Apparently, some of you are.
From a psychological stand point, which is paramount when trading, the market has bottomed. Naturally, that is an easy thing for me to say, AFTER a 36% gain from the lows. I am just stating the obvious.
Look, I hate this shit as much as you. I don’t want to see things back to normal, status quo, so that my children can get poleaxed by egregious tax rates, in order to pay for today’s sins. I contend, it’s the fucking baby boomer, hippy, degenerate generation who ruined this country. That’s all.
Back in late 2002, if you would have went up to me and said “yo fuckface, 2003 is going to be a banner year for stocks. The NAZZZZ will be up 50% and dozens of sub $5 stocks will go up 500%,” I would have punched your lights out and “fistfully” removed your eyebrows from your face. I mean, post 9/11, dot com crash, we had a lot of bad mojo working for us, as we do now.
The market will continue to go higher, providing people think the economy is on the mend. As bad as the numbers are, there are signs of life, particularly in the factory utilization rates. I will cease playing the long side, when those utilization rates downtick. It’s as simple as that.
As for the banks:
Let’s face it: they will have NO PROBLEM raising $75 billion, as mandated by the Government sponsored “stress test.” For the love of rotary phones and outdated running shoes, WFC raised over $8 bill on Friday. If news of a $75 bill short fall hit the tape 3 months ago, the Dow would have plunged to 5,000. Things are different now. Like it or not, some people have made a lot of money in recent months, including me.
When people make money, their risk appetite expands. I know people that were getting long commodity related names, like TCK, in the low 3’s—now trading north of $13. Again, there are a lot of people who have made a lot of money, during this recent run.
Will it last?
I don’t care.
My job is to read the tea leaves on a daily basis, which is why I get paid the big bucks. I micro-manage. I do not build accounts, then shuttle myself off to some stupid island, where pina coladas are served poolside. Fuck that. I torture myself and everyone around me to perfect the art of money management. As you know, I don’t take breaks and I rarely go on vacation.
As for the unimportant matter of penny stock investing:
Define a penny stock. Are ALU or RFMD penny stocks?
Answer: NO, not in the traditional, “this is a scam so run,” sense of the term.
They are liquid stocks with big underlying businesses. Keep in mind, during the market bottom of 2002, the biggest winners, BY FAR, were sub $5 stocks, like GLW and LVLT. There is no valid reason, aside from a phobia, to cast away sub $5 stocks when trading. It’s not like someone is going to put a big fucking sign on your garage door: “HERE LIVES A PENNY STOCK PIKER,” upon purchase. Chill the fuck out. Drink a beer; buy a sub $5 stock, with a stop and small percentage of your portfolio.
For the love of gay giraffe’s and purple marijuana, I only buy them because they make me money. The second the penny stock trade dies, will be the moment I curse them to hell, for eternity.
At the end of the day, you have to make a decision: Will you just sit around, like some sort of paradiddle, watching everyone else make money? Or, will you step up to the plate and take a swing?
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Seriously probably the worst advice ever. Have some newbie read this and get into some penny stock picking when the market just bounced 40%. At least say buy the dip.
The FLY is a profit of most high. May he never lead us astray. Unless we piss him off.
Hahaha…im with u….im making m oney…..i will make money with market direction….
Al
I said that with tongue in cheek. Of course I do not recommend you to put savings in low priced stocks. I am making a point. If you are serious about being a trader, you need to look at the entire field.
I just pulled all the tickers for stocks sub$5 and market cap at least $500M (73 stocks). Will track this week. What’s your top pick if you had a gun to your head?
Is CIT a penny?
Gold futures are up. Buy NG its only $3.
CIM for norcal
today we go down .
opportunity at hands.
Making money is the finest of arts to be practiced.
Make others sweat. Enjoy the fruits thereof.
Better be a moneysmith than a wordsmith. (yet The Fly is both!)
The easy way of making money is the only art to be practiced.
