In the event this is the real deal, once again, go raise some cash and live to fight another day. It does not matter what your percentage losses are; they can always get worse. While, at the moment, I am not advocating any short positions; I am telling you to get the fucking cocaine out of your ears son and remember Lehman.
Go ahead and remember last year, when you were shitting the shower and pissing the closet. Your losses were so huge, so massive, part time work at Target seemed inevitable. Fast forward one year and here you are sucking grapes down your stupid neck, while feeding the local birds toxic doses of high grade fertilizer—rightfully so.
I am looking at my position sheets and it vexes me to no end that I did not lock in last weeks wins. Instead, I sit here, getting beat over the head with a homo-hammer, while the rest of you trade yourselves stupid.
Look, this is what I am planning:
If the weakness continues, for downside protection, I will initiate some downside index hedges. And, I will sell a little more, just to make myself feel all warm and cuddly at night. In addition, I am building a watchlist of stocks worthy of purchase, particularly on dips. Lastly, I will execute all of my plans methodically, rushing nothing—since I have a lifetime to bank coin.
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Did LEH go out of business? Did BAC hire Angelo?
I call BULLSHIT ON SELL OFF. buy here or by close cause tomorrow morning you’ll wish you had.
Close naz 2000+
I’m with you, I am standing firm with my positive forward thesis DOW to 10k at least before any major sell off, if even then. I will buy dips and leg in and add on. so soon do we forget that less than a year ago a sell off day would have the DOW down 500-800 points…..170 isn’t shit.
No worries
what do I have to worry about up 260% ytd
Get in yer FAZmobile … 😮
GM and Chrysler still fucked even after this stupid fucking Hooptie’s for Hybrid shit…they should just shut down for September..all car buying is over.
Pull some charts out and study those fuckers! That will tell you what to do next.
Charts are the future.
Go chart your marriage.
Or is it sell the kids and hide the house?
Lots of volume here but a Sept sell off is so widely expected I wouldn’t be suprised if it was a bear trap.
A lot of pissed bears are loading up today.
See my latest post. Box o’ Cracker Jacks.
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I just charted my marriage and it looks like a stale $700 hot dog 🙁
From last night and right on the money …. 990 is “the canary in the coalmine”
“The OEW 1018 pivot is important, and a print at 1010 and lower would confirm a break of that support. The next OEW pivot at 990 is the more important one. A break of that pivot would indicate that this uptrend and the bear market rally are likely over. Today’s gap down was similar to the monday gap down following the SPX 956 uptrend high in June. Should the similarity continue the market should rally a few points above today’s close before making a lower daily low tomorrow.”
Did E8 change his name or just sell you the franchise?
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Changed his name … updated with the new IBC header and all … change is good Jake!
We’ve been here before. Just a small counter trend in an up market. Fool is right! Start buying tomorrow or the next day.
I’m in now and planning to ride this out!
I’m betting we’re down most of the week which will set us up for a nice rally after the holiday.
DRVcopter flying high… wheeee!!!
TSO is doing well relatively speaking – I have 3 others doing even better though.
Fucking greed trumps fucking fear amongst Fly readers.
Fuck ’em bofe (sic).
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TSO is indeed a good bet.
If the economy rolls over –> price of crude drops –> TSO ftw! And if this bullshit rally continues –> demand for gas increases (for real, or not) –> TSO ftw!!
CNBC…what do they feed these fat skanks….the whole staff is fucking gross..
“They” said that technical analysis doesn’t work. This is the first break since early July. It was telegraphed since the day of option expiration, then confirmed last Friday morning.
Overall PPT now 2.25 aka oversold.
(bumped)
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The Tall Bourbon Swilling Trader/Golfer made a mint on his AIG puts today. Probably not even looking at the market right now…
That said, we have a dollar to watch, because no matter what Chrissy Matthews may tell you about Obama and the constant tingle in his leg (a trickle of urine, perhaps?), it’s not Obama, It’s Bernake back there behind the curtain.
Heads up.
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Fly, you gonna snatch some more WNR? High-fives…(not the hand-slap, the stock price).
Please lets all have a moment of silence for I have released myself from UNG.
Must be time to buy!
LOL
Knock yourself out
Thats what you said when I sold FAZ at $6
Me or DD?
standard and poors ‘weighed in’ on the economic recovery today – saying we won’t know until well down the road?
aren’t those the same guys that were slapping AAA on all the garbage for years then downgraded the banks late?
good grief. truly amazing that anyone would put any stock in anything they would have to say.
Well said Aris. I don’t understand why Ratings Companies (part of the problem) are even allowed to weigh in? I just assume somebody paid them to say that for now so they can short or quietly go long.
keep buying the dips… dipwad.
DRAAAAAAINNNNNNAAAAAGE!
Ever notice how the tradebots can keep the averages so flat and even for hours? Neat, huh? Fly said he was going to buy when the PPT fell below 2.25?
