I have one foot out the door, due to a scheduled meeting, so this will be brief.
The market does not want to go down. There are 100’s of reasons to sell off, but none of them seem to be able to shake the unwavering optimism, displayed by investors on a daily basis—who are bidding the market up. There is an old saying, which I try to live by: “cancer is contagious; cut that shit out.” Truth be told, I am not the shining beacon of happy joy go lucky (irrelevant, my grammar, that is) at any cocktail party. However, I try to disassociate myself from lowly types and most definitely “cancer.”
The problem with many bears stems from the fact that: A. they are lowly and B. they are cancer. Folks, I must tell you, that is a very bad combination to possess. If you happen to fit that description DO NOT buy a house, for you will, most assuredly, fall victim to the ever-so-popular foreclosure proceedings.
Just about all of my stocks are up today, sans the corn on the cocks: Flotek Industries, Inc. [[FTK]] . Right now, for the day, I am down about 0.1% aka “sitting on a camel doing nothing.” Now if I was not delusional, I’d admit to myself that my current positions are not working and the market is as stubborn as an Ox. Over the past week or so, I have retraced to the tune of 6.5%, yet here I am acting like this is the dot com rally of 1999.
I cannot explain why I am so optimistic about stocks; and I know it vexes many of you. If I was examined by a psychiatrist, I am sure she would say “that fucker likes to bet against the popular trend,” which is true. I see many of my friends and colleagues setting up short sales, preparing for a resumption of “fuck you, you’re dead” trading; and I just sort of spit at them, like a camel, via big block long tickets.
My top picks are not potential 200% movers. I like Corning Incorporated [[GLW]] and OmniVision Technologies, Inc. [[OVTI]] , for specific reasons. I am buying GLW based upon shortages of glass substrates at the major foundries, due to frenzied demand for 32 inch LCD’s. And, I am buying OVTI, for their exposure to the iPhone 3gs, which they are the supplier of the camera technology. In addition, OVTI has close to $5 in cash.
As for FTK: it needs a push in the right direction. Without a doubt, I believe the stock will be significantly higher in 3 months. Just know and understand, stocks that have heavy short positions tend to get bogged down when buying interest is low. Right now, people are busy fucking around elsewhere. Once they get their financing ducks in order, the stock will rip higher, in my opinion, of course.
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fig
Fig? Why do people on this blog keep saying that. The turkey has lost half it’s value since early May. Are you short? Or do you just love like the fact that it’s trended down continuously since the IPO?
Itchy —
You must not have gotten the memo….FIG is not Fortress Investment Group.
It stands for: Fly Is God
Got it?
see kidstock ^^^^^^
GLW is the only thing that makes sense, therefore, ergo, it will just sit there doing nothing.
Fly, your incorrigible confidence is mystifying me to no end. Do you have data that some of us lesser mortals may not have access to? Or do you have a very strong and proven intuitive power? Or are you pounding the table being plain frustrated that market is going sideways? Not being sarcastic…just really curious.
If I may be so bold as to point out that today is triple-witching Friday. For home gamers, that’s the day when a bunch of rich corporations rape option buyers of all varieties via seemingly dumb, but ultimately wise, purchases of S&P futures contracts.
In other words, the market is being manipulated so that the retail trader ends up with a zero.
Paying attention to today’s tape is like watching the final game of the NFL season, in the hopes of developing a playoff betting strategy.
well, we are either going up or down ….this 8500 to 8800 range we have been meandering about for some time now will be broken somehow….which direction, who knows.
I’ve heard every swinging dick on TV say every possible outcome day after day…. to me they are all full of shit and have no clue anymore than the man in the moon.
I think we maintain or push up until July 4 weekend. Managers will want end of quarter statements to look cheery and new money will come in first of the month. After that, time to go on summer siesta.
The market will do the expected in the most unexpected way, a few bears will be shaken out before the next leg down.
I killed you fly. shoo fly shoo
now that was a real shot out of nowhere, why you gonna go and be that way?
Kobe Bryant???
Where’s The Fly’s anthem?
http://www.youtube.com/watch?v=A5iXjWb3egQ
Why is the dollar getting smacked and stocks are flat?
beware of the “car people”
To quote a wise man:
“Half of you don’t deserve to read this blog half as much as you think you do, and the other half don’t deserve to read it at all!” – Henry Fool
US Open…this course looks crazy hard….
Cash not as bad as yesterday but certainly harder than the last time they played Bethpage. But playing 36 in one day on that course will wear you down mentally.
Oh shit…it looks like Merlin is pissed off.
gapping…true…just appears to be playing very long with all the rain…I am a 6, and I dont think I could break 95..!
