There is an old saying that comes to mind, while watching the market burn bears to a cinder: “The Fly” wins all the time, especially when he appears to be losing badly.”
You mustn’t ever worry yourself about the state of affairs of Lord Fly, for he is always several steps ahead of everyone else. Although you read this missive with extreme prejudice and contempt, due to the fact that “this Fly character cannot, must not, be real”, howsoever, I assure you, he is very real indeud.
I did something very extreme today and I am a bit shy to reveal my actions. Nonetheless, going with the “fully transparent” theme of the site, I will tell you: I pared down my WNR position by 50%. Now, now, now, don’t get your panties in a bundle; let me explain. Thanks to my incessant buys, coupled with the recent appreciation in WNR, it constituted 40% of my holdings. The last time I did something so bold was my VXX trade just prior to the flash crash. As you could readily understand, it would be negligent on my behalf to allow my clients to assume that risk for too long a duration. Nevertheless, it is still my largest position and I now have EXTREME fire power to buy shares lower, should they decline.
Additionally, I closed out most of my options in CLF, FCX, while holding firm on VMW. I purchased July 33’s for TZA for fun and go into the July 4th festivities with a 60% cash horde and 11.5% year to date gain. For all intents and purposes, I am closing out q2 at my ALL-TIME HIGH watermark (I have no idea why I am compelled to CAPITALIZE certain letters).
During next week, “The Fly” and family will be traveling, via road, to Philly, DC and a few other places. I will be celebrating the 4th in DC and shall return back to NY next weekend. I will be blogging from the road and quite frankly could not be more pleased with how the market played into my hands, just prior to my mini-vacation.
Over the course of this summer, I intend to travel to La Jolla, Seattle, Vancouver and maybe Hawaii. I’d prefer to be “equity light” and pick away at stocks, instead of going full retard, leveraged to the upside.
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I’m back, and just in time for Independence Day. Good to be home.
Bravo!
The Fly is once again killin’ it! Enjoy your mini-vaca.
I’ve closed my trading platform for the week. Can someone just confirm for me that the SPX hit 1340?
and I quote “completely eviscerate the bears”
Thanks.
High was 1341.01
Wow! What a run in 5 days!
The shorts got flushed down the drain.
La Jolla, Seattle, Vancouver and maybe Hawaii, nice.
Try Guanacaste Costa Rica, you’ll never come back to the US of shithole.
Can we get a show of hands… How many bears are missing their faces after this week?
Happy 4th of July. I’d love to watch some fireworks, however my local town has decided they can afford such an extravaganza, so I will be lighting smoke bombs and glow worms instead.
“can’t afford”
Bring your A game (no edit buttons here).
Who needs fireworks? The bears had their faces ripped off with cherry bombs.
Wrong side yesterday and today. Ouch!
Indeud, and Indeud
I pared my ERX and MOO, from last week, down to zero today. But, added to DBA and RJA with some of the profits.
Energy and agriculture company stocks aren’t done going up for the year. But, there will be another pullback to get in long. Perhaps 2% or so.
Also, had to pick up some VXX today.Volatility looks ready to grow some wings
http://www.youtube.com/watch?v=iV6539XsWrc&feature=related
VXX is for shorting only…
well played, Senor T
I leave the filthy-hot D tonight for Philly. Kensington district FYI if you want to avoid this internet piker. WUTANG!
Fly, if you have time, take a high-speed boat from Seattle to Victoria Island and check out the world famous Butchart Gardens, I think your family will love the ride and the gardens, I have never seen anything like them
We took a scenic train from Seattle to Vancouver which was awesome, stayed at a place called the Wedgewood which was quite nice and an easy walk to Stanley Park, where you can rent bilkes. Have a great time!
uh…it’s Vancouver Island, and the nice little city is Victoria. I am finally qualified to speak about something on this website – I was born there.
Thanks for the correction, I was there in 2006 an often get the two mixed up. But if you google it I think it says Victoria Island as well. Either way, it’s a beautiful trip worth taking.
BTW, who on this website is qualified to speak, lol?
If you’re into endless flowers. I find the Vancouver Aquarium to be much more interesting.
hey, when you go to philly,slap a couple of homeless peeps with hot pretzels and mustard,or wiz. dumped half my wnr last week. have a good fourth all. be safe
Hell of a week gentlemen, hell of a week. Fly, you certainly don’t need to hear it, but nice move on unloading some WNR and protecting those gains. I clearly lack the discipline, as I just couldn’t part with my SODA shares, even though my mouse was hovering over the “Sell all shares” button at the close. I banked some profits on NBG and HPQ and hope to ride SODA and DRYS a bit longer. I wanted to give you props on the blog, as I just stumbled upon in about a month ago. It has some good information and is very entertaining, unlike most sites/blogs etc. these days. Keep up the good work. Happy 4th everyone!!