“it’s the fucking baby boomer, hippy, degenerate generation who ruined this country”
No. Some in all generations engage in short-term thinking and selfishness. Remember that it was on the watch of Brokaw’s “greatest generation” where we created the inter-generational theft of welfare for the old.
good morning…as usual i see some new mental patients have been released and found this site..great.
Banks are fucked-overall mkt, looking for a sharp selloff down to 841 area this week.
Without a fucking doubt the biggest asshole responsible for the “Programs Of Entitlement” bonanza was LBJ..Wanted to erase poverty in poor Black areas which prior to the inception of these programs was way better off than it is now.He was a hillbilly politician who wanted to fill Kennedy’s’ shoes and have po folk love him.. This opened Pandoras box of Entitlements and asst. feel good programs that devastated this country and the people it was supposed to help. Fly is correct as that was the Hippy Generation at inception(not LBJ obviously) most of your liberal pols were today were the class of 1967
The bottom of this market will be Oct 2010 at 450 spy, or I will eat a shit sandwich
Mal,
LBJ was pre-boomer, as were most of those who supported him.
There is one fuck-up of a Boomer who you can, however, point to as blowing the roof off of entitlements – – GWBush and his medical/drug benefit.
Agreed for the most part Maelstrom.
Vietnam and the mainstream media at the time (just like today) did their thing.
However, you haven’t seen anything yet.
The baby boom generation has generally raised a bunch of selfish self-absorbed kids who were told they were always right and wanted to be their friends and not the parents.
I bet at least 70% of these “kids” voted for the present POTUS and most based their decision on getting their news from Jon Stewart.
Wait until you see their kids.
Slim
For fucksake man, stop with the Bush derangement syndrome.
And all you “young’ins”. The fucking Nixon/Carter years were worse in lots of ways. Unemployment was fucking higher. Inflation was through the roof, we had the sovs about to lob thermo-nuclear devices at the west. Iran had gone beserk and there was a fucking serious oil embargo.
All this shit about the boomers being oh-so-bad-mommy makes you fuckers sound like nancy boys. Man up you girls. The world has never been richer.
Beware of the trickery this AM.
The futures are lower, but still in the value area.
If they stay within this area 91.40 to 93.16 in the first hour of trade, there is a 80% chance that they will fill the area, meaning go back to 93.16 or higher.
If they fall below the value area, go lower than 91.40, and stay there for the first hour, 80% chance they will retrace to 90.33 area.
Be careful today.
Covered my QQQQs here. Bird in hand.
Says:
Slim
For fucksake man, stop with the Bush derangement syndrome.
And all you “young’ins”. The fucking Nixon/Carter years were worse in lots of ways. Unemployment was fucking higher. Inflation was through the roof, we had the sovs about to lob thermo-nuclear devices at the west. Iran had gone beserk and there was a fucking serious oil embargo.
*******************************************
Better re-check your history, Dipshit.
Unemplyoment in the four years of Carter was
6.9% 6.0% 6.5% 7.1%.
Under Deadbeat Dutch Reagan, the American Economy Destroyer, it went to 10.8% in 1983.
The problems with the US economy began with Columbus, who was not an especially nice person.
J Says: “man up”
Real men ignore the facts – eh J?
Good Morning Vietnam…
Fly is a “staycationer” like me.
The non spoken of lately “toxic bank assets” must have vanished….Poof…..gone, no worries.
Housing started the drop in the market, housing and all the internal mechanics of said industry have not been taken care of and the nation will not be back on real solid ground until the “real” estate area and the trillions of dollars in underwater loans across the country have been addressed and totally fixed, and I mean fixed, not bandaided over.
carry on.
Norcal,
What do you use to run your screens and pull your data?
What’s in your wallet?
A short on COF.
More shares to divide less profits?
The Fly is speaks of rationality in a irrational market. His theory would be correct in a normal market, but we’re not!
ANAL-ysts are calling for people to liquidate 50% of their longs, go cash, and not enter the market until the dow hits 7900. There’ll be two possibilities:
1. We melt up further.
2. Profit taking, and light volume. Which will allow bears to win.
But most importantly, stay the fuck SOLVENT!
