We were overbought and now we are working it off. My best guestimate puts the S&P 3-4% lower before we are oversold. However, that will not scare me out of my positions, as it is my custom to ride through shit storms. As you know, I own TZA on two occasions, one was the initial purchase and the other an average down. I should have bought my third and final tranche yesterday; but I was preoccupied eating almonds all day.
I did warn you about gold and silver, didn’t I? Your heads must be made of cement and metal to ignore the warning signs. Don’t worry, it will be a buy soon, at lower prices.
Finally, I’ve come to the conclusion that moving down south is not possible for Le Fly. Frankly, the level of sheer ignorance is too high in many of the places I’ve scouted. Unlike others, I do not base where I live on tax burdens or political ideologies. If I were to do so, I’d live in Greenland. No, I will pay my taxes, albeit a very high amount, and adhere to the laws of the state. I’ve concluded that New Jersey is my best bet, for a variety of reasons. Mostly, I appreciate the close proximity to NYC. I only tell you this to dissuade you from sending me ridiculous brochures through the email, pitching your state to me. Governor, I spit on your state and shit on your flag.
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jersey ? next you’ll be on cnbc, oh shit
FLY, your LULU, DECK, GSVC are all getting fuckfaced! I am glad you have made your TZA purchase. Have you ever considered shorting bothe TZA and TNA, since they are both down 30+ % for the year?
They are not being “fuckfaced.”
Good day.
FLY, since leveraged ETF tend to trade down, have you done back test your trenches by using short TZA instead of buying TNA and vice versa?
Also did PPT flag overbought yesterday?
You should double down on them.
I think it would be hard to handle the volatility in both of those short positions. when one of them is going well you’d get major margin issues in the other, right? I guess you could consider using long dated puts on both.
huh?!
Yeah, that makes sense. Same with FAZ and FAS … these tripple leveraged ETFs have “leakage.” I am sure, one can lose money under certain scenarios, but as long as i have observed how these pairs move, they are losing money over long term…
mountain lakes,nj an ideal local.
same old same old..you have become predictably boring…
what a contribution
Fuck everything. I’ve still got my bike.
If only more Yankees would stay put…
Anyone remember about a month and a half ago when I posted the long term charts of the silver miners? Since then they have led the market lower with silver. They look like they are reaching capitulation which would coincide with the end of this pullback, an opportunity to go long strong stocks in my opinion when it happens
If I die, I wanna come back as an illuminati
It would be cool to control the world
Fly so glad you decided on my great state of NJ. You’ll be that much closer to us 1 percenters who shop at Short Hills Mall.
What the hell is wrong with you people clamoring on about NJ? Did you not see the Jersey Shore?
You know, you can build a McMansion for peanuts in Wisconsin or Minnesota. Why don’t you purify yourself in the waters of Lake Minnetonka?
Dallas you fool.
Only fuckin’ idiots live in Dallas.
GWB anyone?
Isn’t it a bitc h that idiots get more fuckin’?
It’s so cute that people in NY think they are smarter than other folk.
Actually, we are!
I challenge you to a duel!
http://www.youtube.com/watch?v=hjE2sxCQ_rU
Naturally I am Robin and FLy the Sheriff. ;P
You just keep telling that to your poor, freezing fingers and nose.
Hope you’re taking lots of vitamin D.
Paleface!
You are frightened by nice people.
Don’t tell me you just moved in next door?
I saw a 1993 Lexus with spinners parked in the driveway.
Sounds like a great neighborhood!
I bought SKF yesterday, as I posted late last night on Mr. Partridge’s blog right here on ibankcoin, but I am terrible at adding to positions in general. I wasn’t eating almonds yesterday like you Fly, but my instincts told me I should have bought more SKF at the closing bell and I didn’t. If anybody is trading this and has entry point ideas please post your thoughts.
Thought – go with your gut 🙂
Ragin just posted some interesting charts on the dollar and thinks there’s more upside to the dollar’s rise. I go to the PPT and it looks like maybe one percent more downside, lol. I look at SKF and ERY (I’m underwater a tad on the oil short) and they are not close to OB. I’m in Ragin’s camp right now, which is wait and see how the dollar and Euro react.
