You thought the market would close higher, didn’t you? You were over there, sipping on that sugary orange soda, like a fucking loser, rooting the market higher—while watching that bastard of a clip— showing Meredith Whitney all scared and shit of shorting banks.
Let it be known, “The Fly” no longer supports the work of Meredith Whitney. He will now work to support Michael Mayo and all of his endeavors.
The trading action in SRS is abusive to the sensibilities of all investors, long and short. It’s impossible to bank coin, while the market zig-zags around like a lunatic top.
Into the bell, I sold out of my AAPL position, which has been in my portfolio for years, cost basis of about $50. I am sure the stock can run higher. But, every time I feel like it’s ready to rip off the balls of a few million bears, it succumbs to fuckery and trades lower. So, I am out.
In my trading accounts, I remain long TLT, TQNT, ISIL, CIEN, EZCH, STAR, GU, DE, TLAB, SRS, SSG and FAZ.
My only short is ACC.
Bottom line: you’re fucked if you do, fucked if you don’t.
Enjoy.
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FIG
Indude
Fly, Are those the same AAPL shares you had planned on being buried with in your pineapple coffin?
Jed, has a lifetime memberships to Sirius, Blockbuster, and Curves.
yes
You think now that MWhit. has her own overhead she is on the payroll now? I missed the clip….does somebody have the link?
Today was the worst. The move in IYR at the end of the day (and the resulting move in SRS) feels like someone is just getting blown out or something… very unnatural.
-DT
what happened to TLAB weren’t you long there too?
I think the reason the Fly sold Apple is that they no longer make pineapple coffins.
Per request, M Whitley
http://www.cnbc.com/id/15840232?video=1084876450&play=1
She said a little bit for everyone, bulls, bears, and fence sitters
You were over there, sipping on that sugary orange soda, like a fucking loser (sic)…
I think Fly means “closer” here — as in “Sugary orange soda is for closers only!”
That leads to:
Into the bell, I sold out of my AAPL position, which has been in my portfolio for years, cost basis of about $50.
I sold the April 120’s for very close to $3.00 a piece, so we are of similar mind.
_____________
No, Fly sold AAPL because he knows that typewriters will be all the rage again.
You grieving the sale of your AAPL? Almost becomes a member of the family after the ups and downs.
I like orange soda. Orange soda was a favorite on Happy Days, which was my favorite show. Orange Crush when I was a kid rooting for the Broncos. Orange Fanta in Mexico while on church youth group trips. Sunkist on the boat at Horsetooth Reservoir. Good times, all.
Long Orange soda.
Is “mustachless” a word?
Perhaps it is a combination of mustache and matchless.
Or maybe it’s a Fly created word. Indeud.
… and don’t forget Nehi grape.
still in tlab.
it is a word since it is written.
Bonds lose (again).
Wow, Bank Bear’s clip is amazing in that I haven’t noticed how far and down how many flights of escalators steps, has fallen the famed “Money Honey” of old, Maria Bartiramo.
She is almost hard to to look at these days! Yikes.
_________
For obvious reasons, the official soda of this blog can only be:
http://www.ibcrootbeer.com/default.aspx
She looks like Christopher Moltisanti’s (sp?) squat toadish little brother, in bad drag get up.
________
Pineapple coffins available for quick delivery…
http://www.naturalendings.co.uk/Pineapple-leaf-coffins.asp
Fly, What do you think about ESS. getting killed in it. Everytime it looks like its gonna breakdown, a big run up comes in from nowhere.
Controller, did you see the coffin for your favorite late soccer hooligan?
_____
Classy!
Any of you fuckers drink red pop and eat squirrels?
been in AAPL since $58 myself. Been thinking the same thing. It’s hard to let go, though.
Gold DOWN $27. Odd no?
Devildog, I want gold to go to 200.00 an oz. I have a sculpture I have on hold to do, thathas lots of solid gold sections……can’t wait for it to drop to 200.00 an oz. so I can buy all I need and make the piece.
gold dropped 27.00 today because I was cheerleading it on.
I will cheerlead some more tomorrow.
Dear President Obama,
Patriotic retirement:
There are about 40 million people over 50 in the U.S. work force; pay them $1 million apiece severance with stipulations:
1) They leave their jobs. Forty million job openings – Unemployment fixed.
2) They buy NEW American cars. Forty million cars ordered – Auto Industry fixed.
3) They either buy a house or pay off their mortgage – Housing Crisis fixed.
They could call this instant relief program the “Fifties Asset Relief Tender”…… or F.A.R.T. ….
Those already retired need to quickly find a job so they can qualify; maybe under the “Old F.A.R. T.” provision.
Artist,
Atlantic City Economics 101
Quick..
Tell me what 40 million …million is?