Oil and dollar falling at the exact same time. Nothing like options exp. days for seeing all kinds of weird shit cracking off 🙂
Sold 7.5K of JVA (1/2 position) from 2.81 avg. @ 3.41.
Holding all SIFY, EXEL, CROX for bigger gains.
Man this Jeff Macke deal is fucking crazy. Anyone think he will join Eric Bolling and possibly Ratigan over at FBN?
andy, link to macke story?
make ur calls right now….
does this market finish:
GREEN
or
RED
http://www.mediabistro.com/tvnewser/cnbc/jeff_macke_officially_out_at_cnbc_118973.asp
Fly,
One more big reason to buy GLW: LCD revolution is just starting in India. It will be huge. People there are brand conscious. They would rather buy Sony/Panasonic than cheap Chinese stuff. How can I play this? What are the high margin players involved here except SNE?
All in – HIG.
Basis now 12.19
Fuck CNBC. Just put some hot chicks on to read the news. I’ll turn the volume off and enjoy it. Tickers and Titties baby!
gapping-
This PM wave is doing a number on the course.
The greens are too soft.
Phil Mickelson gained some weight again and needs to get a man bra.
He jiggles.
ARV, you might be right for 20% of the indian population which in and of itself is quite significant. However 80% falls in what developed world calls the poverty zone. They will go for the cheap stuff. In other words, both big brands and cheaper “chinese” stuff will win in the world’s biggest democracy. So you play through OEMs and suppliers like GLW, OVTI who probably supply to both. In fact Fly has pointed OVTI out in one of his recent blogs.
A psychiatrist would tell you that you are a weak minded sheeple easily controlled by government economic and cultural propaganda. Unfortunately, there are so many of you herd mentality morons in America’s population we are doomed to economic and cultural failure. Hopefully, the DEPRESSION and social REVOLUTION will slaughter most of you along with your political and private central bankers puppet masters. S&P 150.
Knowing a sheeple like you you’re probably standing in line for the new iphone. The sheeple’s god.
DD- Most people get their news from People Magazine and Jon Stewart (in that order).
DD:
I am anxious to hear your latest take: when will this next leg begin and how far down?
And now for the most important news of the day:
FREE A@W root beer floats until 8:00 PM.
http://www.awrestaurants.com/
Can someone let the SDS ETF managers know that SDS is supposed to be green when the SPX is red. Thanks.
# ZenProfit Says:
DD:
I am anxious to hear your latest take: when will this next leg begin and how far down?
June 19th, 2009 at 2:38 pm
Downtrend already started. Test March lows minimum. May rally again from there one more time with more government bullshit or break to new lows. Regardless, we will make new lows and head for S&P 150.
Thanks TC … Car show in Hyannis this Sunday, then over to A&W for a Papa Burger and a big black cow!
Is this hyper-inflation or deflation right now?
have faith in erx
E8:
Just missed the car show.
Was in Taunton last week. Damn.
ERX support 50 SMA
hahahaha…nice try fat bulls…hahaha…eat my uranium fat boys…hahahaha.
Will the FAZ etf managers tell DD that it will soon sport a 3 handle? Seriously, this is the flattest market that I have ever seen. FIT – Fly is Tsar.
Zen – there’s a show every Tues, come over the Bourne Bridge and take Rt 28 toward Sandwich, the school is on the right up a big hill. Great spot and convenient.
Bourne, MA – Shamrods. Every Tuesday from June 2 – September 8, 2008, Shamrods will hold a show at the Bourne Tech School from 5:00 – 8:00 p.m.
E8:
Thanks!
Will let you know when I’m back in the neighborhood.
Bourne? holy shit! I co-own a tiny beach house up there with 4 other friends.
Last year and the year before, I went up there every single month. No time this year though.
Where’d u do your partying CA? Ever make it down to “Harry’s” in Hyannis for some blues?
Well, here was the fucking problem today. Gay bulls.
http://www.apimages.com/Search.aspx?sh=10&st=k&remem=x&kw=spain+bruno+cohen&intv=3d
Just went through my plane tickets – 42 of them are arriving or departing to/from Boston lol jesus. I didn’t party like ever up there, but do go to the bars, though I don’t have a favorite. It’s one of the places I go to get away from everything.
I tried to bring back some hermit crabs each time, but they never make it.
Too bad, As long as none of those other crabs went home with you.
Next time, be sure to get up to Wellfleet for this place:
http://www.thebeachcomber.com/
Check the webcam out for a view of the coast – cloudy today
Here’s Harry’s:
http://www.harrysbluesbar.com/
I did the BWI to BOS run nearly every weekend for a couple years. New England has its charm, for sure. One time the TSA guys at BOS played a trick on me, they put a dummy gun in my carry on bag, made a big deal about it, then got a good laugh. It was pretty funny “excuse me sir, what it this?”