90% of you bloggers and backseat drivers are not qualified to give opinions or advice, pertaining the subject of equities. You little trollops have been smacked about the cheek and gums, for the better half of 8 weeks. Need I remind you, one day does not make a trend.
Sure the market is ugly today, especially ahead of the ever heralded “stress test” results. However, there is a distinct possibility, market participants will step in tomorrow, on news of government rubber stamps and banking bliss, with very large buy orders—effectively depositing your carcass into a dried out pond.
Without a doubt, cash or no cash, today is a loss for “The Fly,” with one of my cooler positions, FTK, getting bled out in a very uncool way, thanks to HORRIFIC earnings. Nonetheless, it’s important to remember, wealth is not created in a day, contrary to the recent action in frothy penny stocks.
My game plan: With 65% in cash, I am done for the day. I don’t care if the market goes down 2,000 points from here. I can’t keep micro-managing like this, for it is driving me bananas. I will wait to see how the “stress test” results are received, then figure out when is the best time to reallocate funds.
I will not initiate any new shorts.
NOTE: I still own SRS/FAZ from MUCH HIGHER prices. I will hold onto those bastards too, despite my in style, mustard seed, green shoots-like demeanor.
NOTE II: The decline in TLT is troubling, due to the fact that rates are shooting higher. Good for commodities/bad for everything else.
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Just learned that my online broker “declined” my request to short COF at 27.15.
A fortune cookie be upon them both!
Fly,
Why do you think Shippers are getting hammered? It runs counter to bullish commodities thesis.
Brave, could it be you do not have enough funds to short! Either that or time to find another broker!
Fly is wise
I have the same ratio and do not intend to position myself at the end of the day as I should. I closed out of longs yesterday out of disgust . Disgust of the unknown Washington effect.
Taking gains letting lowly faz, srs and gld ride. I hope to get a bump out of faz/srs at which point they will only be a memory, having sold them at a huge loss.
gift..to the Fly who has gifted us with many winners…take a look at ELN…might pop here…
FLY – You shut up. You’re embarrassing yourself getting long names likes FTK obliterated to the tune of 22% . This game of musical chairs has ended and looks like you might find yourself without a chair.
ELN
Hybrid-1.51 coin
Fly’s brain doesn’t like that one on paper
You know what’s wrong w. the word today, dontcha?
Two words:
Fuckin’ Money!
________
CAP – With all due respect the guy homohumped the shorts in CROX, SONS, SD, OVTI, PCX and on and on. You might want to give a little credit sometimes before hammering someone on a single pick that is miniscule in size. 125k shares @ 2.65, I don’t think Fly is losing sleep over a 35k loss when he doubled CROX and PCX positions which were hundreds of thousands inside of 2 weeks.
Wait for “stress test result”?! WTF, the result was out yesterday! This is is call “buy the rumor and sell the fucking news!” Ya, Market crash! I want to see the swtich get throw! Crash you bastard, CRASH AMERICA!
Since we went straight up from 666 without much pause, IS TIME TO GO DOWN TO 666 WIHTOUT PAUSE!
Hey CAP
I banked FTK, I loved the pick. Greed will get you a loss right now!
We are being overthrown, the markets are very dangerous in these times.
“Sure the market is ugly today”
A slight overeaction perhaps, for we have plunged, “all the way down to”
ummm
lemme see
ah yes,
Yesterdays open.
Back up Monday, trade accordingly.
gAPPY – I know. I’m just messing with him.
BTW Great calls on DXO and UNG. Long both for the last week and a half.
What is embarrassing: “Bond Auction Woes”
Holding on to TBT, I bought in the day announced they would be buying shit loads of treasuries, has been good to me.
The fucker goes to $55 soon.
I dont think today’s tape is THAT bearish…the selloff in tech is dragging down everything, although that is to be expected. We blew through the 200EMA like it was nothing. I expect some consolidation around that area while giving time for the SP500 to catch up.
A clear break of 200EMA of QQQQs though, I am bailing out.
Will dip buyers move in?? If not then back to S&P 850 soon
When does the economic effect of the 2008 tax refund (up 16.5% from last year) wear off?
CAP no biggie. Did you notice that today could be a record upside volume day for UNG. Actually the last 3 days have been massive volume days. I am going to discuss later with another NatGas storage trader friend of mine to see his thoughts but everything I have seen is signaling a possible break of the downtrend. Either way I am long and strong both names.
Trading is becoming an intricate thing, with the government constantly threatening to change the rules. This stress test is bogus, and I covered my short and long sides this week out of fear from the manic jubilee/panic I assumed it would foster.
Good luck with the low caps stocks, and remember another jobs report comes out tomorrow, bringing with it either salvation, or else eradication. Perhaps, with the Fed removing money from circulation, going to cash is the appropriate response.
Erin Burnett needs to chill out with the “hobbit” thing…
I’ll bet Jim Goldman must be pissed as shit…
Is the twenty five year old bond bull deceased?
Will Fly force the issue with FTK, effectively buying the entire float with OPM?
Will bait bucket bitchez ever shut up?
Stay tuned.
Gappy give me a high five on UNG I’ve had it since Hurricane Ike ….you could say I was way ahead of my time.
