Once again, VXX is taking me to the woodshed, now down nearly 15% of my basis. I am cutting losses on it today. If the market tops today and VXX soars 50% from here, I will tip my hat to those who bought my liquidation. A line in the sand needs to be established in order to restore order. With regards to TZA: it’s a much smaller position and I am willing to let it sink deeper before I cut losses there too.
Little did I know, amidst all of the insolvency and bank fuckery, the world was on the verge of entering a new Gilded Era. This is splendid, as I will be in London during November to celebrate this achievement.
If only for a moment, take your shades off and you will see people of substance drinking from golden chalices, eating beluga, chatting amongst themselves while listening to Bach. The Occupy Wall Street crowd are just mad because they are not “rich as fuck.” Because if they were, as logic dictates, they wouldn’t be smelling up NYC.
All that aside, I was forced to join the club today, buying size in OPEN and RFMD to minimize my idiocy through VXX. For the day, I am up, mostly thanks to PWRD and WNR. However, I could have made so much more money over the past few days had I kept my original positions. I made a choice to avoid the envelop altogether in favor of stability and profitability.
For the year, my gains stand at 15%, just 1% off my all-time highs.
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You must wake up in the middle of the night in a cold sweat and scream VXX.
The VXX starts to “suck worse” as a hedge if VX futures slip back into contango.
In fact there’s an easy way to watch whether the suckitude in short term options will continue– keep an eye on XVIX.
That ETN is a 2x Long in VXZ and 1x short in VXX. If we go to contango, this etn will start to trend up. It’s a shame it’s not that liquid.
I changed my mind. I will sell VXX tomorrow.
Sleep on it…good thinking
You may change your mind again.
If Europe is suddenly a happy story and China is dream-on again, then it must be solar burrito time, maybe even for the respectable ones like fslr. No sector was kicked down the steps further than this bunch.
I sold 20% of my CLF position for an 18% profit! Materials are having a great day!
Perhaps some SMN will be in order shortly.
Shorted NEM 63.84, SMH 29.91
Daytrades
VXX could drop another 10% overnight. Just sayin’…
I take it back, it looks like its at pretty good support.
I’d wait on OPEN until it hits $30, which it will probably do after earnings.
I remember when you said you were going to hold onto that name forever…I bet you’re glad you rethought that idea?
RFMD looks ok
“forever” is comprised of a week, maybe two at the most.
So glad I no longer trade stocks. Best decision ever.
Don’t worry, the full moon will end after tonight and the lunacy that goes with it will end.
Covered NEM 63.25 for 1% gain, holding SMH short a little longer.
Panic buying is yet to come.
Right now the under-performing fund managers are buying and the out-performing ones are watching.
And no one thinks the market will get through 1250, so we will pause there and let the shorts re-short.
Then we’ll burst higher and the real panic buying starts as everyone has to buy in order not to be left behind…I can’t wait!
I’d hold short till 2:00 when the Fed tells everyone it’s not all Beluga & Dom yet
Deflation is coming, courtesy of the Bank of International Settlements —
http://online.wsj.com/article/SB10001424052970204450804576623152130810600.html
This will offset the continued dilution.slow mtion crash of the US dollar.
This market is going to be extremely volatile for some time, like a yo-yo.
Aren’t long straddles (options) the safest bet, because of this?
this is truly a momentous rally.
I took this video of Trading Nymph out on a nice bike ride thinking about the fall of China:
http://www.youtube.com/watch?v=S2oymHHyV1M&feature=player_embedded
Italian yields are creeping higher.
I love the Neil Hennesy Quote: “The corporations are in control. The politicians just don’t know it yet.”
Going to hold my SMH short through the minutes.
Working off the NEM short $$.
It appears I will be going down with the ship.
Sitting here doing lines of coke of the tits of strippers at Scores!
Bull hunting season opens tomorrow, methinks (sic). Eying a long position in the Nov $30 TZA calls.
I read the Panic of 1869 was called Black Friday because they dragged the bankers out and hung them on Wall Street. Can anyone confirm this?
what do you guys think about HOGS 🙂
Program has drastically improved under the direction of Bobby Petrino.