Gentlemen, the squeeze is on. The catalysts that led to this collapse no longer exist. In short, they’ve been eliminated from the equation that is the stock market. As the bears press their bets, the level of pain increases exponentially, as the market spirals higher.
Remember, the very essence of this “dilemma” was very high Italian and Spanish 10 yr yields. The S&P downgrade of American credit was never an issue and it never will be a topic of importance.
As the iBC cognoscenti prepare for their annual summit in NYC, “The Fly” is ripping towards his annual highs. As you read this, I am +1.57% today, pushing my gains to 8.6% for the year. Just prior to collapse, I was +16%; watch me get there in no time at all—fuckface.
As for my bearish colleagues, DO NOT fuck with me today, as my arms feel as if they are made from cocaine, involuntarily punching plebs in the face without provocation. You were foolish for pressing your bets and will now roast in your own private hell for fucking with the ruling elite.
In short, get drunk; buy stocks again.
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Bring in the sheep.
Where’s that freaking devildog.
Hey Dog, what the fuck happened to your fibinancci points, dude? Wasn’t fibbo telling you the market was going to crash yesterday and go into Dante’s inerno?
You idiot.
possibly the dumbest thing he did was short gold to buy more DZZ. Gold is just starting to go into it’s parabolic phase. Sure that means it may crash at some point, but in it’s parabolic phase it could double or triple first. He buys 3x etfs like an faztarded idiot and has no concept of risk management. He is truly a devildog… a starving blood thirsty menace who would consume the fucking earth if he could even if that means taking himself down with it.
People who trade off of fib lines are lazy, stupid, and if they’re not yet broke, lucky.
I find fibs a useful tool.
You don’t?
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Yeah Baby Yeah!!!!!!!!!!!!!!
this tape blows…..going home to cut the grass!!
Look for bear rumors to start this afternoon…I imagine another downgrade scare somewhere.
LOL
yeah maybe Lutonia !!!
Hey Fly,
Great Job navigating through this!
Do you think we have already seen the S&P 500 highs of the year?
Thanks!
I dunno, I closed my bullish options stuff on AAPL and PCLN today and am more interested in getting cautiously short GOOG at least for a day.
Sounds like a promise that all bears and bearettes are about to be Flyfucked.
While gold is an interesting tell, I find the bond market as the better tell…would have liked to see bonds selloff more today.
The rally in bonds means money is still shifting in and away from stocks.
maybe jsut a hedge into the weekend. seem to remember that happening earlier in the year. It was like up Fri, down Monday.
I now have a significant amount of Devildog’s coin in my pocket, I guess that makes him my bitch! I suspect he’ll slither back to his cardboard box under the freeway overpass. Soon I’ll be buying his margin calls…
Bears are scared shit.
would you add today or wait till Monday
Currently short and nervous. Barring a huge kick to the testicles move up I will hold over the weekend.
Excuse me? We went from +6% to -6% YTD returns in two weeks and the bears are scared???
What recession? Obama’s got this bitch
Yes he is doing a fantastic job managing the crisis, ’bout time he took a vacation, he must be tired from being all presidential and of course the fund raising!
Market does not look like a great follow up day to me.
Banks have been fading all day.
NVDA gave up it’s gains quicker than the New york Mets on a hot Sept. day.
The chips suck.
Some clown from Jeffiries upgrades HPQ based on the fact that it can’t get worse.
The last time consumer confidence was this low was in the year C. C. Sabathia (probably as big as a bowling ball, too) was born.
And I am still hungry after eating for lunch the leftover cheese grits and shrimp (low country style) and the refrig is empty.
Then it’s time to go down to the Publix and reload. Right?
Six plus weeks of Media saturated stories of imaginary gloom/doom – no wonder consumer confidence went poof
…which means you can purchase goods and feel bad at the same time…..
Thoughts on GLD from here. Flat? Down? And heaven forbid: Up??? I’ve taken a particular interest in GLL as of recently.
Never, ever, ever, ever short a bull market.
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France investigating SocGen rumors. I smell burning bear pelts. Or is that the smell of burning DDog fur?
Hey Fly,
I think part of this bounce is coming from Romney and or Perry leading in the polls. As the dust is now starting to settle we are hearing a clear coherent message about the economy from 2 very elect-able candidates. I think that has some kind of value to investors who are shitting ding-dongs that we could have 4 more years of Carter Dark.
looks like you were right, this consolidation is too orderly so far. I will quit on my GOOG short while I am ahead.
“Bears are scared shit.”
Who me scared?
This bear is fearless and growing more confident with each trading day. Still flat and waiting for for a move to 1250.
The financials still look like shit. Don’t really care about the indices so much. This bear is focused on individual names.
The S&P downgrade won’t mean anything until they downgrade the US again this fall when the super committee fails miserably because these idiots are so polarized in their beliefs.
I’ll see ya’ll at DOW 8000!
if you’re not scared, you should be.
LOL, I love idiot politicians around the world. They ban short selling in Greece and Turkey and now they ban shorts in France, Belgium, Italy and Spain. Wonderful, because they need a “scapegoat” to blame. I wonder’s who is next, are they going to ban selling stocks so the buyers have no one to buy from and lock the market for 20 years to and then ban all transactions in the marketplace and freeze all global trade just to ‘see what happens’?
Instead of fixing things they make them worse!
1)A short position is a hedge or a bet against the stock market/
2) Abolishing short selling prevents a short-cover rally
3) eliminates the one person who buys during a panic
4)If a hedger cannot hedge by going short, he simply liquidates and sells even more instead, creating a larger panic.
5) Shorts provide liquidity that is needed to stablize the market
On a positive note, markets like this are a lot more entertaining.and not only are the markets doing standup comedy, but the politicians are joining in.
I hate the perma-shorts with a passion, but even I realize that banning short sales is a stupid policy.
The election year cycle starts in September. Obama will promise free money to all, the Republicans will hammer home the job issue…This bullish period will last until 2012 Q4…
I have identied a pattern to the trading this week that I will share with you cause I don’t think anyone else has spotted it. So monday we were down then up on tuesday, down wednesday, up thursday. So its a sure bet we finish lower today. Wwhat could go wrong?
This is a pretty tepid bounce if “the catalysts that led to this collapse no longer exist.” 1% up today doesn’t exactly smack of conviction after a selloff like that. We’re not even back to Friday’s close yet, and that was a painful day. We’ve still got macro factors weighing all over the place. Really, you want to increase exposure when they’re actively manipulating markets, banning short sales & shit like that? It may be heroic to dive in and buy right now but you could go from hero to zero in a heartbeat. No thanks. Not for this guy. I’d rather be on the sidelines, drinking beer and watching with amusement.
…as my arms feel as if they are made from cocaine…
I’ve never seen one person get so much funny material out of the same subset of hilarious propositions.
It’s almost like you are a jazz comic or something.
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