Well, that was fast, wasn’t it? I didn’t think we’d retest the lows immediately. I figured it would take a week or two. Listen, while France CDS are blowing out and SocGen is imploding, you cannot buy stocks. This is a worst case scenario, one that crushes investor sentiment, grinds it into dust and throws it into a fan pointed towards the ocean.
Having said that, I haven’t sold anything either. I am in a holding pattern, with more than 30% cash. I’ve had the same positions since last week Friday and have no plans to make adjustments.
When the dust settles and the black smoke dissipates, I will be buying refiners in size, namely HFC, DK and more WNR.
For now, I’m watching the shit storm, in amazement, and waiting for an opportunity to dollar cost average into some of my under water positions.
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thougt you were less than 5% cash?
That’s for my personal acct. I am mostly long GSVC and WNR there. For managed, it is 30%. Read the post again and you will see.
WNR and GSVC standing strong in a burlap tape. Taste the rainbow
I am trading my convictions. I am absolutely convinced that I have no idea WHAT this squirrely market is going to do next, so I remain in cash. I wish the best to anyone who has whatever it takes to trade this psycho market.
My small lotto tix bet paid off. BORN common is up 11% from my purchase and options are up 100%, overnight. Holding for now.
100%? Well done. When will you sell?
Not sure yet. We might get some decent tailwinds from the overall market. If the market tanks, I’m out. I have little faith in Chinese ADRs but they can act like the end of a whip on broad based global buying.
I spoke with Chuck Bennett this AM and he told me the bottom is in for some of the chip equipment companies.
For those who are interested in Chuck Bennett bottoms his private number is 212-228-1409.
OOPS.
Sorry.
That was the number for Ben’s Deli in the East Village.
Apparently that was Saul the waiter I spoke with this AM.
At least the pastrami sandwich they delivered was pretty good.
@Trader – there are risks everywhere not just in this market…I got lucky again, there was shooting at my former golf club this week!
http://www.nj.com/news/index.ssf/2011/08/somerset_county_prosecutor_ide.html
I left last year because the conditions of the golf course went to shit…I guess I’m not the only one that wasn’t happy.
TC,
Walked 36 at Old Head,Waterville,Tralee, and Ballybunion over the last 4 days.
A bit of good new.. The Guinness count is in the triple digits.
Never been to Ireland. Hopefully the weather was decent for you.
Is Pinehurst No.2 in good summer shape?
Plus I bet all of your stimpmeter readings were wrong.
The Estate will probably sue the Golf Club for Pesticide inhalation.
I love your creative way of reporting on what’s happening in the markets, Fly.
” Listen, while France CDS are blowing out and SocGen is imploding, you cannot buy stocks. This is a worst case scenario, one that crushes investors sentiment, grinds it into dust and throws it into a fan pointed towards the ocean.” Great stuff.
When you get old and retire from trading, you should write some books. They’d sell a lot of copies and entertain people a lot. Maybe someone would make a movie out of some of them.
Fans pointed toward the ocean… Honestly, how do you come up with this shit?!
Meanwhile, you know squadoosh about what you are writing not to mention that of Fly.
I like that word: squadoosh
Who do you think Gordon Gekko was based on?
‘When I get a hold of the son of a bitch who leaked this, I’m gonna tear his eyeballs out and I’m gonna suck his fucking skull. ‘
Has a familiar tone to it, doesnt it?
any ideas why GSVC popped 25% yesterday?
me 2.
more buyers than sellers
fucking brilliant!!!!
Heh-heh.
Because I told everyone on my show to buy it in size!
Sitting and waiting. 65% cash with some $TZA. My bullish heart is broken. I don’t think the bottom is here despite bot buying and bulls looking (praying) for a bottom.
Is S&P going to yell fire in a crowded theater again? If they wanted to, they could H-bomb the EUROs here by downgrading the Frenchies.
SnP can’t as they want to expand into EU.
S&P did it just for fun. At least I found it entertaining
About 45% cash here, down from 55% before the beginning of our slide.
When a stock hits my target price I start to nibble. Market direction is beyond my control.
Over many years I have found that if I buy right………everything tends to work out over the long pull. Good luck to all, regardless of approach or method.
Is oil holding on the assumption of dollar death or is it beginning to price in WWIII, Middle East edition?
this is a good day. ppt has me in all green, on a shit bloodbath day like today. i’m in awe. and still cant believe it
who gives a shit about oil…..look at the crack spreads available to the refiners..jesus christ…its 35.22..these guys ought to be wearing masks…WNR LONG AND STRONG..up in a down market…maybe the markets are realizing the potential……..
markets trying to hammer out a higher low today
only 3 hours to go which in todays market terms is like years
If It’s 2008 all over again, which company is Lehman? Which is Bear Sterns?
BAC is one of those.
LOL, I see we have 2 people here who either are long BAC or who have their checking accounts there. Don’t worry. When the FDIC takes over a bank, or has another bank take it over, everything keeps functioning as usual, except for Sat. They walk in Fri. evening, and everything is rolling again, under a different bank name, by Monday.
OTOH, if you are long the stock, you’re playing with fire.
i wouldnt own that with devildawgs’ money.on the other hand, a truck load of puts wouldnt be out of the question
lehman, US…bear stern, the rest of the world…but on the brite side we r all in it together so it isnt as bad as it seems. i hope
any ideas on yge?
Sold BLTI today at $3.84 stock is up 38% on earnings report!
Tanks Fly! You gave me that one!
Out LRCX 37.08 and half SMH for 1.5 -2%+ gains.
Going to sell out other half SMH as it climbs.
What he said. Higher lows.
The PPPPTTT said we are oversold. I am going all in with leveregeas.loading some of these Direxions. Fuck you only die once. Scared money does not make money.
hey fly, this feels like a bottom to me. i’m following you into WNR, thanks for the recommend. f*ck europe.
CAUTION: Fly sold my email address to spammers!
Are you fucking nuts? Sold your email address? I wouldn’t know how to do it even if I tried.
why,is the fly “broke”. rofl
Mr Wells,
I can see who is posting here. I’ve warned you once before about fucking with me. Keep it up, see where it gets you.
This is the guy who had the moniker “Monkey playing with my balls…”
Those who have listened to me have profited.
Buy VXX and TZA on any rallies.
This market is free money.
B.W.W.
Moynihan says his entire net-worth is in BAC stock options and that CH 11 is not off the table.
I can’t believe all his eggs are in the BAC basket.
Interesting that some people use corporate insiders’ behavior to trade stocks. No wonder it doesn’t work any better than a coin flip.
up 4%, go figure