Something doesn’t feel right about this tape. Call me paranoid, but I get the sense someone is trying to trick me into wiping out my fucking account. Everyone is too giddy. Even my neighbor Steve is “back in the saddle,” playing Gordon Gekko from the “unluxury” of his bullshit cubicle.
I have many stocks on my watch list; and many of them look poised to break out. However, the voices in my head tell me to “stay away asshole and go eat a sandwich.”
I have numerous wins today, via American Vanguard Corp. [[AVD]] , National-Oilwell Varco, Inc. [[NOV]] , BE Aerospace, Inc. [[BEAV]] and other unnamed/hidden gems.
To be blunt, as opposed to just beating around the bush and lying to you, I have an urge to splurge in the inverse etf’s, specifically [[SRS]] , [[FXP]] and [[EEV]] . And, I would like to short the euro, via [[DRR]] .
The election is just one big ol’ gay distraction. It’s allowing people/traders to catch a breather. True. However, my guess, volatility will pick up big time, post election, effectively punching the mustaches off of a variety of milquetoast traders and stay at home moms, deservedly so.
At the present, I have more than 50% in cash. I am conflicted between taking down a quick long side trade, going to cash or throwing up some downside hedges. These questions, and more, shall be answered for me, prior to the sessions end.
Let me be clear: I am bullish on stocks until Thanksgiving. However, by no means am I interested in participating in a brief sell off, before the turkey day run up. In other words, I am trying to demonstrate my “space alien magician” skills, for all of you “low-enders” to see.
As you can see, the airlines are running hard. These bastards may have more upside. But, unfortunately, my DNA does not allow me to ever buy an airliner. So sorry.
Select healthcare stocks, like Almost Family, Inc. [[AFAM]] , Amedisys, Inc. [[AMED]] and Chemed Corporation [[CHE]] look decent. I would like to buy in, God willing, at lower levels. And, education stocks are running with their socks off. However, they are too extended. I am tempted to bottom fish in beaten up tech, like NetGear, Inc. [[NTGR]] or Corning Incorporated [[GLW]] ; but they just blow.
Typically, when I force trades, I lose money. So, barring something really cool happening, I might just roam around my office, in a red turban, while berating everyone who works for me.
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In case you didn’t hear. Obama ticket not supportive of coal:
COLUMBUS, Ohio, Nov. 3 /PRNewswire–USNewswire/ — Mike Carey, president of the Ohio Coal Association (OCA), today issued the following statement in response to just-released remarks from Senator Barack Obama about the nation’s coal industry.
“Regardless of the timing or method of the release of these remarks, the message from the Democratic candidate for President could not be clearer: the Obama-Biden ticket spells disaster for America’s coal industry and the tens of thousands of Americans who work in it.
“These undisputed, audio-taped remarks, which include comments from Senator Obama like ‘I haven’t been some coal booster’ and ‘if they want to build [coal plants], they can, but it will bankrupt them’ are extraordinarily misguided.
“It’s evident that this campaign has been pandering in states like Ohio, Virginia, West Virginia, Indiana and Pennsylvania to attempt to generate votes from coal supporters, while keeping his true agenda hidden from the state’s voters.
“Senator Obama has revealed himself to be nothing more than a short- sighted, inexperienced politician willing to say anything to get a vote. But today, the nation’s coal industry and those who support it have a better understanding of his true mission, to ‘bankrupt’ our industry, put tens of thousands out of work and cause unprecedented increases in electricity prices.
“In addition to providing an affordable, reliable source of low-cost electricity, domestic coal holds the key to our nation’s long-term energy security – a goal that cannot be overlooked during this time of international instability and economic uncertainty.
“Few policy areas are more important to our economic future than energy issues. As voters head to the polls tomorrow, it is essential they remember that access to reliable, affordable, domestic energy supplies is essential to economic growth and stability.”
The Ohio Coal Association (OCA) is a non-profit trade association representing the interests of Ohio’s underground and surface coal mining producers. The OCA represents nearly 40 coal producing companies and more than 50 Associate Members, which include suppliers and consultants to the mining industry, coal sales agents and brokers and allied industries. The Ohio Coal Association is committed to advancing the development and utilization of Ohio coal as an abundant, economic and environmentally sound energy source.
James Altucher
GRMN and MSFT
11/3/2008 12:03 PM EST
In the rumor category. Just heard from two separate sources that that Microsoft (and HTC jv) are preparing a bid for Garmin in the $38 to $39 range. GRMN is at $22. Apparently this negotiation (and also with Panasonic, who is now out of the picture) has been going on for a month.
I’m doing a very short-term trade here on GRMN at $22. I don’t like to play rumors at all and would normally not play this but I like GRMN’s cash position ($500mm with no debt) and I like their forward P/E of just 6 so this would be a great accretive deal for MSFT. Again, I’ll probably just hold this until the end of the day but may keep half the position for a longer ride. I just bought at $22.09.
