0bama wants to raise taxes so that we can spend it on bridges and tunnels. Unfortunately, said bridges will likely be MADE IN CHINA. That’s right. This country is so fucked we’re actually outsourcing the production of our bridges to China, because of their slave labor. So what exactly are we doing?
Answer: importing slave labor.
I sold out of the majority of my stocks this afternoon because I genuinely feel we are at the precipice of a crash. The upside moves in TLT and UUP, coupled with the outright liquidations in commodity, tech and financial related names, has me thinking something very ominous is looming. Having said that, I left 30% of my assets long in the event we knee-jerk higher on policy announcements. Make no mistake, policy makers will announce something and soon. They cannot just let the ship sail into the sunset without trying to sink it first.
The reasons for selling was very simple and concise. I was down 4% intra-day and up 4% for the year. I cannot ignore such mathematical coincidences. I took it as a sign from the Gods and left the table a winner. When we do rally, I will be prepared to toss cash into the market like brokers throwing themselves into lit fireplaces tonight.
Everything is collapsing because cash calls reign supreme.
Coming soon: major EPS cuts, French bank rumors, Euro-Libor concerns, Italian 10yr bond concerns, US spending bill impasse, Rumors swirling around US investment banks and custodians, major hedge funds liquidating, and significant downside revisions in US GDP forecasts. The upside? Possible inflationary policy response aka “nothing new or special.”
For me, the choice was simple. My only regret is not selling yesterday.
[youtube:http://www.youtube.com/watch?v=WDUhTGXjEuk 603 500] If you enjoy the content at iBankCoin, please follow us on Twitter
The Fly is God.
No regrets. No looking back. Live to fight another day.
FLY, your video was actually inspiring that this country can and will muster through just about anything (barring nuclear fallout, bird fly/viral zombies)…maybe even N0bama, Barney, Benster and friends.
policy makers will announce what? Operation twist just came out… and we loved it.
Operation suck my balls.
all the upvotes ^
I hope you are wrong. I haven’t sold yet.
I wonder how high treasuries will get before people realize a second recession will jacknife the U.S. budget and cause us to hit the debt ceiling again?
200
Cool, I look forward to watching you do the $200 roll.
…and my daughter’s 2 year molars have yet to erupt.
I have been wondering about your daughter’s 2 year molars…thanks for the update…oy
Hey Little US Dollar, do you want to hit the Clam on the head again with his own Spine? My arm is getting sore doing it. The Nymph and the US Dollar, we are such a good team..
Hope you check back on this….
Ok, over night we saw a huge leap in U.S. $
BUT,
slowly it retreated from overnight highs
AND
the markets got worse…the dollar got smaller, Pull up the DXY
(I’m trading us/cad)<—oil fell …CAD takes back some ground <–contrary
makes me think we could be just seeing another "spoiled rich brat" sell-off spitting in BB's beard
Fly site was down last night for me. BoE makes monthly payment next week so expect Eur/USD attempt rally.
If you finished the year up 4%, and the market continues its ways, your clients will give you extra large fruitcakes filled with gold bricks as X-Mas gifts.
Sadly, by that time, gold will be trading at $50 an ounce.
But it will be a nice gesture, nonetheless…
Perhaps the fruitcakes will be worth more than the gold.
What the fuck is this?
We’re paying the Chinese to build US bridges with US tax dollars?
You gotta be fucking kidding me.
That Bush-Obama link is fucked up…
YES. WE NEED INFRASTRUCTURE MONEY SO WE CAN HIRE CHINESE TO MAKE BRIDGES FOR US.
I hope you can swim.
you spelled 0bama wrong.
Great video. In good times and bad, America has been insanely beautiful.
The Fly is a loser! Today anyway. Pikers!
You’re insane, Piker. Get lost, Troll.
No. I’m a regular here. And the Fly isn’t God as you keep proclaiming him to be. Fly how’d you make out on that MU buy? Rhetorical question.
Regular no more, BANNED
no one is more of a regular here than “the zombie”.
something very obvious already happened, boss
which don’t mean something very ominous part deux can’t happen
but if one is riding shit down, one must shit and get off the pot, lest he blow chunks at the most inopportune time
Today’s canary in the coal mine: FCX
tck and fcx … and copper, are still at or above 2010 summer levels. the raw power of the move down here is frightening, however.
So … let’s recap shall we ?
.
I SOLD ~ 45% of my TYP position … TAKING partial PROFITS on my “SHORT” (~ +6% profit) !
.
—
I am NOW Currently :
~ 50% SHORT (via TYP avg. 21.50ish)
~ 50% CASH
—
I will continue to HOLD my remaining TYP “Short” shares for a bit longer !
I will also look to git my “weekend hedge” back on tomorrow !
We shall see !
.
I call BS. Your type cost basis was much higher and u know it.
Actually … my PRECISE avg. share price is $21.49 (ie. “$21.50ish”) !!!
—
Not exactly sure wtf you’re talkin’ about !
Go back and read the posts … they’re all there !
Then … when you get done readin’ em … come back here and apologize to me !
.
Since you are obviously “reading impaired” … I’m gonna make this easy for you !
