I’ve been building up my [[SMN]] position for more than a month. As you know, if you are long too, it’s been very frustrating, as ag and basic resource related stocks catapulted higher.
However, it looks like the God Father of the SMN, [[MON]], is about to break lower. Just so you know, MON represents about 10% of SMN.
Again, going long SMN, gets you short [[DD]], [[FCX]], [[DOW]], [[AA]], [[PX]], [[NEM]] and [[APD]].
In other words, going long SMN gets you short all the over inflated crap that has been shooting higher, as of late.
I will be selling SMN above $50.
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I sold above $59 in january. It will go back at least above $50. after buying more yesterday, and lightening up the SKF and SRS today, SMN is now my largest position.
glad to hear that MON is breaking down
fucking right
Skeletor is king
Fly,
I know a guy that I’ve been trying to convince to diversify away from his 10000 shares of ZION. He’s a stubborn old fuck, and this is a big chunk for him. Based on your countless hours of plowing through data, do you feel ZION will be in business in 5 years? thx
Sold one share of Monsanto – guess we are going to keep Marvin starvin after all.
I am trying to get a message to Boomer and you update your posts at some machine gun pace – anyhow, Boom, I left you a message in the last post.
Incidentally, I am not appreciating being left out of the credits section here.. I called Lulu down yesterday for 10% jrjc is off 11% today.. both off about 35% since I called the short two weeks ago. I know I got facefucked on the CRM call, however I am now below cost basis on that POS, since I said keep selling the POS after the needle and stick party they had off their earnings call. In spite of several fuck ups, my call are to the good side here.
So, can I sheetrock your palace? I need to get a start somewhere…
-DT
a well deserved public lynching of the snake oil salesman with appropriate leather skin
his jig is up
make him into a handbag for COH
Ah the tanned one gets no love at the Fly blog..
Dino.. you think taping is easy, do you? That’s a a skill that takes practice and daily application. i have seen a foreman take the claw end of the hammer to a new wall because the seam was not absolutely flat.
Who cares about Mozilo’s stock. We can sell Mozilo skin belts in 2 years’ time.
MON going to test 107.85, then we bust higher on SMN
As a chartist, a false upside breakout followed by downside trend continuation is a bearish pattern. The false upside breakout for future reference shall now have a new name; The Gasparino.
Quick down opening, with no VIX spike; Rally, some short covering in financials; retrace to new lows. A typical bearish market. Not indicative of a fear-driven, capitulation low yet.
Financials are oversold technically, now trading 2 standard deviations below the 50-day SMA. That may provide some support, but it will be a “wait till next week†for traders.
Another bad sign is the sell-off in “winnersâ€. The AG sector getting touched today, as well as infrastructure global plays. When the best sell-off, it makes it tough to gain any confidence. I would say, however, that a “sell the winner†mentality usually occurs nearer a trading low than the beginning of a sell-off. The break of SPX 1300 now gives us resistance targets of SPX 1310, SPX 1330.
NEM is a POS. It’s selling at about where it was in the mid-90s when gold was at $385-400.
agree with IBH … the selling of winners/Ag/infra, has come late in selloffs .. the last man standing syndrome
but they need to come down more
Why buy SMN? Wouldn’t it be cheaper with far less risk to replicate SMN with options on XLB?
Just wondering
Option trading is far more complicated than etf’s. Only use options to hedge or speculate with a small account to begin.
calvino,
I didn’t say it was easy… but probably easier than trading.
Meanwhile, I’m just looking to do “the Fly’s” palace. I never said I’m going to do a good job, I just figure he’s rich and all.
-DT
Typical communist. No thought for efficiency, just the old “from each according to his abilities, to each according to his means” free rider crabdip.
If you’re looking for a handout, don’t disguise it as a sham exchange of value, Obama.
Is it just me or do the CEOs appearing in front of the House Committee look and sound like the Mafia?
When is the public going to be able to hold hearings on the effectiveness of the Congressional clowns?
Jake,
Are you trying to bait me?
For the last time, I’m not a communist, I’m a goddamn stock trader! I live, or try to live anyway, in the belly of the capitalist beast.
-DT
I’m home, with my real time quotes up. My son got sick at school.
Just so you know, usually, when I’m home from work unexpectedly the DJI loses 300 points.
I was home, unexpectedly during every major selloff in 2007, and, I’ve been home during 2 major selloff in 08, one being last Friday.
So, maybe we’ll be down big.
In other news, my DE short is finally paying off. Fuck DE. Fuck MON.
Buying the KRE (regional Bank) ETF for a daytrade should work into the close.
I always let my SMN build up… prior to letting it shoot higher.
My girl loves it.
Bot MOO puts to hedge my LT holdings …. Nice way to short DE, MON, MOS, POT, Etal.