Generational dipshit:
Here are the stats.
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet
Don’t ever correct my assertions again. I’m never wrong when it comes to you. It would be best to assume the canine submissive position.
Furthermore I never mentioned the interest rate scenario under Carter which I should have. So fuck off.
I blame scuzwad NYC banksters, boomer or otherwise.
Last week I mentioned that COF had gotten ahead of itself. I realize that they are offering 56 million shares, but it was do for a pull back.
Long SMH scalp.
TXN,BRCM looking good.
DVAX
finally opened without a stupid gap higher. Now we can run!
THat’s how those bastards get us… All this tradin in circles for just small gains over and over again that actually add up to something at the end of the year.
How did I get in this game? I don’t know, but all I know is I feel trapped now, and all I can do is keep trying to bank coin… The truth is, with inflation and my bullshit attitude it will never truely be “enough” and I’ll be trapped in this game till I die…
/rant
out of tza for quick 60 cents since friday
DVAX reminder
Volume through 1.30 is DVAX really starting to trade!
hey first (or adopter): is that all? 30 point drop in q’s is enough for you to cover? you are not that bearish are you?
Henry, you the man…
“The more troops we send to Afghanistan, the more drones we send on bombing runs over Pakistan, the more airstrikes we carry out, the worse the unraveling will become. We have killed twice as many civilians as the Taliban this year and that number is sure to rise in the coming months.”
This is why the Prof will be covering some more of his amzn short, and sending around 8k to help those in need. Don’t listen to the bullshit about the bull market, my friends, trade the fundamentals. I took 112K in three years and turned it into 2.5 million. It wasn’t off of trying to guess where “traders heads were at.” Had Mr. Obama decided to wind down the 5 trillion dollar wars against some of the most impoverished people on earth, I would have turned a bull. This is my McCain trade now, only Obama is the one pulling the levers.
T Moe, do you think COF went parabolic last week and needs more than just a pullback?
POOF! Your bullshit bullmarket is gone!
-Merlin
Mr. Goldberg wakes up in the hospital, bandaged from head to foot. The doctor comes in and says, ‘Ah, I see you’ve regained consciousness. Now, you probably won’t remember, but you were in a pileup on the freeway. You’re going to be okay, you’ll walk again and everything, but….. something happened. I’m trying to break this gently… but the fact is… your penis was chopped off in the wreck and we were unable to find it.’
Goldberg groans, but the doctor goes on, ‘You’ve got $9000 in insurance compensation coming to you, and we have the technology to build you a new penis that will work as well as your old one did… maybe even better! But the thing is, it doesn’t come cheap. It’s $1000.00 per inch.’
Goldberg perks up at this!! ‘So,’ the doctor says, ‘It’s for you to decide how many inches you want. But it’s something you’d better discuss with your wife. I mean, if you had a five inch one before, and you decide to go for nine inches, she might be a bit put out. But if you had a nine inch one before, and you decide only to invest in five inches this time, she might be disappointed. So it’s important that she plays a role in helping you make the decision.’
He agrees to talk with his wife. The doctor comes back the next day and says, ‘So, have you spoken with your wife?’
‘I have,’ says Mr. Goldberg.
‘And has she helped you in making the decision?’
‘Yes, she has,’ he says.
‘And what is it?’ asks the doctor.
‘We’re getting granite countertops.’
Prof – have you posted some of the details of that “run” in the pg? If not, will you?
Out SMH for one half of one % gain.
Hey, don’t laugh.
That will pay for some of the bar bill that my relatives will mooch off me at my daughter’s wedding Sat.
thanks TheArtist. I feel like The Man!
T MOE buys TBT at 50.95 adding to my position that was bought at 45
Always WRONG j Says:
Generational dipshit:
Here are the stats.
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet
Don’t ever correct my assertions again. I’m never wrong when it comes to you. It would be best to assume the canine submissive position.