—
Let’s take a trip down memory lane … shall we …
.
* from Fly’s “Tech Best Bet” blog I posted …
alf44 says:
September 14, 2011 at 10:51 am
So … let’s recap shall we ?
.
This morning I took 80% of my FAS LONG off (~ +3% profit) !
I have added significantly to my existing TYP “SHORT” (ie. averaged DOWN) !
.
Now NET SHORT …with a bit of a LONG “hedge” !
—
I am NOW Currently :
~ 54% SHORT (via TYP avg. $22.60)
~ 10% LONG (via FAS “hedge” avg. $12.19)
~ 36% CASH
—–
We shall see !
.
* from Fly’s “Behold: An In Your Face Rally” blog later that day I posted …
alf44 says:
September 14, 2011 at 2:50 pm
So … let’s recap shall we ?
.
I have added a bit more to my existing TYP “SHORT” (ie. averaged DOWN) !
.
NET SHORT …with a bit of a LONG “hedge” !
—
I am NOW Currently :
~ 60% SHORT (via TYP avg. $22.39)
~ 10% LONG (via FAS “hedge” avg. $12.19)
~ 30% CASH
—–
Actually UP +7% on my remaining FAS “hedge” ! fwiw
We shall see how this plays out !
—
* from Fly’s “Expect Headfakes” blog the next day I posted …
alf44 says:
September 15, 2011 at 11:01 am
.
SOLD my FAS “hedge” (+9% profit)!!! fwiw
.
… moments later … SAME blog I posted …
alf44 says:
September 15, 2011 at 11:04 am
So … let’s recap shall we ?
.
I have now SOLD my FAS “hedge” (+9% profit)
NOW VERY SHORT !!!
—
I am NOW Currently :
~ 80% SHORT (via TYP avg. $22ish)
~ 20% CASH
—–
We shall see !
—
* from Fly’s “Get In The Guillotine” blog Monday … I posted …
alf44 says:
September 20, 2011 at 11:46 am
So … let’s recap shall we ?
.
Today so far … I have added AGAIN (ie. averaged down) to my SHORT !
.
THIS is some bullshit ! IMO
—
I am NOW Currently :
effectively “All In” SHORT (via TYP avg. 21.50ish)
—
Pretty much now out of “bullets” !
I will continue to “hunker down” here and ride this out for a bit longer !
We shall see !
———–
You owe me an apology, douchebag !!!
.
blaa, blaa, blaaaa
F U !!!
.
Control yourself.
The timing doesn’t seem to match up w the cost basis but ok.
Think we’ll see more downside tomorrow?
Reason I’m asking is that if the VIX touches 45.50, I break even for the year, which I’m really hoping for…
You really pulling $ out of the bank, Le Fly?
I think the risks are something like this at the moment:
http://www.businessweek.com/magazine/content/11_18/b4226012481756.htm
Barton Biggs turned bearish today on CNBC. You are in bad company Mr. Fly.
What’s the action like inside your RICK RAWSS account?
Well first.
The bridge information needs some detail. Sections of the SF Bay bridge were built in China only because they have the capabilities at hand. US-based steel companies did not have the capacity for such enormous structures.
It has nothing to do with outsourcing labor.
The same thing goes for public transit/high speed rail. They will all be purchased internationally. Why? Because Americans insist on driving car.
The reason the US is the number one supplier of military weaponry is because its the only industry that Americans are willing to support.
You reap what you sow.
I look forward to riding Chinese rail, then…
And Chinese it will be. Heaven forbid should it be German/French/Japanese.
Cheapo Depot Americans would never want to spend “their” taxes on anything good.
Oh, except useless, 130 million dollar F-35s
Not so useless when they are protecting your ungrateful ass.
And rail is a 19th century anachronism. It’s reasonably useful for transporting goods, but ridiculous for transporting people in any efficient manner in the States.
Fuggin’ libs… sheesh.
______________
“because Americans insist on driving car” is also why we still have an automobile industry here.. America is far to spread out, and suburban life style for high speed rail/train to ever be cost effective. Just ask Amtrak how those profits are coming..
American steel companies cant compete because Chinese steel gets low cost loans, low cost land, low cost energy, and debt forgiveness from the Chinese government. Then with the massive amount of shit they do make they practice what is known as dumping the exports on us.. not to mention our governments refusal to impose tarriffs on that shit. Its US Steel vs China Steel/Government.
We are reaping what our Government sows
Get off your commie bandwagon!
If I lived in San Francisco and had to commute over that thing often I wouldn’t be too happy. The middle is probably hollow or filled with rice and the concrete slowly releases poison gases when hot (sort of like their plastic found in flatscreens).
and yet, still NAT GAS could save america.
look at the news today on CLNE.
http://www.youtube.com/watch_popup?v=oXvJ8UquYoo&vq=large
There will be an announcement out of Europe re their banks tomorrow AM.
I know this because I bought a little EWG (Germany etf) and then put in an AH Limit Sell order 1.5% above the closing price.
I took a snooze and then heard a “bing.”
It was sold.
Insiders know something.
tc,what’s your hunch?
Thanks for the notice.
