This is funny as shit, yet gay, all at the same time.
Longs were saved today, as mysterious buy orders flooded the market into the close. God bless George Bush’s PPT.
I sold out of my ISRG and kept TNA, UYM, JRJC and CY.
Where will the market go next? Who the fuck knows. I’m just glad this fucking asinine week is over.
NOTE: Sometime this weekend, for PPT subs, I will be posting an update on the fucked state of commercial Re. Thus far, my “Reverse Four Horsemen of Certain Death,” FRT, ESS, MAC and SLG have done incredibly well, providing you were short. I have a new list of names worth murdering.
Stay tuned.
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I don’t understand Fly,
How do you know that is not short covering?
fly is god
piss-on-me pissed on all shorts
That was hilarious! Props to downtown trader.
Been busy all day, but noticed we bounced at the mark of the beast.
We really are fucked.
Thanks RC. Fly doesn’t know it yet, but that is what started the bounce.
Rally starts Tuesday
Write it down!!
Had my balls in the the roaster most of the day with my FAS position, out of it now.
I think i will get drunk tonight and admire this pic of Maria Bartiromo:
http://timothysykes.com/2008/05/23/is-that-really-maria-bartiromo/
Her pants are Hawt!
Fly –
What 3x ETF bulls would work best when the market eventually rallies? I know the market may go to 5500 before that occurs, but I want to have a list ready of what to buy on the long side.
Today sucked, and this week sucked.
It kinda felt like getting a blowjob from a hot chick with a rubber on.
Fly, are you seriously in UYG??
TNA
I’m 100% long. Took the dip at the lows.
I bought UYG two days ago.
I thought you bought UYM two days ago?
my bad.
UYM.
Fuck uyg.
Good catch.
Fly go home, you never make mistakes like that. You must be tired. Take some Earl Grey and plot your revenge for next week.
Speaking of that did anyone feel like this week was like a month?
So Obama is back out there discussing homofied things such as stem cells instead of stimulus? What the fuck goes through these peoples brains. Its fucking disgusting to watch someone say one thing and do the other.
I digress, I am off to meet with Rick “Dirty Sanchez” Santelli for a tea party next door.
I was gonna say. UYG doesn’t sound like your style. More ETF crack with unidentifiable impurities.
What’s up with GERN and STEM? Ripping in AH.
Kidstock,
President Barack Obama will reverse restrictions on federal funding of stem cell research on Monday, the Associated Press has learned.
I did my best fly imitation and bought some GE today at lunch. BTW fly you were a real Debbie Downer today.
My little stem cell company rocketed 40% today. Weird.
FCX has a high probability of trading near $40 by the end of next week.
Good buy on UYM, I picked that sucker up today towards the lows of the session.
Has anyone looked at the daily on Google? Pretty bullish no?
I told you the S&P would bounce off 666.
KID
Thanks for the heads up. I bought 3500 shares (gern) at $4.90 and its already at $5.32.
Nice little scalp for Monday.
Hat Tip
I ended up making some money on your PPT pick, WNR. I held longer than you Fly, and sold towards the close. Paid for my PPT subscription! Yay, now my husband can’t say anything. Looks like it is going to be a rock’n roll weekend after all. 🙂
Other than that, I’m with you Mike, the week pretty much sucked. But I think I learned some valuable stuff. That’s worth money in the bank.
I hope everyone has a nice weekend.
You know after taking a step back and looking at the jobs numbers we are actually slowly improving assuming we don’t have a revision this month. Who knows I guess it could happen.
December 681,000
January 655,000
February 651,000
I guess its grasping for hope but who knows.
“Anyone else feel like this week has been like a month?”
Gappy asks, above.
Um, yeah, but I’ve been at Disney all week with four kids.
Wife would not even give me a second to get on the computer after that first day, so I’ve been monitoring the market and this site via Crackberry only.
Still on the Crackberry as I head for the airport bar in Birmingham. I need a vacation from this “vacation.”
Aside to TC: Excellent meal at Victoria and Albert’s last night.
I recommend you check it out with the Missus or the young pro before Disney pulls their ticket. I’d be shocked if they were covering their overhead, although our party of eight last night probably got them over their March nut.
___
This is usually not my cup-o-tea, but heard it in the ‘Public Enemies’ trailer and thought it was excellent:
http://www.youtube.com/watch?v=fhiO8rT_LnA
__________
Disneyland w/ 4 kids for a week should feel like a year, me thinks, not just a month. I can only imagine the commercialized, cutesy horror.
