My double down in VXX was sublime, if I might be so bold as to say so. Volatility bottomed and ripped higher, taking me with it. I ride the volatility, like Reagan stomped on the dreams of incredibly ridiculous liberals. As I write this missive, I am down just 1.2% on my VXX, going “tits up” into the bell.
Secondly, I averaged down on my sinking CPST position. I’ve been waiting for the right time to buy in. There have been large bidders in the name all day. I took advantage of that support and positioned in around $1.14-1.15, reducing my cost to $1.28.
I made one long directional trade today, buying up TIF. Thus far, I am underwater by 0.8% since my purchase.
Bottom line: I am 75% cash, with play positions out there, waddling around the schoolyard. I haven’t invested my money in earnest yet because I feel, as evident by my repetitiveness on the matter, that we are heading lower. As a point in fact, I believe it with every fabric of my DNA, down to my dysbindin-1 gene.
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I am very saddened to say that I will not be receiving the Fly steak knives this year.
I will have to drown myself in vodka now to lessen the pain.
when life hands ya lemons, make margaritas
Bullish..Me and the Stock Gods tried to help. BTW great call on the sell off of CDE on Friday, 3% drop.
bot vxx @ 25.02
your gonna wish you ditten,that thing sucks goat ass.
its ok . its a hedge 4 da weekend… incase peace breaks out and screws everything up.
Save one from last year: you may want to cut your throat when you see the bid at $80 million for The Scream at Sotheby’s auction.
Have you checked out what is hidden in 0bama’s new budget?
First, a plan to tax investment dividends by 44.8%
Then, just a tiny little 50% estate tax.
As a bonus, 0bama has said all along that he wants gas prices to go to $10 dollars or more.(to make the people go green!)
He, and many of his dearest friends (Al G0re, etc), will reap the rewards of a carbon-based trading.
The good part? If you are a socialist, your stoked.
Welcome to the New World Order.
good point look at romneys plan… also look at the chevy volt mlg. and cost per… another obama plan?
Chevrolet forcing employess to buy non-selling Volts:
http://www.matternetwork.com/2012/2/ge-forcing-employees-into-chevy.cfm
They must have learned their lesson from GIVING out gas guzzling Escalades to X hundred managers.
They are not forcing employees to buy volts. They are replacing non-volt company cars with Volts.
“You sir are the caretaker”. “You have always been the caretaker” “I should know, I have always been here”.
Grady
Delbert Grady: I feel you will have to deal with this matter in the harshest possible way, Mr. Torrance.
Jack Torrance: There’s nothing I look forward to with greater pleasure, Mr. Grady
clne up 24% 1/2/12
1/26/12 sorry
long term,that mofo is gonna be the next xom. and chk is gonna be it’s daddy
Is there a 3X Tomahawk missle ETF? 0bama has a hard on for war.
http://thecable.foreignpolicy.com/posts/2012/02/24/exclusive_state_department_quietly_warning_region_on_syrian_wmds
thats why he got the peace prize
atk if your lookin,used to hold them at par,but since 0 got in it died.ironic no?
The drone is just an extension of his bone(er)
the dichotomy gene … intellect or schizophrenia … they say the higher the intellect the more likely you go mad … GLTY!
not completely mad just a little pissed, but about what?
being in cash so long … wait till the market turns just as he’s getting long again!
OEW Daily Recap: Yup, that’s right … a tentative top for this leg has been declared!
“The market opened higher today, then made a new uptrend high around noon. This last rally fits nicely within the wave structure we have been tracking for this entire three month uptrend. While short term this market could move higher, we do see a potentially completed five Minor wave structure from SPX 1159 to 1369.”
“As a result we have marked today’s high with a tentative green Intermediate wave i label. Should today’s high indeed mark the top of this uptrend we would now expect a downtrend to follow, possibly down to the OEW 1261 pivot.”
“On a more positive note, the DOW broke through the 13,005 level to eliminate the alternate bear market major B wave scenario. Historically, this is now a confirmed bull market.”
