I sold out of the rest of my Alcatel-Lucent (ADR) [[ALU]] , @ $3.36.
I sold 25% of my Huntington Bancshares Incorporated [[HBAN]] position, north of $4.80.
And, last but not least, I bought 100,000 American Capital Ltd. [[ACAS]] , between $3.00-3.02—for an egregious squeeze.
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Not to beat a dead horse here but as FTK’s largest shareholder, do you have any idea what they are going to report? Just figuring they might give you a heads up…
no idea
Fly
Are you their biggest shareholder? you ought to go to the annual meeting and read those fuckers the riot act, film it and put it up on the site. it would a riot.
They couldn’t lock you outta the place like the Dems are doing to the dissenters.
Fly have you ever had so much fun as of late in the market? you are just tossing chucks of corned beef onto the curbside watching the hungry peasants and passers by fight for it….
this market’s a riot, artist. Never seen anything like this.
from Dave Rosenberg @ GluskinSheff
Since July 10 rally:
“CCC-rated stocks have surged 26.4%, BB-rated stocks are up 19.3%, while AAA-rated stocks have risen 9.5%. Look ? when China is up 80% year-to-date, India 60%, and both the Kospi and Hang Seng up 40% ? and dare we say, the SOX index up 60% in less than six months ? it’s probably safe to assume that we have a huge speculative junky market on our hands. And, we know from the 2000-2001 and 2007-2008 experiences, they don’t tend to end well.”
Obama is now saying that we are seeing the beginning of the end of the recession. Just about all wall street analysts are bullish. Retail brokers are calling mom and pop and telling them to jump in with both feet. The market is sky rocketing higher off of companies earnings that are beating estimates that were already so fucking low. Everyone is seeing green shoots.
My belief is:
When everyone starts thinking alike, everyone is likely to be wrong.
This thinking has helped me bank serious coin in the past and it is what I will stick to. Besides the reason I have been absent from the ibankcoin seen is that I have been almost all cash for a while now, waiting for chances to come in and short. It is now looking like that time is here or very near. The BLS numbers are and always will be bullshit.
However it is hard to ignore this massive run up in the S&P. I have been on the side lines except for a few long term holdings that I have had for a long time. I sold out of my long term holding MEDX after BMY announced the buyout. I bought the fucker in 2007 at 4.25. I knew that they had quite the pipeline and were going to be bought out one day. I kept adding to my position throughout 2008 and 2009, and I was rewarded.
This market is overbought IMO. I am looking for companies and/or sectors that have run up from nothing but a short squeeze.
I was at an event in 2007 where Rosenburg was the main speaker. He warned then that the market was junky and to start buying treasuries. IMO he is one of the smartest on the street. And, I am not just saying that because of his call in 2007. He is definitely one to listen to
Fly- If you go to the FTK shareholder meeting can you bring me back a Flotek keychain.
Also ask them if their product will clean the mildew off my driveway.
Muriatic acid
Zen:
Rosenberg is fucked. He’s been calling a lower low since about 40% ago.
Now that’s a fucker that deserves the asshat award for the week along with his buddy whose name I can’t recall that left Merrill at the same time.
Those two fuckers were too precious to work for the banking king, Ken Lewis. Oh no they were too good for Ken. Now look at them. Nasty little fuckers too. I recall the day before they left Merrill they were on CNBC telling everyone how the market was going to continue on making a new low and the the banks were fucked- which was an obvious reference to BAC. (It’s on CNBC).
———-
Hey Fly
That’s an idea. All though last year you had the bulls on the asshat dart board. In the interest of fairness and regular playing rules you ought to have a bear handed an asshat this week This of course would appeal to your sense of honor and decency …. that you will not show favor to bull or bear.
This week a nasty little cub ought to receive the asshat award.
As a public service to PPT members, The Fly ought to call his buddies over at GS and find out what day their algo has set for the massive market take-down.
Then the PPT community can celebrate the coming short tsunami.
Behold my moves:
Loaded the fuck up on DVAX @ 1.80. 30% position right now
Down to a 10% CSIQ posit Hold till $24
10% ENTR and
10% in SMTC &
CYTK small
CASH=40%
Get drunk… ..buy stocks.
j- you have had some really good stock calls buddy.
Beer Run 10,000
Yes We Can
Were Good Enough
Were Smart Enough
And Gosh Darnit people like us!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Thanks Mrk… Let’s hope it lasts. The currency calls have been pretty good too, ya know 🙂
FAZ SRS…..More fucking financial engineering …..got a strange as fuck call from my broker on Sunday telling me to get out of SRS– SDS….usually I ignore this shit but not this time. FAZSRSSDSSKF All Madoff material. LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Does anyone care to venture a guess as to what the hell’s wrong with DRL?
Great earnings, solid tier 1, seems like a pretty strong company. Yet on a day when banks are out of their mind crazy going up, this bitch can’t do anything?
BAC shitting the shower quite nicely here…odd my puts are positive..FAZ shall rise again. Please continue chasing shit stocks higher…
you are not qualified to give advice.
dont listen then…add here.
Sentiment is wrong at the turns. After a turn, sentiment changes and becomes correct…..for a period of time, no?
Like the ACAS pick, and joined you near the close.
From the earnings call this week, as blogged by the WSJ:
12:08: An analyst says he doesn’t understand why the market is pricing the stock at $3, given that the liquidation value as of June 30 should be at around $10. It comes down to the debt default, Wilkus says. That gives the creditors certain rights. “This is not entirely in our control. It’s in part in the hands of our creditors, because they could exercise their rights if they chose to do so. We feel that we’re working in a co-operative manner with our creditors.” So, the analyst says, once you come out of default, what is my risk? Wilkus points to a number of other companies similar to American Capital that are also trading below their net asset values. He says that’s the world we’re living in at the moment.
If they renegotiate the credit facility, this stock will light shorts aflame.