I sold out of OPEN, PWRD, RFMD, RENN and HSOL–upping my cash position to 50%. Additionally, I averaged down on my personal TZA position, mainly because we’re going the fuck lower.
At the present, I have a blend of longs and shorts, but mostly cash. I have every intention to skirt the coming correction, boasting trading precision this world has never seen before. I will conquer the land of Twitter and drives javelins through the skulls of people sleeping peacefully at Zuccotti park. Should you be camped out in Zuccotti and see a 1980’s style stretch limousine, run for the fucking hills; because I’ll be tossing m-80’s at the vagrants below.
I can only pray to the Gods for some sort of fucked up conclusion to the European debt crisis. Have you ever considered it is virtually impossible to save the European banking system via creating more debt, paid for by one nation: Germany?
Bottom line: the positions I sold were weak, speculative, high beta stocks that have the ability to crush me if we are on the other side of the mountain. So, I sold them and will not look back.
Preparing for winship.
[youtube:http://www.youtube.com/watch?v=G021t5ufAmk 603 500]
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Winship for all…
Especially those who will be celebrated on 11-11-11.
WYNNing.
Earth to FIG. How was your Dow +200 dream last night?? LMAO!!
thats ok chief,there’s always head fake tuesday to look forward to
Fly the shit ain’t hit the fan yet. What scares me is when we have riots in NYC.
shit’s gonna POP all over,more frogs need to jump in the pot
Can’t make up my mind as to whether it is Fall 2008 or Fall 2010.
In reviewing puts on IWM I saw that the largest number of October contracts written was at the $70 strike, corresponding to $RUT 700.
The $RUT MACD appears to be changing trajectory from upward to downward. As long as this remains the case heading into the close I’m going to take on a small position in TWM. Given that this Friday is options expiry I think the $RUT is going to be pinned near 700 before it is allowed to collapse….that is, if it is allowed to collapse it will be after this Friday.
The thing I don’t understand is why it took so EFF’en long for people to see this. The Fly speaks the truth. Euroland is toast. We are in or soon headed for a depression. The only thing I regret is not selling even more of my very long term holdings.
ha, now it’s all the blogospheres’ fault for the banks’ mess. fly,your on that list no? roflmao
The other side of the mountain it is.
Just had an entertaining evening discussing life on the farm in 1929 with a couple of 90 year olds. This was in Western Australia where the State Bank owned the farm mortgages. The only credit extended was for survival rations and medicines. The proceeds from all the crop went to the Bank. No money for clothes. The point being the State was the only source of credit and the State provided support was meagre by today standards.
Germany should just give all their money to Greece and all those other lazy countries. They could call it reparations for WW2.
Germany’s people passed down ideas to current generations about hyperinflationary depressions. The US passes ideas down about deflationary depression.. That’s why Germany is all for Austerity before inflation, and failure before stimulus and bailouts. Their psyche is all effected or something fearing hyperinflation like the US fears depression.
My views are not so Freudian.
Fly,
maybe the Eurozone is dragging its heels so that they beg for QE.
the other thought is, perhaps they want it to fail and thus push the eurozone to a centralized fiscal union, beyond a common currency. When people are in the house of pain it they will agree to most anything.
Moderation?
Song should have been “19th Nervous Breakdown”
Looks like SP could make 1 more run at 1220 before all hell breaks loose. I agree, How do you solve a debt crisis by piling on more debt? Just another bandage….they need to rebuild Europe from the ground up, which means they’ll need to hit rock bottom first. And yes, Italian rates are very alarming.
“” How do you solve a debt crisis by piling on more debt?””
Krugman says they didn’t pile on enough debt to begin with, so more is needed. He has a Nobel prize.
“Have you ever considered it is virtually impossible to save the European banking system via creating more debt, paid for by one nation: Germany?”
Surely you don’t expect the banks to take the hit for making all those bad loans!
Austerity für fast alle and bankers über alle.
It’s Google German. Nitpick away.
I guess I sold my TZA to you at 38.30 while I was raising cash to buy TNA at 41.
One of us is gonna be wrong at least thru Dec.1.
The sky is falling, the sky is falling!
You’re a young puppy in market year terms ,however , you’re starting to learn
the ropes . Stay with it and you’ll be fine .
Buy some ERY !!!!
Due to excessive negative incessant violent imagery at this site, it has been relegated to XXX rating.
Here’s a nugget of useless information: In 2010 if John Paulson worked 60 hours per week for 52 weeks, he made over $1.6 million Dollars per hour.
You got that right, useless. Sounds like you’ve been studying your OWS Cliff Notes.
Jealous? I was just proof reading the latest manifesto before it was released to the press. I figured you would want a sneak peak? 🙂
$4,992,000,000?
Not too shabby. Good for him.
I’m honored to live in a country where something like that is possible!
And you thought we’d go up forever.
When will you armless apes learn?
@Fly, can you release my comment? Thanks
Armless apes? Man, those adolescent years must be tough on the males.
GMCR down 11%…
Very interesting to see how the day closes today. My gut feeling says we sell further. VIX up 13%.
fly wnr is expected to have over 100mm in hedge losses during earnings, what do you think sell into earnings and pick it back after like last earnings call?
Regardless of the clear signs of paralysis gripping European policy makers the situation is somewhat distorted by American influence over the major global media.
European fiscal sustainability is substantially better than that of the US. Which does not really mean Europe is in a good position.
Using what metrics? That just seems absurd on the face of it. Germany can’t pull the whole train. Until Euro-land gets some sort of fiscal integration, it’s a losing proposition. Next up, Italy, then Spain.
Germany does not have to pull the whole train.
Potential endgame for Europe?
Governments bail out their banks TARP style. Greece does not need to default (at least not until December which is when the next bond is due). EFSF buys bonds from Greek, Irish and Portuguese banks. ECB buys Eurobonds in scale on unsterilised basis and Euro collapses which is good for German exports. Which brings me on to your question about metrics.
Trade deficit?
(of course my scenario is lacking some catalysts but I do not know how to say commodity collapse in English)
Greek is in denial.
🙂
No you are right. It is a nation of 10 mio people and an economy which accounts for less than 2% of the Eurozone GDP and about 0.5% of its debt that will bring the global economy to its knees.
*and about 2.5% of its debt (correction)
So sick of AAPL hitting our all time high..My sweet Bearish Market will come back again once it starts to roll on earning this week.
I hope you remember to take some profits…
Yogi..This time I will listen to Fly when he warns me. FWIW, I really suck on riding Bear rallies because I can’t believe they are buying it.
Where the fuck is FIG… Lol
You could still lose your nuts Friday afternoon. ;^)
I’m selling all my little oil patch shit that is bumped up on this merger stuff.