Before I get into the market, I want to recommend that you see a documentary called “Jiro Dreams of Sushi.” It’s not often that I watch documentaries or bother suggesting to my readers to watch one. But the message from this documentary is one worth remembering, which is: immerse yourself in your profession and become great at it. After years of practice, you will be respected in your profession, but only after you’ve paid your dues.
This is an incredibly important piece of wisdom for you punk kids out there, twenty-somethings who come here thinking you know the first thing about investing. You don’t know jack-shit because you are shit. Got that, pal?
I’ve been playing the market since the early 90’s and I still haven’t perfected my trait. I am constantly learning new tricks and my experiences teach me, often through the fire of losing, what to do under difference scenarios. You cannot learn that in a book or by some jackass at a prop trading desk. You have to earn your stripes through fire (losses). Dedicating yourself to this profession means living it day and night. It means you stay up real late to watch Asia trade and wake up real early to listen to Bloomberg radio for news and commentary.
You don’t take breaks and you never fall behind the curve.
The market is trading funny today, feigning weakness after an early morning spike. I do not think we will give back today’s gains. However, I do not think it’s safe to buy stocks here. If you were lucky enough to catch this wave, book the gain and move to cash. I am sensing this rally could extend into the bell. However, the problems plaguing the markets haven’t been resolved yet. The good news is Jackson Hole.
Should the Fed implement QE3, I am all in long. This market will run for 6 months straight, so don’t worry about catching the wave late. On the other hand, if the Fed opts to do nothing, again, prepare for lower prices.
My #1 tell for this market is the price action in TLT.
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The Fly is God.
No, he just works hard.
There are a lot of hard working people out there…
Fakers
I really appreciate your recognition of “Jiro”. As I am a follower of you since 2009, I respect your genuine quality.
don’t frack me
QE3 or not, this market is come October.
Hi Fly,
Would you hold WNR into earning on Aug 2?
Thanks!
it never worked out for me,,Sold out at 23.90….good luck!!
note to self, really…
don’t hold nothing into earnings, argh…
From a a young punk kid, who doesn’t know shit about investing – Truer words have never been spoken. Teach us the way.
If QE3 doesn’t happen, my wife will prob kill me at the end of this year…
Honest and wise man on CNBC Halftime Report:
“I’ve never been in a Starbucks, and I never intend to go into one”.
Best post of the year (so far).
Words of wisdom for the 20 something shit heads. Shame its beyond their comprehension.
It’s a shame you old bastards have to wear diapers.
I am over 150 years old.
My advice: Sell in the fall.
The Hindenburg Omen was signaled Monday. Trade well.
FLY…more EXK here???
I stay up late to actually watch the Europe trade. I hope you are right Fly, maybe one day I may master all of this? Darn Clams. IMHO, Iran finally came out saying that the Talks went OK, and is sounding like a Iran +6 meeting will be set, which means Brent goes down bigtime again unless Draghi/Ben B do some type of headstomp on me. But IMHO, Draghi doesn’t like the results of LTRO and that speech today, he wasn’t his cocky self at all. It was more like Protecting the Euro is my job, and I will use the tools I have to protect it. Looks like Greece will be fucked bigtime (along with bank creditors) in his process of protecting it. For Jackson Hole, the Olympics are starting..we will all be distracted ala 2008. Nothing out of the Clam in August this year. For today, eur/usd 1.2283..if it can’t hold that we are gone. AAPL is still moving down, not 404 yet, give it time.
Fly: are you mentoring out a replacement. I mean, the job sounds like total drag.
your TLT trade call for the year at New Years proved the greatest call of the year. Hilarious. At that point in time when I read it on some blog I was like: “Damn he’s just trying to be funny” Nope, literally it was the best call of the year compared to the other 20 famous traders they queried lol
Agree..this truly is your best post…U rock Sir!
“Buffett early on recognized the secret of successful investing: Any kid can make a buck; grown-ups know how to keep it.” -http://www.marketwatch.com/story/warren-buffetts-winning-ways-50-years-on-2012-07-27?pagenumber=2