The market has been stuck, down 170, for hours. If you got short, after the big swoop lower, you are pretty much sitting on your thumbs doing dick.
Be wary of the prospect of fresh money buttressing this drop, as the quarter winds down. Many money managers have missed this rally and would love to get in a little cheaper, in order to show their shareholders how smart they are. Essentially, the market is a perpetual game of asshats versus fucktards, jockeying for the high ground, in order to get struck by egregious lightning bolts.
Earlier today, I said it was time to sell and go short. However, thus far, I have not done anything, mainly because stocks are down too much to short. Most commodity names are down more than 10% and I do not believe the quarter will end, without a little window dressing.
Bottom line: My top picks are Corning Incorporated [[GLW]] and OmniVision Technologies, Inc. [[OVTI]] . I will try to limit the damage being done in my small crappers, by making advantageous trades, both long and short. Until the market picks a clear direction, I need to stay flexible and avoid the giving back more of my gains.
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I hope the clear direction is not over the cliff edge….
Billy Ho!
Let’s ask Chivas where we are going. Mr. Chivas, can you give us a target for the Dow?
Thnx
I see good news from GS,AAPL, INTC (predicted higher margins), etc. met by reversals.
Can’t get too excited by the long side.
Going to switch to AMC to watch Rudy, get inspired and throw some footballs in 98 degree weather.
I fixed your title:
Waiting For Godot
Just which hammer are we expecting? The homo hammer?
Are you basically anticipating the bottom just dropping out and going deep deep into the unknown ala elevator shaft down?
If you already have a big cash position is it even worth selling off at a loss or just holding? If you had bought at the TOP of the January rally and held through the leg down you’d still be up now.
How much lower can we go!?
P.S Chart Addict picked a really fucking good time to go 100% cash.
Seems like this kind of action happens a lot lately – 20%+ of the move in premarket, another 30%+ before 10am, then a slow slide in whatever direction. Fucking obnoxious.
Brings new meaning to Fly’s metaphor of watching the market like a hungry buzzard….
@dubz – Don’t you mean alphadawgg? I didn’t notice CA go 100% cash.
SENOR FLY,
IT IS ME MISTER CHIVAS. SENOR FLY EL DOW WILL GO LOW CREATIN A DOUBLE DORITIO BOTTOM.
I wasn’t sure either Captain.
http://ibankcoin.com/chart_addict/?p=1078
I think Alpha is as well using his gains to travel instead of just sitting here watching them vanish.
yeah alpha just climbed up on his horse and moseyed off into the sunset. that was pretty fresh
I say the Fly’s bull picture falls off the wall again into the close.
please don’t call me mister, you make me feel older than what i am.
imo, if we break 880, and i think we will, we will go to 750-780. i still think that there is a 65-70% chance that the bear is over. if is not over, it is going to be a rough 2 yrs. you will play it right, as usual. if we hold 880, i will cover or hedge all my shorts.
CA did go 100% cash. I missed that – much to my misfortune.
I think this is one of the Fly’s best lines ever – “Essentially, the market is a perpetual game of asshats versus fucktards, jockeying for the high ground, in order to get struck by egregious lightning bolts.” I laughed, I cried . . .
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