This is a very sick market. There are lots of courageous bears out there with spears, trying to harpoon a few weak bulls. Be careful out there lads, for the woods are dark and dangerous.
Perusing over the market, I am intrigued over big biotech. Stocks like BIIB, GILD, VRX and AMGN are trading at very low levels. And let’s face it, the price of their drugs aren’t going lower either, no matter what Clinton says.
In the case of CELG, it is now trading at a 17% discount to its historical median PE ratio.
Without a doubt, the tone of this market is one of a bear market. It ropes you in, hoping for a bounce, almost praying for it. Ultimately, considering there is over $100 billion in distressed oil and gas debt out there, we go lower. The slippery slope of that debt is insidious–because the lower oil and gas stocks go, the more distressed the debt becomes. Reminds you of the 2008 credit crisis, no?
Having said that, even if there is 30% downside in the tape, we will bounce first, furiously, luring a fresh set of investors into a long trade.
For me, risk, or lack thereof, is being measured in real time in the shares of GILD and PANW. I really would like to tell you “you’re all fucked” and how the planet is cosmically fucked like nothing you’ve ever seen before.
But I think we bounce first. Shit, I might just say this every day for the rest of my life, the way this non-sense is shaping up.
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What do you weight now Fly?
168
I need you to get to 185lbs; 8% body fat. Thx.
If we rally, I’ll cut doors off my car and pretend im the Pope
Oh shit. When is this bet good for?
Can we please get a #TBT to that dude who was supposed to eat his own dick
A dedicated bear would wager a self-mutilation and fellatio here. Still, think this does the trick
That is a great idea for one of those art car parades!
this is just getting started, the action is too slow today to get any resolution. Chopping people up but I guess fading into the close. All eyes on Asia and Europe. Next man up!
we need a washout to move higher.
I think we had the washout yesterday but nobody seems to realize it.
Actually, I think we need more days like today to move higher; +10, -50 +60
-200, -100, +300 will not get us back to bull action.
Bought Nov SPY calls strike 201. We will be there almost immediately.
I started cutting. then I saw aapl.