Life isn’t about outfoxing the next guy, via wit and ingenuity. It’s about offering a butterfly knife to your enemies eye, then BBQing it for a late afternoon snack. In other words, crazy people were shorting stocks last week, while me and my ilk were popping champagne corks like faggots at an art gallery.
I thrive off of adversity. I am not happy when things are going swell. It seems, I tend to ignore my own advice, in order to create custom made murderholes, built for men like me to dig out of.
Instead of hedging my bets, as discussed earlier, I bought more. I swear, sometimes I look at my moves and think “WTF did you do that for, asshole?” But, eventually, it all works out, like a sloppy Joe on a toasted bun.
My reasons for buying [[ERX]] : my balls told my brain and my brain forced my hand to click the mouse. Fairly straight forward, balls to brain indicator, if I might be so bold.
Today’s losses were fairly “chockful,” led by oversized scum bag stocks and whores represented by letters of the alphabet.
God willing, money managers will pebbles the size of cantaloupes will buy tomorrow’s opening decline. However, my end of day gut check suggests I am in for a fierce “punching off of the face” first thing tomorrow morning.
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Could be worse. You could be playing with HEB like I am…
(breaks down and cries)….
maybe not that fast…fly,but I think you will win eventually. It seems your thesis may sometimes have timing issues. However,it turns out to be fine given a longer period.
That’s all that matters, isn’t it?
Wow. Today I did about as well as an Iranian dissident surrounded by a squad of angry baton-wielding militia.
I said three weeks ago, the path of maximum frustration is sideways – not a straight down and not a straight up. We are living through that frustration. And when we are frustrated enough, we will see the clouds clear up revealing the big picture for all to see leading the elevator shaft down or up for the market.
The clouds clearing part is the most important catalytic event. This typically happens when the dope effects die down. In this case the dope effect translates into the technical range bound trading orgy that has been going on.
Expect another down day tomorrow and hedge this one. The Fed has over $100 billion treasuries to sell by Wednesday and they ain’t going to get them sold with a soaring stock-market. Maybe a rise towards the end of the week…depends on support levels at S&P 983. More good gains will therefore be available in inverse ETFs.
Problem is, USD ain’t strengthening like it should…
“Fairly straight forward, balls to brain indicator”
Is this how it happened Fly?
http://www.youtube.com/watch?v=CP0Hme9GGko&feature=PlayList&p=9911D07602926D83&playnext=1&playnext_from=PL&index=8
“balls to brain indicator”. ROFL!!
Talking book Says:
…depends on support levels at S&P 983…
————–
got news for you, we are under 900 now 🙂
Fly FTK did punch your face off and you stood in there and bought more ERX. I think oil will start another rise and am a buyer here of a little DBO. However instead of buying DBO I covered my UNG short near the lows. Buying more UNG first thing too and maybe some WPRT while holding my oversized QID, SRS and FAZ with the latter two being small holdings due to leverage.
In other news evidently the word “faggot” is no longer a term that is derogatory to homosexuals: http://www.breitbart.com/article.php?id=D98VS5RG1&show_article=1
I have a feeling geopolitics are just about to pick up, I plan on nuclear proofing portfolio in case dear leader decides to make good on his promises.
First time I’ve seen you admit to being wrong. Not that I visit the blog often but the honesty is refreshing.
Sam
Not true. It’s just that I’ve been right a lot lately. I lose all the time. And when i do, i fess up. Ask anyone.
with all this weight loss, my cellulite indicator has now turned negative. also, my thigh rub indicator and hanging hammies are showing a negative divergence. This does not bode well for tomorrow’s opening.
will gap up tomorrow not down…….
OEW Daily Summation:
“Today’s gap down opening after friday afternoons action from the SPX 927 high: (916, 924), appears to fit with the beginning of a Minor wave 3 down wave. Resistance is now at the OEW 912 pivot as the market begins to approach the important SPX 876 level. A drop below this level with likely confirm a new downtrend. Thus far we have confirmed downtrends in the housing index (HGX), the regional banking index (KRE), and three of the SPX sectors: XLB (materials), XLE (energy), XLI (industrials). Lastly Germany’s DAX is now in a confirmed downtrend too.”
Well, in fairness I have to admit I didn’t see (or believe) this one coming quite, especially that added sell volume heading into the close. Quite a difference from what has been happening in the last 15 minutes of action.
