I’m covering my Petrohawk Energy Corporation [[HK]] short here, down below $14—despite knowing it will go sub-$10. I just have the craving to raise cash. It makes me feel as if I am stockpiling ammunition. I don’t want to be long or short right now. I just want to take trips to amusement parks, ride the rollercoasters, eat cotton candy and slap strangers with open handed slices of pizza.
My longs have been obliterated, including National-Oilwell Varco, Inc. [[NOV]] , The Mosaic Company [[MOS]] , [[ROM]] and [[UYM]] .
Frankly, I don’t know why I bought National-Oilwell Varco, Inc. [[NOV]] , considering I hate oil. I guess it was the volatility, coupled with past success in trading the name that made me do it. Nonetheless, it was a dumbass move.
I still own a decent amount of [[DUG]] . Believe me, I am tempted to sell that too. However, as long as I am dying in this NOV, I cannot sell DUG. It’s my oil hedge.
Speaking of oil: My guess, oil is going back below $20. This economy is not better than 2002. So, why should oil be 2.5x as expensive? It doesn’t make any sense.
At the end of the day, we know why oil was at $140 a few months ago: manipulation. Whoever goose stepped oil higher has been eliminated from the game of investing.
So sorry.
God willing we bounce today. Regardless of what happens, I will not buy more stock. The systemic risk is too high to get long, in an egregious way. You cannot risk too much, while Citigroup Inc. [[C]] , Bank of America Corporation [[BAC]] , Morgan Stanley [[MS]] and General Electric Company [[GE]] are on the precipice of the bottomless pit.
UPDATE: I sold out of my [[ROM]] and [[MOS]] positions.
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You don’t think that there’s still going to be more global demand in oil, and less supply than 2002?
I wouldn’t rule out 20, but I’m thinking $30.
Fly,
What’s the PPT indicating at this junkture?
The market is retarded. It is broken. Trading it and thinking there is an edge here and now is unwise. Fuck it, I’m going to the gym and then to the movies. I just know sitting here, looking at these fucking meaningless charts I’m going to go off and do something dumb.
Good post, Fly.
12 months back if someone said the Dow was going to 5000, they would get laughed at. Now if someone expressed the same, there would be nods of approval all around.
Fly,
Which large cap financials have the biggest short interest for the most pop say we bounce temporarily?
the end of the world is getting priced in. Piling into T-Bills, I understand… But 30 year fucking Treasuries??? Are you kidding me??? TBT getting crushed. Berkshire Hathaway trading like it’s going to fucking zero. Unbelievable. This bear market will not end until it’s demolished every presumably “safe” asset. Last domino to fall is the USD/Treasury Bond.
I guess Paulson will have to think about taking the toxic shit out of the balance sheets now. LOL.
777 is crucial. If they take that out with conviction, chart chompers say there’s no more support in the “7s”.
How do you take the C treasury shares out of the C balance sheet?
Is it too late for a do over?
You will all be castrated at the end of tomorrow’s close. Long or short they will take your money and cut off your fucking ballsack.
My plan for World domination is proceeding as planned !
Soon we will see the United States reduced to a Third World Nation…and the industrialized world as we know it will collapse like a house of cards.
Soon there will be one World government !
Soon there will be one World Army !
Soon there will be one World Bank !
Soon there will be one World currency !
Soon the colonization of the Earth will be complete !
Soon the Illuminati will control it ALL…ALL I TELL YOU !!!
Bwaha-ha-ha-ha-ha-ha-ha-ha-ha ! Bwa-ha-ha-ha-ha-ha-ha !!!
.
actually, wasn’t 768 the s&p low of ’02?
Ahem. BGU and QLD working for now, relative to my buys.
Vix will peak around 125, then come back down to 50, then back up to 90, then it will drop down like crazy to 10.
Covering my AAPL shorts here even though I think it goes to 80
what happened to old man trader?
He must’ve had a heart attack when the market dropped in october… poor old guy.
“support levels” “testing the lows” “retests” “trendlines” “bullshit indicators”
Haven’t you people learned that nobody knows shit???
Except Roubini, and I’m starting to think he might be a bit too bullish.
VIX to 125?
Wow I think it goes to 90 then we see a rally
JPM is taking it on the dome piece.
TED spreads around 2, look at the fucking ^IRX (3mo TBill) 0.01! Check out the CMBX too, yesterday over 700bps. Anyone have a realtime quote today of the CMBX? Fly you got Bloomberg/Markit?
Legging into ERX 3x Energy bull
I went outside to get my paper just now. It was silent. I looked around to find my neighborhood littered with bodies. All my neighbors have killed themselves over the plunging value of their IRAs, Roths and 401 Ks. Bodies are everywhere. They’re dropping like Flies.
Is there a long equity play on human body pickup and disposal?
Fuck it. I’m putting cash to work. Being a pussy is not for me.
If we fade to new lows from here you can find me underneath my desk.
VIX tops out at 80 rally on the way
That’s what the fuck I’m talking about Fly.
Gee, who knew?
Anybody seen GENERATIONAL Bottom or art hogan lately?
Needless to say I’m looking forward to my F430 delivery and my 3 month sailing adventure. Long live SMART BEARS!
Yeah! these 3x leveraged ETFs fucking rock!
I just bought a new AC unit for my cave! Woot!
fuck it.
bought a load of JPM, BAC, MS and C
If they get me on my stops I’ll lose some money.
This is stupid.
ANF could bounce hard, retail bouncing.
Hip Hip DevilDog
Have fun on your trip. I just got back from the Big Island. Enjoyed spending the big coin I raped from all the longs
yes 768, 733 spx in april 1997
Should have bought FAS j, or better yet ERX. Although the 3x ETFs are a month old, the data points to ERX outperforming BGU, TNA, and FAS in a rally.
Any idea how much forced selling there will be tomorrow if C closes 5 today?
Disclaimer #1: I am 22. I did not know Alaska is part of the US until 5 years ago.
I went through small cap stocks looking for fundamental values. I noticed that any company with an IPO around a year and a half ago has been turned into a falling knife (no price history/ no dividend / no long term supporters?).
TAST owns fast food chains. P/S = 0.04. Revenue has been increasing though profits have fallen (what else would you expect?).
LTUS is a Chinese pharmaceutical company that has increased profits year->year through cost minimization. Revenue has not changed by much. LTUS has already broken out.
Disclaimer #2: Perhaps these companies make up figures. I do not have the ability to tell.
… closes under 5 today. UGH
Fuck this. Buying calls in CHK, M, and AAPL. Viva la economy!
Sold 2.5K of AMAT from 8.25 @ 8.75
Sold 1K INTC from 12.36 @ 12.86
Fuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuc k NOV.
I thought I am forced to hold this shit steak stock now ? or should I just sell it at a loss ? Any suggestions ?