The market hardly went down today and yet Europe needs to raise $29 bill this week. Taking into account the mathematical certainty that this market is OVERBOUGHT to extreme levels, I am officially neutral and will consider for the first time in a long time going 100% cash, providing the stars align for me, which they most certainly will.
Do not begrudge my caprices with regards to liking a stock one day, then spitting on it the next. My mood shifts with the winds of time. Dark shadows speak to me near urinals and make strong recommendations. Magis visit my domain and cast spells upon my trading terminals, forcing stocks to bend to my will. When I decide to sell a stock, like GSVC, there is uncontrollable momentum that cannot be reversed. Once upon a time, I owned 2 million shares of FTK, from $1-2. I sold it anywhere from $4-5.5. The stock more than doubled after my sales. I am confident GSVC will trade higher without me.
My concern today is to freeze time. I am up 17%, more than 3 times last year’s returns. I needed to slow down my beta and have done exactly just that.
NOTE: Another publicly traded fund who owns a small piece of Facebook and Yelp ripped tits today: SVVC.
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Congrats! Really. You have the enviable option of taking the rest of the year off and still beat the market and your peers.
Fly, have you made a list of companies whose shares you sold, only to go higher (GWW, ATHR, FTK, HANS)…?
gww kills me
Dear Mr. Fly, it is with great sadness that I have reached retirement age from iBankCoin. I am so old in fact that I can remember when iBankCoin was the premier investing site on the web. I did not see the status update informing your loyal viewers that the site was morphing into FoxNews lite, where tabbed bloggers espouse their political views 24/7.
I’ll check back after November, perhaps things will have changed. In the meantime, thanks for everything.
farewell. do not ever visit here again, for you are over 47.5.
fox news lite – true dat!
no.not pussy
“Beano?”
Let me guess, Dick Durban under another moniker?
Aptly named, yet again.
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Conflicting opinions are just so darned disagreeable.
Fine musique.
inhaling toxins from melted plastic are we? oh dear..
Do you have any urinals in your house? I get the impression you don’t leave your house often during the trading day.
I leave my house all throughout the day.
The urinal is “out back.”
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the fast money greaseballs like xlk
bac 50 per cent of book but earning 2% sucks
normalized earning estimates as a metric don’t work anymore… finerman is toast.
Shame Beano.
Not sure if ‘investing’ and ‘site’ are mutually compatible, but I concur with your sentiments. Non-stop political commentary, a negative sum game at best, whatever the color, detracts from the humorous market pulse info that for me is the site’s greatest gift.
For what it’s worth, Wood’s blog is really entertaining and any diversions are well argued – but then I’m a system trader 🙂
I like humor, I like opinion. So long as it’s sincere and not assholish.
Fair enough. But I shit on both parties equally. If you have issues with other bloggers, don’t read them.
Amen.
But you never seem to take a shit on the UN’s well-orchestrated but very discrete Communitarian Party. The Third Party. Don’t let them go unscathed…
wendy 24 times earnings? what idiots own this POS? who eats this shit besides stupid old fat blind people who missed the parking lot at MCD’s?
people that eat grain fed beef have a death wish.
stfu
I think Wendy’s may be #2 after MAC-Donalds, now.
(and yes, that’s the way they pronounce it down here. Accent on the MAC)
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My 6 y/o says “Old McDonald’s.”
wow so does mine, thats strange
100%!
I admire your ability to sell stocks with the same enthusiasm that you have when you buy them.
I like buying them but I hate selling them. That’s why I am a lousy trader.
Nice musical piece. I feel like waltzing on a field of flowers.
I agree, good music boss.
Missed the whole day today, might miss tomorrow too… stock market is not going anywhere in a hurry 🙂
Great music.
Can’t see how, if you appreciate Dvorak, you can listen to NaNa’s BoOm, but I admire the breadth of your taste.
But that’s the King of Philly, Gillie.
29 bill it’s not like we need it for a gov With its own printing press it’s just a keystroke .