With Enron type fraud taking place at Indian IT firm SAY, coupled with abysmal ADP data here in the states, the market should (finally) get the stuffing kicked out of it today. Naturally, due to being slapped around in my shorts, as of late, I am not emphatic about the market staying down all day.
In an odd twist of lunacy, asshole dip buyers may buy this tape. However, I have made my bed and now intend to sleep in it, dead or alive.
Over the past week, I have built up a decent long portfolio, which includes stocks such as ITW, VCLK, C, BAC, AKAM, NITE and even a little FAS. I sold out of most of my FAS yesterday. And, much to my delight, I have a pretty awesome short position in XOM, which, incidentally, is the anti-Christ. Therefore, I am doing the Lord’s work here.
Anyway, I will not add to any shorts into this blackhole of a tape. Instead, I will release some longs, in the event some of you fucking dicks buy today’s decline.
At the present, I am 45% short, 25% long and 30% cash. Year to date, I am down about 6%.
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Dennis Kneale is still an annoying assfart idiot……
Right now the thing to do is fade any move down in reaction to bad news. We’ve heard it before … “you gotta trade the market you have, not the one you want.”
Naturally, due to being slapped around in my shorts, as of late, I am not emphatic about the market staying down all day.
Or, for that matter, ’til 10:30.
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Beat:
You sound smart while the market is going up. However, should the market do what it is supposed to do, you will say to yourself “what the fuck was I thinking?”
The R and I in BRIC is officially fucked! Guess B and C are now burdened with having to fuel the entire global economy.
Forget about the Asshat of the Year Award… I have a new trophy we can give out:
Just three months ago, Satyam received a Golden Peacock award from a group of Indian directors for excellence in corporate governance.
LOL!
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How about a little EEV ovah heah?
(Jake, please correct my accent.)
-DT
FLY
You will be up 6% before the end of the month.
Being down early Jan is a blessing.
You know that
Also interesting:
TLT not being bid up.
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EEV — noice cawl.
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Banks needing more capital and 8 out of ten of your neighbors ATM’d houses worth less than their folly.
Can you say change we can believe in?
INTC shower shatting
I exited AAPL pre market. Bah!
I’d like to think of it more like this. The Fly (and myself incidentally), circa early 2009, has brazenly placed the funnel underneath the oil laden engine that has been briskly pumping along. The Fly relinquishes the pressure of the drain cap and all of the engine constituents have NO choice but to circle the funnel, much to their chagrin of course. Ding Ding! Please wait in the showroom where we have parting Sham-wows.
Jake – Do you really think we’ll still be down at 10:30? 🙂
Jakegint: yeah, I suspect it’s because we haven’t really hit any “OH SHIT IT’S TEOTWAWKI WE’RE ALL GOING TO DIE”. for me, TLT has been a better indicator than VIX, it appears to be leading it and shows the movement to and from SPY and Treasuries — of course as of late, we might be watching an interesting trend of move from TLT to corporate bonds, which means SPY may underperform corporate debt.
i’m still insistent that it’ll be interesting to watch whether it will break below 110, as it will indicate a clear trend away from government debt and real sustaining bull-market sentiment (but we’re still not that far away from 116, which will coincide with a re-run of DEVILDOG gloating)
Meanwhile, my neighbor is going to be the next surgeon general.
I knew I should have refrained from throwing those cigar butts and tequila bottles over the fence.
Just wait for your pitch — Sr Tropicana. In the meanwhile…continue to cutback on the ETF’s like you said you were going to do.
The social mood of traders (especially on sites like iBC) has gone from:
November ’08 – How exactly do I kill myself? Slit wrists, poison, suffocation via shoving Sham-Wow’s down my throat.
to-
Jan. ’09 – Gov’t is going to come out with 400 Trillion in stimulus, with 95% going to GS. And some report comes out saying worse numbers since 1492, “Everything is priced in, this is a buying opportunity of a lifetime. S&P 3500 by August.”
I guess MON had good numbs.
Much to my relief.
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I called Generational Oil Top in May >$130.
I called Generational Stock Bottom week Nov 20.
I called Generational Oil BOTTOM late Dec @ 38
I now call a Generational BOND TOP with 6 mo rates at 0.29% and 10-yr bond rates below 3.5%.
In fact this is YOUR LIFETIME’S BOND TOP, and anyone who buys or holds treasuries of ANY maturity is INSANE.
This is the opposite of the Lifetime Bond Bottoms of 1980 and 1982, where you could get 17-20% on LT Treasuries and Triple A corporates,
getting 4X your money in a few years.
If you MUST buy bonds now, buy 2-year utilities B+ or better. The 8% yields will keep you ahead of inflation. BARELY.
Listen to me, people! I have been SPOT ON on every call! When I called the Generational Market Bottom I even told you WHICH stocks to buy: Steels, minerals, oil, gold. X TSO VLO HL ACI MOS STLD. Listen to the WISEST MAN HERE, people! ME!!!
I asshat dip bought appl back at the lows just now
Meanwhile, my neighbor is going to be the next surgeon general.
Given that the Messiah just nommed Leon Freaking Pannetta to run the CIA, I’m guessing your neighbor iiiiisss…….
ALAN ALDA!?