Technically it hit 2.25 exactly but it didn’t fall below that during the updates today. I believe it’s now 2.26 and maybe higher with a/h activity.
Le Fly is both wrong and right, which loosely translates as “when he’s wrong he’s right.” His deep understanding of what is funny and topical makes him the King of Stock (bloggers). His grasp of the fundamental is evident. His distaste of the chart is not without merit. He is wrong and right: There is indeed information in charts, only it is hidden amongst angst inducing fluctuations that most often do NOT contain information, thus baffling pikers and self-proclaimed TA experts. [The Chart Addict is a wise and notable exception.] TA has been shown to be useful to ultra-short term traders though–men like Brian Shannon at Alpha Trends–who confine themselves within the strict emotionless limits of their discipline. (Brian unknowingly introduced me to iBankCoin.) You will not, however, find any socio-physicists studying the “bearish flag.” Instead you WILL find serious science (out of the field of complexity theory) applied to stock markets based on fractal log periodic price oscillations. When such patterns develop, physicists can calculate an approximate critical point. A “tipping point” for you consumers of pop science. Critical points calculated from oscillations spread over years raise the specter of a crash. A crash is not guaranteed–but it becomes a high probability event. An alternate though rare resolution to a critical point is a paradigm shift: something BIG occurs; a game changer that dramatically alters “the rules”: war, global currency devaluation, a scientific breakthrough leading to enormous cheap clean energy sources, and the like. (I do not think that 4G will qualify as a paradigm shift.) If you wish to learn of such science, study the pioneering works of Didier Sornette on complex systems, including the stock market, (e.g. http://videolectures.net/risc08_sornette_fcrm/). Then check out more recent works such as that found at http://przyrbwn.icm.edu.pl/APP/PDF/114/a114z307.pdf But I digress from my point about The Fly being wrong and also right, In physics-speak, Fly is in superposition. He is not half right and half wrong, he is in a pure state of being right AND wrong, and can thus claim with impunity that when he is wrong he is also right. How so? We are not at the critical point today–so he is right that this gravy train has not run out of probability track. But he is wrong that important information cannot be dredged from a sea of charts surrounded by flailing, drowning men ignorant of how to “swim.” I am not saying with 100% certainty that this is not the beginning of a crash, but the laws of Nature, which rule earthquakes, evolution, galaxy formation, and the thickness of The Fly’s steak, inform us that today is NOT D-day. We are at the third inflection of a what is typically a set of at least four oscillations. Each oscillation in price has a shorter period and a smaller amplitude, so as the critical point draws near, the oscillations get faster and faster and smaller and smaller. Rest assured, this is not some Elliot Wave bovine feces. FYI: the oscillations can be seen by mortal eye on many index charts today regardless of what the underlying index is tracking. The key is to find a time frame (such as a daily time frame for the past six months) in which you see a series of self-similar arcs starting around the March 9 lows. Each subsequent arc looks like a smaller version of the one before it. For this pattern to appear, there must be some correlated nonrandom relationship between the changing states of agents operating in the underlying system. For simplicity, consider three emotional states of a set of pikers: buy, hold, sell. If every piker in the system, over time, moves with some velocity through these 3 states, what happens if on a particular day almost every one, regardless of velocity, is in sell mode? That is the critical point, and that makes for a nice crash (the reverse process–decelerating oscillations–makes for a nice melt-up). The log periodic oscillations simply reveal, in their fractal pattern, the approach of a rare “piker storm,” if I may. The calculated date for the next critical point based on log periodic oscillations that started accelerating at the end of 2003, (and first identified by physicists in 2004), is November 1, 2009. It is not a foregone conclusion that Nov 1 is the date, but it is a foregone conclusion that we are approaching a critical point, and it is very likely we just cleared the third hurdle.
The ‘Enter / Return’ key… fucking use it.
You
sir
are
a
giant
doucher
Is that better?
Learn how to write properly, or go fuck a goat.
First rule of order here, pseudo.
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Careful, else you will find your mustache CO2 lasered off, Beaker. Physics don’t apply here zipdisk- Apples go up and hot natural gas falls.
Fly, that guy you voted for is making your kids siddown (sic), shaddap (sic) and respect his authoritah (sic).
Word is, he’s assigning homework too, the bastid.
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Of all the different Fly personalities, I like this one the best. The sagely chinese grandfather who uses strange and somewhat pornographic metaphors, hits you with his cane, and smells kind of funny, but who dispenses the kind of wisdom you can only learn the hard way.
He knows you won’t listen, and will learn it the hard way as he did. But he has a broader view than you, and knows that his place in the continuum is to berate you with obvious facts which you are dead set on ignoring; because it is right and proper that he do so….
“It does not matter what your percentage losses are; they can always get worse.” might just me my new sig