If you are in Seattle, I will happily buy for you a glass of sweet ambrosia, served from a diamond encrusted chalice. Or a beer. Open offer.
maui and kauai! stay away from oahu til your over 47.5
http://en.wikipedia.org/wiki/Gwar
Is this where your name’s from?
M. Le Fly — when in Vancouver try Tojo’s for Sushi and such. Should you wish to partake of some wine country stuff, the Okanagan is a short scenic drive. I recommend lunch or dinner at Quails Gate; lunch at the Green Frog Cafe. You can take in Seven Stones; Burrowing Owl; Stone Boat and several others. If you like old style charm stay at Naramata Heritage Inn — there’s 30 wineries within 15min drive.
Selections:
Mission Hill 2004 Oculus (Bordeaux blend) = $100 – $140 (2006 is going to be spectacular).
Seven Stones Chardonnay Reserve (if Mrs. fly is interested their Rose just kicked ass in France.
Best Buy — Stoneboat 2008 Black Sage Bench Pinot Noir = $30 or less and it’s worth double or more.
If late harvest or ice wine is of interest, there are numerous great selections, Stoneboat, Le Viex Pin, Quinta Ferrera.
Bears got their face racked… once again.
If just went short last Friday – you deserve to have your face ripped off
If just went long today – you deserve to have your face ripped off next week
Now in Pesos on mode again – BTFD again…
We are range-bound. I wouldn’t be surprised if we have a couple of huge down days next week.
“I can buy a handgun at a Popeyes Chicken.” While in La Jolla, make it to south central LA, stop off at a Popeye’s (preferably Compton), you might meet future rap stars to feature on IBC?
Can’t forget to take a visit to Crenshaw.
OEW Daily Recap:
“The market opened flat and took off to the upside like it was shot out of a cannon. We didn’t need this much of a rally to get an OEW uptrend confirmation, but we’ll take it. In fact, we not only got the uptrend confirmation but also a WROC buy signal. We have not had this buy signal since July 2010. The WROC usually arrives before an uptrend confirmation. This time they were triggered simultaneously.”
“Lots to cover this weekend after a review of all the charts. SPX/DOW Intermediate Wave Three is underway.”
Party On !!!
Thanks Tea. Did you hear the story of how the Bruins are fielding suggestions on where to take the Cup during its stay in Boston? I heard on ESPN it went out to a men’s softball game in Belmont, Mass.
Yeah it’s getting around ….
http://www.fanduel.com/insider/2011/06/21/photos-from-the-boston-bruins-156000-stanley-cup-party-at-foxwoods/
Did you see the “TIP”? $24K and change, lol, wish I was the waitress that night. Personally, I think the Stanley Cup is the toughest World title to win in terms of physical endurance.
Agreud … especially when you go to seven games three (?) times and figure in all the bodies lost to injury … Greuling [sic]!!!
Re Tip: Only 15% but most of the bill was for a $100K bottle of champagne …
Cup shows up in Brockton and Stoughton during filming of Adam Sandler new movie …. LOL
http://stoughton.patch.com/articles/photo-gallery-adam-sandler-stanley-cup-create-buzz-in-stoughton#photo-6687095
2 of the very good days in my life = getting to work with #4, the best ever, and a monument to class and character.
Have you seen the bronze statue of Bobby Orr at the entrance to the Garden?
I was told it’s been there about a year.
I was 12 when he scored that legendary goal and I knew every Bruin on the roster as my uncle had season tickets and used to take me to the games.
Anyway, I posed for a picture with the statue and there were some kids waiting to get into the Garden for the Dispatch concert that night.
I said to them, “I was 12 when Bobby Orr scored that goal and I saw it on TV!”
They said, no way, you are over 50?
LOL
Last week I was saying, “I wish I’d sold everything at this level….”
fly what up with silver…. thinking of getting long AGQ again…is silver still “oversold”
Not Oversold at the moment.
Thanks
Why don’t they have options on TVIX!
BooYaa Mother Fucker…….
If you get to Vancouver I suggest you take the Canadian ferry over to Victoria on Vancouver Island. Sunday morning when they have the buffet breakfast is an awesome trip.
Nice week Fly.
You nailed it. Something to take note after the close was the failure of the Treasury to roll over trust funds to Medicare and Social Security today because it would have taken them over the debt ceiling.
Technically this is a default of the US Treasury not no worries, I am sure the market will rally on such news!
Wonder if so much of this stupid buy, buy was pricing in a debt ceiling deal soon? Which actually is good for the dollar and bad for the commodity play/EM global growth…yep, Retail and Banks can keep this lame rally going straight up. This week was a huge short squeeze..but in the end my LME copper top in Feb is still intact, every bull market has a Copper Top and we are going down even with the short squeezes along the way.
Trading
Yeah..Great points.
I don’t like 5% moves in the market in one week in either direction. It’s not a healthy sign at all. I expect things to get seriously volatile as the debt debate starts up.
