Towards the end of the day, I dipped into my fucking cash horde to buy EGO, ONCE and GG. Don’t you worry about Le Fly missing the fucking rally. I’m up 24% for the year, bitch.
The last time you lectured me about finance, I ended up sticking a rail spike through your dense heads. Slow your roll and be mindful of whom you’re offering advice to, space alien magician (SAM), geared up in an Orbital Space Cannon (OSC), vaporizing clowns with my homo-hammer (HH).
It was a constructive close. My goals are to fleece those betting against gold and steadily reduce my basis in ONCE, so that I can get–the fuck– out of it at a profit.
Biotech stocks are screaming higher. Many of the names that I asked you to watch as a barometer of risk are careening higher, like EGRX and ESPR. Nevertheless, the over all tone of the market is somewhat milquetoast. Recall, I told you that Exodus was suggesting that the biotech sector was at the bottom of its “hybrid score” range, which is the predictive algorithms that places large bottles of champagne onto the granite kitchen countertops at House Fly.
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We’re not there yet. I’m gonna wait to see how the market approaches the last half hour of trade. I am dying to put money to work.
ONCE is up today, after news hit the tape that KITE’s drug didn’t murder one of its test subjects. Naturally, it’s good to see my stocks up. Even GG is higher for the day, which is interesting for a whole other set of reasons.
Although the market is firming and my stocks are up, I do not have the confidence to reallocate funds towards new long positions. I will, however, add to existing position to manage my cost basis, like I did with ONCE on Friday.
Over the past two years, by far the biggest winners have been found in biotech. There have also been some hideous losers too. I am betting that if biotechs can reassert themselves as leaders again, the overall market will follow suit.
Futures are indicating a slightly higher opening tomorrow. You are without an edge, totally exposed to the depravity of monstrous money managers. The “little guy”, steam-boating his way throughout life in search for a better form of transport. You’re stuck in a nightmarish, Kafkaesque, circle jerk. You’re waiting for earnings, Federal Reserve speeches, Chinese horseshit, German horseshit, American politics, masonic plans revealing itself through encoded messages.
Simply put, most of the time, trading the market for short term moves, is no different from pissing in the wind. When the wind turns on you, you’ll be pissing in your own faces in no time at all.
This is a frustrating business. Out of 100 people who I started with, 18 long years ago, maybe 5 are still running money. The ones who quit are now grateful to be out, but secretly regretful that they didn’t try harder because the money is significant.
My relationship with the market is love-hate. When times are good, I am punching holes into the fucking fucktarded faces of people–floating and shit in a most vainglorious fashion, shrouded by large black plumes of incense–impaling weaker men with my cane-sword. Right now I am hating this work. It feels tedious, boring, repetitive and entirely wasteful of my god given talents.
My competitive nature is only outstripped by my sympathy for the hideously deformed reader, dialing into the internets to glean a few morsels of information to help him escape the horrors of his crime-ridden housing tenement.
“The Fly” does it for the people, generously and gloriously, punching this stocked market in the fucking face for the benefit of ordinary, idle, dog-faced, base thinkers.
Fuck all of you Wall Street 2 haters. Like morons, most of you didn’t even bother seeing this film, out of fear for seeing a movie starring Shia Lebeaof (sp?).
Morons.
I really liked this movie. Look, it wasn’t perfect and it wasn’t as good as the original; but there were some great moments, such as Frank Langella being a boss, the tumbling of markets circa 2008, and of course the new villain Josh “more” Brolin.
If you haven’t seen this movie yet, I advise that you do.
I shouldn’t be doing this, but I am nevertheless. I took an average down on ONCE here, at around $45. Ideally, I would double down here, reduce basis to $51, and sell upon a glorious upside reversal. However, I do not believe the selling is done yet. Who’s to say what this bastard stock has in store for me on Monday?
Because of my cowardice, I bought a 1/5th position here, with more than enough cash available to make it a full average down at some point in the not-so-distant future.
I am watching IBB, JUNO, KITE and CLDX are key barometers of risk in biotech now.
