Boy do I regret not selling more yesterday and keeping the cash safe. Although, let it be noted, I bought CTRP, YOKU and HIG yesterday, all outperformers today. My big loser was USG, which is to be expected on a day like today. As such, I shed about 1.2% for the session, amidst comedy and pornographic laughter, seeing bankrupt stock prices trade higher.
I literally bought FRO, hoping they’d declare bankruptcy soon, so that the shares can run higher, just like OSGIQ.
Since when are equity holders afforded protection in bankruptcy? People have no idea what they’re doing. These companies will simply yank their shares off the market and leave trails of zeroes in moronic brokerage accounts across the continent. This street, being Wall, is strewn with overzealous greed-mongers, which is the number one sign of froth. Froth, as is always the case, is the number one symptom of a market that is too high, bound to fail.
The cure is lower prices, much lower I’m afraid.
I’m not ringing alarms just yet, even though AMBAC traded up by 30% today (ABKFQ) on 27 million shares traded. But we’re getting close and we all need to hunker down and prepare for the event.
I was preparing for an expeditious exit from the market in early April, just before our tax bills are due. However, seeing all of these bankrupt companies doing so well in the stock market, I might have to reconvene and move the date up a bit.
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What kind of crab are you now?
DOOM & GLOOM are back,
such as life.
Not me, bozo.
I love you, you know (No homo).
Fly – going to lock in gains on USG next week? Housing is a thesis of yours for 2013, but clearly choppy waters are ahead first.
Nah, I need to have some exposure. I’d probably sell everything else before parting with USG.
BK company puts out a press release saying “we are exploring our strategic options” = recipe for success
Fly what are your biggest winners in 2013?
I will need to look later.
Off the top of my head:
BX, RAS, PAMT, CLIR, APO, VHC
People constantly mention how small Cyprus is and how little role it plays in European economy.
Any geopolitical or economic event has to start with something and usually it is very small.
Always remember first world war started from a single assisination
of so austrian guy and his wife by some serbian fellow = in the end 16 million died.
Things like that impossible to predict or anticipate.
It’s not Cyprus. It’s the EU trying to suddenly grab bank depositors’ money for bailouts. That libertarian like guy Nigel Farage in the British Parliament is telling al British citizens to get all of their money out of EU area banks, stating concern that the EU is setting a precedent here. That you can’t have money in an EU are bank without risk of losing 10% or it overnight and also having the bank closed for a week or longer suddenly. Does not inspire confidence.
“I literally bought FRO, hoping they’d declare bankruptcy soon, so that the shares can run higher, just like OSGIQ.”
You know we’re at a top when your picks are based on seeing bankrupt stock prices trade higher amidst comedy and pornographic laughter.
i also luckily took profits in a boatload of my holdings yesterday. Also unloaded all of my Deere the morning of the UBS downgrade – had bought it at the bottom so another stroke of luck. Only buy to hold today was some more PWR on 3% drop. And also made a nice sum resistence trading in the a.m. off the AVIV IPO. Love the small float IPOs. Tried to bottom grab some REITs but they all held pretty steady today, no luck there. Also just missed on some EMC. So far a great week though. Tomorrow should be interesting.
http://www.cnbc.com/id/100579945
How many times this week have analysts gone on CNBC and said “Cyprus .. is a sideshow … means nothing … it’s the same size as [pick small midwestern city].” Been pretty amusing. Love the rising volatility.
Jay-z riding Kendrick’s coattails… Talk about a life of circumstantial success!
RUSS russia inverse etf was red today, kind of strange
YOKU? you ChiCom 😛
Me chicom
Interesting how they are not “walking back” the Cyprus scam. I really thought The Fly was correct on that call.
Here (Central Oregon) we have seen a real pop in Real Estate.
Housing starts, which for the last 5 years, have been non-existent, are showing a real increase.
The CHASE Manhattan “All Accounts Go To Zero Day”, I’m told, is an impossible “glitch” to happen in the way it did.
The way their computer servers are configured, regionally…not one big IT guy has said anything BUT, that it “could not happen the way it did, period”
Therefore, it was a test of the peoples reactions. Feeling like a “haircut” folks?
Bernanke will bring in the drones to take out short sellers in this market.
No way old BB is going to allow his bright and shining sailing ship to sink. Unless….
Unless Americans, are actually awakening (crazy, I know) to the entire Constitutional rug, being pulled from under them, that is.
When we look at stats like Nielson ratings, there is a sea-change in the numbers. The folks are not getting their news from the networks.
Independent Media is rapidly getting peoples attention. Primarily, because the people are sick of being lied to.
I guess the tipping point will be, when just enough people move to the new and true data stream.
I don’t want to be a doomsday guy. The Market may indeed crash soon, as Fly has announced tonight.
Not yet. Soon is a hard thing to define, in an artificial free-market.
Media, “true and blue” or not, is still full of idiots who don’t know what they’re talking about.
actually P i think the RSX will be a nice May thru Oct play. And the GXG is getting interesting. I’ve also covered my SGG and JO shorts. May be the 7th inning but you may want to think about booking profits. JJC too perhaps although i never shorted copper.
What the hell are you people talking about?
No one worry the clam and the future academic fucktards have it all figured out. They will think and study and everything will be absolutely fucking fine.
Either way, bitch don’t kill my vibe!