Following a glorious week of splendor, “The Fly” had his balls busted to the tune of 3.1% today, thanks to a sharp decline in FTK. However, I did catch 10,000 shares long, near the lows of the day. Also, late in the day, FXP knifed lower. The ridiculous part of the FXP decline is that it shouldn’t have traded down. CHL and LFC make up the majority of FXP‘s bear bets, and they were down.
Will some-fucking-body explain this Chinese fuckery?
All day, I covered numerous shorts. They were all egregiously profitable and big wins for “Senor Tropicana.” However, my cash position was very low (less than 1%); therefore, I felt like bulking up in the event of a classic bounce—following a sharp decline.
AAPL, RIMM and other big tech charged higher, as retards manned trading turrets.
In short, I have little interest in making big directional bets. Instead, I will trade here, invest there, sort of bouncing around like a loose cannon ball—ready to explode. Without a doubt, the economy will continue to slow and many banks will be closed.
Shockingly, the leverage in the system is at all-time highs, following the “credit crisis” hitting the front pages. My guess, all of our brilliant bankers are stuck with their bullshit leveraged bets and are afraid to sell—which may lead to a domino effect—leading to massive write-downs.
In my opinion, all of the banks will report disappointing numbers and will have a very difficult time raising money in the future. While it’s true, the banks have raised an enormous amount of coin, over the last 6 months. It’s also true, that is their detriment now, as the main underlying asset behind their paper depreciates at an alarming rate.
However, I am waiting for a bounce in the financials, before reentering short. At the present, my only short position is FED and a little LEH.
Aside from the banks, I have POT short and a myriad of 200% inverse ETF’s.
For now, my top pick has to be FXP, due to its fuckery.
If you enjoy the content at iBankCoin, please follow us on Twitter
Amazing, but “the Tropicana Kid” that used to adorn the Tropicana juice packaging when I was a kid seems to have gone “underground.” I tried to google the image and found only this one image, which was part of a commie “hating orange juice” blog post. So we can assume they used this image for negative reasons?
What happened to the Tropicana Kid? When did he become non-PC?
However, I am waiting for a bounce in the financials, before reentering short. At the present, my only short position is FED and a little LEH.
No DSL or CORS?
He became a crack addicted truck stop trannie after his illustrious affair with Howard Hughes. True Story.
i dont get the fxp..
look at chl, lfc and snp.. not to mention ptr .. and explain to me how this thing is almost 50% of highs..
both the FXP and FXI are closer to lows than highs.. how is that?
Speaking of trannies, they pole vault to glory. Oil crash imminent, IMO.
Could BAC’s announcement about increasing its stake in China Construction Bank have helped to keep FXP down today? A decline in oil? Lucy Lui get a new movie?
Turnaround Tuesday may become Wednesday. By the way something can’t be right with my screen, for some reason it does not show oil at a record anymore? What the fuck? Anyone else experiencing this problem?
agreed, oil is totally positioned to nosedive like one crazy motherfucker.
California Vacation
“Anton Cigur.”
Awesome. Now, Fly needs to give someone that avatar.
Booyah!!! Buy FSLR Asshats, you need to buy it before it crashes!
Gint,
Don’t fuck with the avatar, friend-o.
Jake, the Tropicana Kid was deported, I presume.
Watch how the psychology shifts — now oil prices will correct sharply because it was all due to ‘speculators’ — 20,000 new cars a day in China is not the problem.
Expect oil stocks to plummet,
Dow back to 13,100 — and a real bonanza as inflation is completely eliminated for about 2 weeks. Record short interest in the markets is about to get squeezed like a fat zit.
Oil rules the markets and by allowing it to fall $20/barrel — Goldman can print money being long QQQQs until CNBC bitches orgasm on live television. That’s the sell signal.
I heard on nightly business report that margin requirements for oil is 7%. Something like $8 controls $148 woth of futures contracts.
That is insane.
This impending hit on oil over the next two weeks can be played by shorting APA. I fully expect APA to take a big fat fucking hit in the coming two weeks. Close today was $135, the overbought signal on the weekly chart looks EXACTLY the same as the monthly oversold signal for the DOW in November of last year. Nothing guaranted, but establishing a short position now and looking at 120 as the target is not the stupidest thing in the world.
apa and atw look toppy… I also like big mike’s idea of betting short solars to play a drop in oil, but I wouldn’t recconend doing it without a hedge. I love short fslr, potential long in maybe STP, Jaso(tight stop and go short if it breaks resistance) sol, ldk, but I would guess on the short side.
Hattery,
All double tops – this could be the start of something special. Hedges could eiher be out of the money calls while shorting the underlyer. Or, out of the money OIH June calls shorting APA, ATW, and JASO. BTW, XOM has an island gap reversal to the downside after putting in a double top. NE is also trying to put in a head-n-shoulders. The field is crowded with sound technical shorts, but….we are talking about oil. This could be fun, or I could get my fucking face ripped off.
BTW, take a look at Hal, TDW, $OSX, RDC, BHI, SII, OII, WFT, CAM, etc. on the daily charts. Left shoulder and head have been constructed. We could see one more feable push up in crude to finish forming the headn-n-shoulders and then BAM! The air comes out and longs are running for cover. I need more than just shorts, I need a solid strategy for this one. Developing…..
All of you oil shorts are fucktards.
The only thing fucktarded is letting a trading opportunity slip by. The short right now may be a bit premature (except for APA); however, you can bet your ass that I will be all over the various H&S signals if the signals triggers (while being appropriately hedged). It’s a set-up for gods sake. I am not running into on coming traffic. Sometimes you need to cross the street to advance. Just make sure you look both ways. I would have attached an appropriate link; however, I still have not decoded the instructions that Jake sent over.
If you want to bet against go against gold which tends to fall faster if oil was consolidating. US/Saudi interests will keep the oil from falling off the cliff.
I personally wont short gold or oil; only short indexes where shorting is illegal.