This is a coordinated bear raid on world indices. Do not be hoodwinked into believing there is much substance behind the fear mongering. It should come as no surprise to see most leaders on vacation now, whilst this is happening. The timing of this raid is sublime.
According to a recent Morgan Stanley report, refiners are pricing in a 2008 style recession plus sub $15 cracks. This is absurd. By no means are we heading back into a 2008 style recession. Moreover, 321 cracks are north of $35 now, new 52 week highs.
You want to know what I am doing about it?
I just doubled the size of my WNR position, in order to reduce my cost and put my money where my mouth is. Granted, the market is fucked up and people are scared shitless over these bank rumors. However, should these rumors get stomped out, all of the refiners will curry the favor of large institutional interest. Look at Tepper’s Appaloosa fund. Not only did he just take a stake in WNR, but CVI and VLO are amongst his largest holdings.
With regards to WNR: they hedged a bit to pay down debt. They’ve paid down more than $400 mill in debt since 2008 and intend on deleveraging some more by December. Furthermore, they have several hundred million dollars in assets for sale, which will help paying down debt. Bottom line: they are a cash generating machine now, having 100% exposure to super cheap WTI crude, benefitting from the Brent-WTI divergence (Brent now trades at a 29% premium to WTI).
In my opinion, one way or another, she trades up to $25, ARGGGGGG (pirate voice).
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Doubled the size of your WNR position? That is one big cock, Fly!
That’s why he’s the Fly and we’re not.
Just checked the Bloomberg glossary of financial terms and noted the newest listing is “Flycock. Nice job bear….
I bought LNKD 2,000 shares…That’s balls!
Betting on job market while the US economy is hardly growing and the recession fears are highest? Ballzy, indeud!
That’s crazy balls!
is that the amount of shares you bought or the P/E ratio of the company?
you bought it running right into the 50d when volume is running 40% below avg. balls, yes. brains, no.
g/l though.
i’d get a boner if they started paying a divy. and besides,if a cat like tepper is buying big blocks all the sudden, then he must know something you dont.
Oorah, Sir Fly!
WNR pricing is a glitch in the Matrix. EMH, anyone?
FTK and WNR run neck to neck – just saying – check the charts. Why does Matt Lauerer make 17 mill peer year – can anyone explain that?
Re; Matt Lauererererer In a word ……….no.
With all due respect Fly, if you’ve doubled up on you WNR position, how many inches is that!
20% of assets
da Fleas balls schwing low
Where does that leave your cash position at? 15%?
SD looks good to go up to $9.00 at least!
5000 shares at 7.42
1987 is back!
bring your almanac biff, there’s an alternate reality created where this is 2008 or 1929
What in the fuckin cock is this shit!
I can’t believe you are doing this Master Fly.
Concur on WNR on a strictly technical basis.
http://cgi.ebay.com/Dow-Jones-10-000-Cap-/250871495960?pt=US_Hats&hash=item3a691b3d18#ht_500wt_1114
Buy yours now………
>>(Brent now trades at a 29% premium to WTI)<<
How long do you think that will last if Europe heads into a major recession?
Uncanny
Things are unfolding as I speculated in my last blog post in PG. I had entered a short position in 3x bull mid cap etf $MWJ yesterday into the close and as commented here. I am not going to get swayed even if there is an upswing towards the close. I will hold till Friday. New blog post coming soon.
Looking forward to it, good call yesterday.
Looking for a lift just before labor day after B.B. provides tangible QE @ Jackson Hole.
Gold/Silver/Cash waiting to pounce. Looking to short TLT and grab SPY calls at the right time.
Interested in higher dividend blue chips.
i just heard if u buy a new toaster, u get a bank?
Ahhh … so CNBC trots out Robert Prechter !
Nice !
What a bunch of clowns !
.
So I turn on CNBC for the first time today and Prechter is on calling for Dow 99
What a bunch of fucking clowns
LOL
.
^^^^
read my fucking mind
Is that Robert Prechter on CNBC?
