With all major indices set to break new lows, be careful trying to time a bottom. Typically, when new lows are breached, the kitchen sink gets thrown down the elevator shaft, greatly damaging the people who are trying to take it up.
Frankly, the market is not down nearly as much as it should be. Should tomorrow’s data be “recessionary,” we will break 12,000.
Trying to be early, I have large positions in [[SMN]], [[DUG]] and [[EFU]], despite the components holding up well.
When the market breaks, all of those ag plays that Cramer has been touting will get annihilated, as everything becomes a source of funds.
Keep in mind, many troubled hedge funds are heavily long oil stocks too. The closer we get to quarter’s end, we can see a serious unwinding in names like [[XOM]], [[SLB]] and [[COP]].
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Should tomorrow’s data be recessionary, Bernie Flys in.
Top Pick : QLD
Also, I can’t believe how bearish you are at Dow 12,100. You weren’t this bearish 1000 points ago or even a week ago.
where are you YTD Fly?
You don’t want to know. It’s too much. It will make you sad.
Haha, YTD
I suppose I will hold my SKF and hold on to my SMN and DUG myself.
Thought about selling SKF for SMN, but I will ride on.
Special note: Your bandwidth sucks titty. Let’s get out of the 3rd tier world.
how would you rank these picks for tomorrow assuming some good old bear news;
QID, SMN, SRS – Looking to get in one of those but they’re up big today
fuck this, where is the PPT to help me out??? I am so fucking bitter right now.
If you are looking for a trade idea, try going long BOOM into the close. I bet it squeezes up to the announcement. 53.2 as I type. Let’s see…
meh maybe not
SKF and SRS up 5+% today. Taking some profits here in case Ben and the PPT swoop in. (I believe in a good conspiracy theory.)
If I bought a bond fund today I would be handily beat my 2007 returns.
Credit is Fly’s.
In the FWIW dept, MVIS reports after the close, and is getting ready for a 1-handle print. Anybody tuning in to the CC? How about you Chuck Bennett….hmmmm, I mean Fly?
Ripped off from Muckraked.com:
Angelo Mozillo’s response to shareholders angry about his $120 million pay package.
“I appreciate your input but at this stage in my life at Countrywide this process is no longer about money but more about respect and acknowledgement of my accomplishments. … Boards have been placed under enormous pressure by the left wing anti business press and the envious leaders of unions and other so called “CEO Comp Watchers†and therefore Boards are being forced to protect themselves irrespective of the potential negative long term impact on public companies. I strongly believe that a decade from now there will be a recognition that entrepreneurship has been driven out of the public sector resulting in underperforming companies and a willingness on the part of Boards to pay for performance.”
I can’t bear to listen to tokman give more jooosie deetayls again.
When we close below 12,000 on the Dow, I will put odds of a crash that takes the Dow down 1,000 or 2,000 points in a day at 2:1.
You heard it here first. Put your crash helmets and jockstraps on just in case.
That is all.
Yes, I’ll be listening to mvis call. Have too much invested for too long not to. Good luck to all who are still in similar situation.
are we going to get a crazy last gasparino rally?
WOW WOW WOW !!!
We are bouncing right off that 1310 S&P January Low… This is critical…
COME ON PEOPLE…SHORT SHORT SHORT…We need to break this support…
The Fed is so fucked right now, rate cuts compound the inflation issues. Though i think people (Kudlow my ally!?) are getting wise that we need a strong dollar before we need lower rates (oops, those mortgage rates are rising anyways!)
Want a rally? Fed needs to stand pat at next meeting to stop the dollar’s bleeding.
SRS up 9.6% today! Fly will eat 10″ rib eyes tonight
Monday will bottom. First the ressesionary news… then Bernakes 1 point cut as bernanke goes nuts on Monday!
heavy shorts right now as market closes (after hours if you didn’t get in…)… and cover shorts by the close