I’m sick of running. The whole year I’ve been dodging bullets, on the short and long side. I’ve been warning myself for months that this market is going lower. I’ve said it here on numerous occasions that an S&P level of 700 was plausible in a recessionary environment. The crisis in Europe has me fatigued to the point of capitulation. How long am I supposed to deal with this fucking bullshit? It’s the same story over and over again.
I hope the fuckers from JEF, MS and GS burn in hell. I’d like nothing more than to read the morning paper and see their share prices at zero. Misery loves company and right now I am overflowing with it. As fate would have it, the two places that I felt were immune to Europe, gold and refiners, are the biggest losers. Thank the devil I sold out of DK yesterday; but I still own some WNR. Silver is down a staggering 7% today. That is nothing short of a calamity. These things happen when markets are in disarray.
My intra-day losses are approaching 4% now. This is clearly a deeply disturbing day for me. I’ve worked real hard, fighting tooth and nail, to avoid getting fucked this year. I’ve been playing defense, keenly avoiding one blow up after another. Remember, I sold 90% of my WNR position north of $17. But now I feel a certain sense of finality with this move lower. It’s different.
Prior to the inane 1,200 point melt up that fucked me in VXX, TLT and short EXH, I had a very cogent strategy. It was based around the idea that Europe could not fix their problem and US treasuries would offer safe haven. As you can see, I was right. But being right doesn’t mean dick. If you’re not making money on your ideas, you’re wasting your time. So I don’t think about it.
Like many others, I too was shaken out of my bearish positions, thinking the Europeans were back in control. Sadly, it was just another dickfaced lie, purported by fancy men in tight pants. There is no bailout. It’s all a fucking rouse and I was suckered into a false sense of optimism. Words cannot describe how angry I am at myself right now, for being exposed and vulnerable to market forces.
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I mean, at least you don’t have a 25% loss for being “right.”
I’ve been long TZA since Oct. 4th. Extremely painful, and I’m getting that capital back!!!!! No if’s, ands, or but’s about it..
Sorry, but the surgical ball removal has a no return policy.
WTF – Did you think this was Wal Mart or something??
21st century cutting edge technology will find a way to sew them back on.
Damn it Vegas, I’m a doctor not a miracle worker!
i sold my SKF and ERY on Tuesday. What a moran I am…
There’s a simple solution to that. Never sell Skiffles.
ERY is a different story. That’s like shorting gold. You might make some dough here and there but, eventually?
Bada-bing!
___________
Random ritual-like sacrifice for those who occupy wall street seems to be the only logical action at this point.
Looks like 1208 may be breached..
premature ejaculation?
Bought SKF calls intraday yesterday and sold around 3:00 pm for nothing. That and all my miners decided to blow up today. FML
Market Fuckery at its best!
groupon is up WTF?????????
“Fatigued to the point of capitulation” is so fitting.
Time to BUY!!! Rally ready to commence…
C’mon man?? Are you the government??
No. I just think like one.
Volume blow off happening now… just a matter of reading the tape. Reversal imminent.
Wrong=Banned
I am now double leveraged long.. no need to ban. Let the market take from me. Much worse.
B-I-N-G-O !!!
double bottom at spx 1210 … 1208 still holding
If today resembles yesterday, come 3:00, 1208 will be breached with ease..
then I will start raising cash and concede the bear rally is over … we shall see
This market is so rigged. I don’t know how anyone can stand it. When things are effed up beyond repair, the Big Playas push the market into a huge meltup just before they let it fall, just to squeeze all the folks who are correctly short. Everyone then “learns” from this that long is safe and short is not. And then…
Take your losses like a man you silly bitch!
look at the bright you are more honest than most of the people around here..
Agreed. That was very honest. And just how I have been feeling the past few weeks. Been shorting this stupid market since 1190, up to 1290, and now back again. Still under water.
Fly, I just want to thank you for guiding me through this market. You’re just about the only blog I read these days (except ZH, of course) and trading based on your analysis, whether following or fading has allowed me @ 10% since August. God bless your immediate family and the next 3 generations.
Why not the fourth generation…what about them?
Well we are here now. What is your thinking about positions in refiners and silver for us followers?
Hang in there, Mr. Fly.
You are a fu*cking stock genius.
This too shall pass. (I’ve been there myself, so I know how much it hurts)
You will find a way to hedge, somehow, to get back that 4%.
Just remember, trust no one, they all need to be tossed down the sewer pipe.
