iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,309 Blog Posts

Busy Rolling Rubber Tires Down Hills

Oh, is the market up today?

I didn’t notice, since “The Fly” has taken a new job at his local gasoline station.

However, I will say, yesterday’s panic sales are not coming back to bite me, yet.

XFML is hardly up and the other non-descript names aren’t budging.

On the other hand, my longs are ripping higher, led by “alphabet waste,”  VMW.

Believe me, I am tempted to buy stock, right now. However, I have instructed my trader/servant to throw lunch meat at me, should I get the urge to actually put money to work in this death trap.

Should we go higher, I’ll recoup losses and proceed to roll rubber tires down steep hills.

In short, I’m not selling or buying here.

Developing…

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26 comments

  1. JakeGint

    Smart move.

    I think we’re about done for today’s shenannigans.

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  2. Juice

    Fryster – where’s that short list, as promised?

    Don’t give it to us when the markets are down 5% tomorrow.

    I want it, and I want it NOW !

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  3. JakeGint

    Short Goodyear Tire, for one.

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  4. riverrat

    As we have gone down to the cellar, I have not more steel marbles to hold short futures positions overnight, unless I see the weakness come back, unchallenged.

    I’m stuck to just trading intraday.

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  5. DPeezy

    “In short, I’m not selling or buying here.

    Developing…”

    Isn’t that a contradiction? Can non-action be developing? You may have just blown my mind.

    The short list is easy, just pick a bank/financial institution and you’re good to go.

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  6. TraderCaddy

    C acting like crap. It will be a buy at 8. I saw Chucky Schumer in a couple of movies several years ago. He played a knife wielding doll in Chuckys Bad Seed and Chucky’s Bride.

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  7. Juice

    Why short GT? technicals, fundies or both?

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  8. Juice

    breadth is punk for a strong rally

    don’t know what that means

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  9. Woodshedder

    It means its not strong 😉

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  10. big snacks

    FLY

    Give us some shorts.. you have a great entry today.. I think GOOG looks bad here

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  11. The Zombie

    The only thing that works in this market is a little ii. Gekko style. Inside info. Anyone got any?

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  12. JakeGint

    Brucie — I was joking on Fly’s tire thing.

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  13. Woodshedder

    Jake, GT looks like a good short. In fact, I was short it several weeks ago.

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  14. Juice

    ah, good one!

    i’m so slow, you had to splain it to me

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  15. riverrat

    For any idea that the bottom is in, this would have to be true:

    1) We finish today up and tomorrow has to be up

    2) This streak has to end (Obviously):

    http://seekingalpha.com/article/55415-the-market-s-back-to-back-streak

    3) The S&P closes above 1450 at a minimum in the next few days

    4) 30 Year Bond Futures closes back below 116

    This is a steep climb, so the emphasis has to be short.

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  16. JakeGint

    There are other things to do with a dead cat than bounce it, you know.

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  17. Woodshedder

    River, any lasting bottom will come with panic, capitulation, and volume.

    Nothing else matters.

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  18. TraderCaddy

    I agree with Woodshedder. You will know it when you see it. Our heads will be in the toilet losing lunch when it it does happen.

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  19. DPeezy

    When panic selling sets in and people lose more of their money, even more loans will be defaulted on and not just by subprime borrowers. The defaults will spread to credit cards, business loans, and all other debt and armageddon will be upon us. Fire will rain from the sky and the CNBC studios will fall to the 7th circle of hell, where there are no tv signals.

    Oh, you will know when it’s here!

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  20. riverrat

    Maybe, but the market trades on sentiment, and that can change without capitulation. We got sucked into this mess before most of us realized it, I’m sure. I thought we would be weak through the end of the year, but not this weak, with a (wider) range bound market. The market changes tone alot quicker than it used to.

    Do you see the chart on the amount of money in money market funds? It will take a big tone change to bring that back in.

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  21. Woodshedder

    Sentiment can change without capitulation. Absolutely.

    But we’re not talking sentiment. We’re talking bottoms. Go back and look at every major correction. Most have several smaller bottoms followed by tradeable bounces. Even the bottoms that are only short term have an element of panic and capitulation and high volume.

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  22. Steve

    This wall of worry looks steep.

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  23. Woodshedder

    Steve, it is fun bantering back and forth about future market moves.

    Keep that in mind when I say the wall of worry thingy is typically used when the market is in an uptrend.

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  24. Steve

    The S&P and Q’s are still in an uptrend, ‘shed.
    I agree, the banter is fun, until one of us is proven wrong. Then the crying.

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  25. TraderCaddy

    INTC,DELL holding up the NDX? MSFT,CSCO,GOOG sucking wind. AAPL about to roll over.

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