Category Archives: late night thought
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.
“The July Bottom” 2000
Okay, this time it will stick.
The March 22nd, 2001, bottom!
See, I told you. The March 22nd bottom is in!
Maybe not. Damn this sucks.
That’s it. God bless America. The September 21st bottom is in!
This is very non-complicated. We are in bull mode, baby.
You have to be kidding me, right? This market stinks!
Now that’s the bottom. Load the boat now!
BOOYAH, Cocaine Daddy.
That’s it. I quit. I can’t take this anymore.
Quit calling bottoms.
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.
I’m a bearshitter.
My IQ of 155 is at least 50 points higher than the average reader of this blog.
Fuck off, you (internet leech).
Back to drinking myself smart.
NOTE: Some light late night reading, for you armaggadeon lovers.
UPDATE: DMX is a great man.
What the fuck is a Barack?! Barack Obama. Where he from, Africa?
[[GS]] will get what they deserve.
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.
UPDATE II: Woodshedder’s recently discarded dog found. “The Bitch of 72ndStreet.”
I made more money than all of you today.
I have a myriad of “ass banks” worth shorting to zero.
UPDATE: Behold ASSBANK!
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.
“The Fly” has more gold than you. Much more.