Am I supposed to get excited that our execution has been stayed? The gallows are still there, freshly built, awaiting our necks. European markets have soared over the past two days. Ours? Ours are for the dogs.
More than 340 stocks traded down more than 10% this week, an ordinary correction in a land of milk and honey. After all, we have the best banks, Fed, tech and medicine man companies. We also have a benevolent oligarchy who bestow mercy upon us in the form of short prison sentences for IRS violations.
I see oil is trading up again, luring managers of money back into its fuck up web. Having positions in a variety of oil stocks, I am not complaining–per se.
It’s past 2 o’clock in the afternoon and I haven’t bothered to blog yet. I’ve been awake since 6am, sort of in a trance like catatonic state. I’ve been reading a book, about the life and times of Jay Gould, robber baron extraordinaire.
How did olde Jay amass his $86 million back in the 19th century? Very simple. He merely would sell short the company he was in charge of, purposely fuck up their contracts, cover his short, and then get long after fixing the contracts. He also once forced UNP, the company he was CEO of, to buy the Kansas City railroad, in which he owned the majority of the shares, at an extreme premium. He netted $40 million from that deal.
He also treated the Erie railroad as his personal piggy bank, legally.
Ah, the good old days.
Needless to say, I am not impressed by today’s rally and will not be buying anything. There is too much muck, implicit corruption, and a strangely docile investment public to believe anything seen on my screen.
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I guess Montauk Bill had read the same book.
Fly, to be honest, you are a master blogger, you are the only reason I come here. Your other bloggers all wannabes. Sorry, but that’s how I feel, no offense to the others.
While I appreciate that, I’m also disappointed that you feel that way. The other bloggers on this site are like my brothers. They all have talents and are worth a read.
Maybe they’re great traders and a big help to PPT members, but when it comes to blogging, there is only one reason to come here: Dr. Fly.
I can be a friend to you.
Playing hard to get huh? OA likes that.
You know all about that, don’t you?
Anybody got to you yet?
No offense to any of the bloggers, but I come here for the veal and to click the ads.
Liar. According to my ad vendor, literally no one clicks that ads. He marvels at how my readership has the lowest click through percentage of any website he manages.
ad blocker?
I wannabe your bitch Prometheus. 🙂
You are way off base.
how you like that Gould book? I’m halfway through.
Finished it. It was good.
Onto the next one.
Wise words.
what’s up with homebuilders? multi-year flag patterns blown to the downside in fucking day.
Banks
Perhaps you should go West young man and get Colorado’ed over the weekend while enjoying some fine Bordeaux while you’re at it..
Well thanks for the biotech bottom of the channel insight Fly. Up 8% in BLCM and 10% in JUNO today.
Take your profits. Too many bad things can happen over this long weekend.
Profits booked, +10% BLCM +12% JUNO thanks for the advice I feel good about it. 100% in oil, silver and biotechs today and ended the day +6.8%. Best day of this accounts life (2 years). Took some profits and ended the day 20% cash, don’t know if I should’ve taken more off the table we shall see,
What is clear now is ALWAYS was deflation
CENTRALBANKS are TRYING to force inflation
When the curtain is pulled back deflation is always sitting there
But guess what each time it’s right back where it started, With stock markets another level higher and another level more vulnerable
What’s the best way to play gold?
Borrow Bchu’s shares.
Is there a Fly recommended list of books to read? Like wine picks, I’m sure there’s some really good stuff I am not even aware of.