Do not be chagrined or surprised that the market is up or flat now, following -150 on the futures. “They” do not like it when stocks trade down. We’ve discussed this matter before and it is a fairly simple subject. The United States is the stock market. Without equity prices, we have a bunch of Mcdonald’s workers and Senator Gint.
Having said that, do not be lured into a false sense of security, for the European debt crisis is far from over. The only resolution available is the ECB buying Italian and Spanish debt, outright. But this is a very poor solution for the issue at hand: insolvency. Like I said before, “The Fly” is not playing the Italian game. I am not short the market, aside from a few TZA calls in my personal and EDZ stock, nor am I long.
Although I can see the market bouncing, due to the overzealous nature of the U.S. investor, I choose to sideline myself and eat oatmeal all day.
I will not bore myself to death in cash forever. Eventually, if this market refuses to drop, I will step in. I just want to see what happens this week, especially when the Italians go to auction on Thursday.
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Permission to speak?
yay
permission denied.
Fly I noticed you have been playing with options last few weeks.
I thought they were for pikers?
Damn it! Knew I shouldn’t have bough a boatload of JVA at the close
..Just kidding!
I sold out of my positions thanks to your guidance yesterday morning. Today does not surprise me in the least. I am more worried about the debt ceiling issue than the Italian issue. As a matter of fact, I am guessing that Obama and Boehner will push things past August 2.
This will be similar to the 700 point drop in the DOW when they didn’t pass TARP on the first try. They will use a drop in the market to justify their decision to compromise.
So, I am not interested in buying this market until after August 2.
MacDonalds workers are great! Division of labor taken to a fine point.
In and Out workers put all fast food employees to the test.
Subcom. “Animal Style” Chinchilla!!
bull-shirt.
Dr Fly … Dr Fly … Please report back to surgery STAT … Dr Fly to surgery STAT!
so the senator is a swing manager at micky dees huh.
yes
This is just a complicated way of saying that The Fly is in full preparation mode for the Harry Potter movie!
true
Already itchin’ to allocate that cash. Atta boy.
Dear Fly
The semiconductors seem to be descending with some conviction, and look to be about a week or two away from ‘buy me’ status. Are you still thinking of putting together a buy list from the semi’s, either inside the PPT (or out here in the cheap seats)?
Yes and no. Italy changed everything for me.
I bought a PCX vertical call spread today. Mining picked up another 8K jobs from May’s +9K report, met coal prices are expected to increase, coal has taken a front seat to nuclear, and it’s on Goldman’s conviction buy list. Short term trade only.
Thermal, not met.
IBC readers… Avada Kedavra… Avada Kedavra… Avada Kedavra…
Don’t google image that name, because it’s not some smoking hot tennis lady.
It’s some dorky Harry-Pussy-Potter shit.
Like ’em or hate ’em ya gotta give credit when due… best comment I’ve heard today came from Cortez on Fast Money, “given the crises in Europe I’m long tear gas.”
i the fly, no wonder why. what’s the reason for the treason huh? I’m high post, higher than most, not from France, but I eat French toast…