Use the force, Fly.
FXP should double from here because China is going to hell on the special I-fucked-with-the-commie-orthodox express.
Now watch how someone who has read my shit AND talked about it in gay “salons” with fellow travellers take total control of two branches of government.
ONE BEARD TO RULE THEM ALL
Didn’t he say the same shit about NVDA and how he doesn’t like to play rumors. What a tool.
Sandwich time.
Stay-at-home moms with mustaches? No wonder they stay at home.
I can recommend some of my favorite depillatories, if desired.
The Fly is a trader’s trader. How about the healthcare ETF? The roast turkey is great – traders should stay away from sugar and too much caffeine, no?
charlie is back
yehaaaaaaaaa
I didn’t like the close on Friday and went to 100% cash. When I am up a large % I learned a long time ago [take profits and wait for the market]. I said to myself this is a bear market don’t get cute. The tape is still up for grabs [ no volume ] so don’t get cute until some type of trend is in play. I gave my dog a bath and put a turkey in the oven for my wife when she gets home from work. Yes I am kept man.
The indexes were abso friggin’ lutely flat for an hour this morning. Oh yeah, we gots free markets up in heya.
http://www.allthingsjimrogers.com/2008/11/02/jim-rogers-time-magazine-interview-10312008/
“I’m still short the investment banks.”
Bow-tie is still short I-Banks???????
pro trader, I like your style.
GS wants to take it down.
Healthcare, I am long BBH (biotech etf), which Fly mentioned last week.
Great post, Fly. Sometimes the best trading advice is, “go eat a sandwich.”
Stopped out of BEAV today for a 9%+ gain.
Thanks.
I’m short 7000%!
[Drives Viper into tree]
Pro Trader: cookin’ beats workin’ anyday. I hope the little woman is taking good care of you.
Black Lunger. you cough carbon monoxide and
puke dead canaries.
Mike Carey, “president of the Ohio Coal Association (OCA)”, also expels albuterol
residue as he whines about FUTURE coal power
plants needing to meet tougher standards,
which they can do for a fuckin’ PITTANCE.
We don’t want no soot and smog. But that doesn’t mean you shouldn’t be buying coal
stocks RIGHT NOW as this Drudge Bullshit is spewed to scare people out of them.
Obama is correct on THIS as well as everything else he is promoting.
Fly, If you like SRS; may I suggest, for example, writing some dec 95 puts for $10.00 ?
I can tell you that I’d be all over SRS at 85.
To be blunt, as opposed to just beating around the bush and lying to you, I have an urge to splurge in the inverse etf’s, specifically (SRS: 119.45 +3.45%) , (FXP: 86.364 -2.96%) and (EEV: 87.7201 +0.94%).
The odds are just not there for this trade, lest you surf Zeus’s lightning bolt.
There may be a Messianic headfake, but one must consider the damage baked in, for the most part. OTOH, should the sheeple magically come to their senses behind the curtain, and the old RINO win it, there will be “much rejoicing.”
And, I would like to short the euro, via (DRR: 59.27 +3.11%) .
A good play in any weather.
So, barring something really cool happening, I might just roam around my office, in a red turban, while berating everyone who works for me.
A turban like Raj’s?
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RTI looks exceptionally “joozy” here.
Caution: It should not break $16, here to the downside.
________
Obama is correct on THIS as well as everything else he is promoting.
Of course he is comrade. Please to tell, at what price will Chairman Obama be setting electricity “for the people,” so I can plan my layoffs in advance?
Many thanks.
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what would the benefit of DRR vs just doing a forex trade (with longer market hours and greater liquidity) ?
kd thanks for the link
Sold stop $33 500 of HUM from $28.
holy shit 3x leverage ETFs coming
Donny for president! 🙂
Prepare for some exciting market fuckery…regardless of election results…fuckery is coming.
MM
Or if you like FXP, you gotta love writing NOV 85 puts for $13.00 !!!
you’ve got some serious fucking balls writing puts in these times
Flea Fly – you run your mouth awful wreckless for not going heels.
Time for some bears to take control.
Made a note to myself on RTI for future reference, thanks for the info Jake.
Do not buy. Do not sell. Eat another sandwich.
Just like I nailed the last rally last week, before the FLY did mind you and I will say the market is going lower this week. When the Dems take over Congress and the Presidency tomorrow by a massive margin, the market will freak out. Higher taxes, more spending, more regulations against polluters like coal, big industry etc., unions taking over corporations as the Employee Free Choice Act passes (the act that lets people harass other co-workers to sign cards to vote vs. blind voting process – unions are going to unionize every large company in USA this way)
I’m a Republican voting for Obama, so I’m not saying this out of ideology. Market goes lower on Dems gaining super power of all 3 branches.
Mr. Eb:
If you are looking for some recognition, you’ve come to the wrong place, Sir.
Fly,
is the behavior in BEAV frustrating you ? Would you add if it goes to 12.50 or 11.75 ?