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(What do I win?)
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Awful job numbers and TBT still up. I love it!
Holy crap, what did MON do, genetically engineer a goose that lays golden eggs?
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shots fired- FXP @ $33.00, IPI @ $21.50
Some of my quotes are messed up.
Anybody else?
For example SLW,NEM,RIG,TXN
Dive NOV dive.
TC:
@ 9:42
SLW — 6.35
NEM — 38.17
RIG — 54.63
TXN — 15.75
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Here comes Joe Dip Buyer.
I also have quote problems.
KRE (regional bank etf) and maybe homies – a good daytrade scalp or two.
Overbought conditions finally doing their stuff and market was due for a correction and a pullback was needed, my stats were way out of range . Nice rally anyway the last few days…Scanning…
Asshole dip buyers mate young and have a very short gestation period. Look it up.
Don’t forget your healthy FrankenCorn Snack on the way to the Funnel:
KANSAS CITY, Missouri (Reuters) – Monsanto Co (NYSE:MON – News). the world’s biggest seed company, said on Wednesday that quarterly profit more than doubled, citing strong herbicide and soybean seed sales in the United States and Latin America.
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The company also increased its full-year earnings per share forecast to a range of $4.40 to $4.50 excluding items, from its previous forecast of $4.20 to $4.40.
St. Louis-based Monsanto, a leader in the development of genetically altered crops, said net income rose to $556 million, or $1 a share, for the first quarter that ended November 30, up from $256 million, or 46 cents a share, a year earlier. Excluding items, the company earned 98 cents a share.
Analysts on average were looking for 59 cents a share before special items, but it was not immediately clear what that figure measured.
Morningstar analyst Ben Johnson said the results were surprisingly strong, particularly in light of market talk that farmers were cutting back in certain areas due to economic concerns.
“Monsanto seems to have bucked what has been a negative trend,” Johnson said.
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Adding:
HOC, DXO, ERX.
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…and, sold ’em both for small gains.
Someone please tell me who all these’ AH dip buyers’ are listening to?
All the news I heard today including Meredith Whitney was dismal
FAZ should be soaring, banks should be crashing, I dont get it.
They said today for the first time since early last fall there are more bulls than bears in the market…
Please all you 20 year veterans (if there are any here) where are these bulls getting their news and information?
Is this just a case of “its all been factored in” “we have already anticipated all this bad news LETS MOVE ON?”
.
Fly,
I wasn’t trying to stick it to you … I’m with you pardner! As far as I’m concerned, the freaking asshat dipbuyers should just go away, let S&P go to 300, and we can start over with a clean slate. Sadly, that’s not going to happen. We gotta deal with it.
Lady Guenevere: i suspect that everyone’s waiting for earnings news to come in
Out of the Funnel and buying ITB (homies etf) for a daytrade here.
If Dr. Gupta can be Surgeon General I nominate Fly for head of Department of Eduction so he can teach the youngsters how to write.
herd…..what?
are you kidding?
who is everyone?
news is already coming in- 16 companies reported earnings today. FDO, BBBY, MON, FELL, RBN, RT, SONC, CBK etc…
I’ve been pretty quiet over the past couple of weeks. In doing so I have built Noahs ark or SRS, FAZ and bought a good amount of skf below 100. I was nearly all cash at one point sitting around doing fruit cups in the mirror.
Lady G.- Market took off in Aug. 1982 after a bad two year bear market and back then the news kept getting worse for about six months after Aug. I kept asking myself why is the market going up when the news is getting worse? By the time the news cycle turned the bulk of the market gains were made. Don’t know if this time it’s the same or not. Just do what the market tells you- up or down.
Lady,
The last 2 days the market was screaming ‘out if you are long’ because it was at market extremes.
“Remember, the market is designed to fool most of the people most of the time.” Jesse Livermore
Lady,
The market is made of people with very different horizons & strategies. (From minutes to years) Some traders have very short horizons. They don’t care about fundamentals, the economy or even the company.
Fruit cups? I prefer jello-shooters early in the morning…..
Remember, Dennis Kneale is still a panty stain from grandma’s latest wet fart…..
…and from the markets lowest lows 2 months ago, and now with no companies making any real money, but yet the entire market is up 100%-300% across the board over 60 days (for example DRYS at 3.04 just 5 weeks ago and now at 14.00), I personally am in limbo and cannot figure out the direction for the next 2 weeks…. although with Obama (if you work for CNBC it would be Obamer) taking office in 12 days I’m sure the market will have a false hope rally leading up to that, but in reality after those days pass….what then?
Thanks everyone for the replies.
TraderCaddy I keep hearing the market thinks 6 months ahead.
What I glean from this process is that people are afraid to get left out of the bull run and profit making so regardless of bad news upon bad news they are going to buy into the market so they can ride it up. This philosophy applies to long term and short term investors but especially for those who manage other people’s money for the long term.
I suppose there has to be catastrophic news to scare greed out of people and instill fear or caution.
.
Lady G- buy and hold is dead. Period.
The professionals know this, and they will act accordingly. Need evidence? Look at the increase in volume over the last 2 days, while the indexes were somewhat stagnant. Professionals were selling or hedging into the rally.
Retail is learning, but their curve is steep.