Going into the closing hours, the tape is looking bullish to me. Despite a plethora of negative headwinds, namely BCS, AA and BAC, the bulls are letting it all hang out—bidding up “good banks” like JPM and GS.
Personally, I’m not a fan of any bank. However, there is a perception that a small handful of banks are “safe.” Whenever the market catches a bid, those fuckers springboard higher.
However, do not ignore the ramifications of BAC‘s diving share price. After all, they still are this nations largest bank.
With my money, I added to my EEV, SMN and short XOM positions. However I did so with very little conviction. If you’ve been following my trading habits for more than 6 months, you know that I like to “leg into” positions, as opposed to diving in—idiot style.
As for my shorts, I covered my entire NOV short, south of $27, for a quick 10%+ gain. And, I covered 1/4th of my KIM position, south of $16.70.
My goal is to keep a 30% cash position, until I am absolutely convinced of the near term market direction. For now, it makes sense to take quick gains and patiently wait for good entry points.
Nonetheless, I am not looking for long positions right now. My hunch is to play the downside, by waiting for good entries. In other words, the potential risk to the market far outweighs the rewards, again in my opinion.
UPDATE: I sold out of 75% of my AKAM position, for a fucking loss, around $14.
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Hey,
Does ANYONE has James Chanos latest 13-F? His company name is Kynikos Associates Ltd.; I am just wondering why him and Dougie Kass (both short-sellers fund) are shoting Apollo Group and how big their positions are.
Fly, you got tricked. Market will close at the lows.
The Fuckery are now in sound check.
I did not get tricked. I bought nothing.
Just don’t make eye contact with the lead singer and we will be fine – meaning per DD, closing near the lows of the day…
Does cnbc maria squeal like a pig or is it my imagination?
Only when taken from behind.
FLy, you still holding SRS?
Big Mike
FWIW, I did this prior to their recent earnings announcement.
The company itself is solid – positive cash flow/earnings and their student enrollment has enjoyed relatively steady growth QOQ since November 2005. Also with a weakening economy and tighter credit markets more students will have to seek less expensive educations which should result in higher enrollment for the foreseeable future.
My red flags are that their default rates on their student lending have risen and based on the economy I fully expect they’ll continue to rise. Adding to that is the fact that a University of Phoenix/Western International University education won’t get you the same quality of job/career that a traditional university/college will provide, in the aggregate, in my opinion. This means job security/placement is probably more difficult for those students which in turn should cause higher levels of default. APOL is also trading at ~15-17x BV which seems a bit steep at this moment in the market and it’s coming up on MAJOR resistance at $80 from Q407.
Firm’s probably seen such significant price appreciation recently because it’s one of the few firms thriving in this environment. However the current price level is exaggerated in my opinion.
Anybody notice what a pos AAPL chart is? On a plane the other day bout 1 in 3 passangers had a product of theirs in some form or other. Who is left to buy?
One of my 2009 predictions! Apple renamed Crapple!
put short GS in my IRA
to clarify, I didn’t do that, but want to.
Wouldn’t it be nice if DevilDog would stop making wild-ass predictions once he got them wrong? Market won’t close at day lows and I’m very bearish.
I think if I hear one more story about yhoo I may have to end it all. Who gives a rat’s ass about yhoo? No one. Please shut the fuck up about this pos. The only good thing about the endless dribble about this pos, is that it is definitely a sign that the end of the world is upon us.
Oversold will be more oversold.
devildog must be trying to get his snowblower running and Lady must be under her apartment shopping for a new scarf?
they are AWOL…….
DEVILDOG…
I love YHOO.
Let me know if you need help loading your gun.
Jerry
devil snuck in as I posted……. must have finished the sidewalk……
Jerry,
I’m sorry, but you’re just irrelevant now.
debil dog = comedy gold
imo , a few short trades – LCC AMR BBBY MCD
Artist I am taking profits today on TNA and DIG that I bought at the closing yesterday….singing ‘ the sun will come out tommorrow’ as DD was saying ‘the end of the world happens tomorrow’ ie—today.
🙂
After the market closes I am walking over to ‘ Uptown’ and having a nice glass of wine at the wine bar while reading my tennis magazine and Town and Country magazine.
http://www.tastingroomwines.com/our_locations/uptown_park/index.php
Texas winters are mostly pleasant and enjoyable.
.
people are afraid before tomorrows dec sales numbers .. therefore we close under 8450
Montana winters are also pleasant and enjoyable……if you’re a moose….