Didn’t like the rise in treasuries this week either. The fact that the Treasury couldn’t roll over the $90 for the trust funding only means they got to sell paper down the road when the debt ceiling is eventually raised.
I am highly skeptical that the idiots in Washington will get the ceiling raised by August 2nd. These morons in each party despise each other and the DOW is going to get pummeled if they can’t reach a deal.
These algos price in news so quickly now it’s hard to interpret the price action. Def a short squeeze as you said in combination with the Greece save.
Earnings season is next and it will be interesting to see what happens.
Edge, I kept thinking to myself, Who is selling and who is buying and why? Was it just Bears selling last week trying to lock in profits? Or was it one big wash and rinse to get retail to buy at the near top?…For the Debt Ceiling, it will get settled, not really an issue, giving up their July 4th vacation will act as a very good catalyst. I don;’t have to deal with the Clam and with the inline CPI out of Europe IMHO the ECB won’t be that hawkish as most are thinking next week at their meeting.
bottomline, last week is still a mystery to me.
The market is a mystery to you. Stop assuming you know anything and accept lessons.
Nymph,
You will never know why anything is happening. Never. It’s a pointless struggle that I also personally fight against. The only thing that matters is the price action. The why is immaterial to you. You can’t know why everyone is doing what they are doing, so fight the impulse to try. The markets just plain don’t make sense. All that matters is seeing what they are doing, and trying to guess what they are likely to do next.
Here is a link if anyone is interested:
https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=w&fname=11063000.pdf
Mrs. Fly called Mrs. Steve earlier and asked that we watch your house. Not to worry Neighbor Fly. Have a nice trip and I will give you some updates on your house. And by the way, no bass fishing in the The Lincoln Memorial Reflecting Pool, swimming nude in the Potomac, or swearing and throwing hot slices of pizza when visiting The National Cathedral.
By the way, tell Obama that Steve says **** ***.
Have fun on the vacation! Pretty epic winship this week, rock on.
Senior Tropicana
I will be celebrating the 4th at the girlfriends mansion in Northwest DC. I will be working from their a few days next week also. If you and your crew would like to stop by for some NY strips (lightly salted heavily peppered of course) scotch and other delicaies (sic) let me know. We would love to have you. I will dm you my contact info on the 12631. If not enjoy your trip to dc (hold on to your valueables). Thanks for the epic wnr. IBC is the tits!
I’m sorry but due to your ‘Canada’ post a few days ago, you shall be promptly rejected at the border and sent back to your homeland, US and A.
Flagged by our internet scanning AI’s no doubt. 😉
i also sold CVI and WNR end of today. Not because i believe they will drop and not b/c i believe they will go up. Simply b/c i made a good profit. thank u fly. i want to raise cash from now to aug/sept when i believe there will be substantial correction. i am going to use QLD and SSO if things go as planned at that time. maybe 3x’s if available. it is rare than any one stock will outperform these if the market is going to rise. most of these correction plans never work tho. Mike Tyson said everybody had a game plan against him until they got hit by his first punch.
Fantastic song. It’s a shame Death Cab turned into such a mediocre band…I blame that Zooey Deschanel character.
In Vancouver eat at Vij’s. The best tasting food on the planet, basically fusion Indian with a local touch. The blackened sable fish and the lamb popsicals are unbelievable. You can not eat like that anywhere else. He brings in all his own spices so they are fresh, pungent and gorgeous.
Medium priced menu,, nice venue, and very hospitable host.
There is one catch. Vij is into democracy in a big way, so he doesn’t take reservations. You can be famous or not, you line up outside with all the schmucks like me. The trick is to get there about 5:15 to get a table when he opens at 5:30, or come around 9 when the big dinner rush is winding down. Anything in between you are sucking the hind tit in the holding bar.
You can take the kids on the false Creek ferries (little 10 person electric boats) over to the Granville Island market, which makes Seattle’s Pike Place look like a toilet, and then wander over to Go Fish, a fish and chip shack by the fish boat docks that serves up seafood prepared to the standard of a fine restaurant.
fly,hey just thought id mention flew to chicago and back on spirit airlines, i wont go into details but, THEY SUCK. NEVER FLY SPIRT.
Ouch, I was thinking of trying them for a flight to Central America. Cheap as hell.
I’d rather die than fly Spirit.
pufffffffffff, what a nightmare, no use to complain i dont want a free anything from them, as far as going to central america, if its a long flight,,,lets just say its like the worst airline in the world. even the employees hate it so, use your own judgement, now if you dont care about being cramped, loud children, shitty attendents, then go…also they charge exta for everthing, next theyll charge for the air or the cussion u sit on. go on line type in spirt air sucks and read , i should of done this…
So were you the big seller sitting on the 18 and then 18.23 offer for so long?
I won’t say. However, I sold a shit load of stock and the market ate it with ease. Going higher.
Vancouver Aquarium.