Doug Kass will be calling a bottom every day until we actually bottom.
is there a hidden meaning in why “the fly” used a “0” (zero) instead of an “O” when spelling 0bama?
interesting people want to know.
He thinks highly of 0bama- POTUS 0.
Also, 0hi0, apparently.
He must have been sideswiped by a buggy driven by Mennonites in 0hi0 once.
ZERO is what he has done for us. In fact, if this type of job growth continues to be negative, people might even start holding up “bring back bush” signs, when things only “kind of” sucked as opposed to complete and utter misery.
We can have the Chinese work for half price, give EBT cards to Americans to do nothing and come out ahead.
Nice video and depression style music.
The Flatiron building area in Manhattan looks the same except now there is a Whole Foods nearby.
My only regret is not selling Tuesday when I was up.. I liquidated yesterday though.
Okay, so dollars are more valuable, right? That means the US can purchase even more stuff overseas, and being that is a very large part of the US’s business plan, you would think in the long run, that will allow companies to borrow for cheaper, and get more from what they borrow, and convert it into income. that by that time, probably will be more dollars, as by that time they are probably able to adjust prices upwards due to inflation. For long term value Buffett type investors, this has to look bullish, right? I mean, they are licking their chops waiting for people to go “dollar is worth more therefore stocks should be cheaper, and price them drastically lower so they can step in, right?
can you link the source on china building bridges stuff?
its in blog article
http://www.nytimes.com/2011/06/26/business/global/26bridge.html?_r=1&pagewanted=all
“Pan Zhongwang, a 55-year-old steel polisher, is a typical Zhenhua worker. He arrives at 7 a.m. and leaves at 11 p.m., often working seven days a week. He lives in a company dorm and earns about $12 a day.”
Here’s our target for the American worker if we want to compete.
why do you thinks whats going down,is going down. as the “old” saying goes, as goes GM,so goes the country. the writing has been on the shithouse walls for decades.to bad the walls are coming down. and the debris is mounting everywhere
I will be prepared to toss cash into the market like brokers throwing themselves into lit fireplaces tonight.You forgot add “after they have poured gasoline on themselves”
yeah i just realized that… this isn’t anything new, nor does obama deal with this kinda stuff… america has obtained it’s steel products and other shit like that from outsourced labor for a long time…and obama doesn’t deal with this kinda stuff, rather he is the president, worrying about much larger headlines…
that said, those who would argue for MORE regulation (like the friend i am texting with now) in order to force corporations hand, are treating the EFFECT rather than the CAUSE. we have to realize WHY corporations outsource labor, and that is because it’s so expensive thanks to too much government regulation. if government regulation leaves the equation, labor in america becmoes much more competitive and corps have no incentive to oursource. more regulation will just end up with a huge complex maze of rules that corps attempt to figure out and cheat there way through. less regulation ftw.
And long the lines of a Depression here is a video called Depression Cooking with Clara.
She shows you how to make pasta with peas.
http://youtu.be/DuMkW35BwK8
the old lady does that ,she says it’s her “sicilian dish”. i dont like my peas with pasta.it’s nasty
LOL
Thanks, I needed that!
I’ve seen her before. She cuts things the same way Grandma used to. It must be a Depression Era thing. Use your thumb as a cutting board, then you only have to wash your hands and save the soap and hot water you would have used to wash the cutting board.
Love how Republicans repeat taking points about free trade and open markets but when it gets executed they bitch about shit not being made in America… Which is it?
There is NO free trade with China as long as they have their currency pegged to the US Dollar. Anyone who says otherwise is a liar. Just to be clear, there are a lot of Free Trade Liars in this country.
for “great depression music” that was pretty snappy. It sounds like this depression stuff is right down my alley, cute girls, dancing, drinks, bright lights, what’s to not like…
peanut butter sandwiches and spam for dinner every night….
it peanut butter, jelly TIME!http://www.youtube.com/watch?v=Z3ZAGBL6UBA
jimmy carter called obama today and thanked him.
Hahaha …. Good one Victor Kiam
Chess is doing video requests
http://ibankcoin.com/chessnwine/2011/09/22/open-thread-video-chart-requests/
There is so much fear around it feels like a time to buy.
The DAX is down 30% in 2 months.
I don’t see them rioting in the streets or making a run on their banks for cash.
Only traders know how to panic.
The buying opportunity of a lifetime will be here by Tuesday.
And BTW, the Qs are UP 8% from where they were six weeks ago…no panic.
Not even close. We’re hardly down.
The afterhours gains/losses in $TNA/$TZA are slowly evaporating. I hope I get a bit of sleep tonight before the open tomorrow. Wait… WHo needs sleep.
FLY – Hows your personal account doing? The one that you took from $100k to $1MM.
I want to take my account from 100,000 to 1,000,000 !!!
America, back when men were men, women were straight and chrome was thick…
excellent…
Pipers till the end….We trade on
G20 coming around to support banks and future up close to 90+ points. Are we going to see relief rally !! I did not sell anything and am afraid if i sell now will miss upturn.
All hail china you dumb ass Americans you are our bitches now we own everything.
God bless free trade