The Artist’s master plan is obviously on some website/blog to which dullards flock. A ‘friend’ on facebook posted that same exact plan this morning. Let’s just say that boy was never quite right, in the head.
can you believe cramer pumpin SPIL?
Fly,
I would like you to add karma points to your original post. Simple reason, there tends to be a great deal of “noise” that comes from posts that are slaps on the back (or ass as it may be) concurring with you. Not that I don’t think you deserve “Daily Affirmations” à la Stuart Smalley. I would like to do less reading and have more meat & potatoes posts.
maybee cramer subs to the PPT…no…he would have been in at 5.90 and out by now if he was…
buy at 50 ride to 200 sell at 111 ish….hmmm…doubled your money
yossarian Says:
been in AAPL since $58 myself. Been thinking the same thing. It’s hard to let go, though.
Yeah, it’s kind of a Catch-22, isn’t it?
_________
I bought SPIL on Fly’s recommendation, didnt know he closed that position.
Cheers!
Unlike this market, the Zombie’s girlfriend has a mustache.
Hey Jake what day does Obama get back? My shorts are not working for shit.
yossarian: Easy decision, sell half let the other half ride.
Interesting because on Forbes Ms. Whitney stated this:
“I am staying away from bank stocks still,” said Whitney, who recently left Oppenheimer to start the Meredith Whitney Advisory Group, where she provides research and counsel to private and institutional investors.
and this:
“This is the most interesting topic for me out there, which is credit card lines,” Whitney says. “So, there are about $4.2 trillion in unused credit card lines. And there are about $840 billion of used credit lines. In the fourth quarter alone, half a trillion dollars of lines were cut from the consumer–half a trillion.”
and this:
Whitney ultimately believes that the entire U.S. economy needs to be rebuilt from the ground up. Financial services were our greatest export, she said, and now we need to create something new for the world to buy. That process, she believes, will take several years.
She’s even bearish on regional banks.
As for Mayo…whatever. He’s just following in her shadow. For her to state that the US economy needs to be rebuilt from the ground up is one of the most bearish comments I’ve seen since well, I posted my similar comment in November 2008:
From where I type, it appears that the entire bull market from 94 on was nothing but based on leverage, more leverage and globalisation. The other fact of the matter is that the US doesn’t really innovate as much as it did. The whole “service economy” is bunk – was bunk – and will be bunk.
The innovators will probably come from where ever things are manufactured.
If you listen closely, you can hear the chirruping of Canuckistanian goats.
_________
Fly, we beseech thee… come to thy senses.
I never thought I’d see the day when you were bearier than whitney, more dour than rubini, with a grimmer bow-tie than rogers and a better nostradamus than soros…
You used to say “horse feathers” to grand macro cowpies, preferring six-month outlooks and actual data (or at least actual rumors). Now you’re selling AAPL because the world will be eaten by a “deflationary vortex”.
All the macro crap is starting to go “ehhh, could be worse” and soon we’ll be sitting vaguely in the muck between the bottom and the top and the rubinis will all go from being fashionista-analystas back to being mostly ignored (which is where they came from), so it’s time to stop paying attention and start paying attention.
Of course, what do I know, I work for a living and I don’t trade…
Hold the Mayo. The Professor Black is the worst Bear on banks. He says that it is Orwellian and against the law to keep zombie banks going with government money. If he were a prosecuter, I think that he would indict Geithner.
You thought the market would close higher, didn’t you?
—————-
no but your post today said we gonna close lower and we did not.
whoops! Printing money in the UK backfires:
Jake,
check your e-mail
I firmly believe this bear is not over until all stocks are fucked, including the techs APPL, GOOG, etc. Look for it to go back to 50 to buy back.
Rimm had lowered guidance and Hitler and his magic wand helping them this quarter. Wait until APPL, GOOG report next week. I say we run hard once more this week, in a low volume easter fuck fest, then its over when they report. They have sick Steve and goog CEO yapping that they are not immune to the slowdown. I actually think appl will report strong numbers but weak guidance which will end the run.
From Chivas, via E-mail(I think in response to Cuervo Canuck) — I have not edited it, so any misspellings, etc, you’re going to have to cut the guy a break:
______________________________
Reasons for ’94 bull:
collapse of soviet union
new technologies like internet.
expansion of global trade and the breaking down of global trade barriers
benign global monetary policy
benign global inflation
acceleration of global productivity
emergenge of global middle class
global movement towards capitalism producing global growth story.
we are still leaders in:
aerospace
military tech
medical tech
bio tech
medical equipment
farming tech
farm equipment
oil and gas tech
sofware
computers
nano tech
telecommunications
financial services
Even if we go down in flames, we will still be better off than the rest of the world.
