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late night thought

Everyone Raped

I went to sleep last night expecting to lose 1-2% today. I woke up to “green as fuck” futures, only to see the market melt away like a chocolate bar in a prison yard. Lo and behold, I get back from the beach, spending the day tossing my kids into the water, and we are rallying hard into le bell. Either way I try to slice it, today was a fucked up day to be long, seeing big reversals to the downside in CLF, SHLD and a variety of momentum stocks.

Tech stocks, as well as small cap, best represented by TNA, are being pummeled. Basically, investors are still nervous about the state of the U.S. economy. Take a look at TLT and FXY for evidence of “de-risking.”

Until we see rates go up and spreads widening again, the markets will continue to remain under pressure. Today has all of the ingredients of a uber “fuck you, you’re dead” rally to the upside. However, once again, it failed due to investor pussification. If forced to guess, I’d say we’re still going higher, despite today’s reversal. I know it makes little sense to stick with a market unable to hold gains for just one day. But this bottoming process shit is a process, not an event. After all, if the market reverses and trades up, monster gains will be had, as opposed to near term limited downside, in my estimation.

Today’s purchases of EWZ, SHLD, DE and CIEN were ill advised. I got caught up in the moment and now suffer the consequences. However, it was a reasonable bet. Nevertheless, I still hold about 45% cash and will leave it intact, until I get settled into my next destination, further up north.

NOTE: I will be traveling most of the day tomorrow.

[youtube:http://www.youtube.com/watch?v=zK1mLIeXwsQ 616 500]

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Another July ‘Bottom’

Look familiar?

“The July Bottom” 2000

July-October 2000

Okay, this time it will stick.

The March 22nd, 2001, bottom!

See, I told you. The March 22nd bottom is in!

April-June, 2001

Maybe not. Damn this sucks.

July-September, 2001

That’s it. God bless America. The September 21st bottom is in!

September-November, 2001

This is very non-complicated. We are in bull mode, baby.

Jan-March, 2002

You have to be kidding me, right? This market stinks!

March-April, 2002

Now that’s the bottom. Load the boat now!

May-July, 2002

BOOYAH, Cocaine Daddy.

July-August, 2002

That’s it. I quit. I can’t take this anymore.

September-October, 2002

Quit calling bottoms.


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Fly Buys: PZE, RIG, FXP

I bought 2,000 [[PZE]] @ $13.07, 3,000 [[RIG]] @ $145.20 and 1,000 [[FXP]] @ $69.40.

Disclaimer: If you buy the above stocks because of this post, your only daughter will marry Dennis Kneale. And, you may lose money.

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UPDATED: Late Night Thought

Why is Ragin’ Cagin’ so fucking bullish?

What has gotten into his alligator soup?

UPDATE: As you can see, “The Fly” took away your market data box. Frankly, I did it for no good reason. I just woke up one day and said “fuck these internet people. I will take their market data away, then curse at them.” You do not deserve “futures” or Asian market stats. Fuck you, go turn on the “gogglebox” to CNBC.

Plus anyway, iBC is about to turn the lights off on you bulls, which includes the seizure of information. And, to make matters worse, I understand that many of you have not been adhering to iBC’s strict dress code. Until you fuckers start showing up in suits and ties, the market data box will be in my attic.

Stay tuned.

UPDATE II: Woodshedder’s recently discarded dog found. “The Bitch of 72ndStreet.”

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Late Night Thought

I have a myriad of “ass banks” worth shorting to zero.



In other news, I just went over the balance sheets of 75 banks and asset managers. Let me tell you, many of them will be zeroed out, within two years. For starters, sink your teeth into [[DSL]], [[FED]] and [[CLMS]].

UPDATE II: Oh, and for good measure, an old position of mine (stupid, stupid) [[CORS]] has half of its cash reserves in a portfolio of BANK STOCKS. Talk about egregious mismanagement of capital.

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