iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,432 Blog Posts

REVERSAL!

I am very sorry to inform you of this, but my top 3 positions are higher this morning (EMES, PANW, BITA) and you wallow about the dirty rugs festooned with devil dog wrappers and stale cheesed doodles. Looking at the tape objectively, plainly, it sucks. Small caps are weak. Bonds are strong and there seems to be an overall sense of pessimism in the market.

Howsoever, we’re still in september and there is a large wall of worry to climb. I expect the rally to ensue, full fledged, within 7 business days from now.

It appears I’ve jinxed myself, even before publishing this, as PANW is now lower for the day.

Lots of red ink out there. Let’s hope for a firming of the tape.

UPDATE: I started a small position in CYBR

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37 comments

  1. Mateo Raf

    And QIHU keeps going down. Incredible short opportunity last month, on absolutely no news whatsoever. Never seen anything like this before.

    Now down over 2% a day for six days straight, I believe. Can you believe this, Le Fly? Oh, wait–yes you can. You’re in BITA, not QIHU 🙂

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    • Dr. Fly

      QIHU didn’t impress last qt. In order to be released from its fag box, you need to wait for an earnings beat. A big beat.

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    • BlueStar: Contrarian Investor
      BlueStar: Contrarian Investor

      QIHU: maybe it is fraud like Muddy waters/Citron said 2 years ago and now 600% higher. How ironic would that be?

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      • Mateo Raf

        BlueStar: it would mean that every single ADS from China is suspect. QIHU’s annual reports have been audited under additional scrutiny since Citron’s research. Again, EXTRA accounting scrutiny from major American accounting firms.

        It’s quite possible there are no major buyers out there until the next earnings report, or funds are liking BABA and BIDU’s more steady growth.

        If it gets out that QIHU has been paying for users, this information will blow the top off of all Chinese stocks. They already had to modify a press release re: top rankings by confusing Chinese rankings with Google Play rankings.

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        • Mateo Raf

          By “blow the top off,” I mean utterly and totally destroy. In between that and HK, I’m thinking King USD stays strong and everyone moves into Treasuries and utilities 🙂

          Having said that, check out December options. Whoa Nelly, amiright?

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      • Option Addict

        That stock hits $30.

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        • Mateo Raf

          OptionsTrader, you think this is going down by *another* 50%? You short? A little late, dontyathink? Capitulation just happened today…

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          • Mateo Raf

            P.S. OptionsAddict, now that you’ve chimed in, maybe we find out the founder has been selling his shares to make it easier for someone to do a buy out 😉

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        • Math

          Hmmm…maybe unaudited numbers need revisions once formally audited?

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  2. J Livermore

    It’s coming.

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    • Dr. Fly

      what’s coming. Tell us.

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      • Zuul

        The final leg of this bull mkt. The final leg is straight up. A daily beating for bears until there are none left with homes, computers, or mobile devices with which to spread their insidious beliefs.

        Then the mkt falls apart, of course.

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        • Bruce Keller

          I like the EW theory on this one… probably rip up until about late October to end Wave 3, then huge sell off into Novemberish for Wave 4 down, then wave 5 up for the riches.

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        • J Livermore

          Yea, that.

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        • smartestone

          not quite how markets top. usually it’s 10-14 months of churn and heavy volatility and then the floor falls out . Elliot wave thoery is crap. the only ppl who make money with elitot wave are those who sell worthess newsletters

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  3. runawaytrain

    Those are some pretty crappy numbers. Pessimissim abounds, maybe Oct is the new Sept?

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  4. the pirate

    Arrrr!! Avast ye scum!
    That is all.

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    • its buctober yinz scallywags
      its buctober yinz scallywags

      Arrrr me matey! Shall we shiver the markets timbers or hold onto our doubloons and simple have our ways with the wenches?

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  5. Danny1980

    Took a position in ARWR this AM at 14.85. Looking good so far

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  6. Danny1980

    Also bot XNET looks to be the YY of 2013

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  7. Contrarian

    Think CMGE gets its act together once everyone stops fretting about Hong Kong?

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  8. its buctober yinz scallywags
    its buctober yinz scallywags

    How is SOL working out for you?

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  9. Sol to ZERO

    sol short working out pretty well

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    • SOLd my SOL for Wok and Woll
      SOLd my SOL for Wok and Woll

      SOL sucks – flea market of renewable energy.
      CSIQ is a much better company/stock.

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  10. smartestone

    market gonna drop hard real soon…ymmv

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  11. Piotri

    Reversal my ass. Your first call about correction was g?ód one. Just it gonna happen in october. Hope you wont get burnt too much.

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  12. runawaytrain

    Oil is getting clobbered… deflation get some

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  13. bill

    Bulls start to pray now. The market kind of weak

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  14. And its gone!

    Plunge Team defending spy @ 197.00…could be futility.

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  15. duckkell

    shippers gonna come about??

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  16. alty

    With an investing time horizon of 40 years, months like this are a beautiful thing. I’ve been going bargain shopping for the last week and a half and will continue to do so. That’s the beauty of funding purchases with income and being 50% cash.

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  17. Munch the Greatest

    Le Fly {hawk, rake, spit} gonna feel the sting from the business end of the Stupid Stick, soon now – Le Fly will be rolling around in his own faeces, wishing for merciful death, as his starks fall like anvil thrown from empire state

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  18. Munch the Greatest

    Sell, brothers and sisters. Sell!

    Last chance

    You’re welcome!

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    This article will assist the internet visitors for building up
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