Repost ….
g&y:
I think O wants to expend as much or all of his political capital asap in case the economy collapses and none of his policies get passed. If the stimulus package doesn’t work and the GOP recaptures the senate in two years he will never get anything approved should he go slowly now and do things piecemeal … think a decision has been made to go for the whole enchilada in the first 100 days or as much as possible.
DPeez- you don’t know the half of it. I’ve been avoiding this trip since my two oldest were very young, but they finally ran me down in a dark corner and dropped the net over me, kicking and screaming.
Gotta hand it to the fuggers, though, they are better at separating a man from his money than a Vegas casino chock full of high dollar cocktail bar whooahs.
Just a loose count- and not counting eating joints – I was figgering a 10 to one “places to purchase Disney crap” to “places to view/ride” ratio.
Easy.
Kids loved it, of course.
___
In case you are sitting in your stupid chair wondering, should I get PPT, I say this. Yes, asshat.
Here are some Fundamentally sound companies with big safe dividends, compliments of the PPT. These are good safe stocks to buy for a swing trade.
PPT FUNDAMENTAL SCORE|DIVIDEND YEILD
1 GRMN 5.10 4.30%
2 TKC 5.10 4.20%
3 INTC 5.00 3.90%
4 GES 4.90 2.10%
5 LECO 4.90 2.40%
6 GLG 4.85 3.40%
7 ADI 4.80 3.60%
8 AHL 4.80 2.70%
9 TXN 4.80 2.50%
10 ABB 4.75 3.50%
I screened for yeilds between 2 – 5 % because dividends bigger than that are dumb.
Jake,
The trick is to only go to Epcot, and spend the day drinking your way around the world showcase. And bring your own flask.
Not sure if this was ever posted or discussed. A 0.5% tax on the value of each trade? WTF?
http://www.opencongress.org/bill/111-h1068/text
Flux,
I spent much of Wednesday afternoon visiting the “World” and sampling their libations. Hands down, best of the four parks.
___
GERN is up big AH. I expect there to be a lot of news out this weekend about Obama signing the Stem Cell Research Bill.
21% of the float is held short on GERN (17mill shares w/ almost 3 days to cover)
Im playing the squeeze on Monday then gonna fade it Tues or Wed.
Update: I sold my 20K shares of FAS AH for a $1200 gain. Was down all day and had to double down to lower my avg cost. So, that 1200 is huge considering the shit day it was and for the fact that I was down pretty big on it.
I would like to be honored by The Fly next month for my bottom call, which won’t stick. Who ever heard of an important bottom at 666? That’s the devil’s trickery right there. If you believe we’re gonna bottom at satans favorite number, he’ll be shorting to you, son.
Kudlow & his parade of dimwitted asshats, continues unabated.
Ned Reilly: “Buy Stocks! …. still, and always, as ever”
Don Luskin: “We’re gonna have a depression” … sure I said no way until we’ve 56% off the top … better late than never Luskin, they call me!
Does anybody know a fund or an ETF that gets me short UK Treasury Gilts?
______________
Mike – Niiiiiice.
Damn it all… I have been sitting on the sidelines for a while now, and finally was ready to pull the trigger yesterday. I was debating between buying SWHC or SSRI. I made the call to buy SSRI at $13.85. It went up nicely by the end of the day, and I figured I would do fine.
At the same time, I did NOT pull the trigger on SWHC. Then SWHC has a massive up day today. An 18 fucking percent move, one day after I was going to buy it. And then SSRI take a nosedive right back down to where I bought it.
Why do I even do this to myself? It seems like everytime I make a move, I make the wrong one.
Anyway, I am starting to think maybe the market is pricing in social unrest across the globe. And with that will be the end of mining companies since the local governments will take their mines.
If and when that happens, the mining companies are toast.
Fuggin’,
Less debating, more coin flipping = preservation of sanity.
On mine co nationalization:
Venezuela and Ecuador are already pretty untrustworthy, not to mention most of Africa and probably Mongolia.
Anywhere else that most people aren’t thinking of?
Romania, maybe? A Toronto-based company called Carpathian Gold is active there. For now…
fuggin, i’ve been there. i was fucking with FAZ the other day with a relatively tight stop (in 3x land), and of course i got stopped out midday while i wasn’t home. it then naturally ran straight up for two days afterward. just my luck. that was a stop error, though. i miscalculated the volatility and should have not even bothered with the stop. the threat of gov’t fuckery will make a person cautious, though.
