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
20,866 Blog Posts

“The Giant Top”

So sorry for not posting. I’ve been quite busy counting my money.

As you already know, “The Giant Top” is in, as investors take a step back and realize the economy blows balls.

While it’s true, typically, markets bottom 4 months prior to the end of a recession; we’re not there yet. In all fairness, the economy needs to get a lot bleaker, in order to shake out the Cramer crowd.

Anyway, thus far, I’ve done nothing today. For now, I’m happy to see the components of [[SKF]] go lower, while [[RIMM]] trades up.

Back to counting my money.

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17 comments

  1. duckbutter

    SKF go down?? I think you had a few too many last night at BWLD.

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  2. The Fly

    Liar. I never said that.

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  3. Gunners

    someone needs to hit the components of SKF with a flying head spear to the chest like Alford’s sack on Brady.

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  4. Dinosaur Trader

    Post, lest you be stripped of your “first-tier” blogger status.

    -DT

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  5. The Fly

    DT:

    “The Fly” could go on vacation, for three months without posting, and still get more traffic than you.

    Odd, no?

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  6. The Fly Buster

    I am officially creating a double ETF inverse on the Fly’s portfolios. It is the next big thing…Also, I am making a new website… ‘www.IBANKONFLY’SCOIN.com”

    Whuhahahah, cheers fucker!

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  7. boca

    The Fly will always be first-tier for me. I have reason to be grateful to the Fly.

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  8. The Fly

    Everyone on this thread, except Boca, can go fuck him/herself.

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  9. chivasontherocks

    1974- market bottom 10/74
    gdp- 4qt of 74- -3.4%
    gdp- 1gt of 75- -4.7%

    1982- market bottom 8/82
    gdp- 3qt of 82- -1.5%
    gdp- 4qt of 82- +.4%

    1990- market bottom 10/90
    gdp- 4qt of 90- -3%
    gdp- 1qt of 95- -2%

    1994- market bottom 11/94
    gdp- 1qt of 95- +1.1%
    gdp- 2qt of 95- +.7% that was the soft landing

    period of 2000-2003

    imo 3 things contributed to the anomily of this period.

    1- massive spending because of Y2K

    2- record overvaluations of equity markets

    3- 9/11

    source for gdp numbers was

    us dept of commerce- bureau of economic analysis

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  10. alphadawgg

    “Giant Top”….now you’re getting cute.

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  11. Dinosaur Trader

    Fly,

    I have yet to think of an appropriate response to your zing.

    Okay… wait, I have one coming to me now…

    Ragin’s blog is gay!

    There, I feel better.

    -DT

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  12. Dinosaur Trader

    No volume today… this market is dead.

    -DT

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  13. alphadawgg

    Is Boca Fly’s trader/servant?

    Could possibly be Zombie’s “alter ego”?

    Just curious.
    ————————–

    Lower volume….NY traders are still on Cloud 9. Holiday declared in parts of the trading community.

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  14. Woodshedder

    Chivas, how about an analysis of how long it takes for markets to regain the 50 day average after a correction of X percent?

    That would be more helpful.

    While stocks may not go lower than they were in January, it is obvious to me at least that after a correction of this nature they do not immediately go straight back up. There is often a lot more volatility and sideways movement.

    My sense is the average Joe will never have the balls to hold through such action, and even the best traders will have moments of doubt.

    That is why I say the best bet for going all long, all clear, is when the markets regain the 50 day. From what I see, that is safest spot for entry, based on history.

    Getting long before the 50 day is regained (and I should add, tested) means chancing the market goes yet lower or stays volatile and range bound for months.

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  15. The Fly

    Chivas:

    How about telling us retards here how much was shaved off the DOW, during 73-74, before bottoming?

    Thanks

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  16. TraderCaddy

    The DOW actually did well compared to the small cap stocks. Some of the Small Cap Mutual funds lost huge. For example 44 Wall Street lost 75%+, Nicholas fund 68%+, Value Line Leveraged 65%, etc. It was UGLY. Some went out of business.

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  17. boca

    Alphadawgg, I’m a housewife from Boca that likes to bank coin. I don’t personally know the Fly or any other trader here, and this is my only nickname on the site.

    BTW has anybody seen Zombie post lately?

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