This post is going to be brief. Things in tech are working today: CRM, SPLK, YELP, DATA, WDAY, CSCO, GOOG, TWTR, AMZN.
On the other side of the ledger is biotech depravity. These stocks are falling by the bushel, being used to grease the treads of CSCO’s tracks. In Exodus, the biotech sector is at the very bottom of its Hybrid chart, suggestive that a bounce is coming. Considering the fact that tech has asserted itself in a leadership position here, along with banks firming up, I am constructive on this tape now.
When I say “now”, I mean for a short term bounce. The pain being felt in biotech is extensive. But, like all other biotech routs of the past, this too will be viewed as a unique buying opportunity. It never “feels” good to buy the blood. It takes immense courage.
I’ve selected a basket of stocks to properly gauge risk appetite in biotech. If you start to see these stocks recover, get long one of the laggards quickly, for they will clown rape shorts in a most heinous fashion.
ONCE
BLUE
ICPT
BIIB
JUNO
CLDX
RARE
AGIO
EGRX
SAGE
ESPR
XON
ZIOP
AFMD
ADRO
My current situation, up merely 23% for the year, off 9% from the highs, is a dire one. This all started when I sold AAPL north of $130. I recall the peanut gallery, the unclothed reader, was quite upset by it. You tossed feces towards my general direction and threatened me with arson. I ignored these ignoble statements and pressed on.
I then sold ONCE north of $70. Feeling victorious and without fear, I greatly bulked up on my CYBR position and took down some shares of VDSI, for sport rather than necessity. Within 48 hours of my purchase, I was down more than 20% in VDSI.
Chalking it up to a one off event, I then bought back the shares I had sold of ONCE, only to a lesser degree. I bought it at $60 and immediately watched, in horror, as it fell $10 in a single day. After it fell, it fell some more.
Now frightened of my own shadow, I had to reduce my CYBR position ahead of earnings. I sold into a $4 decline, locking in a 4% loss. I had predicted CYBR would beat estimates by .15 cents. They actually beat them by a little more than that; but the stock fell nonetheless. I still hold a decent amount of CYBR. But it isn’t my largest holding anymore, GG is.
Like a coward in the dark, I bought GG at $13.44 and then prayed for western finance to liquidate. I am ashamed to tell you this, but GG is barely above $14.25 now.
After selling a few other large stakes and a general reduction in a number of holdings, I stand before you now, naked, in a 50%+ cash position, watching ONCE descend into anarchy. It is my 9th largest position and I have no recourse other than to absorb the blows and “miss out” on all of the fun the rest of you are having in this market.
I happen to own the single worst performing biotech stock of the day. You can consider it to be an “inverse lottery winner”, where all the ticket holders are mugged and separated from all of their worldly possessions.
The stock is ONCE and they cure blindness.
It’s down on no news; but then again, there is news and that is the fucking stock is down more than 10%.
I had sold this stock a few weeks ago north of $70. I thought I was a clever little boy when I had bought it back around $60. I do not feel clever anymore.
Now an enterprising, virile man, would be in there now, buying up all the shares, while smoking on a big fat stupid cigar, and drinking a bottle of scotch. He’d punch holes into the sheetrock and rip up the floor boards, out of frustration, and then urinate on his windows. Instead, I sort of look at ONCE, then bite on a piece of toast, and then continue reading the newspaper.
I’ve lost the desire to cook inside of the cauldron. This ONCE is awfully reminiscent of my “Four Horsemen” ordeal of last year, when I chased 4 lunatic stocks into the dirt and ended up in a coffin of my own making.
I have an absurd amount of cash on the sidelines, more than 50% for days now. I have no desire to invest it at this time.
You can’t see it in plain day; but the cogs that support the wheel of this market are fraying, loosening about the joints, about to become unhinged. There are less and less places to hide every single day. The broader indices are masking a sickness that is spreading to the patient. I like to call it “The Chinese Fuckery.”
Some of you are annoyed by my warnings and subsequent cash position. I do not practice the black arts and I certainly do not partake in short selling, at least not since 2008. That being said, I strongly advise you to take up an avocation, for this market is about to be reduced to ash.
