Not General Jackson, but “the Earl” himself!
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Oh my, did you see that egregious sell-off in the last hour of trading?
My heavens, I almost had the vapours (sic). I high-about had a hernia. In a fit of panic, I frisked the cat thoroughly for hidden weapons.
Almost everything sold off, including our friends at the [[SPY]] , our “tell” index.
Well, almost everything. [[BIOS]] was strong into the close, almost as if everyone was watching all the buyouts happening in its industry. (That’s The PPT information I’ve been linking in the notes, fyi. Have you signed up yet?)
But you know we’ve had these swoons for months now. In fact, I count seven of them in the last three. And yes, we are nearing a dollar bottom, so there’s likely to be some weakness here, just as we’ve had those seven times in the past. What’s important is that the trend, as herky jerky as it’s been has stayed UP (thanks to [[UUP]] , maybe?
Check it, Chekov, and chillax:
What to do? Oh what to do?
Sell some calls, trim some wins, stack your bologna for the next round, maybe?
Better yet, consult with the earl for your favourite (sic) bread-bordered meat & cheesy comestible.
I am out all day tomorrow on a coastal state excursion, so my interraction will be spotty. I will be checking comments. Ciao.
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Oh no, the Earl was a bridge player? The VIX was dead asleep until about 10 after 3 and then it was a little rocket upward. If I were in Euro Land or Yen Land, I would buy some US blue chips on a dollar bounce.
Flagellating myself severely for not pulling the trigger on BIOS!
At the risk of being a dumb moob, I can’t get behind the story that a DIck Bove report caused this sell-off.
I believe you said that bulls are harder to ride because of these kinds of days.
I’m lean, but staying long.
I don’t buy Dick Bove either, fwiw.
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For some reason, this post struck my hilarity courd [sic]. Love the Earl.
THX. Feel free to borry.
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Nice stuff, good perspective on things
I haven’t seen that kind of tape since March. Up till now there’s always been a bid under the market but nothing this time, just a big 40 minute dump that reminded me a lot of 2008.
Six Dow Companies reporting today. Could be someone got the word on one or more of them. UPS will be important because it leads the Transports.
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Still time, imo. Look at the 15 minute charts, its setting up w a nice bullish flag here.
On the plane. Someone remind me– no more 6am flights.
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The above was in reply to Ecchymosis’s BIOS comment. Not sure why it floated, save for the fact that I’m Crackberrying.
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Gint’s stuff just seems like a lame version of Fly’s. Like the 5 year old mimicing his 9 year old brother.
Here’s some more derivative shit for you, asspound– have you told your mother you shake off emus yet?
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At the risk of irking all and sundry, I would say that since he toned down all the cussin’, The Fly is the one who is actually beginning to sound a lot more like Jake (expletives aside), which is no fault of Mr. Gint here.
Here’s a video to warm your heart, Jakey:
http://www.wimp.com/thegovernment/
Largo Resources: holy wtf? No news is good news, apparently. MAD volume, for them. E do caralho, eh! Filing this one under: Penny From Heaven!
Is it TSX only?
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Man, do you know me Jake. Its not even ‘TSX only’, its LGO.V (TSX VENTURE), also displayed as CVE:LGO. Heh, the gain is all percentage, its a penny stock’s penny stock @ 0.14CAD/share to 0.22CAD/Share on about 4 mil in volume. Their Largo Link doesn’t seem likely to ‘instill confidence’ in institutional investors either, IMHO… Haha! (Is it just me or do they all appear to be ‘three shots too far’ in that photo?)
Note: I guess the photo changes every time you open the site, you might have to go back a few times to really see what I mean…
http://finance.yahoo.com/q?s=LGORF.PK
MY BAD! THANKS T!
AAhhhh, so: This from the Yukonian end of Largo might offer some explanation as to how they could save so much face so fast, eh?
Re: BAA, did you see that their charity organization, “The Banro Foundation”, funded and built a high school in the community where one of their gold properties is? It’s a very interesting article, if anyone is interested. I have been totally disgusted with how far the stock has dropped since I bought it, but the good they are doing with their foundation, takes some of my pain away. Pictures and whatnot on their website.
http://www.tradingmarkets.com/.site/news/Stock%20News/2579675/?relatestories=1
Have a nice weekend Mister Jake. Appreciate your column here.
And let the bears owl at the Cajun Moon…..
http://www.youtube.com/watch?v=giw7_mLOH9k&feature=related
My Giants took the Cajun Moon last weekend, thanks to RC’s Saints.
Nice tune, though.
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Sorry about your Giants Jake.