You are one of the Original’s from Fly’s early blog days. You need to tell some stories.
Man I just got on the Green Shoot Team. Shoot!
Does anybody remember schooling me on TLT good/TBT bad. Yuu so dumm!
Turned out to be good BND hedge.
I plan on having them Long term.
Thank you TMOE
FTK is 4% holding. Shut up.
Fly, is TBT a no brainer?
who just Zoomad my XOMA
Hat tip to fly on XOMA
heads up
I own heaps of XOMA and DVAX i love these little buggers
Also a big NG position started here!!!
This is funny…
http://www.theonion.com/content/video/autoworkers_compete_to_keep_jobs
The decline in TLT is troubling, due to the fact that rates are shooting higher. Good for commodities/bad for everything else.
Who but General Jackson himself could’ve guessed it?
Don’t get too upset. No way the PPT/Green Shootz team lets the T’s get too beat up here.
_________
buying SSO 25.29
Because China is only restocking and keeping buy lines open with suppliers — world has forgotten how to grow for next two years.
Shippers have been floating millions shares recently just to stave off f’n bankruptcy.
Come you jokers, predict what Cramer’s headline and quote of the evening today will be. “A little profit taking. Buy the DIPS” , “I’m fine, but YOU’re FUCKT”, etc…
Fly, are you holding on to TMR or did you sell ?
FLY..any hope for FTK? I followed u on the trade..(despite the disclaimer). I fear that it will either keep falling or just stay in the $1.5 to $2.25 range for a long time.
My buy price $2.72
Thanks
Jerry D. Dumbass Sr drinks Fly’s milkshake.
BIG MIKE BUYS 10,000 of QQQQ’s @ 34.16
Very tight stop…we’ve bounced right off 100EMA on 60days chart… A break of 200EMA, im gone…
mrkcbill: I think one of the funniest stories from the early days is when “mdawsz” got his balls lit on fire going into earnings of a company than Fly and I were heavily long. I forget the name but they made spindles and bearings for hard drives. Anyway he talked shit all day over and over and endlessly over. The next morning I was up early waiting for this fucker to announce, it was a massive position for me as I rolled my BWLD profits into it. As soon as the fucker opened it popped 35% just like that. Mdawz who was heavily short (probably his biggest position) shit himself all over this board. It was great. Quietly, I posted something about ripping his tonsils out and tickling my balls with them. It was classic and Fly posted it into classical hood. Good times back then. We could just pick any earnings play and you knew they would decimate numbers. Damn I guess that was about 4 years ago now. Time flys when your having fun.
Anyway I am up 2.73% at the moment and am done trading on the day. My biggest winners are UNG and FAZ, QID is doing well too.
hahaaaaaaaaaaa dip buyers already..fucking classic….elevator shaft down in progress retards
TC, was it you who shorted DIA at 85? I believe 35k worth ? IF so, nice call!
“FTK is 4% holding. Shut up.” haha
in case anyone is interested,Zero Hedge has Jeremy Grantham’s quarterly report up… interesting stuff.
Free Trade — no, that was Chivas, and it was 50k SHARES.
_______
guys,
XOMA she’s gonna blow no?
crap. stopped out SSO at 25.24. Looked good for a moment there.
ALTU….nice BO over .35…could see .50 shortly
boy CSIQ looks good
Bears failing to capitalize on any chance they get.
LOSER BEARS!!
So retail heavily returned to financials. Hmmmmmmm……
I must be one of the little trollops?
Down a whopping less than 100 points on the dow.
OOOOO scary!
Henry, likewise the dow was up over 100 points, in light of the monstrous financial rally. The number on the dow is misleading!
COME ON BEARS!!!
A 90 point drop is the best you can do!?
You’ve seen the trend for the past two months. After a sell off, the next morning starts off negative for like 5 minutes, and we have a monstrous 2x running of the bulls!
PPT, which is allegedly Fly’s brain on a computer, says FTK, TMR, etc. are SELLs and yet Fly buys them. Perhaps Fly should start a new PPT called PPT2 in which Fly just does whatever the hell he wants.
COME ON BEARS!!!
A 90 point drop is the best you can do!?
—————-
we do not want to spooke all you idiot bulls at once so that you sell on the top. Instead we want to slowly reduce the indexes to march lows while you keep your positions thinking bears are weak.
@WTF ppt is a screener. it screens quite nicely I think, but its program trading system. I’ve noticed a lot of buy/sell triggers based mainly on the day’s price action. so a “sell” might actually be because the price is banged down but actually its the idea entry point. only humans can figure that stuff out.
I tend to wait too long, too safe, miss many moves. if I can let my winners run and get some big wins, then I can afford to be wrong and take quick losses more often.
Fly said: “20,000 FTK, between $2.62-2.70.”
20k*2.66 = $52,400 for his total FTK position
Then Fly said: “FTK is 4% holding. Shut up.”
So the fly is saying that 4% of his capitol is $52,400
Let X represent Fly’s total account capitol
.04*X = 52,400
x = 52,400/.04
x = 1,310,000
ROFLMAO, Fly has 1.3 million under Management. 1.3 mil? How long have you been running money? lol… good luck with the website!