My WNR caught an upgrade this morning. My only regret is not making it a top 5 position. On pullbacks, I am going in large.
The unemployment rate dropped to 8.6%, much to Rick Santelli’s chagrin. Fuck all of you people who are lamenting over this market powering forward. You are a disgrace to humanity and should receive a dick-chopper guillotine for Christmas.
My LULU got upgraded too and is ripping tits–no pun intended.
Moving on, gold and silver make the most sense here. QE3 is coming. As a result, the dollar will get dragged in the mud. The European crisis is subsiding. Yields are dropping sharply, with Italian 10 year around 6.5%. When it gets under 6%, short sellers are going to regret the day they were born. In other words, rumors of DEFCON 3 has been greatly exaggerated.
With regards to GMXR: please don’t jump all in on this one. As the year winds down, expect tax loss selling on giant losers like GMXR to hit shares. I am going to buy it methodically. There isn’t any catalyst in the short term that will drive the shares higher. It’s a play on survival and if they can turn it around. Consider it a 10x upside ETF on UNG.
Thus far, for the day, I am up another 1.9%. I cannot believe I am only 2% away from my annual highs. I was dead last week and now I’m cutting heads off and using their skulls as ash trays for my cubans.
If you enjoy the content at iBankCoin, please follow us on Twitter
“I cannot believe I am only 2% away from my annual highs. I was dead last week and now I’m cutting heads off and using their skulls as ash trays for my cubans”
Fucking amazing volatility.
Amazing volatility AND without conviction and a pair of big fucking balls, one would have sold at the bottom.
I was talking about the market’s vol actually.I hope I didn’t give the wrong impression.
All Aboard!
http://yfrog.com/kh5jwwyj
CNBC is enacting STRICT new standards for the appearance of hosts, and guests.
http://www.youtube.com/watch?v=UBhQhKWOZmk
In fly we trust.
I think I also got my nut back on Rimm.
This market is so spooked so volatile, I never seen anything like it. This shit has really been going on since 2008.
amazing swings u had but now when u r on top why dont u realize some?
In on UNG with you.
“QE3 is coming”
Coming?
Bernanke has been looking like Peter North for weeks, ovah heah.
_________
lol. And ewww.
Can I be forgiven if I’m a little outlandish here, a little out of school. There’s only one indicator I use to tell me we’ve reached the bottom to the day. To the day. It’s not the PPT or any alog.
Whenever T.Moe shows up and posts a neg on the market we’ve reached the bottom.
As god is my witness I’ve actually bought on that a few times.
And even better “tell” is the rare Devil Dog sighting.
Of course, that’s become increasingly rare… like the white spotted leopard on the high peaks of Kilimanjaro…
No one knows what the cretinous asshat was doing at that altitude…
_________
Oh yea. That’s the best ever. We can only use the Dev very sparingly though, as he only shows up when the market has dropped 3,000 points and he starts abusing The Fly for no reason at all.
I like how this Greek lady on CNBC wears her purple dress. She has a Spanish name though. Confusing my WNR..
Where are you people who told me last week that RY was a bad call and that they were UNPROFITABLE???!!!
Still one of my long core holdings. I am pleasantly pleased today.
RY, CM, S, SU all doing well.
Thank you to Mr.Cain Thaler who made me scan CCJ closely for the past month as I am also up huge in that one.
Civil war is coming to Iran
This EU embargo is going to collapse them, libya style. That will keep oil above 100 for 4 to 6 months.
I cannot see QE3 under that environment. 5$ gas would tank this market damn fast
That was my thought to, but if the Fed was willing to move with the EMF/IMF, then things had to be getting pretty close to falling apart.
They might not feel they have a choice.
I’ve flip flopped and now think they’ll do it, even though gas will go to $5 and the economy will suffer for it.
120,000 private sector jobs added doesn’t cut it.
The rate went down to 8.6% because thousands have given up and stopped looking.
If they sense a growth recovery many will re-enter and then the rate will go back up for awhile.
That is the way it works.
TC
However the ADP was quite healthy too. I tend to think the ADP number is more accurate as its a polled stat whereas this one isn’t although it’s looked at more.
I must say the stats coming out of the US for the past 8 weeks or so have actually been pretty good.
I can’t believe that the ADP number is entirely polled. Or else they have an extremely biased system.
Do you remember the number in – what was it – June or July I think?
They were off by 1,000-fucking-percent.
They were off to what, the Monthly payrolls number?
How do you know the monthly number wasn’t wrong?
There were a few months in the last couple of years when I recall a large discrepancy between ADP and the US Bureau figures.
It doesn’t matter as we need to grow at least 200,000 non-farm jobs month after month to get decent growth.
The U.S. Bureau numbers were what I was talking about.
Need to remember that there are reductions in government jobs. The household survey number will be on Brian Williams tonight for sure.
Another gap today. We don’t rally so much as we gap (except yesterday)
Are those cigars or real Cubans?
I bet you perma-bears ares till shorting this rally as their ass is sore and bleeding.
Nah. Permabear selling longs 50% cash.
Upper end of range.
Approaching
Not to go all ZeroHedge here, but has there ever been a period of extreme volatility that didn’t end in a crash?
Anton
that’s true. But I think Europe is over discounted.
Of course the south is going to default, but they will do it partially and over a period of 3 to 4 years which everyone will take in their stride.
Greece basically defaulted, fucked the private holders by 60% and no one really gave a shit as the real game in town was Italy.
Italy will restructure by fucking the holder by 40ish per cent and no one will end up giving much of a shit. That will happen sometime next year. Spain too but a little later.
Look, the overall loss is around $2 trillion. That will be spread through restructuring and European QE.
J,
Nice concise overview. Thanks.
I know you resist doing this, but a regular blog/column written with the perspective of your former trading life — not to mention from the POV of living in China’s go-to source of raw materials — would be well-read here.
Besides, what else have you to do down there besides shark-tagging? Think about it.
Former??
He’s got kids in college!
Too soon to chase the “That’s a BIG one, by Crikey!” lifestyle.
________
Lol. Somehow I got the impression that J isn’t down in the pit anymore and that returning to Australia was a lifestyle choice instigated by his by his better half.
J,
Anton is right. Your knowledge is recognized and appreciated.
I agree with Anton. J is one of my favorite commentators.
QE2 never did stop
Oh its all for the media