_________________________________
@banker –
I think it’s significant though. If this is truly a suckers rally then its dynamics will operate similar to the housing bubble. If nobody is buying on actual expectation of dividends, then they’re buying on speculation someone else will buy even higher later – much like with housing. In such an environment, prices don’t have to go down to start the crumble and collapse – they just have to stop going up.
Without government intervention I’d give it until next Wednesday to start dropping. But honestly, what are the chances the government won’t intervene. The stupefying amounts of money they’ve committed to date was to get us to this kind of pause. They’re not going to give it up without a major fight. They need a pause in order to start repairing the system. Probably too optimistic of them, but I do see a chance they could actually pull it off.
Fly:
Serious… I read all that negative/bearish shit wrote and go to be in he early hours. I get up and see you have only one short. What the fuck happened in those hours dude?
MSU…@ 3-1 is looking like a good bet to me. UNC is no UNLV. 50,000 home crowd?
Now here is my prop bet of the night…The OVER / UNDER on Big Fat Magic Johnson Camera mugs? I’d have to set that line at 7 maybe in the 1st half alone.
bill, you think MSU can take it?
Dr Doom on Bloomberg…calling for correction..to possibly 750 then rally till July
Actually there are a lot who would argue that these three reasons for the ’94 Bull were the seeds for the 08 Bear:
expansion of global trade and the breaking down of global trade barriers
This led to GATT, NAFTA, etc which most American ‘anti-globalists’ despise.
Hollywood nearly killed GATT because they wanted to over ride the ability of the French to protect their Film industry against the onslaught of insipid movies. (Anyone who has studied Film understands exactly how much the films of the 70-80’s best works were imitations of 60s French Nouvelle Vague Cinema)
And as for NAFTA, it would be nice if the US would live up to the letter of the agreement and adhere to the agreements and actually have fair trade instead of trying to use accounting tricks to impose hidden tariffs.
http://www.gov.sk.ca/news?newsId=8a85bc91-13fd-4002-a4ad-2b864925b1c4
benign global monetary policy
Benign for whom? Oh, you must mean those who benefit from the US Dollar Hegemony.
benign global inflation
By that you must mean the US exported inflation which raised prices everywhere but kept the impact minimised at home via the high handed ‘global monetary policy’ which, at the end of the day is US dictated, not proper trade as befits equal trading partners.
Buy bull market index-short the banks-buy tech
J
Never had indiv shorts. I am short by way of SRS/FAZ/SSG
correction–
short banks buy way of faz.
Good move on the AAPL sell, Fly. I’m going to croak some time in the next three weeks, and when I do AAPL will take a 20% dive in a single day. I am so close to death this is probably the last email I will ever type.
Sincerely
Steve Jobs
CEO and Founder, Apple Inc.
A bit diffident in his speech. His (hand) graphs are not all that precise, but you’ll get the idea. This boy is a pure layman, and even he knows the score…
http://www.youtube.com/watch?v=8Gac_7neimY
Hey Cuervo, thanks for the congrats on my firstborn. First and only here. But then, they don’t know me, or (like most Americans) I haven’t made them enough money yet.
Oh ok, Thanks fly
This market makes less sense every day.
I gotta start thinkin’ more like a pimp, otherwise, I will just continue to be a hoe.
Maybe I will hire that Jim Cramer to be my p-diddy, he seems real smart and all..
Never mind Yossarian, in real life Milo Minderbinder is played by w
Goin’Fawr:
Congratulations!
I just found out I have another bun in the oven (7 weeks along). Too bad I got layed off 4 weeks ago! But I am delighted for us. Sounds like JakeGint appreciates our virility as well.
At least I’ll have incentive to do my part helping force the global economy to recover in the everquest for food, warmth, and tiny little hockey skates!
Cheers all!
Mars.
At each place around the table sat a single glass of water. No ice. For those who finished their glass, no refills were offered.
Buy your own water bitches. Great article.
http://www.twincities.com/ci_12064527
I have four kids, m’self, so I am always happy to hear about new children.
Misery loves company, after all, right? 😉
Seriously, I hope those kids all grow up strong and bright and make a great life for themselves in America.
___
Austrailia cut rates, hmmm things a little tight in the land of commodities for Asia
US Recovery Is Far Off, Banks Are ‘Basically Insolvent’: Soros:http://www.cnbc.com/id/30069223
He kept us Safe, didn’t he?
Misery loves company! hahaha. An element of truth in there. Our first guy still isn’t sleeping more than 3 hours in a stretch and he’s 8 months old.
And we’re in Calgary btw.
Cheers.
Mars.
Thanks gotoo and Jake(4! Holy crap, my heart goes out to your brother) for the well wishes. Gotoo, as I stare here bleary eyed after 2hours continuous sleep, which is the most I have had so far, I can only say one thing about that 8mos. figure you put out there; please tell me you’re lying…