Gotta give a hat tip to Danny and CA – they’ve been very much on the money with this latest move.
As it seems, all my b.s. technicals would suggest we’re targeting 880 for a bounce – whether it’s dead cat or not, I am not sure, but the contrarian in me says it will be stronger than most expect.
Nonetheless, a correction had to come sooner or later. It just was later than we expected, perhaps.
Keep in mind, this is the same market that not long ago rallied 2+ percent on a paltry consumer confidence number. The wall of worry is not toppling over. My feeling is that the money is likely just looking for a better price to get in.
Just speculation, though. I’m mostly an observer at this point.
Is it me or my paranoia getting to me. Didn’t the market crash early in the year after the DOW posted in positive territory. Are we at that stage again?
Despite a chockful of being the poleax-ee today, you will end up finding a way to escape harm’s way and skewer the opposition, no doubt. I’ve seen that movie before.
Off to carry out fishing duties.
Be well.
I agree with Alphadawgg… I have seen that movie many times
As one who was also long today, I could use some uplifting musical accompaniment. I found this:
http://www.youtube.com/watch?v=VDmLWdvwVXI
If we’re green tomorrow, I’m playing that at 11 on my way home. If we’re red, it’s “Screwed, Blued and Tattooed”.
ewwww…. that’s no Golden Cross, its a Brown Star
So far looks good for me. The inflation play is over for the time being. looking for more upside for the next few months is asking for too much. The best you can hope for (bulls) is sideways action.
My positions are complete today even though I think we rally tom. and I could have gotten a little better put positions.
“it could be that interest rates are really rising not because the markets are anticipating hyperinflation, but because they are anticipating a credit crunch.”
http://www.gold-eagle.com/editorials_08/bloom061609.html
This Bloom dude is brilliant.
Fly you may still hit your Lotto ticket in FNSR. The new 150 Gbps Parallel Active Optical Cable will revolutionize data center set ups and their capabilities.
” In other words, crazy people were shorting stocks last week, while me and my ilk were popping champagne corks like faggots at an art gallery.”
HILARIOUS!!!… faggots at an art gallery…
No worries fly; I think you did the right thing. I bought some BAC calls around mid-afternoon thinking the selling was overdone. Either way I think there will be a bounce tomorrow in the a.m. – just don’t know how long it will last so I’m prepared to get out quick if need be.
I spent over an hour last night going over Hugh Hendry’s deflation thesis. I’m not going all in on it but I am keeping it in mind. Marc Faber has called for 10 to 20% inflation in a few years. There is not going to be any hyper inflation any time soon (Joe, above) because housing prices are still falling and there has just been over 13 trillion in wealth loss in the US which overwhelms the few trillion cash created by the government. The market erased billions today. I am just trying to make money. I think the Obamanites are making a bad situation worse. I think that it is much too soon to see any inflation.
Joe:
Will you please stop linking to spam sites.
LORD CHIVAS – What target are you holding your shorts till ? Do you have a time frame ?
TIA
J, I beg you, please stop addressing me with any of your idiotic views. Even if you believe in your heart that they are correct or should be heard. I DON’T, so Please!
I know the infamous “DEVILDOG” has been MIA around here but I was able to capture a quick picture of him while he was talking about “New Lows Coming” this weekend:
http://www.dlisted.com/files/caption0622_0.jpg
Mets need just 3 outs..
Re inflation: That’s why the Treasury should put every printing press on high speed, rolling out Fifties and C-notes
Here’s what bitter, “dogma” Donny thinks about today’s sell off!
http://www.youtube.com/watch?v=jKb0v27N3xc
A green shoot here, a green shoot there … LoL … prepare for new lows Fuckers! Possibly in July.
8)
Today was nothing more than a day spent standing outside in a thuderstorm.
Joe:
I’m looking after the interests of the rest of the people here and yours too i might add. Stop linking to useless spam sites that tell you the world is going to end and the only investment is gollldddd.
Dude, it’s another truther site.
This Bloom dude is brilliant.
hahahahahahahahah He’s a perma bear spammer. Please stop linking it.
J,
Please stop reading it you cocksucker. I don’t dictate you what to post. I do believe he is brilliant and I do believe there is a thought in there that could save a lot of people, a Lot of money…now BUZZ the FUCK OFF!
Fly,
You did get carried away like the run was never going to end, but at least you recognize it. Brilliant post.