My plan was to do nothing today, thinking the market would be a snoozer. I was going to buy tomorrows dip, then sell on Friday. However, with the market swan diving here, unable to string together 2 consecutive green S&P days since late September, I may begin to nibble.
The problem with buying here is the volatility. The market can very easily dive another 300 points, before rallying. So, with stocks like National-Oilwell Varco, Inc. [[NOV]] , The Mosaic Company [[MOS]] and Arch Coal, Inc. [[ACI]] , patience is key.
Ideally, I would love to nail the higher low on these stocks with a new flurry of Godly buys. However, that is not likely. Instead, I will leg into these stocks, buying 500 shares at a clip, until I am fat and content.
For some reason, people are flocking into treasuries again, sending yields lower. It’s the flight to quality trade taking its grip on Wall Streets neck. LIBOR has come down, which is terrific. But, there is still a lot of scared money out there, evidenced by the ridiculous yields in treasuries.
In closing, I have not done anything today. Should things continue to deteriorate, I may place some buy orders, towards the end of the session. In my opinion, this market should be bought on dips, not sold.
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Whatever.
I agree with the boss
Fly – you need to get scum bucket his own tab – such insights!
Art Cashin commenting on how the SPOOZ need to flush to 680 before going higher in 3…2…1… 🙁
You still have AAPL at 92? Still holding into earns? It is acting sick
You laughing now, Fly??? That’s what you get for that video post.
But Senor Fly what about Citigroup.. why do the analysts hate Citi?
CHK anyone here but me?
Fuck AAPL! It’s not worth the anxiety. Except for place holder like Fly.
Donny spits at permabears, permabulls, and permaidiots!
Meanwhile, Trader Donny shops for new iPhone apps, on his internet.
Citigroup’s balance sheet is filled with CACA
Pretty heavily long, but buying some cheap OTM SPY puts just in case. This market won’t be this boring for long.
Egregiousness
http://www.youtube.com/watch?v=2E9Izoc6cQs
Thank goodness for a new post…hopefully J and Anton will continue their whinning in the previous post and spare the rest of us the pain.
If someone doesn’t step up and acknowledge that CHK is going markedly higher
I’m gonna start schlocking necks Krav Maga style.
Another words fly is a buffett buy retard. I’m really enjoying my knoa coffee with bookers 140 proof this morning as the fly gets his wings ripped off. How stupid you are fly.
okay Matt, CHK is going higher.
I’m also eying TLM, why the hell is it down 8% today?
ANALysts, I s’pose.
Bennet Sedacca
11:17:37 AM
No positions in stocks mentioned.
Can’t I have a say in this?
I was queried by a Minyan about how on Earth could Keycorp (KEY) be up today? Well here goes…
KEY is going to lose approximately $2 per share this year. Yet it said it is comfortable with its current 7% dividend. Why?
Because KEY will be taking $1.3-3.3 billion from TARP.
In other words, again, ‘We the People’ will give money to KEY, which has run its business into the ground, only so it can pay dividends to its investors.
If I sound a bit frustrated by all of this, folks, it is because it IS frustrating.
Lousy companies should be allowed to fail. Period.
Bennet Sedacca
10:59:32 AM
No positions in stocks mentioned.
More on what I don’t want to own…
…That I suddenly will own. Now it is money market funds.
About 18 months ago, my firm switched all client money funds into Treasury money funds as I thought that the credit crisis would spill over to the commercial paper market. And indeed it has.
So, now the Fed, via one of the ‘chosen 9’, JPMorgan (JPM) will backstop money fund redemptions with $540 billion.
Now, the Fed is impaired as a result of taking toxic waste from the likes of now defunct Lehman and others in exchange for Treasuries. So they get funding from the Treasury. Yep you guessed it. ‘We the People’ are back stopping everything.
So I go from prudent to holding a portfolio of garbage, like it or not.
Shall I shrug?
I am thinking by the end of today I’ll own both TLM and PCZ
Long 1000 aapl 92.78
yesterday, I was bitching about my ultra short etf inverse reverse double death hedges … today, NOT.
Juice Says:
yesterday, I was bitching about my ultra short etf inverse reverse double death hedges … today, NOT.
Tomorrow you will bitch about them again. So sell them today. Or sell calls against them.
We close green methinks
What do you think of TSO? I’m going to buy a chunk on the dip.
DDog
why within 3 weeks? (market tank)
catalyst?
I understand you boys may need another enema??
CHK will melt up over 24
Watch and learn!!!!
Thanks, Dr. Phil. Long distance relationships are difficult.
And she’s such a bitch.
CAP – bitching comes with the hedging territory … bitch today, be glad for them tomorrow
My moves:
Leveraged down MOS
Bought GE
Bought TSO
Shorted EEV
CHK has practically no resistance until 30
It’s a pseudo gap above between 24 and 30.
no knothing, don’t need a catalyst other than the stink of the bullshit already present.
I’ll say no more on CHK as I don’t want to come across as idiot yahoo type poster..
Oh wait too late!
What’s up with all of that cash the floor brokers are putting in Paulson’s pockets? Was Paulson doing lap dances or saving their jobs?
I bought some MOS – call it a Fly buy. I looked at CHK – up 40% in 2 days – it needs a little rest. Insiders have bought over the past year at what must be a record pace. Trillions have been injected worldwide by central banks. The market has already discounted a lot of damage. Buffett has spoken and that is rare. All the bubbles except US treasuries have been popped. The direction of Libor and Ted is down. Lehman and most of the forced selling is about over?
Two-weeks-late-Matt says:
If someone doesn’t step up and acknowledge that CHK is going markedly higher
I’m gonna start schlocking necks Krav Maga style.
You must’ve been working on your green belt when Bruce and I were buying it at $13?
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What do you think of TSO? I’m going to buy a chunk on the dip.
TSO should also be purchased in size here, much to the (man)cream filled devil’s food pastry’s chagrin.
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