Futures are lifting off and all is well in China, following a clown-car like -5.5% open. Right after those communist bastards (extra Red Scare) fixed their markets higher, Japan followed suit. Commodities are up and all is well again.
Here is what I am wrestling with now.
This feels different. Previous market dramas were caused by superfluous events: Greek-German comedies, Federal Reserve maladies and a series of stupid things purported by Congress and let’s not forget the end of the world as we knew it: Ebola. All of those, sans the end of the world zombie causing virus, were fixable, short term events. But this is permanent: Chinese fuckery, largess, slowing the growth engine of the world.
If the China story is truly dead, I’m afraid today’s “drop” will look like child’s play 1 year from today. You will reflect upon NFLX at 98, down from 129, and view it as absurdly expensive, same goes for AAPL, AMZN and every single well to do growth stock in the S&P 500.
Buying today’s close was the brave thing to do. Those people will be rewarded tomorrow. The coward will sit here and watch, lament over missed opportunities, and pray for the market to correct. “The Fly” is not a man, such as this. He transcends short term moves in stupid-to-do stocks. Immortal and without emotion, he blazes a trail that will last for the next 10,000 years.
Enjoy your rally and be sure to thank your Chinese friends for their manipulative government. But this isn’t over yet.
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I remember 2008 too vividly to put more than a few percent to work today. I will average down slowly so as not to offend the stock market gods with my hubris. What will you do friendo?
Not sure, maybe add to existing positions in order to get out of them on a run higher.
Sounds like a plan. Good luck Fly (no sarcasm).
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ROCK … PAPER … SCISSORS !!!
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If we GAP UP a 1000 points at the OPEN … it wouldn’t surprise me !
SIGH !!!
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… nothing surprises me anymore …
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Dr. Fly – They’re making more new Chinese every day. The ghost malls and cities will fill up soon enough.
Many people said they were waiting for correction, now that it is here they are too scared to buy. Good luck staying in cash and buying higher. This was the best thing for the market to purge out losers that will not come back this time.
Goose
You literally know nothing about the market and haven’t a clue as to what is going on.
The best thing is market distortions that cause action like a black hole? Corrections don’t generally happen over 3 trading sessions
The dow has been correcting since may 21st
Look for a nice run over the next 2-4 days, then stall out and back down we go.
indeud,. agreed
The total collapse anarchy open today did seem a bit off. What exactly was the fucking problem? The brazen bulls that buy every dip or even worse finally bought the dip could be in trouble going forward.
These chinamen are good at maths and too smart for our dumb leaders. We need a high IQ Wharton genius to beat them at their own game.
Seeing some not Wall Street types giving assurances out in media land. Could just be the slow news cycle but they are not worried. Granny will save us and all that jazz.
I love when you list all the shit you (we all) actually do, then say you won’t do that though because you are an immortal alien.
I am an immortal alien.
Futures fading fast. Wouldn’t be surprised if we don’t even open green.
there’s a lor to be sold still ( we open higher to sell the open ..bear case ) ..but china lowered interests ..so we open much higher (4%+) .. and the selling is slower …then
tonight china opens +big% too..
Black Tuesday, Bitches.
naa
Lol
Fly they are quoting you again:
http://www.marketwatch.com/story/why-goldman-thinks-the-sp-500-is-headed-for-an-11-rebound-2015-08-25?dist=beforebell
Awesome. I can’t wait till the Fly is on Squawk Box. Filmed from a shadowy room and with an electronic voice changer.
And a Shredder [TMNT] helmet to disguise the shape of his head.
http://ecx.images-amazon.com/images/I/81zTZi8yNFL._SL1500_.jpg
Following the 2011 gameplan here. Bottom is not in. We will chop for a while, and descend into hell next month or October. My plan is to sell rallies that in my estimation get too high.
Ideally SPY tests the underside of the massive trend it broke and getting short there would be a golden opportunity. That’s about 206, but I doubt it can get that high, so I’ll be looking to spend on longer dated OTM puts on any good rally, today included.
Fly scheduled this Turnaround Tuesday party last Friday, spent all weekend and most of yesterday accumulating my champagned bottles
http://ei.marketwatch.com//Multimedia/2015/08/25/Photos/NS/MW-DS940_Captur_20150825060102_NS.jpg?uuid=31acc51a-4b10-11e5-8202-0015c588e0f6
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Move along people … nothing to see here !
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