TLT is gapping higher, as predicted by history. Over the past 9 years, TLT has gained in the month of August every single time, with an average return north of 3.5%. The market is getting killed today because investors have had enough with the excuses and ineptitude of our government. When you throw in the Italian and Spanish sovereign debt crisis, you have a recipe of sheer panic.
I was wrong when I said we’d rally on the debt ceiling deal. We had the initial reaction yesterday, but gave up the ghost quickly due to the meatball throwers in Italy. To be honest, given the news, I don’t know why I am long stocks. As a point in fact, I have every reason to be 100% cash or short. When buying into the blood, it never feels right and the headline risk is always against you. It’s the very definition of contrarian investing.
Despite being 50% cash and selling out of my DECK position near the high of the day, I am down 1% today, led by losses in TEX, FLS, WNR and my intra-day purchase gone south TDC.
For the sake of retaining my sanity, I will be adhering to strict stop losses, in order to protect my gains.
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We’re definitely not done going down. TZA all day!
Bonds are soaring like QE3 has already started.
I think we have just about enough blood in the streets to start dipping my toe back in with some buys.
This seems to have all the makings of 2008 and worse coming out of Europe. That’s because those fuckers don’t know what to do anymore. Their banks are fucked and their economies down south are a total shambles.
if we get significant weakness on EUR time to bail
GSS seems to be gapping higher, gold back in
favor.
Gold is right at the top of its daily chart trend channel. Wouldn’t be surprised in the slightest to see it sell off here though with Europe on fire the fundamentals couldn’t be better.
gss is my top earner today
Day 8 down, tomorrow may be a day up, but probably Friday.
A bad non-farm payroll # could make Friday like today or worse
maybe I”m wrong but, when facing a train it is generally better to get off the tracks
Fly has bought TEX and someone earlier mentioned SLF. Both of those appear to have potential upside and dividend protection keeping them from dropping further. Even if one thinks we are heading lower over time, it never goes in a completely straight line. Eight down days should lead into an up day or two even if unsustainable.
In interest of full disclosure, I started a half position in TEX and SLF. Not exactly a pump & dump at least not until next week or 15% up which both are capable of with a nice couple days action.
Yeah, I picked up some SLF hoping for good earnings tomorrow and love the 5% divie to keep me holding.
I too have something to say in the interest of full disclosure.
I am going into the pool, go on the pool chair, pop a beer, and just float.
The only gentlemanly thing to do on a hot summer day like today.
I’m getting murdered today. The hens have come home to roost.
This Market is in serious need of some … ah hem … “breadth spray” … cause it stinks !!!
.
Anybody know if there an equivalent of the TED spread and LIBOR that applies to European banks that we could watch?
EUROBOR
I think have died and gone to BEAR heaven!!!!
It’s our turn now!! PARTY ON!!!!
lol
After the sharp decline down over the past several days into support, ask yourself what is the best risk reward trade, long or short?
Who is usually selling at this level, retail or smart money?
Eggsactly.
I may even take some gold off today… BWA is starting to look interesting again.
____
sold the remainder of my gold a few minutes ago….
head and shoulders pattern near completion… But being that we are oversold, there is not a good chance of it breaking. Possibly we hold here and form a double bottom…
I just bought a big position in TNA just for fun.
http://chart.ly/uu8pl3v
via “traderstewie” on stock twits
Stewie looks like he’s doing the “Hugh” there.
_____
It’s once again that time of the year for the special jig we all love.
DO THE HUGH!!!
Watching RDN. Their quarter showed improvement, but I have to listen to the call and do some digging. I haven’t read about the QRM stuff in a while but there are some slightly positive news reports regarding housing.
saw a small group of little children on the side of the road, they were all crying, i stoped and asked why? ans:____________________________________
sicko
Their chicken didn’t make it?
_____
“stoped” ???
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