What if the market repeats last year’s bloodfest?
What if the economy is “double dipping”?
What if I miss the sell signals and the market rips my eyes out?
What if oil is going back to $35?
What if there are no hurricanes this summer?
What if natty goes to $2.00?
What if California files bankruptcy?
What if another war breaks out?
As investors, one must always consider the “what if’s,” especially worst case scenarios. Within my holdings, already, I have factored in worst case scenarios and how they would affect my standing in life, as a distinguished gentleman. While most of you like to champion bullshit rhetoric, without offering tradeable ideas, “The Fly” puts it all on the line, without ambiguity or veiled motives.
I speak in clear tones and my goal is well known: iBankCoin will be the #1 financial website in the world, starting with our recent win in Canada, partly thanks to Uncle Howard’s endorsement.
As for today’s trading:
There is broad weakness, in just about every sector but cleaning products, tobacco stocks and other defensive names. At the moment, my cash position is a touch under 15%, with hardly any hedges. Granted, it’s a ballsy move and it could result in a financial set back. However, I am not stuck in a dogma and will switch bias, from long to short, quicker than the NY Mets can blow a seven game lead, with just 3 weeks of baseball to play.
Just to reiterate, according to previous PPT readings, the market should bounce from here, if not today, sometime this week. For the moment, I will continue to hold names like Corning Incorporated [[GLW]] , OmniVision Technologies, Inc. [[OVTI]] , [[ERX]] , TEKELEC [[TKLC]] , ADTRAN, Inc. [[ADTN]] and even Flotek Industries, Inc. [[FTK]] . Before proven wrong, I need to let the market hit me a little harder.
If you enjoy the content at iBankCoin, please follow us on Twitter
OCNW? I pointed this out when it was $2.50. Steinhardt has a 14% position in the mid 2’s and this little company is going to be a big participant of the Obama Broadband Stimulus.
F*k me once, shame on you; f*k me twice, shame on me
Do you ever cross a point where you won’t sell? I.E FTK if it gets hit down to $1.50’s then what? You’re already so deep into it… Curious.
Natty will certainly hit $3.00 soon and will be a buy at that level. Trendlines homie, trendlines..
FTK should have been sold already. I am breaking all sorts of rules holding it. sometime you need to just do it.
Didn’t Bill Miller win Asshat of The Year for that very reason?
PPT shall show itself today. Write it down.
FTK was always an overleveraged, non-earning. Anyone with even the most basic fundamental math skills would know that it was a terrible idea. Not that The Fly is full of terrible ideas. But this one was terrible.
GLW is a lot better for example.
Holding onto FTK is an even more terrible idea. But this is a natural decision for traders to hold onto losers rather than admit mistakes. I am surprised because the Fly is much better at trading than most people because he usually accepts loosing [sic] with detached nonchalance.
there are a dozen deep value oil plays should oil prices rebound (they shouldn’t) — but this is the price you pay for lemming like behavior. Almost nobody does any research anymore.
The Fly is good at ferreting at macrotrends, he is a great trader, he is terrible at doing real balance sheet analysis. I am watching to see if FTK goes BK eventually. I have no stake.
Hope you had a nice 4th of July Fly and sorry you couldn’t make it to our BBQ this year.
The grilled potato knish was a hit.
I will have Steve,Jr. come by and patch the hole in your roof from the fireworks that were shot in the wrong direction.
What if…. 4fl3x is also long the market.
Does this not scare you that buying the dips is the easy trade here?
DO is actually green today. Why?
Skeptical
They will not go BK. It’s not about the balance sheet, but bank covenants. Those, I am sure, you have no idea what you are talking about.
Fuck off.
If the $RUT cannot close above 495 by the close, I will be buying some TZA..
Latest Ticker Sense’s survey of 30 most prominent financial bloggers (surprisingly doesn’t include Fly) show 52.6% bearish, 21.05% bullish and remaining Neutral for the week of July 6th. This is somewhat of a contrarian indicator as Bloggers have consistently gotten it wrong in terms of weekly prediction including being extremely bearish during the March 6th week when we hit the bottom. Check it out http://tickersense.typepad.com/ticker_sense/
Apple insider is talking about micro projectors being integrated into future iphones. They mentioned MVIS.
http://www.appleinsider.com/articles/09/07/06/apple_may_add_micro_projectors_to_iphones_ipod_touches.html
Yikes on the FTK position. That one doesn’t (has not) looked good since inception. The under $5 category is a scary proposition sometimes…
Adding to my ENTR @ 2.59
Also adding to my CYTK @ 2.85
RE: MVIS every year around this time the rumor mill turns about Apple iPhone/iPod with pico projector. Usually right before another secondary offering.
I’d put every penny I have in to these three names
DVAX
ENTR clearing resistance @ 2.60ish
CYTK
Seriously I would! I’m not, but I would.
Henry….in DVAX…thinking of adding…maybe like 120% or total net worth…take some meds,,have a few scotches for breakfast and hope I can see the screen..what do you think kind sir?
Other bloggers never acknowledge iBC, but always read us. Fuck the whole lot of them.
This is true. CNBC too.
I bet the nerds at Bloomberg would, if iBC was a newspaper.
adding to my CNXT @ 1.20
and to my GLW CREE too.
As scheduled, THE PPT is trading.
BEARS = 100% ANAL RAPED AND MUGGED
Gappy…next time, please think before you type.
GLW @ 15.12
CREE under 28 looks good if we bounce
taiwanese tech companies have been doing OK the past few days. AUO, SPIL (tho pulled back today)
BRCM also popping, tho pulled back sharp today. hmmm.
the rest of my shit all got stopped out 🙁
I’m starting to think more in probabilities and pure dice throwing. handicap it the best you can, then roll the dice. as the great poet Rumsfeld said “there are known unknowns and there are unknown unknowns”.
this market is not about being right, its about not holding onto your wrongs.
Samsung’s handset with TI projector and PANL OLED touch screen:
http://www.electronista.com/articles/09/02/13/samsung.show.w7900/