I made a little money betting, degenerately, on KRY a couple years ago.
After I got out, Hugo natlzd the Las Christinas (sp?) mine and bag holders were left with nothing more than the ticker symbol.
Bought a little EGO today, btw.
This is the main reason the stock market and our economy is in a funk.
It is feeling a fundamental shift in the way things operate and is sensing a new paradigm that is going to get crammed down its throat, whether it likes it or not. For the citizens of the USA to ignore the smoke signals now coming from Washington is analogous to Nero fiddling while Rome burned. Personally, I don’t think we have the time to wait until the next election. (hopefully there will be better choices available) Our government is well out of the starting gate and is racing along the track toward total destruction of our capitalistic, democratic republic. Rewarding poor judgment and idiotic financial behavior through bailouts at all levels from mega banks with derivatives coming out their ears to Joe 6-pack with an upside down mortgage is fiscal lunacy. There has to be a consequence for “bad behavior”. Any good parent of a two year old will testify to the fact that when the child misbehaves you don’t give him a lollipop but that is exactly what our fearless leaders in DC are proposing. The market knows what it will take to correct the fiscal calamity now upon us but it sees no effort put forth in that direction. It will go lower until it either sees what it knows is right or until everything is worthless. I don’t believe it can do anything else. Failing to let the chips….bluechips, fall where they may will only prolong the agony and make things worse when the end does inevitably come. And it will.
Where is the common sense the ruling class is supposed to be endowed with? Are these people entrusted with the laws of our country so caught up in the hubris of personal agendas that they lose sight of the foundations of our country? Do they not take oaths to protect and abide by the laws of our Constitution?
Where is the sense of outrage the citizens of this country should be showing right now? Does any US taxpayer grasp or realize how far taxes will have to be raised on EVERYONE to fund the interest alone on a Trillion dollars? Has the general population become so jaded by comfort and so enamored of their plasma TV’s that they do not care? Or even more deadly, do they actually buy into the mindset that our “government will save us”? God help us all if our nation has become nothing more than a brood of piglets suckling at the national teat. If that is the case then we are doomed as far as any hope of returning to the days of the USA being any type of world leader let alone THE world leader.
I humbly submit the following article for your leisurely perusal. Read it and weep while consuming mass quantities of roast beef sandwiches, attired in your best evening robe with your feet comfortably propped in the footstool and sipping a fine merlot. And get used to the footstool idea because we are well on the way to becoming the footstool for the government.
Catastrophic Solutions for Catastrophe
by J. R. Nyquist
Weekly Column Published: 03.06.2009
Print
In President Barack Obama’s 24 February speech before a joint session of Congress we find several telling comments. According to the president, the economic crisis didn’t start yesterday. It began some time ago, when a surplus within our economy “became an excuse to transfer wealth to the wealthy instead of an opportunity to invest in our future.” In other words, we didn’t sufficiently tax the rich in order to create renewable energy, thwart climate change, reform health care or properly educate our children.
The president’s statement implies that all money, in essence, belongs to the society – to the collective. The president’s statement implies that the money we earn from the free market system isn’t properly our own. It belongs to the community and the community has been generous enough to let us have a portion of our earnings. Given the scale of the emergency today, the president suggests that the community has been too generous in letting us have what we erroneously imagine to be ours.
There is a further implication as well. The president is suggesting that the capitalists do not know how to invest money. The government is the best judge of investment, knowing how much to invest and where to invest it. “Now is the time to act boldly and wisely – to not only revive this economy, but to build a new foundation for lasting prosperity,” the president declared. “Now is the time to jumpstart job creation, re-start lending, and invest in areas like energy, health care, and education that will grow our economy, even as we make hard choices to bring our deficit down. That is what my economic agenda is designed to do….”
As a check to government hubris, it is worth noting that no economy on earth has grown because officials decided to pour billions or trillions into renewable energy, health care and education. There is no evidence that such a scheme has ever worked, anywhere. There is no reason to think it will work now. Using enormous sums of government money in an attempt to revive a faltering economy is in itself a confession of economic ignorance. And also, it shows us a president who doesn’t understand the Constitution he is sworn to protect and uphold. The U.S. Constitution is not a socialist document. It does not contain the assertion that wealth belongs to the collective and private property is trumped by public “need.”