What I think is cool is that finally people are realizing the bad news is _not_ already priced in. The downside risk is definitely there.
Hmmmm…. market not hitting lows, DD.
Very nice “tasting room” web site pictures….looks nice…..are you buying? should I ask for “lady” when I get there……
Dammit!
What did I say?
Who made eye contact with the singer!?
Wonder what Karen Finermans hedge fund returned last yr ? Was it down 50% down 70% , down 90% ? I am surprised she’s still in business. She was long crap like WM and CROX. LMAO.
Sure…any time you guys are in town let me know
Montana winters are fine, if you are a bear.
_________
Cheers LG, looks like a nice place.
Lady G —
That looks like it might be attached to an AmReit property?
_______
DDog,
I’ve been to (by) Nothing, Az. but must call b.s. on Somewhere, Mont.
My guess is that your Montana abode, if in fact you have one, is in or close to Noxon where a bunch of rag-tag NWO types grind out their tripe on their backwoods printing presses ala Caintuk moonshine style. And, of course, drank heavily at Toby’s until he run ’em out. But Toby up and died here a couple/few years ago. Haven’t been there for quite a spell…hear his daughter is running a very tight ship.
# DEVILDOG Says:
Friendly reminder:
# DEVILDOG Says:
Markets DOWN BIG tomorrow and closing at day LOWS.
January 12th, 2009 at 6:06 pm
————————————
Hey Devildog, where are you? Are we gonna crash in last 15 minutes and close at the lows or no? I am asking you cause you know.
When a chinese rice farmer trades 2 donkeys for one water buffalo, is that considered part of the 6% “growth” per year or are donkeys on even keel with a water buffalo now? I just trying to figure out how the chinese work this out….
Thanks for sharing your thoughts. Looks like they were a good barometer on the remaining trading day.
flaps,
sibilance…check check..sibilance…sibilance
Jake
Uptown is an outdoor shopping mall across the street from where I live.
I dont live in ‘ West Ave” which is the new place going up that is on top of shopping.
I live ‘ in the heart of the shopping district’ in Houston …Galleria area.
http://www.uptownparkhouston.com/fw/main/Home-395.html
I can walk to most everything.
.
all the shorts and inverse etfs are killed, any opinions on what tomorrow brings? are 2x/3x etfs a buy here for tomorrow’s gap at the open?
Jake
I stand corrected it IS what you said see below:
In June of 2005, AmREIT embraced this vision and welcomed Uptown Park into its portfolio of Irreplaceable Corners™. These premier retail frontage properties are conveniently located in high traffic, highly populated, affluent areas, making them ideal destinations for high-end retail establishments. Uptown Park exemplifies AmREIT’s definition of an Irreplaceable Corner with its originality, attention to detail, fine architecture and premier location.
I thought you meant was my high-rise attached to the shopping.
I just bought some UYG, for a Costanza trade. Fuck it. Looking for a close above the 50 DMA, around 4.71.
Finerman is worth $100 million. She laughs at men who suck their own cock.
http://www.guardian.co.uk/lifeandstyle/2007/sep/09/features.woman5
Huh…thats weird…DEVILDOG…wrong again. Whooda thunk it?
If Devildog’s real identity was known, he would have no credibility. Now please shut the fuck up with your insane predictions.
It’s amazing how a determined bear like DevilDog can manage to look so stupid in the midst of a bear market.
It don’t matter ’til the bear market’s over.
Bot DRC before close …. presenting at GS conference tomorrow and acquired Ramgen Power Tsch for their game changing super compressor technology.
Reality, you were afraid he was going to be right, so you waited until the close to say that.
If you regularly make specific daily predictions it certainly matters.
Fly Leech Says:
Reality, you were afraid he was going to be right, so you waited until the close to say that.
===========
not exactly, i just avoided making stupid predictions. I may have beenaffraid we close at the lows but not because the DD said it.
DD kept repeating his prediction – well it did not play that way. So he should come out and say – i eat shieeet in predicting daily moves and should never do it again.
Fly Leech…
“Reality Check” looks at the here and now…not the future. Keep in mind, I am not the one making silly wild-ass claims every 5 minutes. So go fuck yourself, asshole.
Finerman-check the date 9/07, it’s a different game now.
Finerman did a lot of dumb moves on fast money but i guess it is easier to play with other people money
Bear—Yes it is, friend. Yes it is.
The Galleria – have they renovated that thing? Does the Transco Tower still have that beacon of doom?
Who says you have to pay your taxes to be Secretary of the Treasury?