t even cover the current budget deficit, let alone pay down the $14 T in govt debt.
The only hope our govt has of realistically paying down even a portion of the debt is to turn The Bernank loose on the world and inflate, which will not have a pretty ending.
Within 2 years, your life and mine will be much, much different if we keep going down this path. I’m not a blue-blooded conspiracy theorist, but at times I am beginning to wonder.
How can people in high places be so STUPID and RECKLESS? There are either clueless or evil lying conspirators who deserve to be bound with shackles in the deepest darkness.
There is no room for anything in between.
man,you said it.the writing has been on the shit house wall for a long time. the pimple has come to a head.you know what happens next……………..POP GOES THE WEASEL.
Alpha – trying to figure out is that a bullish or bearish statement for the market? Sounds bullish short term and bearish long term.
So by letting Bernank loose and hiding our problems through re-inflation the stock market goes to 40,000 and then has a 10,000 point crash…we’re still ahead.
If we run to 40K in the next 2 years the crash will be much worse than a measly 10K.
Not necessarily – very similar to ’87.
People in high places, like most everybody, do what they are rewarded for doing. Stupid people can indeed do their jobs, so they may very well be stupid. E.g. the job of Congress person requires selling legislation to the highest bidder (Special Interest Groups) and then telling the voters whatever pretty lies they most enjoy hearing. It does not take an IQ larger than one’s shoe size to do such a job.
I think to prevent severe problems wages have to somewhat keep up with increases in oil and other essential commodities. I will admit I don’t have any stats handy, but it seems I read somewhere that wages are most definitely not keeping up.
Well my wages are keeping up and a lot more, but then again I’m fucking awesome at my job.
To a point. But if you are living on a marginal income like most people, and food prices have tripled because oil price has doubled, and your boss gave you a nice 4% raise… Might make some marginal people postpone their world tour. Might even make some people ride a bus.
As for me, I think I’ll get a Tesla model s… Or more likely a 6 door jacked-up pick-up truck (customized to 4 seats wide, 6 gull-wing doors, big fins like on an old cadillac, 1000 hp, 10 foot box, etc.).
Funny you should mention. Those companies do well in good times and bad — the jacked up truck parts people I mean.
In good times, everyone has money and goes out and jacks up their new truck.
In bad times, people spend as little as possible on a used truck and then spend a similar amount on jacking it up (IOW, they may spend as much as the value of their car to jack it up).
People are funny.
_______
Indeud. The truck I describe above will probably set me back about $120k built off a $30k truck. Tesla model S will mostly be for the wife.
Incidentally, those should sell well in good times and bad too. In good times, show-off greenies slaver at the prospect of rocketing along for 300+ miles in a sporty 7 seater with no tailpipe. In a high oil price environment, there is a strong fuel efficiency argument.
IRON STAKE IN THE GROUND BUY: WNR
I was hoping for an entry under $17. But I think I’ll listen to you here now that you’ve brought out the iron stake arguement.
glad i got back a minute before close yesterday,the only thing i’m holding thats green. thanks fly
Bought some at 17.45
Added a@ 16.95. I am following the banner of the Fly.
Well, Trading Nymph must be making some coin today. She finally has her turn.
Congrats, Nymph. Just make sure you take your profits quickly enough, because this sure looks like a pullback in a bull market, rather than a bear market.
I like this market. It makes me hot. I will have some more very detailed reports from China later today after my massage.
This lady… don’t stop talk… copper… china… copper. chinese copper.. what she talk about? and poor tipper
LOL, thank you Frog, but I am in it for the long run. I have been following what I believe was a bubble since April of 2009 and watched it grow and grow…and if History is my teacher, then I will know how to ride it down once I learn how it pops. This has been Bubble 101 class for me for the last two years…what amazes me, if I am right about all of this, is that players don’t see bubbles. Soros sees them but most are clueless, even though they claim they saw it and played it. Market is too USA focused and miss so much….China Copper,…China Copper….lol.
We might see 1250-1260 SPX a hell lot sooner than you think.
hey Po.looks like your gonna get your price on exk today, good call dude.
china must be unloading some treasuries,their the only one in the world thats showing any green.
Who gives a damn if Bernanke is pumping inflation at 15-20% and we pop 90-100% gain on an annual basis?
Regular Americans will be screwed for sure. Maybe these Joes will get off their asses and revolt against this government.
Joe’s gone. Ask Jose.
People who have kids, enjoy peace, or like being able to buy things like food. Just guessing here, but there are probably some aquaintances (if not family) of yours who are in fact “Regular Americans”. Tough to do a proper revolt when you are stuck in a FEMA camp.
Well ladies, it has been fun losing money with all of you today. I will be off to the pharmacy today arguing with fucktard mothers attempting to convey the message that they have to pay full price for their daughters birth control because they can not fill out insurance paperwork correctly. Their slut daughters will get pregnant knowing this and perpetuate the stupidity some more. May I return from work and be down another 5%.
LOL! ( on the stupidity thing, not losing)
I’ve been trickling the adds to my portfolio throughout the morning. There are some damn good dividend yielders on sale at the moment.
From the vantage of the pilot’s seat in my private plane with Tim Geithner & Robert Reich riding beside me, I would say the market could go down but might go up. Thank you fort supporting “my research”
refiners tried to rally… but that dream is now over… crack spread smack spread
Locked in profits in other companies to raise cash, but still long wnr, vlo – even if I don’t have to look at them until the day before earnings.
Ben Bernanke is sending a message to the hedge funds out there right now. He does not like crude over $110. Any fund that speculates on such nonsense shall receive a homo hammer of 6-8% loss in single day.
Classic Cramer starting to happen – says he’s been bullish for 18 months, more like 18 years…now he’s turning bearish. He’ll be flip-flopping soon…no ratings for bearish commentators.
I bet a case of beer he’s bullish by Friday.
No bet.
Fortunately, I bought puts on SPY when the Fly’s PPT algorithm registered 3.2 last week.
This is all pressure for the POMO Schedule. Remember when I said, POMO, POMO, POMO?
Schedule comes out in 1/2 hour. If the $ figures are substantial, the market will most likely recover.