Giving into God’s will, I allocated some capital today, buying U.S. Global Investors, Inc. [[GROW]] , [[MWW]] and a little Bio-Rad Laboratories, Inc. [[BIO]] for the $100 rollski. I tried to time the top, by way of being a coward with a 60% cash position. However, that didn’t work. So, instead of doing that, I have decided to grab a long sword and charge the fields of Sterling, with my fellow compatriots, in order defeat the English and sack York. Seriously, this market is on demon drugs, chockablock of liquidity and 100% joy.
Listen you, I’ll be cursing in no time (10,500) at all, which will coincide, to the exact second, with the disappearance of words like “chockablock” or “darn” from my daily diatribes against people that are stupid. Poof, just like that, you’re a f****** C********* again.
At any rate, despite putting some coin back into the market, I really hope and pray for a pullback. On any dip, for the love of God, I will buy stocks.
Bottom line: Once again, Einstein, we are in a LONG ONLY market. Failure to adhere to these laws will result in the onset of a manic-depressive personality disorder, accompanied by very harsh bankruptcy proceedings—in addition to a divorce.
Be well
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UNG breaking a downtrend, whats the play?… SD looks like it could go up 2 or 3 bucks real fast.
No shorts, he says. I’m short a lot of things. The dollar, Dennis Kneel (sic), etc.
Wrong on that too. CNBC is so hates now, it’s actually cool
Kneale is not cool. Don’t even try to compare CNBC to the original Iron Chef. That was a show that was “so bad its good”.
What if Kneale ate a raw pepper before the show? Maybe?
Cawfee all over my keyboard…
http://takeshikaga.ytmnd.com/
He should play a joke on Kudlow and replace the gerbils he shoves in his ass with zhu zhus.
The market is like Pavlov’s dog.
Dollar up-stocks down.
Dollar down-stocks up.
Traders are conditioned like a rat going after swiss cheese on a pull string.
My Lord, I do not wish to short this market, but I am feeling anxious to take some meager profits because of recent volatility. I have bills to pay!!!
I currently hold 16% cash.
Had to close all of my shorts positions as my stops were hit. Took some losses but continue to be in the game and will sit on mostly cash and a few longs that I have been banking coin on like GLD, HYG, TIP. Banking coin on GMCR thanks to The Fly and my afterhours purchase. Hey punyandy — I guess you are the one who has no idea what you are doing, fuck off and worry about your own trades and your shitty piker account.
I am going to buy a few far dated, way out of the money puts on the SPY on all these rips and a a decreasing VIX. They are cheap and will pay off nicely IMO
I thought you covered your shorts last week? WTF, you put them back on?
I did not close ALL of them last week I continued to hold GE short and closed it today at 15.90 with a small gain since I shorted it the day before earnings. I ws still holding my BAC short and had to take a loss closed it at 16.20 which was my stop loss.
Just give me your money instead of putting into the market short. I can spend it on quality luxuries of life such as colombian coke, cuban rum and latina prostitutes down here in Costa Rica.
Why should I do that Chivas. I already spend my money on those things minus the prostitues. I just share some of the columbian with a few wild chicks and its on. I guess you can all them prostitutes too. they just accept a different type of exchange instrument. There is no such things as a free piece of ass. No such thing!
I nibbled at UNG. Hate the thing but I did it. It’s been down on like 20 of 25 days, and for you witchdoctor chart readers out there there seems to be a bit of support at the 9ish level (left my t square at home, so I’m estimating).
And I figure it’s disjointed from the market enough that I can stomach initiating a long position after the market is approaching vastly overbought territory, by classic standards.
Let’s not make a habit of this ETF garbage though.
Anyone subscribe to Barrons? I’d love a recap of the story they did on TK this weekend. I can only see the headline – “The World’s Worst Trader?”
http://tinyurl.com/yccxngc
Negative
Think you’re going to be disappoined.
THERE ARE SOME LISTS YOU WANT TO SEE your name on, and others you’d rather not. It would be nice to make the Forbes 400, for instance, but not so great to be mentioned in the obituaries.
When listing the worst traders of all time, many of you would include some sports teams that made infamous deals. In football, the Atlanta Falcons traded Brett Favre to the Green Bay Packers. In baseball, you can debate whether the Chicago Cubs trading Lou Brock to the St. Louis Cardinals for Ernie Broglio was worse than the Philadelphia Phillies trading Ryne Sandberg and Larry Bowa to the Cubs for Ivan DeJesus. As bad as those swaps were, there is one that’s far worse.
To paraphrase my friend Mark Fisher, founder of MBF Clearing and one of the biggest energy trader/brokers in the world, the federal government let the trade of the century slip through its fingers at the depths of the financial crisis. Worse, Warren Buffett had already drawn up the perfect blueprint, in steps so easy even a Treasury secretary could follow. Doesn’t that make the government a candidate for worst trader of all time?
