The news is too toxic right now. On one hand, there is a possibility for some staggering downside here. On the other, there is a chance for a classic asshole dip buyers rally.
Bottom line: If you are short, you may want to cover. If you are long, you may want to hedge. Going into the weekend, you do not want to have too much risk on the books.
NOTE: I will be busy trading all morning. Just know, I will be balancing out to reduce risk.
UPDATE: I took profits on SRS, north of $100 and ERY, north of $41.50.
UPDATE II: I added to my CBL position. And, I sold out of some of my FAZ, which was bought in the mid 30’s.
UPDATE III: I balanced out the remainder of my FAZ with some FAS, with a slight bear bias. However, I may sell the FAS on an intra-day bounce. I sold out the remainder of my TNA. And, I sold out of my BDK. Essentially, I took profits, hedged my portfolio to almost neutral again and have a ton of cash on hand, ready to put it to work. I also sold half of the ERY I bought yesterday.
If you enjoy the content at iBankCoin, please follow us on Twitter
whats a good hedge for DXO?
FLY is GOD.
hate to break news but bulls are winning this one. they refuse to lose.
hate to break news but bulls are winning this one. they refuse to lose. false breakout
Hang in there UAW – you are like Dracula sucking blood but not quite killing the victim.
What happened to “don’t fuck with the guy in the time machine”?!?!?!
Here an interesting tidbit.
Goldman now says that oil will reach 30 bucks a barrel which is around 35%ish below current market. Goldman also said that oil would reach $200 which they predicted at the time oil was around $145 translating also to around 35%ish.
Is Goldman the reverse bellwether every time they predict 35% away from the bottom or top.
Odd no?
UYM here…Obama will turn this one on next year…
JW:
He is winning.
ahh, yes, the dipsticks are out in force this am.
i sold my FAZ, however, since it was up about 35% in 3 sessions.
Dammit…UYM…just do it…
Good advice FLY
You can short an oil company like HK as a hedge against DXO
nice call on ERY.
i was also in FAZ
FLY is god!
The bullshit is up, the quality stuff is down. People are raising cash. Classic. IMO we move lower from here.
Dip buyers are fucked!
I must have smoked crack last night. I went long Ford at 2.70. Playing with the money I planed on burning for heat when the depression sets in so I guess I will have to burn something else to stay warm next winter.
Also Fly if you wish to ban me for buying such an egregious stock I will understand.
What happened to :
– “What Part of ‘End of the World’ Don’t You Get?” ?
Poor DD … the End of the World, has been postponed due to the SSF
you know the old saying: “the SSF will live longer than DevilDog can stay solvent”
Tony
Are you gay? That’s all you have been saying all week or variations thereof. Pull your pants up as no one is going to have sex with you. If you have more to say, say it as there’s already a Devildog here who says the same sorta things far more eloquently than you.
Cash, Chomping Cigar, Christmas Music, Sandwich.
check
check
check
check
Good luck to all still humping it into year end.
The man in the time machine is beginning to show a little respect for Mum Market ?
What douchebag looks at a 200 pt drop at the open after last night’s news and thinks buying opp? This will be a long day.
Wtf!
100% agree Fly, the reaction was muted. Its very ominous. Being Friday I probably won’t trade the minis this evening but will pick it up on Sunday. As bad as it felt to cover my position last night it was the right thing to do. By the way DUG is working good here.
Fuck this Gettelfinger asshole, FUCKING UNIONS!!
Tony, I seldom agree with j. However, ovah heah we’re long and green. Do you have your airsick bag ready so you can puke your shorts? Thanks for listening.
One more thing… DevilDog is a man of conviction. You sir are no DevilDog.
Is the Fly God? Or is he just an online version of Bernie Madoff? Perhaps the fly runs his own hedge fund through this website via the use of an illegal ponzi time machine.
Fuck it! Who cares, I am banking coin!
The Bush administration will consider its options to save the auto industry, including using the $700 billion funds under the Troubled Asset Relief Program…
Boomer,
good for you
This is a brief description of my latest trading strategies:
“Elsewhere in Baja California Thursday, two decapitated bodies were found at 6:50 a.m. along the free road between Tecate and Mexicali. According to the Attorney General’s Office, they were wrapped in transparent tape, and their heads were in a nearby bucket.”
Yogi
i couldn’t give a shit whether gay Tony is long or has a short dick. But all freaking week his comments are simple variations of >>>> longs a fucked>>> longs are screwed>>> Long are dead>>>
he’s like a gay spambot.
j – Agreed.
J
Long FAZ @ 51. Is that better?
I woke up this morning to see some communist preaching on CNBC. I figured the US was taken over.
Not to worry Viagra pumping UAW retirees.
Hang on for a few more weeks and it’s payback time from Obama.
This guy is beating up the GOP. I wonder if the GOP will come back with a rebuttal.
TARP = Taxpayer’s Asset Release Program
We gave it all to the 51st state of these United States … Israel.
good luck to you crazy mofos out there, it smells like war
can someone recommend an online broker/site that has competitive fees and a good real time quote setup.. thanks.
Na Moe, they’re too fucking stupid to even think of a rebuttal.
Fucking idiots should have been on a tear after Reid and his comments. talk about the gang that can’t shoot straight. they can’t even think. Get rid of them.
They’re all pussified. Scared shitless of explaining why they didn’t vote for the UAW bailout.
“GM Spends $17 Million Per Year on Viagra”
http://tinyurl.com/h5pul
It is sickening to see how the Unions love to suck the Democrats dick. What a joke. Why are all the states in the south that have car manufacturing better off? Absence of unions that’s why
The market cannot deal with all this shit. It is NOT priced in.
All I can say … We’re Fucked
New lows are certain.
Zen
They need it to get a hard on so the UAW can keep fucking the shareholder and the bond holders and now the taxpayer up the butt. It’s long, dirty job but someone has to do it.
The car plants in SC,ALA,MS, and GA are and have been doing very well.
Gee, I wonder why.
Methinks this Ron Dunglefinger character doesn’t understand the meaning of “Run on the banks”.
Joke is that the only people that don’t realize the UAW days are numbered is the UAW, the Dems and the shitty management.
Who is ever going to write them a check to buy bonds or stock in those firms while the UAW jackal is marauding around looking for a new fresh carcass to feed. No one.
Let me correct that… only the Dem Congress.
The number one purchaser of Viagra in the world is the GM health plan. This courtesy of the UAW.
So, what you’re saying is that they’re a bunch of limp-dicked leeches.
Yo Donny, the market seems to be handling this shit just fine. We’ll be near 9500 on the DOW at YE. Madoff told me so.