A short while ago, I was having a lengthy conversation about the market and asked my colleague “what the hell is redeeming about the market right now?”
He could not utter a sound.
The Dow is north of 12,500, not even a blip lower on a 2 year basis from recent highs. The VIX is sub $20 and the summer doldrums are in full force. Pray tell me, aside from extracting gross dollars out of the overalls of unsuspecting farmers, why should I go long here? Am I to incessantly believe the “magic hand” will support the market at all times, without rest?
If so, why hasn’t he helped succor the torturous rout in Spanish and Italian debt?
I must say, rather emphatically, now is not the time to buy. As Supreme Leader of all of the Financial Internets, I hereby order you to put those buy tickets down.
I am twisting in the wind, lamenting over the specter of buying into VXX or HDGE, to hedge my 60% long positions. However, I’ve had murderous experiences with VXX and find it to be an ungentlemanly trading instrument. Nevertheless, there are times when vagrants do the best, such as alley fights and towing cars, things of that nature. As I sit here in the dark, looking into the abyss below, I ponder about a future without order, financial collapse causing riots and armed revolt, globally. There are many more of you than me– and I’ll be damned if I allow my position to deteriorate without trying to do something about it.
29 Responses to Your Assistance is Required
The Fly is God.
You shut up.
Why was fast money Terranova up your ass?
It’s a parody twitter account. TerranovaJoey not TerranoveJoe. Real Joe is threatening with the attorney.
k. i promise
The market is shit
Start by lowering your expectations.
I believe you likely have missed the bottom in $VIX. It is not too late to get on board the long vol train but the whistle is blowing and the train is starting to pull away from the platform.
Since you asked for assistance I would suggest you refinance the mortgage on your new house. Rates are probably 2-3 points lower.
In 3-4 months the the rates will be negative and your lender will give you a free toaster to refi again.
Well what do you know… Mr. EXK has bottomed is finally getting smart. Buy VXX or UVXY and make some cash.
EPV tee shirts are what the cool kids are wearing.
I’ve had better experiences shorting volatility north of 25 (especially around 40), than going long volatility at 20.
Eat a sammich. Pave your yard.
Gotta think like a contrarian.
Buying at highs doesn’t always make money.
“Buy low, sell high.”
With little news other than Syria (finally being felt?), the market should bounce.
Perhaps this is a July 2011 budget show down relapse?
Eat a sandwich and go help Mrs. Fly hang pictures.
Go to the local Senior Citizen’s Center and lube the wheels on their
Hover Round scooters and then write a letter of apology to your old neighbor Steve for moving out on him.
Well the first meeting is over for Iran low level talks, they are not giving any details yet. Next is EU High Representative Catherine Ashton and Iran’s chief nuclear negotiator Dr. Saeed Jalili talking to see if they can have a date…maybe a movie, dinner, lol.
For VXX, I hate these ultrashorts…why not short AAPL if this is finally the endpoint when the Clams can’t hurt the Nymph. The next fibo resistance is at 900ish, too far away and without QE it should be back to 401ish and then back to 287.
Totally off topic. I was just looking at a pic of the Batman Movie Killer’s arraignment. I am soooo beyond greatful that I wasn’t the PD sitting next to him. I am sooo happy to be waiting for Iran Talk data instead. Life is SO good, even on huge market rallies, I am so happy. BTW, his PD should get a Ct Order for MRI brain scans asap…bet there is a tumor. So glad to be free from that life.
Fly, don’t doubt your market thesis that sent you to plus 20% over last month. Buy some VIX if it makes u sleep better.
But again, your logic in concert w/ ur balls reaffirmed what distinguishes u from the meek traders who u disdain. This post is so unlike u. Fck ur wife in the ass, while u beat ur chest and kiss ur biceps in the mirror. Then, Don’t shower, but return to ur blog and tell these douchers to eat a dick.
A lot vagrant slop lately in these comment posts. The summer is obviously dumbing folks down.
“The summer is obviously dumbing folks down.”
Love it! LOL
You know, I really don’t have time for this.
Instead of holding VXX – consider a vertical credit spread. The vertical will limit the exposure and the hedge, but can provide a nice cover within a wide range of prices.
There are dead malls all over the country, and more dying every day. Yet, SPG is at all time highs??
Something’s gotta give. It’s about time to start shorting SPG and others.
When the shit hits the fan this fall, DRV will be one of the best performers.