Nas – Hero ft. Keri Hilson

[youtube:http://www.youtube.com/watch?v=s3x5sIvDJWU 450 300]

Remember, most of those stupid banks that were up 40% today will go out o’ business. You can have a scenario where the market gaps higher 1,000 points and two dozen bank stocks go to zero.

Odd, no?

I couldn’t help myself. I blew out of half of my [[UYG]] position, after bagging more than 2 bucks—intra-day. However, I did keep my [[RKH]] long in place, just to hedge my gay regional bank shorts.

Aside from weakness in some ‘global growth’ names, like [[CBI]], [[FWLT]] and [[FLR]], everything melted up, big time.

Scratch that, oil stocks went down too.

For the day, the trading mantra is to be short oil/long financials.

How stupid is everyone?

I will say, I have found it very difficult to borrow shares, in order to short bank stocks. I suspect there is some fuckery going on there.

If you have been short this market and have big gains, do not trade with your emotions. Do not be foolish and give back your hard fought gains. The market will gyrate wildly, prior to the ultimate move lower. I would not be surprised to see the DOW 500 points higher from here, or 2,000 points lower.

In short, it makes little sense to attempt to make a killing “now.”

After all, it’s the summer. I bet you will find the beach or pool to be a better place to hang out, instead of some retarded trading turret.

Towards the end of the day, I was tempted to add to short positions, but refrained. I will hold cash and sell my longs into the rally, while waiting for better prices to reapply my “death grip” on “select unspecified names.”

For the day, I was debanked to the tune of 4.8%.

UPDATE: This is Barry’s best post ever. A must read.

I sold 10,000 [[UYG]] @ $18.01.

I’ll have you know, “The Fly” is NOT suffering from this melt up. My losses come in at a modest 4% or more money than you will ever see in your pathetic lifetimes.

With that being said, I am stemming some of my losses with the following long positions:

However, I am very tempted to blow them out and reload on [[SRS]], [[FXP]] and short [[HDB]], short [[PACW]], short [[VLY]].

For now, I will resist the temptation to short stocks, understanding the market is severely oversold.

At the present, my favorite long position is still [[RIG]].

Fuckers.

This is breaking and very insightful newz [sic].

via CNBC:

Since The Washington Post dedicated an entire front page to the economy, in today’s news paper, the market had bottomed.

You-cannot-make-this-stuff-up.

Off to drink some coffee, chainsaw some trees and kill a few birds, much to DT’s chagrin.

I double and triple checked with my resident philosopher, chart chomper, astrologer, conspiracy theorist, gangster and Voo Doo Physician, and they all say we’re going north.

As a result, yet again, I covered a myriad of my short positions. I know this type of behaviour [sic] is not the one of a gentleman. Nonetheless, it may sooth you to know, I was drinking Earl Grey tea (with 2 cubes), while buying back shares.

At the present, I am still short [[HDB]], [[VLY]], [[WABC]], [[PACW]] and [[HRB]].

As for my inverse ETF’s, I didn’t change a thing. I am being bludgeoned in them, intra-day. I am long [[FXP]], [[TWM]], [[DGP]] and [[REW]].

To be honest, I am enjoying this melt up. Up until today, the market reminded of that Twilight Zone episode, where that guy was in hell and could not lose. From gambling to chicks, the dude was a winner. Eventually, it got old, drove him crazy, and then some devil guy ended up laughing at him, rather cryptically.

Let the retards (you) catch up and shit, I always say. I’ve been rolling on you goat fuckers for years now, like a cannon ball through legs. However, I warn you; I never lose.

During today’s trade, “The Fly” frantically bought [[UYG]], [[RKH]] and a few other nondescript items.

My thoughts are eloquently communicated in the following paragraph:

Under normal circumstances, the market should rally 200-500 points from here. If it does, I want to milk some of you short selling bastards, via egregious 200% upside ETF’s and other “nondescript items.” At the same time, I will keep my large bets on oil, via [[RIG]]. And, I will keep my meaningful short exposure in place, via inverse ETF’s and selective shorts.

In other words, I want my cake and I want to eat it too.

If you are trading this market, just remember to sell quickly, if you are not hedged or lack the luxury of a time machine.

QED

I bought 2,000 [[RKH]] @ $82.50.

Disclaimer: If you buy RKH because of this post, Cramer will jinx this rally, with another ‘bottom’ call. And, you may lose money.

[youtube:http://www.youtube.com/watch?v=4qPgrCFcwFk 450 300]

I bought 15,000 [[UYG]] @ $15.77.

Disclaimer: If you buy UYG because of this post, the NL will never win an All-Star game again. And, you may lose money.

[[VLY]] posted decent numbers. As a result, “The Fly” is an early morning recipient of a claw hammer to the cranium. People get overzealous, buying shit like it’s going out of style.

Look at the [[CLF]] for [[ANR]] deal. That doesn’t prove the materials sector is undervalued. Instead, it displays the stupidity of the CLF management team.

On the [[WFC]] news, banks are trying to rally here. I am always skeptical. However, today I believe they will go up. As a result, I bought a quick 10,000 shares of [[UYG]] at the open. As you know, this is an average down for me.

With oil weak, banks stocks posting good earnings and a few deals getting done, the bulls MUST rally this market. If it cannot run up 200+ points today, they’re fucking doomed.

If you are heavily short stock, I strongly recommend you hedge your bets with some double upside etf’s, like UYG or [[ROM]]