PAL, buying yesterday, what about today?
You’re right Mahkbert, I had a small window when buyers came in earlier this afternoon and I didn’t buy the inverses, mainly because I decided to watch that 1250 level on SP 500 and still am. Here’s my strategy: I want one more add for ERY and SKF, preferably on a green day when they will be a bit cheaper. I may have to hold them through the new year, we’ll see.
PAL 🙂
And I told you that you couldn’t leave the Italian food…welcome neighbor…now get the fuck off my yard! NJ hospitality.
The only thing of mine that will be on your yard is my garbage.
That’s fine, just make sure you bring your illegal Mexican gardeners…the landscapers out here are getting pricey…like they do God’s work.
This pullback has me licking my chops. But for now, I’ll continue lying in the tall grass. Because I’m a cat, you see?
I used to live in Oakland N.J. Quiet small town. That was back n’77 though.
@Fly,
You are moving from Brooklyn to NJ? I may be making a similar move, but, I am currently in NYC. My sister in law lives in Ridgewood and it is quite nice. Possibly my new residence as well. You thinking northern jersey, near the bridge?
I have old college friends who live in Collingswood, N.J., and a cousin who lives in Westwood, N.J., Collingswood is about an hour from their summer home in Ocean City, N.J., so the awesome aspect of living in that area is its close proximity to the Jersey Shore. Real estate looks attractive there for a summer home.
vxx,,,,
Geez, now there is a flood of New Yawkers moving…time to raise the tolls on the Outbridge to $10,000 each way.
Spaceballs! There goes the neighborhood!
I just got back from NC. I sometimes think about moving back from CA- houses are free, family is there, but I just don’t think I could do it either. Even the “established elites” have their own brand of ignorance:
What school did you graduate from 20 fucking years ago?
Oh, you live in East Succotash? Surely you must know the Peckersons.
You must not be from around here, you do not fly an ACC flag from your car window at all times like a diplomat for the Republic of Dumbfuckistan.
I’d give up the Southeast for the Southwest, too, if I could. But, I wouldn’t give up the sunshine for all the tea in China.
I lived in Savannah, GA for a year, and although very beautiful with a certain charm all it’s own, the people were beyond bizarre.
Now I reside in southwest Florida, and it’s not too bad. LOTS of sunshine! Downright balmy every day, in fact. 🙂
Big Bradley turn date today.
Winter residence & dual citizenship in Uruguay.
Some remarkable NJ land values at closed refinery sites. Sounds appropriate for certain …………….. . Waterfront sites always desirable.
Move North then
This is but a minor pull back after which time we will rocket to new highs in 2012 and continue into 2013. The new bull market has begun.
Recovery Forever bitchez.
Live it.
Sob sob sob!
Pullback has me below +900% ytd again! Was hoping to make it out of triple digits again this year but doesn’t seem likely now.
Ah well, better luck next year I guess.
You are NOT in triple digits, and neither is your I.Q.
Wrong on the first, right on the second. But I think it was pot luck. You seem the gambler type – no wonder you think the game is rigged.
Whilst my account is fully disclosed, my brain is not.
In any case my followers have profited handsomely from my picks. In your case, stick to CDs and you won’t be so bitter
Fly has lost his way…….2011 and now what – bullish 2012?
Get ready for liquidation.
Fly sure knows how to get the hits.
Write about where to move or that WWIII is about to begin.
So, you wanna buy my house? – 3 acres of woods (with separate central air office in woods),solar pool and 45 minutes from Disney which I assume you want to be near so as to eat smoked turkey legs and throw mousketeer ice cream bars at tourists.
He doesn’t want to throw away the $75,000.
I’ll take it!
At what point is gold a buy? 1200ish?
Ive seen a lot of folks pick $900, but that seems overdone.
Depends on economy of India value of rupee.
You were bullish gold and silver names 2-3 weeks ago.
Jersey?
Nibbling on some NUGT here.
Risk-On names saying we are going down. Avoid.
2011 Predictions not loading correctly. whats up with that?