Time to change out of my bear suit just as the correction is about to begin … maybe I should wait awhile … Hmmmm?
Sorry but I call BS.
The #1 Wave Tech is posting right here on Fly’s Blog Network and here’s his read of wave3:
http://www.wavegenius.com/wp-content/uploads/2012/02/Feb24spx2.jpg
In case you missed him @ iBC …
http://ibankcoin.com/wavegeniusdotcom/2012/02/25/my-elliott-wave-read-dow-3rd-wave-to-20715-or-33346/
Seems like the easiest trade I have ever seen. Buy the VIX the second it trades down to a 16% handle. Risk reward this has been one of the best trades of the past 5 years. Plus I would be perfectly happy to lose a little cash on this as it would mean you are getting global growth.
all this enphasis on thinkin outside the box… but once your born u r thinkin outside the box.(jake)
thanks for the heads up on that call this morning — I went long vxx when you posted and made a killer profit today — great call.
Dr. Fly,
Don’t you normally tweet your blog posts? Didn’t see them today…
.
… after some long and serious meditation … I have come to what I believe to be a life-changing decision !
I have made the decision to legally change my name !
I have decided to go with …
“Meta WorldPeace” !!!
—–
Oh wait !!!
Apparently, Ron Artest (that wacky NBA nutjob) has beaten me to that one !!!
Developing …
.
Fly, you mean “L’office”
Watch this video and see the passion of the conductor around 3:10.
Nice.
“In Other News”:
Before Congress’ “Stock Act” $teals your wealth…, pull a “Stockman” in your next interview, review, (phuck)view (whatev); before it becomes… UnAmerican:
http://goo.gl/NM43D
his hair rules.
yes, thanks for posting the excellent music.
Canuckistan = lost in statism:
http://fullcomment.nationalpost.com/2012/02/24/joe-oconnor-arrest-over-daughters-gun-sketch-a-case-of-vigilance-and-too-much-zeal/
Is there a 3X ETF on human nature?
http://cdn.ientry.com/sites/webpronews/pictures/nike_foamposite_616.jpg
Fly, I respect you greatly, but you have been unnecessarily bearish for a month now in my opinion. This has been a healthy bull run and continues to act that way. Of course a pull back will come eventually, but one thing I’ve learned in my short time trading is that the market reveals its hand if you let it. So far that hasn’t happened. I hope this post doesn’t offend.
mhass
I haven’t been so much bearish, but more cautious. I have not been actively shorting, but going to cash: big difference.
I am down 1% on my VXX position.
QED
Fair enough. Another thing I’ve learned is every trader has to respect their edge, and you definitely do that in your unique style. Good luck this week
.
What’s been done in the name of Jesus ?
What’s been done in the name of Buddha ?
What’s been done in the name of Islam ?
What’s been done in the name of MAN ?
What’s been done in the name of liberation ?
And in the name of civilization ?
And in the name of race ?
And in the name of peace ?
Everybody …
Loves to see … justice done …
ON SOMEBODY ELSE !!!
~ Bruce Cockburn ~
.
“down to my dysbindin-1 gene.” LOL!
I’m following you on Stocktwits. Hope you can help redeem my trading career.
the bulls are complacent with their feet up on the desk, and bears do not want to sell the market, the best outcome to hurt the maximum amount of traders is for an overnight event to occur that causes the equities markets to open down large, perhaps even lock limit down. That way, bulls that enjoyed the upside will immediately cry foul since a huge drop would erase much of the profits and long players that jumped in over the last two or three weeks would be under water. At the same time, the short sellers that were waiting for the move down, got it, but the magnitude and speed of the move down leaves many short sellers in the dust, not holding short positions, now having to decide to chase the downside or simply accept the missed move. Stay on guard, as this example illustrates, markets are very unstable currently.
thats what pm’s are for,if nothing than staying in cash,you might as well keep them in the pm’s,either way their fucked and we’re not
Thanks for the great music, Fly.
I didn’t know you called your mother’s basement “the office”
Give me one reason why I should listen to you.