Big day for the bulls. Despite the weakness in bank stocks, buyers stepped up and punched the fucking eyebrows off the bears.
In short, the market is crazy. One day, the market looks like it’s going to zero. Then, the next, the market is shooting for 30,000.
The best approach to this market is to take intra-day rips or be both long and short. Right now, I am comfortable being short the banks and brokers, but uneasy about tech.
Tech and ag have the mojo. Get on the wrong side of them and lose your house.
Towards the end of the day, I covered some of my [[LEH]] short, while loading up on [[VMI]]—just in time for tomorrow’s numbers.
VMI should blow away numbers and spike. They sell irrigation systems to farmers. How could they go wrong?
Finally, it’s worth noting, I was only down 0.7% today, despite being heavily short. Either I’m incredibly lucky or the market will shit the shower, sometime soon—led by financials.
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Fly,
Where is your time machine? Perhaps you left it at the supermarket when you were picking up a months supply of oatmeal? Next time you should drive your Ford Pinto to the market instead. Developing…
“NFZ”
I dumped my fucktarded financial longs today. They have “the syphilis” and couldn’t get up for nothing – even with the 500 point Dow rally over the last few days.
In light of the short-term overbought nature of the market and tomorrow’s speech by the Man with the Chinook, I loaded the barge with FXP at the close.
In short, the rally is now over. You have at best 2 days (or not) to establish short positions before the “After President’s Day Sale” on stocks next week. Trust me, the prices will be low, low, low. And volume shall return.
That is all.
How can you say “the rally is over”?
Don’t fight momentum, fucker. There is no need to be the man in the time machine. Leave that job for men who ride in them.
Off to my local supermarket to get food for my time machine.
He stopped injecting the time machine with HGH since it’s all “in the news” and shit.
Anybody notice the lack of volume today for such a big move? The Nasdaq was barely higher than yesterday even though it was up more than 2%. Volume on the S&P 500 and Dow were actually lower than yesterday. I know the market can do whatever it wants and will probably keep going higher since I am short, but these volume patterns can’t be anything but negative.
It’s almost as though volume’s down in hopes of He of Helicopter making yet another surprise visit.
Baseaball ben berry berry goodtome.
http://www.wisecamel.com/2007/04/05/fooling-no-one-baseballs-steroid-users-before-and-after-pics-you-be-the-judge/
amazing how quickly people get suckered into these little mini rallies in a bear market
esp tech….given how fucked its been, is today any surprise? shit doesnt go down in a straight line
and this is coming from a perma-bull who has a bunch of tech long positions that have been fucking CRUCIFIED…even i know this isnt real
Fly is such a vagina…One day..hes like “OMG ARMAGEDDON is INEVITABLE”
Next fuckin day…” I dun know about being a bear anymore”
Have some balls son…Mark my words, we have to at least test those lows again…
Oh and FYI, those retail #’s are totally misguided…Fuckin GAS rose 2.0%, due to inflationary reasons as the #’s were in nominal terms. In real terms, #’s were in fact negative!
Also, bear in mind after the so called shittiest x-mas season since 1970’s, retailers have to have fire-sale discounts to reduce inventory levels..hence decreasing profit margin.
Long “No Fly Zone”…Short “Fly”
Big Mike:
It’s called being flexible, which in turn has enabled me to be a wildly successful investor, able to buy your house—with the spare gold bricks I store in my basement vault.
Aside from that, your Mother is still a goat milker.
For the record, I have marked Big Mike’s words.
The reason everyone is so quick to switch gears is July 2007. We were down big on high volume and then a massive melt up started right when you would have thought the whole market was about to implode.
The news was the same, but the market was able to overlook the fundamentals and move higher. Same same all over again.
I have a question about The Fly’s time machine.
When will Then be Now?
Good point about July 2007 – the volume was non-existent there as well, similar to now, and we did keep going up. We’ve had a bigger drop now, but it is something to think about. I am doing my best to keep my mind open to both sides of the market after looking through scans tonight.
ESPN had the same headline right now
NOthing is the same. Big Mike got it right with the nominal numbers beating the comparisons only. Adjust the numbers for inflatin and we are down. Take away the tourists coming to take advantage of the american peso and we would be ugly negative. Take away people emergency buying little cars to save on gas, and autos would be down big. That;s why GM just showed the quarter from hell. Should I go on?
The rally was the return of the pissants carry trade, borrowed yen buying worthless dollars and euros. The ral news is not that the fossil douchebag of Omaha is trying to bearfuck traders with his 200,000 spx calls. The real news is that I hope he buys munis so they can start defaulting on the fuckface when the foreclosures and empty commercials stop paying the stupid assessments behind those munis. Maybe the Omha douchebag will then need to go to the auction where he can float his munis at 20%. The douchebags are running on vapor, their last dregs of meth and swipes of coke. Party is done.
TraderRenn better call TraderStimpy.
Cause I foresee a need for a hug in his near future.
Calvin:
CRM is officially “candling my balls” right now. I am regretting not covering it when it was at $47.
You hear anything else on that ORCL rumor?
It is not “the politics of fear” to remind Obama’s legions of the blissful that, while they are watching Scarlett Johansson sway to the beat, somewhere deep inside a quasi independent territory we might call Islamistan people are making plans to blow them to bits. (Yes, they can.)
http://www.tnr.com/politics/story.html?id=76832a5a-4c74-41f1-98b7-82f6b74638b8
Eric Savitz said it’s a joke yesterday. I covered half at about 48 and got burned with this pump and dump on the rest. Came out at 55 with a loss on what was left. They report after the close on the 27, which is when they will be playing William Wallace to the shareprice’s Edward Longshanks.
http://blogs.barrons.com/techtraderdaily/2008/02/11/salesforcecom-shares-jump-on-report-theyve-shopped-themselves-to-oracle-seems-pricey-for-larry-though/
btw.. get some back with the eur/jpy cross, which is going down at least half the night. bail if europe opens stupid.. which is not likely imho.
Fly,
Embrace the fucking horror. I feel the same way, but in a different direction. I scaled in long last week in anticipation of this week and, while it is true I am up on my trades, I expected to be up a bit more than I am. Call me greedy; however, I think this is a case of what you see is not necessarily what you get.
Magic words for tomorrow:
Chipotle Mexican Grill
all you can eat!!!!
Why is it all you can eat? Is it because it’s El Dia del Armor y la Amistad?
Pete Najarian’s final trade of the day today:
short LEH
Trader Caddy
CMG is your st Valentines day gift indeed.
Entendiste?
These big moves seem to happen often during option ex weeks. The hammer will come next Monday. However, I will be long Crox for earnings, hopefully on a dip.
Hablo Espanol muy poco. Si, yo entiendo (gramatica correcta?). I learned some Espanol (mostly Spanglish y street language) growing up around Cuban friends in Miami.
Clemens had some credibility until he started talking about his mother and B-12 vitamins.
How many mothers actually remind and encourage their (grown)kids to take B-12 vitamins. Fred Flinstone vitamins maybe, but not B-12s.
http://www.bloggingstocks.com/2008/02/13/washington-mutual-giving-real-estate-agents-headaches/
excerpt from some letter sent to real estate agents or something:
“It appears that WAMU is going under. [A certain property] may not close because WAMU does not have the funds to close it, and the Bank that is selling will not wait any longer. Be sure agents know that WAMU may be imploding and any deals with them should explore alternative financing options just in case …”
hmmm…