The last time the breadth was this low (~11%) was on 2/3/14. Do you know what happened almost immediately after that? The market ripped higher. That doesn’t mean history is going to repeat itself. Maybe this time is different. Perhaps the market has topped for good and Ebola is coming to a movie theatre near you.
People always get pessimistic on down days. I am sure the rhetoric was mind numbing on 2/3/14, with the reader class throwing meat loaf at me and everyone rolling into their FAZmobiles. But then the market bounced and everyone lost all of their money again.
Are you going to lose all of your money again? Or, this time, will you remain stoically patient in the face of grave horrors?
I am long the market, with size. For my personal account, 25% is wrapped up in TLT, which is underperforming (for now). Rates aren’t going higher and Spain does not deserve to have lower rates than the United Steaks of America.
This is most likely a buyable dip. Naturally, timing is key. I will be watching out for oversold signals throughout the day.
If you enjoy the content at iBankCoin, please follow us on Twitter
Bought some TNA….i like my odds of a bounce
I’d wait to buy near the close or a confirmed PPTR os signal
good point…just bought a bit, will wait to buy the remainder.
http://i.imgur.com/SII5gZt.png
Good Luck
I, of course side with Dr. Fly. By Monday this will all be blown over. We will be celebrating by popping bottles in the clubs, rolling on dubs and adding ice to our wrists. Remember, these down days are when stocks are on sale.
into each others faces.
Talk em off the ledge boss 😉
Weren’t you calling for a 2000 like correction end of July? Still in the cards?
End of August. I am calling for an epic rally in early August.
Fly, do you expect TLT to rally with stocks?
IDK..doesn’t look too good for the bull imho. Instead of guessing if the market will go up or down, it’s easier to hedge it such as the system i’m running
http://s23.postimg.org/uvw1fto7v/image.png
I don’t know. The action in high yield (HYG, JNK for proxies) is quite poor. I’m a bit worried about the illusion of liquidity those etf’s provide. The underlyings are not nearly as liquid, and dodd-frank has made the exit door quite a bit smaller by not allowing a major market player to really hold inventory.
Transitory
Yesterday was one of my best days ever and giving almost all of it back today. Sigh, Yelp.
I am sticking with my Aug-Oct. 1987 scenario.
At least it gives the iBC executives (?)fodder to discuss between courses at the annual IBC get together.
So, are you going to sell all the longs before that, or hedge with inverse etfs?
Sell longs
Sir, are you selling all the longs you just bought for long term ? Let’s say, after early Aug. rally ?
Instead of buying the dips go ahead and short the bounces.
It’s the opposite of what has worked in the recent (last few years+) past.
Thank you ! I’m not good at short/inverse, so I will stay sideline without dipbuying.
By the way, are you seeing new high after 1987 scenario ? I’m from old country/market, so I have another scenario that long last nowhere market.
If we get a good washout in Oct. then we could see a big time bounce into Dec.
This happened in ’87.
I guess we better be bullish on US market the end of every scenario. Thanks TC !
I closed a significant, nearly year-old Yelp position at the close yesterday. This morning I can’t believe my luck. Going away.
Nice. Must feel good.
Oh yes, but I also feel that the jig is up, for me anyway. Like slipping out the window just as you hear the front door being bashed in. Taking a break until that feeling passes.
“I closed a significant, nearly year-old Yelp position”
Hope that was not in a taxable account
No, but as it turns out I entered the trade slightly over a year ago. Time always moves faster than I do.
I am feeling a little chickenshit but have been rubbing gobs of AndroGel on my balls trying to man up.
Haha!
it’s almost time to make some lateral moves
hope we get a bad job # tomorrow . that GDP was too strong yesterday and now wall st. worried about inflation
Well damn. Shit is starting to turn ugly round here.
A lot of support lines in jeopardy.
Look what I found!
Avg Hybrid Score: 2.45 (oversold)
punishment awaits….
you
long YELP.
I didn’t get in as well as you did, I got in at $68.68, that was a big enough pullback for me. Also got into LEJU @ $12.93
Buying more CSIQ on the dip. Is this tariff crap going to kill solar’s mojo?
Mr Fly do you still like TSL over CSIQ?
Will the poopie ass Mets make any trades in the next 3 hours?
You all know I am a bear. Bears beware! We are not in control yet. We are close. Tomorrows open will be key.
Bluestar, are you expecting a correction or a reversal this fall?
Ideally a correction here. One that scares the crap out of everyone. Then get long for new highs unless too much technical damage is done then the top might be in. Last year was the year to be long. this year much tougher and more dangerous.
July was brutal for me. It was a chainsaw month, up and down. I have to learn to be on the sidelines sometimes and preserve capital.
There shall be a follow through tomorrow. Today shall still close -2% SPX. Then again every time I say that shit it proves me terribly wrong. I’m not calling for doom. I’m calling for a quick correction.
Getting long. Thanks.
July was brutal for me. It was a chainsaw month, up and down. I have to learn to be on the sidelines sometimes and preserve capital.
Pats self on back. Exactly -2% 😀
An old ‘fly fave EMN is getting hit with the ugly stick again.
Looking for 39 on TNA here…come on baby.
wat
hahahah
there is just something undeniably hilarious about someone named “frog”, who looks like a green germ, saying “wat”
TBH your avatar does kind of look like a proctologist.
My calls on the JNK break were correct
Biggest move today in the last year
Backing truck up for WFM monies – sipping guava juice from a G5 by the holidays?
@Fly, are you using TLT to hedge the market or do you expect TLT to rally with stocks?