iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,433 Blog Posts

Cutting Losses, But Not Chasing

I sold out of my TZA position at a tragic loss (personal) in order to clean the slate. Theoretically, I should be buying TZA here. But I needed to sideline my personal aggressive account in order to dedicate my full attention to managed.

On the managed side, things are much better, just 1.25% off annual and all-time highs. I know, had I participated in the current rally, I’d be +30%. Thinking about shit like that pisses me the fuck off, so stop reminding me. Anyway, I sold 50% of my VXX position to clear the air. The current environment doesn’t call for a 10% VXX weighting, while my cash is 55%. Since I am unwilling to buy here, my only option is to reduce downside exposure. In this case, VXX.

I really like silver here, specifically EXK and AG; but they are overbought, just like everything else. Nevertheless, I might buy some silver anyway. Let me think about it.

You don’t buy into +250 days. This market can go 1,000 points higher from here; but I promise you, it’s not going to happen today. There will be pullback and better entry points. Should I buy here and be proven wrong, I will double my fuckery on both ends of the trade. It’s bad enough missing out on “suchness.” I’m not about to Homey the Clown myself into a double ended pinless hand grenade party.

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29 comments

  1. Bullish

    Homey the clown don’t mess around.

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  2. Small Titi

    Sometimes I wonder if you are writing to yourself or to the unwashed masses.

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  3. DipChit

    Hope you got a free VXX tshirt with that trade.

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  4. Trading_Nymph

    You know EU/China Meeting was cancelled this week on the request of EU fwiw http://www.china.org.cn/world/2011-10/27/content_23745522.htm This is all a Bear Squeeze, the GDP is just first estimate which always gets marked down. From a prior post Ban Alf and Kafka, French Bond has been running in tantum with the ESFS and I was trying to get insight on it..fuck this rally, let the kitchen sink be thrown in, once the squeeze is over I can watch it all fall apart again.

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    • TeahouseOnTheTracks
      TeahouseOnTheTracks

      The Clam has relatives in Europe, no?

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    • Berniecornfeld

      We may not live long enough for it all to fall apart. Its better to try and grab the coins when they are flung at you

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    • Dr Funk

      The problem now is they are out of bullets. Any problem, any downgrade, any negative, they’ve shot their wad.

      Like bernanke, good try, you got nothing left

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      • Trading_Nymph

        Tea, Yes, I saw the English Clam get steamed but I really thought that EU Clam would not do anything. In 2009 they had that forced Midnight meeting too..that rally lasted a day. Bernie, But are they coins in front of a steamroller today?….Dr Funk, Yep, and they really think they can get China to pony up all the money.

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  5. carsony

    Heavy with ERY. The hype is over. Maybe.

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  6. The Fly

    MAKE THAT TWO YEARS IN A ROW VXX CUT MY BALLS OFF.

    See you next year VXX. I will have my revenge one day.

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  7. 1% Wannabe

    Thoughts on DECK? Earnings tomorrow.

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  8. drummerboy

    you think about vxx, like i kick myself over qcor. man,thats a fucking hurt.

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  9. Alvari40

    Fly: “Homey the Clown” – classic

    Trading Nymph: I was kidding (I should have included a smiley face)

    Jake: Fuck off

    Market: WTF?

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  10. drummerboy

    makes ya feel any better,got filled on exk at 11.couldnt get my price yesta day. thanks to you and cement head

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  11. Quint

    Anyone got news on HOTT being down 10%?

    Coming into my buy zone, but I can’t find what’s responsible for today’s move.

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  12. JTU

    Plan on raising up to 10% cash today.

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  13. Heaterman

    In other news, the flooding in Thailand is going to have serious effect on many consumer electronics companies right through their holiday selling season. Think Sony, Nikon, Olympus etc etc. Some of these companies will basically be out of business for 6 months.

    Pramut Sriwichien, country manager of Symantec (Thailand) Ltd, urges companies to prepare their IT systems for the worst.

    The advice follows the country’s massive flooding over the past few weeks, which has resulted in the shutdown of over 1,000 factories in Ayutthaya, Pathum Thani and other provinces.

    Due to the discharge of water from major dams in northern and upper-central provinces of Thailand, at least six industrial estates have been inundated, swamping these factories.

    Among the hardest-hit are Rojana industrial estate, High-tech (Bang Wa) industrial estate and Bang Pa-in industrial estate in Ayutthaya province.

    In addition, Nava Nakorn industrial estate and Bangkadee industrial estate in Pathum Thani are also inundated.

    Altogether, 600,000 workers are temporarily out of work.

    Among the affected factories are those owned and operated by Honda Automobiles, Western Digital (hard disk drives) and other big names in the automotive, electronics, electrical appliance, food, chemical and other industries.

    Altogether, these factories account for nearly 20 per cent of Thailand’s industrial production capacity.

    Once the floods are over, it will likely take another three to six months to complete the business recovery process.

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  14. alf is god

    puked early and often

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    • Bobby Boucher

      The only thing that’s now shorter than Verne Troyer is Alf’s portfolio.

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  15. MTP

    Italian bonds not buying this fake solution… BUYING ERY, TZA, TYP… I have waited 3 weeks to pull trigger

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  16. huh?

    THIS LOOKS LIKE A FUCKING AMAZING SPOT TO GO SHORT….CONSIDERING WE WENT FROM “HOLY FUCK THE WORLD IS ENDING” TO “BETTER NOT MISS THE RALLY TO THE MOON” IN LESS THEN A COUPLE WEEKS.

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  17. wilmer

    Considering how bearish sentiment was just a few weeks ago, in hindsight this rally is not that surprising. If we needed a sentiment reset we sure as shit just got one.

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    • Driven

      That notion, “sentiment reset”, is a lens I’ve never used before to look at events like this. I like it.

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  18. flyaway18

    For crying out loud it’s a gosh darn bull market. What difference does it make what the sentiment was a month ago. If you were saying that from March of 2009 onward you fricken missed the boat. Darn, some of you guys are so fricken hard-headed.

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