Hold on a second Fly, I’ll give him some “recognitition:”
When the Dems take over Congress and the Presidency tomorrow by a massive margin, the market will freak out. Higher taxes, more spending, more regulations against polluters like coal, big industry etc., unions taking over corporations as the Employee Free Choice Act passes (the act that lets people harass other co-workers to sign cards to vote vs. blind voting process – unions are going to unionize every large company in USA this way).
And the market being a discounting mechanism, all of this news will be immediately crystallized in stock prices tomorrow or Wednesday?
Idiot.
I’m a Republican voting for Obama, so I’m not saying this out of ideology. Market goes lower on Dems gaining super power of all 3 branches.
????
Sorry, “Fucking idiot.”
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I’m a Republican voting for Obama, so I’m not saying this out of ideology. Market goes lower on Dems gaining super power of all 3 branches.
Bow Tie Guy (Jim Rogers) is buying TBT. The Fly is buying TBT. Could the Fly and Bow Tie Guy be gay lovers?
This is what I am voting for tomorrow:
http://www.youtube.com/watch?v=fE7IfBgTT1I
England and the UK are better run than the rest of the bloc.
Agree to disagree.
Cheers to you I enjoy the brits and their lovely accents.
I have pulled all of the equity out of my house and gone long MVIS.
Please go up. I don’t want to move away from my neighbor. He is a bit loud and I don’t like his Impala on blocks but he cooks a mean ribeye at the BBQs.
EB –
Forgive me if i’m wrong, but didn’t you say you weren’t going to post here anymore?
Jakegint, you bashed me when I called the rally last week, the week before that. I was right.
When I’m right again this week, I’m sure you’ll bash me again.
This is a boring day, so I’m posting here.
http://tinyurl.com/5podez
AAPL longs should read, probably nothing but…
“You scurry around, link whoring like fucking imbeciles, praying for someone, anyone, to listen to your bullshit.”
Mr EB – i believe he was referring to you and your ilk
Jake – do you need a ride to the polls??
I yanked a large nostril hair. Kinda curly like an afro hair. Sign of the times?
Jakegint, you bashed me when I called the rally last week, the week before that. I was right.
Submit your evidence, or make love to a handsome sturgeon, retard, it’s all the same to me.
_____
Reverend Wright Says:
Jake – do you need a ride to the polls??
Yes, Reverend, I sure do. Some of your “community activist” friends just penknifed my tires.
_______
Jake…bad news…you are NOT a republican. You are a democrat. Deal with it.
Is that you with these late day block buys on RTI, Fly?
TIA.
________
Vix down 5 1/2 pts. I submit a potential relief rally off the election. W getting Uhaul rates as I speak.
jake I blew out of my CBL at the highs today. Thanks for the rec. Great trade, I appreciate it. Still watching HERO, but no action taken by me.
Jake – I can give you a ride too. Ever been on a snowmobile?
Any of you cowboys have an opinion/taking a position ahead of the Mastercard earnings?
Space Alien Magicians would definitely be an improvement over our choices today!
Jake…bad news…you are NOT a republican. You are a democrat. Deal with it
(Why do I always attract the fucktards?)
Jimmy, “go get the papahs, get the papahs,” fo me, eh?
Poor, naive Karl Denninger:
http://tinyurl.com/5snbp7
He honestly believed that McCain cared about anything OTHER than saying and doing whatever his handlers (incorrectly) told him to do or say to get elected. He doesn’t have 5 working brain cells left in his 72-year old head. “Complain about the mortgage fraud” and you’ll get elected John. This is politics, Karl, not 1th grade Civics.
At least Karl’s voting for OBAMA tomorrow.
Any of you cowboys have an opinion/taking a position ahead of the Mastercard earnings?
No, but I do have an opinion on the Crackboys. That opinion is “they suck,” with or without Tony Pinky.
__________
i think fly and pro trader are spot on. something smells fishy.
10th grade Civics.
“Jakegint Says:
Why do I always attract the fucktards?”
ummmm….. it takes one to attact one? Lucky guess though…
Jake I blew out of my CBL at the highs today. Thanks for the rec. Great trade, I appreciate it. Still watching HERO, but no action taken by me.
Just added to CBL, they announce tomorrow.
BOT RTI @ $16.09.
Target $22.00.
If you can pick HERO up at $6.50 – 6.65, “doooo it.”
_________
ummmm….. it takes one to attact one? Lucky guess though…
Genius.
_______
Yeah. I bot back the CBL just now. Lil bit. 2k.
Jake says “why do I always attract the fucktards”
Answer: Because you are a fucktard among fucktards. Climb down off your high horse…douchefuck
Jimmy, lessen the spluttering anger and just try to think a little harder.
This is a rough room, and you’ve already taken a chair across your acromegalic forhead.
Let’s work on “saving a little face” now, shall we?
There’s a kid.
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