Everyone is expecting to see a sell off today, following yesterday’s bonanza of bear barreling. Tomorrow is the pivotal day. Will we advance higher and enter a new bull mode, or revert back to abject fuckery?
Just to recap:
I sold all of my [[UYG]] . In addition, I sold 75% of National-Oilwell Varco, Inc. [[NOV]] , before I started buying it back here in the low 30’s/high 29’s. I sold 75% of my The Mosaic Company [[MOS]] , Citigroup Inc. [[C]] and Smith International, Inc. [[SII]] positions. And, I blew out of United States Steel Corporation [[X]] , Commercial Metals Company [[CMC]] , NTT DoCoMo, Inc. (ADR) [[DCM]] and [[UKK]] , while holding onto [[M]] , [[TBT]] and Pfizer Inc. [[PFE]] as if they were my balls (I know that made no sense, fuck you).
In summary, my cash position has to be north of 70%, at the present. I own a variety of names, like The The The Procter & Gamble Company [[PG]] , [[M]] , PG&E Corporation PG&E Corporation PG&E Corporation [[PCG]] , The Mosaic Company [[MOS]] , National-Oilwell Varco, Inc. [[NOV]] and Citigroup Inc. [[C]] , but nothing of great significance.
I will NOT short anything today, no matter what. It is my belief the market will cut the noses off of those bastardly short sellers, first thing tomorrow morning. So, I will keep my gun powder dry, in order to shoot at them (bearshitters), whenever I get the urge.
NOTE: I didn’t sell any of my Deutsche Bank AG (USA) [[DB]] . I forgot about that one.
UPDATE: I have a “forced buying” situation at the office today. I am buying large quantities of [[NOV]], [[MOS]], [[M]] , [[PFE]] and The Procter & Gamble Company [[PG]] , right now, at these levels.
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Man… I miss that chick on wallstrip. She’s was the only reason I watched it.
Fly,
Could you say more about why you quickly have jumped back in to NOV after unwinding the earlier position?
Reposting to “catch up” —
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Jake,
if you could pick one gold stock which one would it be? — RC
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Sorry, RC, damn meetings again, this time of the useless “board” variety. (”Bored?”)
RGLD would be my “cherce” (sic) here.
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Also, be sure you jump on TSO with both feets here. Same with QLD.
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Gowdd…missed Friday’s/Mondays trading because of the Missus planned vacation from 6 months ago… Didn’t have internet connection either…
The PPT is coming out pretty soon ehh? What price too?
Procter & Gamble is a great company to hold, my family has worked there for generations now. I hold it as part of my longs, in perpetuity.
Fly, weird shit is going on in TBT. Yields on the long bonds are higher on the day (lower prices), yet TBT is down ~1%. Are the returns calculated as inverse to Prices or Yields? Because if its a yield inverse then I’m getting the hell out of it.
I don’t know Fly; Tim K is shorting!
Anybody checking out {{JASO}} down here?
TK has nailed this market.
JASO downgraded this morning.Getting a old fashion ass whipping.
I doubled my FCX position @ 42.37
FLY revenge!
DPZ
7.53
-2.47 (-24.70%)
hhahahaaha! DIE cardboard PIZZA, die!
FTK look good to anyone?
Selloff? Yeah, maybe, somewhat. I took some bullshit profits this morning. But I get the feeling lots of traders are gonna roll their profits right back in, trying to recoup losses taken over the last couple-two-three weeks. I know that’s what I’m doing, using quick trades for small gains over tight stops. Fuck it, I didn’t get suited up so I could stand on the sidelines watching. It just takes a few winning bets to get one’s confidence back. Once that happens, it’s degenerate OTB time again for lots of traders.
After the attempt on Fly’s life, DPZ has been required to add a Surgeon General’s warning to their boxes, clearly stating that “Dominoes’ Pizza May Cause Internal Bleeding.”
That might have cut into their sales a little.
