Okay, I will admit this bear trap was superbly laid down, even I lost hope and took on a VXX position. I should have known that whenever VXX looks attractive to me, the hammer of certain death and pain/suffering was about to be laid down on the shorts.
This morning there are hardly any news updates on Twitter, regarding Spanish and Italian yields because they are sharply lower. For the most part, people crowd the twittersphere to disseminate bad news only. Well here is the good news, Spanish yields are at 6.97% and Italian at 6.06%. At the same time, TLT is moving lower, but not enough. As a matter of fact, if TLT doesn’t drop soon, this rally will weaken.
Bottom line: I am not participating in this rally because I got scared. I got scared because I was more interested in protecting my gains, than making more. If I would have followed my old gameplan of buying every dip because the central banks will not let us fail, I would be long TEX and MTW in size today. Instead, I am juggling my testicles now, watching all of the ugly people drink my champagne and eat my caviar. The great part about the market, which is why I love it, is it gives participants ample opportunity to get on the right side of the trade.
I’ll be doing some scouting this morning and decide soon whether I want to get back into stocks, like a fucking man.
Movie Rec: Jiro Dreams of Sushi.
http://www.youtube.com/watch?v=hbV6knbeUFE
His passion for sushi can be translated into any career path, especially stocks.
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Draghi slaps Mr. Market with large hot pizza loaded with pepperoni and sardines.
So you got your ass handed to you on RFMD?
I am sure a distinguished gentleman, such as yourself, has never lost money in the market, no?
I’m shocked ! however, the bailout is not quite official yet .. still must dot i’s & cross t’s
8)
Lightweights.
Consider the yard critters you so vociferously despise to be central bankers: you can resist, but only for so long.
@Fly – Still heavy in $EXK ?
yes
Crackhead rally
Faceb ook murder hole coming. then buy-buy-buy!
What do stocks and bonds and longs and shorts have to do with being a man. A fucking man, yeah, but a Man?
BANNED
How much VXX pain have you allowed yourself before you bail? I remember the fall (pun intended) of 2010…
-10%
Wish YELP would get bailed out. I’ve gotten yolped today.
+1
In case you’re wondering, YES, I am still milking the farmer.
LNN
Fly, please look back to my comment on your “your assistance” post. reminds me of: “you can act like a man…oh godfather, I don’t know what to do.”
You’re a clairvoyant space alien magician.
Cheers
I think VXX is a wise investment for the next 3 months. There will be a moment where it is needed like a cool drink.
We were a cat’s whisker from -200 at 6:00 AM.
Buy EUO, Today’s popin the EURO is a gift, get short or lose.
You sir – are brilliant:
http://ibankcoin.com/kcscott/2012/07/23/would-you-buy-this-chart-euo/
“I am juggling my testicles now”
With both hands? Or I’m guessing you keep one hand free so you can blog?
thanks mr. fly i bought pcs on your recommendation!!!!!!!!!!!!!!
HOLY CELL PHONE BATMAN!
Anyone see PCS today?
Fly made a call on this a while ago.
Anyone lucky enough to bite?
curious..why not buy puts instead of vxx? at least if we go down you know you’ll make money on 60ish delta puts, vxx maybe not if we grind down
I had sushi last night at Haru near my hotel. Not bad – I think YELP had 3.5 stars. Somehwat overpriced for what you get, but what isn’t in Manhattan
Social getting sold the fuck off before FB earnings.