Well, I told you I wouldn’t get caught flat footed again. But this time around, it wasn’t instinct that saved me, but the stock Gods. I am completely out of the loop now, here on an undisclosed island in the caribbean. Due to the implosion of DECK yesterday, I opted to go to 50% cash and throw on a TZA hedge, by way of stock and Sept 47 calls, +75% today. However, I am not unscathed here, but the damage is contained.
Why are we crashing again? European banks? PFFFFFFFFFFFFFFF. I think Scott said it best, a whole pastiche of things is contributing to a crisis of confidence. As far as Italian and Spanish debt is concerned, yields jumped less than 0.75% today. However, for the love of hypodermic needles, they are both yielding less than 5%, hardly a crisis there.
This is what I am doing. I am going to sell my TZA and scout longs. I might not buy them today, due to the possibility we close at the lows. But this panic is oversubscribed and my robots say it’s time to get in.
For the record, The PPT flagged OVERBOUGHT on 8/15. How’s that for timing?
Indeud.
UPDATE: I sold out of TZA and calls, +80% one day gain.
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BAM…
Speaking of “crash course,” I can’t believe you and Jeremy let Romney jump the gun on these things…
We should be hocking them with the iBC logo.
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Wow, that’s awesome.
Taxpayers are footing the bill for much of the “tango” bus’s multimillion-dollar travel and entourage costs. Hell of a bill considering only half of the Nation pays taxes. Perhaps Uncle Warren should of graciously paid for the big black bus ………………
Putting up with another 15-months of this crap is gonna be treacherous. Right and left in their efforts to consolidate more power and take greater control, they’re hitting the accelerator as they drive the country off the cliff, throwing fucking tea bags out the windows.
Engulfing government as a whole: Busted Flat Tour, Downgrade One, Titanic on Wheels, America Under the Bus Tour, Blunderbuss, Sneak-a-Smoke Bus.
Its unfortunate the blood spills during your vacation
Not when he’s 50% cash and bought TZA call’s yesterday… well played Senor Fly.
Time to “buy the blood”!
I’ve always liked the word pastiche. Very under appreciated.
Going long pastiche here
Usually we are talking “a pastiche” of something.
“Blood and internal viscera” for example.
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lol @jake
Fly- Great call yesterday! Especially on your tza hedge calls. Are we going back to test the 2009 lows? If so, is it time to load up on TZA, VXX, FXP, SKF and the like? China looks to lose bad here, what do you think?
More WNR under $15.50
More VHC under $19
More CVM at $.40 (don’t ask)
Screw the market, with bond yields under 2% you should be out there slamming mortgages, Mitch n’ Murray style.
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Making them sign on the line which is DOTTED!
I thought I was the only dumbass who keeps nibbling at that piece of shit CVM.
Ha ha – Hat Tip Henry Fool. My cost avg is still ~ $0.75…
Amen. I checked his blog the other day. Finally went tits up, it would appear. Guy was full of shit, yet I am still married to this fucking CVM.
Very well played, indeed.
Euro banks yes but Philly Fed took a spear through the face which didnt help either.
dont think it is the european issue. i think it is stocks like NTAP, ANF, IBM, and other high P/E growth stocks being decimated by 16-30% after ER. Big boys are unwinding the leverage from QE2 right now.
There is definitely some unwinding being done.
Fly Honey. Tell your readers the truth. It was Jean Paul, the owner of that fish taco truck, who told you to buy that TZA thing. By the way, can we eat dinner at a place tonight that doesn’t have a steering wheel and a transmission?
TZA options are thin and spread is wide. Should it be a concern?
Go ahead and buy WNR. It shall knife lower.
WNR may or may not be a “loser” but I know for sure it is not a “looser.”
I am sure it is fastened, restrained, or contained.
I do however sense a ban in 10,9,8,7,6….
Unless of course you are Romanian and have difficulty with the English language.
romanian? like the lettuce?
@TraderCaddy- Off topic but Tiger Woods My Swing App for iPhone is pretty sweet.
Slightly less off topic, my and awful trading career (-8K in 11 months) looks to be coming to an end. Wife and I are looking at (house below) a home this evening.
http://www.zillow.com/homedetails/42-Wallflower-Dr-Rexford-NY-12148/66524181_zpid/
Opinions welcome…
Never realized how close Schenectady (sp?) was to Albany, not to mention Williamstown and Amherst, both of which you are north of.
I think you should be able to get that thing for under $100 a square foot, fwiw. Check how old it is, too… some of those newer houses only have a shelf life of about 25 years, and then you might as well bulldoze them as repair ’em.
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What he (Jake) said about the price.
The listing said it was built in 2004 so you are probably in the middle of the useful life of the asphalt shingle (25 or 30 year shingles?) roof. They never come close to lasting like they should.
I would only tell you to be sure to in addition to the mortgage qual clause make sure there is an inspection clause with a $ amount to be paid by seller (they will want a cap).
I assume these are standard contract clauses contained in the realtor forms up there.
Just hire a super inspector with attention to roof ,A/C and heat, plumbing, electrical (including the panels to be sure they are not that Chinese crap like Pacific), vinyl siding (look very close for rot), etc. Be there for the inspection.
Other than that I have no idea about values for homes up North.
Thanks guys.
If that was Calgary it would be about $500-600k.
Grow some DECK 😀
I’m baaack! Now bend over.