Today’s rally is being sold by fearful men. As always, the news is bad, so the selling is warranted. I sold out of my SWKS and bought a starter in AMCC. I am barely up and sense the market wants to sell off. However, I am cognizant of market headfakes and how easy it is to be shaken out of a rally.
Over the past week or so, the market has recovered, despite the jarring volatility. It is my belief, eventually, the S&P touches down below 1,000. Knowing that, I don’t have confidence in any rally, for any prolonged period of time. On the other hand, there are many weak shorts in this tape now, just like we had weak longs in July. I would not be surprised if we gave back all of today’s gains or soared 150 from here. The market is in beast mode and nothing can stop it from crushing people.
I am still holding TLT and have 30% in cash. I may sell TLT today, or leave it just in case people get scared again. TLT is today’s tell for market direction.
In short, your eyes may deceive you into believing something is there, when in fact, there is nothing at all.
Go eat a sandwich.
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THX
It’s best to do nothing, in my opinion.
Walk away.
Since you’re taking orders, I’ll have a reuben with extra dressing. That should be easier to swallow than this market. Whew.
the quick day trade fade off the open was easy money
but now.. i agree.. there is not much edge here.. it may be a waiting game for a while
and btw.. there is no shame in day trading this market.. their are 3 weeks moves taking 40 minutes now.. im taking profits quickly bc of the big vol
Since you are aggressive in Technology, have you ever considered getting call options in TYH?
why do you feel you are able to give Fly financial advice?
Why do you feel that you must talk on Fly´s behalf?
Why don’t you say something useful.
This is something like the 3rd or 4th day AMAT received an upgrade.
Must be the top right here.
Don’t mess with Silver. Hi Yo Silver!
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SOLD my FAS “hedge” (+9% profit)!!! fwiw
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So … let’s recap shall we ?
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I have now SOLD my FAS “hedge” (+9% profit)
NOW VERY SHORT !!!
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I am NOW Currently :
~ 80% SHORT (via TYP avg. $22ish)
~ 20% CASH
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We shall see !
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I !
H ! E ! A ! R ! D !
Y ! O ! U !
T ! H ! E !
1 ! S ! T
T ! I ! M ! E !
!
!
!
fly the silver trade is starting to work..
how are you playing it?
Go long here… 38.2% fib ($39.50). I’ll post the charts later.
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No worries I just went long 10 billion swiss francs and a few billions fazmobiles for good measure
you can get .65 ofr the zsl 11 puts for next friday on the weeklys
im going to sell some of those
Wise.
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semis look tired
The news behind the headlines:
Market rallies after Merkel has an orgasm from the vibrator she received as a gift from Sarkozy and Papandreou.
What? It takes two ministers to provide one vibrator. Small wonder all of the EU is fucked up.
I heard the size of that vibrator is XXXL …
Big props to Alf for putting himself out there. He’s a total dick, but has a method to his madness. I’ve seen much worse.
Thanks … I think !?!
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The only sandwiches I am serving are knuckle.
are you serving up pig knuckles ???
they are ripping my shorts into pieces (for now at least)
When does Kweku Adoboli get his own tab at iBC?
He’ll probably have plenty of time to post for the next 10 to 20 years.
Kweku Adoboli worked at the bank’s headquarters in the very heart of London’s finance district and according to the Financial Services Authority joined UBS in 2006 as a trainee investment advisor.
From trainee advisor to “able to lose the bank $2b before he gets caught” in five years.
Nice going, UBS. Watch my cousin get fired now.
And check this shit out…
He graduated from the University of Nottingham in 2003 with a degree in E-commerce and digital business, the university said.
Obviously, he was stealing from the rich to give to the poor, but that’s really not a good enough excuse.
Especially since “the poor” was his extended family back in Ghana.
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Hope your cousin is safe.
That Hedgeye guy, had a funny comment this morning, tho:
“Bye, bye, UBS bonus pool…”
Tho I am 100% certain that the layer of “management” responsible for establishing and enforcing the rules that should have made this impossible will receive 100% of the possible bonus outlined in their contracts.
Lol, “a degree in E-commerce and digital business.”
Next free weekend I got, I gotta gets me one uh doze.
the smh just ran 10% and is having trouble at the 50 day..
Sir Fly,
Does not the Euroglider action of today theoretically take risk off the table for the time being?
Are the metals our tell?
thanks from a fledgling pleb
No, but the dollar is.
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We have to order delivery here in Angola. Sandwich sounds very appealing at the moment. I enjoy Louisiana cuisine having been reared therein. Anti pasta with melted cheese and oil and vinegar over turkey heated to appropriate temperatures would appeal delightfully. I find a good lunch recommendation equaling thrilling as a good stock pick b/c to those with money, our time is more valuable than the green paper.
Thanks for the reminder not to let you order for me.
“I see urinal shadows.”
while I was paying attention to the shadow, I am pissing all over my alligator boots …
“It is my belief, eventually, the S&P touches down below 1,000. Knowing that, I don’t have confidence in any rally, for any prolonged period of time”
That’s where I’m at too. The reward for trying to catch some countertrend rally seems pretty minimal compared to positioning for the big whoosh down.
I do not approve of your sale of TLT
“Beast”