I don’t like the tone, at all. I took the opportunity, post Obama speech to sell some stocks. I sold out of TEX, CVI, TDC, SWK and lightened up on a little CLF and FLS. I took my cash position from 20% to 55% with these sales. Actually, truth be told, by cash was higher than 20%, only because of the losses over the past two days.
I ate some peas
UPDATE: I sold out of FLS.
UPDATE: I am now 70% cash.
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TLT a pickup here?
Yes.
Sounds like a bottom to me if Bull-flies are throwing in the towel. I got hit very hard today, but bought some vix puts with the rest of my cash!
The economy is not in recession but markets are in pure panic mode. I think senses will prevail over the weekend as people realize they are buying stocks at levels similar to March 2009. Companies (esp Financial cos) are in a far superior position than in 2008/09.
It’s algo trading pure and simple.. when they will turn to buy is an open question, but my guess is except for a bank run, we should be fairly close to a bottom (or my bottom will fall off! )
Cut the shit out. It’s not clever or humorous.
Magnan, you can’t tell whether a financial company is in a far superior position now than in 2008/09. Unless you audit their books. Companies then were saying they were doing fine– and then turning around and being bankrupt days later.
1150 for starters( just reading the big bets…)
How’s that 90% portfolio tza doing? I love this transparency…
who had TZA?
j 2x
but i think he sold yesterday
sold sdrl for a loss, fuck this, I am 95% cash and gold.
As much as i like to see the bears in control of the market ( only because it demonstrates truth that you cant kick the can down the road ( Im Irish ) , yeah i agree with the tea party , fuck the banks , its not nice to see a fellow trader blow up his account. You will be back.
yeah i had to cut my losses to raise some cash in case of further downside due to stupid shit from politicians.
Why is everyone not long the TVIX and TZA with me? Stop fighting it and just go with it. You have incredible volatility. Seriously what more could you ask for? This market is awesome!!!!!!!!!
i cant watch, going boating, take care cu2marrow
The two weakest banks are getting slaughtered. C and Bac seem in serious trouble here.
Oh yes they are. still holding on to my BAC shorts and lovin it!!
Vomit indicator flashing.
Buying SMH and Q’s here.
And a little MS,WFC.
buy some wnr at these levels????? 13.85
??
Anything less than -3% today would be a victory for bulls…more than 3% today and 1987 is in play for Monday.
I remember 1987……..thankfully I didn’t yet have a lot of skin in the game. What skin I had left was considerably tougher afterwards…..
The market’s gone bananas! Stops are now driving the market.
Fly, I agree with you about the rubber band. But do you not think that crashes occur from oversold positions, not overbought ones? While I tend to agree with you that the high probability play is now for a rally, I think there is still the outside chance of September 2008. Especially because of those frog fuckers in Europe, as you pointed out.
yes, also true.
Hugh, those frog fuckers in Europe? I did not have sex with that European country!
Any ideas how to short Facebook? I know GSVC, but that’s a little thin.
Long GOOG
On the bright side at least that dipshit ron paul finally shut up.
I’ll have a corned beef special, and can I get a side of cyanide with that? Thanks.
I told you GSVC to $10 within 2 days, and you wanted to ban me for it!
Re-loading my pea shooter……….
lol we are effectively crashing right now. if the fuckers in europe dont get their shit together over this weekend, another 2000 pts drop is in the card.
No TZA but have TWM and its through the roof.
I want this to stop even though I am a bear. Worried about the whole financial system at this point. Italy news conference at 1PM.
Should be interesting. Starting to feel like 2008 again. Covering most of my positions.
http://vimeo.com/2989560
I was the guy dressed like a banana. Figuratively of course.
At about 1:30 in…
Reminds me of whack a mole.
Half out of Q’s, SMH.MS.WFC bought like 20 minutes ago (for nice gain).
Will sell balance as we move along.
Nothing but an arcade game.
senor fly buy wnr at these levels??
Go back to the slope and find someone to hold your hand when this market rips your face off.
Shorts should be worried about a massive short squeeze that’s developing here. I’m talking about 5-7% rally in the next few days.
Reflex snapback on monday pretty much guaranteed.
Take em all out for the big bounce off the bottom!!!
ECB ready to buy Spanish and Italian Bonds, time to cover shorty!!!
http://www.zerohedge.com/news/stocks-euro-surge-another-central-bank-intervention-announcement-ecb-ready-buy-italian-spanish-
This explains everything…
http://www.rallymonkey.com/
And I am out.
Thanks Mr. Market.
Into the pool.
This is fun. Bought and sold 2 times today. I’m up 40% in one account alone. Made just over $65,000
Still long a little.
XIV time!!!
http://www.youtube.com/watch?v=TUmVd4RQZCo
I imagine Fly is tossing something heavy out his office window at this very moment. Go cash just in time for a 200 point reversal…. nice moves.
Market was waiting for Fly to capitulate?
Check!