Well, maybe you could still trust a few, say, your inner circle…the rest get flushed.
The good news is RENN looks much better here. Not sure why you wanted it, but it looks tempting now.
RENN is a piece of shit. While it may get a bounce here, why would you want to trade something thats:
1) A piece of shit
2) A piece of shit
3) A piece of shit
RENN is like trading UNG – meant for idiots.
Happy $15T day!
Obviously historical. And the band played on!!
Question….How fast to 16T?????
I want a Hat!
some good news fly. the european banks are doing tons of swaps between one another creating a too big to fail scenario so when push comes to shove there will be a bailout of the banks there. just need one to fail first.
Give it a couple of days and there will be some bullshit rumor out of Europe that sends the market back up 300 or 400 Dow points.
“Like many others, I too was shaken out of my bearish positions,…”
I was shaken out of my TWM position on 10/27. Thought I covered at the top but then $RUT went another 4% higher before topping on 10/27.
I have noted to myself that $RUT is still 3%above where it was when I bought TWM. That’s how sharp the rally was from that early October low.
Oops, meant I sold TWM on 10/24.
Fuck the Euro’s. There’s plenty of wealth in Europe. They have a lot of “old money.” Really old money. Fire all those anachronistic royal families, take their treasure and pay the bills. Most of it was looted and stolen in the first place. If they want to keep that shit they should find a way to pay their freight.
Check the 10 day 15 minute chart for IPSU … Just saying
Buying coming in on JEF for a couple of hours now.
i just unloaded some ipsu,still have some left.
free air above 6.10 and there could be some accumulation going on … the cheaper it gets the more vulnerable it is to a takeover by Cargil, Domino, ADM, CPO, CZZ or a PE and they have no poison pill in effect.
I’ve felt the same way for months. If we’re going to S&P 700, then let’s just get there and get it over with. This is like Chinese water torture.
Just locked up some Yelp IPO. We will be having a Congressional hearing soon on banning all other city search Internet companies.
Ha Ha. Suckers.
ROFL!
That’s gold, Ponyboy.
________
Haha.
Can’t believe I just read Ponyboy. GREECERS!
It’s all a bunch of black boxes trying out fuck each other.
Fuck HFT!
it’s not black boxes and HFT that run this market.. All that talk is non sense..
The financials are acting like we are still in /ES 1100’s range, rest of the world starting to come back down to earth.
And silver is just filthy. It’s one massive ponzi scheme. Sure, the story makes so much sense, it is the obvious long term buy. How many Lorena Bobbit escapades are there going to be?
Fly, fortune cookie time?
1209 held for the third time … Vegas, hold onto your NUT!
8 minutes to go.
the bell and extremely oversold
Lol.. Means nothing, we are going DOWN…
Breadth RSI(14) deep oversold on both the daily and weekly. This is prime buying time.
Fly, Jake, Chess, Cain..Anyone. I have a really stupid rookie question that I can’t find an answer to. For Sov CDS spreads and Corporate CDS spreads, I have found the qoutes for them, but when are they updated?? I know they are OTC, but the numbers that CNBC and Bloomberg post, when do they come out????? Told you it was a lame rookie question..cuz I am still learning all of this.
Since they are over the counter, there aren’t many good places. There are assorted lists of them you can find if you search the backwoods of the internet, but unless things have changed I don’t know of any one centralized location with streaming quotes.
Also, those markets are more illiquid so it’s not like you can get updates every five minutes.
The other option is to find a pay site; some of them offer CDS data but not many and I wouldn’t trust them.
(laughter) or you can just buy $1,000,000 in bonds, then ask JPM for a bid…
But please if someone has a better answer, feel free to counter me. I’d love to have a more reliable way of finding out about these things than digging through the mud looking for onion straws…
Cain, I found them on Bloomberg and CNBC but the corporates are not a sweet list there. It appears both are Daily updates..these backwoods are thick..
For Sov CDS http://www.cnbc.com/id/38451750 but I don’t see a time when they update them?
For the Bloomberg free public quotes it’s sometime at the end of the day. The quotes currently showing are for yesterdays close. Maybe 6PM or 8PM?
Thank you Yogi.
what a strong move dip buyers
Took a roll with TNA at 42.2 – Target 45.7 /stop 41.9
Dip buyers? How about desperate government entities
RMBS dead cat bounced nicely today. Wonder if it can do it two days in a row. It’s going to settle into a new normal, question is where is that new normal range?
If you’re not making money on your ideas, you’re wasting your time.
who is the “you”?