If you are bullish, today was a tough day. Initially, it had all the makings of a monster day, led by banks. However, as I said before, buying the dips is no longer a viable strategy. Instead, you have to sell the rips.
Naturally, I mean: sell short stocks, with impunity.
During the day, I shifted around a lot. I took profits in a variety of shorts, while bulking up on others.
Currently, I am short [[TCB]], [[FMBI]], [[WFSL]] and [[HRB]]. And, I have a big position in [[REW]].
Additionally, I will look to reenter short [[PACW]], [[EWBC]], [[CSE]] and [[CHL]].
Don’t be surprised to see the market rally tomorrow. With my money, I will patiently wait for things to go my way, since it’s inevitable.
Remember, “The Fly” wins all the time, even when he appears to be losing, badly.
Top pick: short FMBI
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Today I shall dine on rib-eyes, lobster and beluga caviar for I have fought RIMM and emerged victorious!
Breaking fresh from the “New Features” department:
Fly’s next Tabbed Blogger Investment Focus?
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LIMMp Wizard, the problem is, it’s too easy to end up pissing it away, the next time there’s a party at the house.
anyone watching fast money right now? they were doing this fast cut thing and flashed to adami who has this hilarious goomba look on his face. i laughed out loud.
and then i pooped on his chest.
WTF is with these clowns calling me this week to buy gold coins man?
Usually I would use that as a sign to sell.
Fuck Gold, Fuck Oil, Fuck Helicopter Ben, Fuck the PPT and Fuck YOU!
Kudlow just interviewed Sarah Palin, the governor of Alaska, whose “librarian-like” hotness prompted me to snoop around on the web to find out more about her. She’s supposed to be on John McCain’s short list of potential Veeps. She would be a great choice because she’s a true conservative and would probably help garner female votes.
She’s such a strong supporter of drilling for oil and gas in both ANWR and offshore that she’s written Harry Reid urging Congress to get off their ass. Here’s the letter:
http://www.gov.state.ak.us/pdf/ANWRlettertoCongress_June23-2008.pdf
Was there an FOMC meeting today?
Did anyone notice Dog the Bounty Hunter is back on?
Dawg for VEEP!!
Bloomberg says the bank analysts have now reversed their call on the banks … but you already knew that because Fly told us a long time ago.
http://www.bloomberg.com/apps/news?pid=20601213&sid=afj3WAy4EYOA&refer=home
I just checked ORCL… ended up down AH. RIMM down, MON down, ORCL down… opening is going to be interesting
BBBY rockin AH. Hmm.
WASHINGTON (MarketWatch) — The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday.
http://www.marketwatch.com/news/story/gas-could-fall-2-if/story.aspx?guid=%7B2673C102%2D68E0%2D41D9%2D9C9A%2D10EE2E723948%7D&dist=MostReadHome
The bank analysts for the most part got it wrong? Well, la-dee-fuckin-da. Look at the firms they work for.
Those who have the most to lose, tend to be the most optimistic in the face of daunting opposition.
DanB—wishful thinking. But maybe if the fuel efficiency of the average SUV jumped to 40 mpg…..
“WASHINGTON (MarketWatch) — The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday.”
You mean all Congress has to do is vote and gas prices will come down? Wow! I thought it all had to do with supply/demand and market forces.
Thanks for setting the record straight!
(Why didn’t they think of this sooner?)
Played golf yestrday. Not many people can afford to play.
It’s great I had the course to my self. Life is good Fuckers!!
BUY THE FINANCIALS BECAUSE WE TOLD YOU TO.
Wow will they ever fumigate these diseased shitbags?
On another note where the fuck do people keep getting this money to buy McMansions? Christ there are fucking 200 houses for sale that are 1.5M within a mile radius of me. Everyone is rich I guess.
Around here they built too many courses over the years but daily fees have always been reasonable. I have noticed that a couple of courses that cater to the high end tourist willing to spend mega bucks have opened up some pretty good membership deals to the locals.
It’s the equipment (clubs, balls, etc.) that is not cheap. Fortunately my son gets free equipment from the major manufacturers so I get his hand me downs.
Hey, TraderCaddy:
I want to start golfing. I played a little as a teenager, but just used my dad’s clubs.
As a (pretty much) beginner, what should I do for clubs? Pawn shop, Wal-mart, something else? I don’t want to drop a ton of money on something I may find out I don’t like later, but I don’t want to waste money on crap stuff either.
$INDU futures put it below support @ 11740
today could be interesting
Prospectus- Check out the major golf retailers like Edwin Watts and Golfsmith as they have a wide selection of used clubs brought in as trade ins. Prices are good and they will probably let you “test drive” them on the course (they will have your credit card info). Callaway has a used club program so check them out on line (Callawaypreowned.com?). Forget Wal Mart and the knock offs as they are crap and you will have trouble with them at some point plus the materials in the clubs aren’t as good and you won’t hit the ball as well.
ALERT- DCR has a bid-ask of 0-0. Nice knowing you (not really).
DTO is the new double down crude game in town.
Why is a financial balla like the fly hosting his site on a such a shitbox server?
CNBC says that GM is at 1955 price levels. Another couple years and it was when I was born. So if my Dad bought me GM stock when I was born then it would be flat (not counting dividends) for my lifetime. Crazy stuff.
Mr. Fly:
Please invest some of your egregious profits in a NEW server. The current Commodore 64 isn’t cutting it any longer.
I second that motion for a new server. Every time this site goes down my portfolio gets the hammer of death. This can’t be a coincidence!
You can tell the market is in the crapper when traders start talking about golf.
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Somebody send a memo to HRB that at 15x book value the stock should end up at $2 when all is said and done. They need to start drilling for oil, like right now.
KRE (regional bank ETF) may be a good daytrade on the long side here. It didn’t go down with the rest of the market on this recent plunge and is hanging around at this price all AM. Watch FITB and STI as a go signal.
Fly, I bet your PWS (Personal Web Server) is at only patch level 3. An upgrade to patch 7 should do it.
I had this same problem when my grandma wanted to put online her “hello world” page.
Barney Fife always had this problem with his party line phone in Mayberry, NC.