As for tunes, why not 2 for the price of One.
http://www.youtube.com/user/ultforeign#p/f/0/ipoZbsc_3eU
Hands down my favourite (sic) U-2 song. Never heard this version, however.
Is that Mary J. Blige?
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That’s fugging awesome.
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I do believe it is.
I love this vid, Ultforeign. Beautiful!
If this isn’t the biggest indecisive post you’ve made. YOU know what to do? Seems like you are hedging market direction here by not telling us which way you are leaning. Gives you an out to write another blog entry to tell us “see I told you”.
In this post, you have said nothing. Definitely the worst post you have made yet Jake. I’m disappointed in you.
Let me guess — English as a second language?
No shame in it, and I’m not trying to be pejorative, but I think I was reasonably clear.
So I can diagnose one of two things — you are not a regular reader of this blog (and Fly’s), or you are not that facile with English yet.
And again, I have no problem with that. I am in awe of anyone that can speak and/or write in a second (or third, etc) language. I think it’s a wonderful asset.
For your benefit, I offer this full translation — “We’ve seen this kind of market behaviour over the last three months, I recommend standing pat.”
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I thought you were very clear
I backed off on some positions, waiting for next week to determine future direction
Feels like a sell the news on earnings but it could just as easily be a consolidation
I’m torn between the ugly tape and the sideways pattern so I will just wait and see
As a RECENT reader of your blog, I find it refreshing and thoughtful of what you post. This is why I come to see what the chartist has to say. I realize you put a lot of work into this and am grateful. Now for your response.
ESL? No. I’m American and have been for over 40 years.
Now if “we’ve seen this kind of market behaiviour before” means to “stand pat”, then this is not very good advice. There is no certainty whatsover that the market will continue to uptrend and that this *may* be a top. If so, healthy gains are lost, especially those where position traders bought into the past 2 weeks. In fact, all those gains have been wiped out if you trade SPY.
Worse yet, it is extremely stupid to watch the S&P 500/SPY ETF to base trades on. One should focus on the stock he/she is positioned into and trade that issue. Each issue has its own behaivior and does not necessarily trade in the same pattern as the overall indexes.
Three paragraphs of gibberish in your post could have been summarized in one sentence that was made more clearer to your readers. I’m sorry, but not everyone comes to this site every day and has been reading your blog.
80% of visitor traffic on websites come from people who do not spend more than 30 seconds to 1 minute. Writing clearer and to the point than what you wrote on this post would make the first time visitor and new readers more in tune with your sentiment. Read this blog post again with that in mind and put yourself in a new visitors point of view. In no way did you correlate this with “stand pat”.
P.S. The spam protection is fucked up on replies. For the question “Sum of 1+5” I typed 6 and kept getting an error message. I had to reply to my reply. It didnt work on replying to your reply to me.
Hey Ultforeign, this one is for you buddy.
I love the states, but oh how I miss my beautiful Canada and the incredible music.
http://www.youtube.com/watch?v=AZwm_OKh6bw
Hey Chanci, good one from the Hip thanks. My prefered one is ;
http://www.youtube.com/watch?v=sizRTtCHBQQ
Last time I was in the States I came down from Vancouver to LA on my motorcycle, then across the country back to Montreal. Highway 1 on the west coast and Utah were the most beautiful places I remember. The States are ok if you stay away from the big cities.
We lived in Ogden, Utah for awhile (dad was U.S.A.F. helicopter search and rescue pilot, well actually he was a fighter pilot for ten years and then switched), and it was unbelievably beautiful. I still have good friends there.
Mom was French Canadian. I love the Great Lakes area, especially Ontario, north of Sault Ste. Marie. I consider that my home. Spent many weekends canoeing the crazy rivers up there. Good times.
Thanks for the vid.
Oh my God, and James Blunt. Is he from the UK? To all of our UK friends, this one is awesome –
http://www.youtube.com/watch?v=IUqqXf_AvQE
You all remember the story of Dorian Grey? He stayed young as long as he didn’t see the portrait of himself, which did grow old?
Well this song, what a heartbreaker. (Sorry Jake, I’m done now)
http://www.youtube.com/watch?v=5vHhn0qtj2o&NR=1
That NGAS pick, Jake, I don’t know. If it fails the 200 SMA on the daily, I’m bailing. I think I’ll pick up RAME instead. Maybe you are right, the risk might out weigh the possible returns. What is it YOUsaw in them?
One more for the road, and my personal favorite – http://www.youtube.com/watch?v=Yam6mrCCvD4
NGAS is very similar to a hissing hand grenade biotech stock. You have to play small and carefully.
I’m just accumulating a little bit at a time here, as it will be a cold winter and we’ll probably get $3, at some point. When, I’m not quite sure… but CHK is your long term play, not NGAS.
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