*******************************************
Your cite doesn’t work worth a shit, asshole.
HERE is the unemployment data that shows Reagan was a piece of shit in 1982-83, and Carter had NO unemployment adversity.
http://research.stlouisfed.org/fred2/data/UNRATE.txt
Always WRONG j Says:
Generational dipshit:
Here are the stats.
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet
Don’t ever correct my assertions again. I’m never wrong when it comes to you. It would be best to assume the canine submissive position.
*******************************************
Your cite doesn’t work worth a shit, asshole.
HERE is the unemployment data that shows Reagan was a piece of shit in 1982-83, and Carter had NO unemployment adversity.
http://research.stlouisfed.org/fred2/data/UNRATE.txt
My spidey sense told me that it was short-term bottom (down 1.5% in pre-mkt on no news I was thinking) I thought the dip buyers would give it a try in morning, hmmm… in hindsight I was right. I’ll be back, no worries. In cash now plotting my next tasty victory.
I defend RR – he inherited Jimmi Kotter’s inflation and allowed Volker to stop it at the cost of a recession. Kotter allowed the Shah of Iran to fall which has led directly to the wars of today in the middle east. Kotter is a true idiot.
From what I recall inflation was rampant during the latter Carter years (+13%). Plus tremendous stagflation. People were working but wages were not even close to keeping up.
Paul Volcker (Fed) was given the job in Aug. 1979.
He raised interest rates and accelerated the rates when Reagan was elected. The economy was crushed but so was inflation and thus began the beginning of a long,stable and prosperous economy.
By the way, I believe much of the groundwork for the inflation was laid by LBJ’s guns and butter economy, but Jimmah Carter was inept at energy and foreign policy (except perhaps the Israel/Egypt accord).
NASDAQ making a move to close the gap
POOF! The bullshit bearmarket is gone just like that!
-Merlin 2.0
FYI: QQQQ’s just turned positive.
POOF!
XOMA going to $1 like I said!!!
FLY,
Many Thanks for posting your trades(even includes the # of shares). All very useful.
I followed some of your trades and they are doing great.
Along with CA, RC, you guys are the masters! much appreciated.
abk….fly is an animal
Who’d have guessed the Cubes would bounce first?
Hmmm, wonder what that means for the rest of the market?
_______
A multi-millionaire friend of mine just died after a short bout with cancer. He was 44. Asked what he would have done differently while on his deathbead he answered “I would have spent much less time in the office and more time with my kids and just plain enjoying life”.
Those are some “green” tea leaves dog.
for the love of rotary phones…ROFL
tooo efffffffffing good here..
For the love of gay giraffe’s and purple marijuana
no apostrophe needed
Is ZOOM akin to BOOM? It is zooming over 50% today. FNSR is a penny stock with over 4000 employees and it has tripled – more to come?
Jake
What are you thinking about gold here?
Should have held SMH a little longer.
Could have had more $$ to pay drunk Uncle Henry’s tab at the wedding.
Anyone seen CNG? He seems to be MIA this morning. Wonder how he’s doing after all his short positions on friday’s massacre.
On Reuters.com “The White House pushed its 2009 budget deficit forecast up $89 billion to $1.84 trillion, representing a massive 12.9 percent of GDP, as the recession and financial bailouts take their toll”
Should we really be cheering this bull rally on?
What are you thinking about gold here?
Have you not been reading my blog?
As Old Turkey would say: “After all, dear boy, it is a bull market!”
____________
TC —
Just be thankful your daugher is not getting married in Lawn Guyland.
It’s like living in Europe up there. The definition of “nickel and dimed to death.”
_____
Jake- She is getting married to a good guy but is living in the City now as she is getting her Masters at NYU. He does private equity accounting stuff at JPM.
They actually met when they were in the Peace Corps together in Romania.
I can see clearly now. Today is just a pause – a pullback – a consolidation – profit taking – a rest – digestion. That’s all.
sold a little XOMA to throw on the fire and
added to my NG!!