The president thinks that the free market system is allowed to exist insofar as it provides a “free lunch” for society as a whole. This consists in free public education and free health care – without the addition of greenhouse gasses. Allowing entrepreneurs and investors to keep their earnings has been a mistake. We should not repeat this mistake in the future, says the president. If only we hadn’t transferred so much wealth to the wealthy. If only we hadn’t allowed them to become rich. Think how rich our country would then be! Global warming would no longer threaten us. Our children would all be earning doctorates and medical care would be free.
Ours is an ignorant country that has forgotten the source of its wealth. As the Austrian economist Friedrich Hayek pointed out: “The disdained middleman, striving for gain, made possible the modern extended order, modern technology, and the magnitude of our current population.” To eliminate the middleman was the first rule of Soviet government. That is the kind of government our new president apparently favors.
Can the state fix the economy? It is an absurd proposition. The state is necessary for defense, for maintaining law and order. But the state cannot “fix” the economy. Whatever the economic process, the state must step aside and allow the market to function. The president claims to have a “blueprint” for creating 3.5 million jobs rebuilding roads and bridges, constructing wind turbines and solar panels. But how will he pay for these 3.5 million jobs? The price must be paid through taxation. Even if the government borrows, the money must be paid back – unless the government defaults.
According to the president, “when we learn that a major bank has serious problems, we will hold accountable those responsible, force necessary adjustments, provide the support to clean up their balance sheets, and assure the continuity of a strong, viable institution that can serve our people and our economy.” But the free market does this automatically, without the government wasting a penny. The free market holds everyone accountable and leads us to necessary adjustments. If we want a modern economy with modern technology, we must preserve the free market – not give way to government management of the market.
The president has told us: “I will do whatever it takes to help the small business that can’t pay its workers or the family that has saved and still can’t get a mortgage.” Here the government takes over for the market, pushes the market aside, dictates who collects wealth and how wealth is created. But it isn’t up to you, Mr. President. The process belongs to the market. Our wealth and our technology stems from the market – not from the government. Allowing the market to correct itself, through the painful healing process of deflation, is the only way. But our new president is economically uneducated. “I reject the view that says our problems will simply take care of themselves; that says government has no role in laying the foundation for our common prosperity.”
President Obama doesn’t understand that government cannot successfully accomplish what his speech proposes. Besides making himself ridiculous by wanting to “save our planet from the ravages of climate change,” he does not understand that the free market is the only viable mechanism for correcting the errors of a generation. The government isn’t smart enough, and doesn’t possess a fraction of the economic know-how that the market possesses. The government exists to protect the country. And here is the greatest danger of all: When the government takes over for the economy, then say goodbye to the government’s chief legitimate function – defense!
Well, I am still fuggin pissed. What I hate is when crap like this happens, it makes me think that next week my trade is gonna go down a worm hole and never come back.
Time will tell I suppose.
Good luck all. Have a good weekend.
Braveflaps:
I was invested in Carpathian Gold a couple years ago, and just barely escaped (with a small profit) before they brought in that bullshit Brazil deal. I don’t trust the management and would be very careful investing there again. The Romanian prospect is awesome. But there can easily be a lot of fuckery from Romania, or the Carpathian management (again).
As to probable outcomes during 2009: The US will default on its own currency, and the price of gold and food will go through the roof. And it will be illegal to own gold personally in the states.
If the US gov’t starts charging 0.5% per trade, then just trade Canadian stocks. 🙂
End of transmission from Mars.
Heaterman: JUST TRADE!
“The main reason the stock market is in a funk”…
IS because the Big Boys shorted their book and their own common after and during Timmy’s initial debut…they made it known to the WH…adequate response awaited. Traders. Period.
And, the average American investor is never going to have a brain so expecting intelligent decisions is going to be an exercise in frustration.
The rest is noise including ‘economics’. Investing is the art of stealing money from a guy you don’t know on the other side of the country staring at the same quotron you’re staring at. Economics is the art of stealing money from 19 year old’s who are taking out $40,000 loans to pay tuition.
Socialism isn’t an economic system, it’s a political system. Some day, they’re going to say unemployment less manufacturing, just as the say ex-agriculture today. EMBRACE IT!
Mushroomz– I already subscribe to PPT, but wanted to say thank you for
that list.
Fly,
Regarding PPT, I am very interested in subscribing. Before I do, I would like to know if one needs to have professional level business or market knowledge or can someone like me who is still learning make good use of it as I go?
Thanks.
I’m amazed at how the Fly is able to type like a madman with those clawhammer hands.