Sure looks like him. I can’t tell because I have the sound down and I am watching baseball on MLBHDtv.
Last time Prechter was correct was in 1987.
LOL!!!
Elliot Wave horseshit can’t account for news and psychology. Market action is a mixture of headline news, psychology and technical analysis.
EW can’t but OEW does …
You are missing the point. Wave and cycles theories are nothing more than a reflection and sometimes an extrapolation of psychology and headline news. If this is horseshit, moving averages are also horse shit. The reason why technical analysis and chart patterns are not booed down is because they are more widely followed and easier to understand. Why is it that magical events happen everytime a major index has a rendezvous with the 200 DMA and that is generally accepted fact, while wave analysis is voodoo?
When you move to an outlier range like this and you’re invested long, you get your balls cut off. Up 20% YTD one week, negative 10% the next. It doesn’t happen often, statiscally speaking, but when it does, it hurts.
It would be exceptional if the DOW gapped up like 1100 points tomorrow just to fuck over the global doom vigilantes
WNR up in a down market…here we go
What is this? A whole flock of black swans? I thought those fuckers were supposed to be rare? This shit has been going on so long that I am getting used to it.
nice. I am stealing that line
WNR is a looser. Single digits around the corner. Then, and only then, I buy.
Uh oh.
He said “looser.”
Here comes a ban in 10,9,8,7,6,5,4,…
why would u state that? give explanation..
The other day somebody wrote “looser” instead of “loser” and as I recall Fly told that person to bring his “A” game which includes proper English.
That person was banned.
I guess it is understandable if Mr. Suck My WNR is from Kurdistan.
Based on what Mr. Suck wrote WNR is not fastened, restrained, or contained.
tradercaddy, wasnt commenting on u, just wanted to know why someone would post a statement on wnr w/out an explanation,
banned
Suck it yourself you autofellator ….
Come on Little US Dollar, I have a Spine in my hands to beat down anyone that attempts to attack you…ignore the good trade data tomorrow, it was ordering back at the end of May…look at how the Australian Employment data will suck tonight.
Nymph, you talk inexorably about your ‘little dollar’. Yet I don’t know what you do with it or about it. Do you trade the little dollar or just study it. Please tell me Little US Dollar is not merely an erotic pet phrase of your own invention. In any event, you must be, or are you, anticipating a dollar rise.
long DRR, SMN, FXP, FAZ, VXX, AUY and Givn. Give me the direction of the dollar and I can tell you how everything will trade.
Minerva, my pet owl, tells me it is time to make selective moves in Flycock mode i.e. large aggressive longs.
Fly
Hedge yourself with some TZA dude.
The fear is legit. I can’t believe you can’t see it.
Protect yourself.
Closing my VXX and TZA calls.
If market rallies tomorrow, will reload on these.
Sell the rallies do not get sucked into these rallies.
Dylan Ratigan is the voice of reason these days .
Fly beautiful call on GSVC.
B.W.W.
FLY IS GODFLY IS DOG (DEVILDOG)Steve Grasso has been spot on with his intraday SPX resistance / support levels, his prescient insights shared with the peasantry via twiiter. (@grassosteve). Banked coin today trading the boundaries.
Very Handsome tape indueed ! Handsome like a retarded cross eyed clown sporting a handle bar mustache and dressed in leotards.
I saw that once on Bozo The Clown on WGN when they were playing the “Magic Bucket” game.
aw dude,the bucket game. schwwinn 5 speed stick shift bucket #6
Yeah.
That’s the one.
I may be showing my age but I remember when it was in black and white.
This kid threw the ping pong ball and missed the bucket.
The kid said “Shit.”
Bozo said: “That is a Bozo No No.”
The kid says: “Cram it Clown.”
That was before the y had the dump button for live TV.
Somebody give me odds on equities and the dollar moving lower, much lower. Once confidence is lost, everybody loses, even goldbugs. Rome was based on gold and silver.
Mortgage the house! Triple bottom support. Buy fucking buy!