I am thinking, DJIA +200 close today, Fiscal Fuckery on Friday or Monday. Thursday? Take the day off.
Watching gold stocks (ABX,AEM,AU,GFI,NEM,PAAS). Doing well in spite of flat gold price and Dollar edging a little higher vs Euro in the last couple of hours. Maybe a sign?
Anton, the Big Bamboo is living up to its namesake!
What’s worrying about gold is potential IMF sales if things get rough. They may need lots of money. I wouldn’t be buying gold long term with the IMF’s 600 million ounces sitting around while they’re itching to become players in the crisis.
any thoughts on shorting commerical real estate, in particular SPG and VNO, these two stocks didn’t rally during the rally…
Wood,
Good work!
I have “busy” doing “work” and other “stupid shit,” so I haven’t been able to follow it. The diETFs you listed last night are taking off? Will review your new toy this afternoon. Is it available as an iPhone app? (Rimshot.)
While I commend the “effort” you put into Big Bamboo’s development, I think it’s obvious to all right-thinking Americans that it’s success is all in the name.
Jig:
Today is a DO NOT SHORT day. “The Fly” never loses, ever.
Jig is up–
Still holding SRS here.
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OT — Checkout CHK, lotsa room to run.
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“been” busy. Fucking editless comment box, I condemn thee.
Broadcom
what, pray tell, is a “forced buying” situation?
I manage money for a living. You figure it out.
Fly,
Thanks for the comment, i trust no one other than this site w/ my money…thanks again.
His clients’ came into the office with some “associates” named Hillerich and Bradsby.
Of “Louisville” fame.
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“forced buying situtation” = mafia-style shotgun to the head re-allocation of capital, satisfying wash sale rules.
New money
or, “Smart money.”
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Wrong weapon.
All I wanna do is (BANG BANG BANG BANG!)
And (KKKAAAA CHING!)
And take your money
http://www.youtube.com/watch?v=JqlY0VOFtyA
Roubini is even starting to backpeddle
Sounds like “all I wanna do… bang, bang (etc) ka-ching!… wanna turkey on my leg.”
WTF?
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MIA = Rod McCuan (sic) of the street poets
BX is “on sale” here and the Canuck oil royalty trusts are “on sale”. Anyone?
It’s “McKuen”
(sic) me
RBS preferred (T) up, stock down on “nationalisation” (sic) rumours (sic).
Odd, no?
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Memo to CNBC Producers
Doug Kass
10/14/08 12:14 PM EDT
I hate ad hominem attacks, but a familiar talking head on CNBC is saying that the shorts are dictating market conditions and that pessimistic talk in the business media is contributing to low stock values.
Ned, I mean, Dude, we are in a recession — a recession that is deepening.
Kick him off the air — for good! He provides little value added and he has been toxic to investors for years.
dennis kneal is definitely a d’bag
Jeffrey L. Gendell of Tontine Partners LLC was practically decapitated by 49% down in the past month on top of already being down like 15%. Anyone?
Anon, read my post from Saturday’s weekend wisdom. I posted a .pdf of Tontine’s letter to investors.
The volume doesn’t make sense. It is going down on up moves and down on down moves. With the hedge funds on the side lines this market is a total Fed manupliated side show. At this time I think China is a more honest market.
That is sad. I will wait this Fuckery out and keep the coin I just made.
Fly, I thought you wrote a few days ago you would not sell UYG until you were an old man or some such BS.
Do you believe everything you read on the interwebs?
The recent activity will make that young f-er into an old man, well before his time.
Are we waiting for the last hour again? Seems kinda familiar here – like last week, maybe. Everything is for sale – “The Fly” would sell his wings for the right price, no?
It’s hyperbole, anonymouse. The man employs it with gusto.
Jake,
excellent call on SRS!! what other reccomendations might you have sir?
i love how they sing this song in the park in the movie. I love this song…its sooo cute !!!!!!