Long before his acquisition of the Burlington Northern Santa Fe (ticker: BNI) railroad, the Oracle of Omaha agreed, on Sept. 23, 2008, to invest $5 billion in Goldman Sachs (GS) through a purchase of perpetual preferred stock. The shrewd chairman and CEO of Berkshire Hathaway also got warrants to buy up to $5 billion of Goldman common shares at $115 each, some 8% below where the stock was trading at the time.
In a single bold stroke, when Goldman and the global markets needed it most, Buffett put his money and reputation on the line. He stood to own roughly 10% of the bank, and his convertible shares also pay a fat 10% dividend.
Yet even with this trade serving as a very public model, what did then-Treasury Secretary Hank Paulson ask for? When the Wall Street giants had their backs to the wall, he gave them billions of our taxpayer dollars for a relative pittance. In mid-October 2008, Goldman and Morgan Stanley (MS) each got $10 billion from the Treasury; Bank of America (BAC), Citigroup (C), JPMorgan Chase (JPM) and Wells Fargo (WFC) each got $25 billion.
Fast-forward to Oct. 21 of this year, and now Paulson’s successor at Treasury, Timothy Geithner, is telling us what a great investment the government made in Goldman. His office touts the 23% return on our $5 billion in taxpayer money. Let’s compare that with what we might have gotten with terms similar to Buffett’s.
Goldman was trading at $115, so a $5 billion stake bought the taxpayers 43 million shares. With the stock subsequently running up to $180, that $5 billion stake would be worth $7.8 billion, a gain of $2.8 billion. But wait, it gets better — or worse, depending on your view. Given the added kicker of warrants on another $5 billion, 8% under the market, we’d also own warrants for 43 million shares at $105. So we’d have made another $3.2 billion.
Thus, the total gain before dividends would be $6 billion on a $5 billion investment. Last time I checked, that’s 120% on our money, versus the 23% that Hank got us. I didn’t go to Dartmouth, as Secretaries Paulson and Geithner did, but I think Buffett got the better deal.
Oh cummon give Tim a break, he posted a multi-part series on wine as an investment this weekend that really changed the face of investing blogs. I’ve lobbied Fly to let me produce a similar series on baseball cards as an investment but I haven’t heard word yet.
Don’t forget, he shorted silver last week when gold was trading at 64x silver.
Gold is up, but silver is now trading at 62X. How egregiously torched can one portfolio get before one “packs it” in and goes full time wineblogging?
_________
Who is TK?
Seriously? TK = Timmay Knight of slope for dopes fame (or infamy).
fifd
He’s basically you, with a really boring blog.
Platinum and palladium broke out! Part of platinum demand pull is from car parts. CAAS is a chinese play for that relationship.
Lumber is about to make new 2009 highs. Possibilities for the paper/pulp/lumber area are VCP, IP, UFPI, WY, and CLW.
WHERE IS PALLADIUM J?
It’s about to get going all CussingtonMcSailormouth up in here.
Ideas for the header of the dow 10500 post:
“FUDGE YOU!”
“Gee whiz, the darn thing hit 10500”
“OH sugarmonkeys!, the doggone day has come”
………….
… great suggestions CA. very funny!
LOL
I didn’t expect such humor from our resident technician. Very good.LOL
Is it time to start a cuss pool to guess when we’ll cross 10,500? Winner gets __________.
I’ll go first. November 17th at 1:39 PM.
Neighbor Fly. Please stop the loud cuss words. We can hear them in our house and I have the TV on loud watching Tyra Banks. The DJIA isn’t at 10,500 yet so please keep it down.
Thanks Neighbor.
Here comes DOW 10,500,000
POT looks ready to break up.
In triumphant axel grease and stove pipe hat-mode I submit Silver Bears Belicheck-Ouuut!
_________
I’d feel better about this leg up if the Russell 2k would break it’s October 14th closing high. Still almost 4% from here to there. Remember that in 2007 the Russell topped out in July, three months before the S&P, Nasdaq Composite and Dow Industrials.
I closed out my RWM position last week at a small gain (1/2 when it broke support at $49 and the other half at break even just below $48) and my SMN position all at once at a loss of ~7%. I’m stuck with ~30% in cash so watching the market rip higher today is painful. Especially since I’m not finding too many stocks I want to chase on the long side. Will just have to be happy to participate in any further upside with what I’ve already got on the table. As Jesse Livermore used to say and do, I’ll continue to probe for a change in trend to the downside until the Russell makes a higher high and vaporizes the “it’s 2007 all over again” scenario.
fifd