2009 was the year that crushed ideologues. If you hated Bernanke, Giethner, Paulson, bailouts, Goldman Sachs, Obama and the U.S. economy, during 2009, you got your face kicked in. In my profession, everyone has an opinion and everyone is right, at least they think they are. I know people who are short from March, who now reserve “the wobbly chair” for dinner, at their local mental institution.
See folks, the market is not about what you and I believe to be true. It is about being an animal. You cannot “think normal” and make serious coin. Believe you me, all of those uptight money managers, who made a gagillion dollars in the market, those fuckers are 10 minutes away from losing their marbles for good. Successful people are not “normal,” as defined by Joey Stampcollector, over at engine house #10. They might walk around in their $10,000 overcoats thinking “hey, I’m soooo normal,” but they’re not. More often than not, they’re assholes, sociopaths of the first order.
As for the market:
Tech stocks are ripping higher again, as well as commodities. On this dip, I like Ctrip.com International, Ltd. (ADR) [[CTRP]] and Research In Motion Limited (USA) [[RIMM]] . Into strength, I want to be long Green Mountain Coffee Roasters Inc. [[GMCR]] and Lennar Corporation [[LEN]] in size. Oh shit! I’m already long those stocks in size.
Just when you though Plutonium Petey was fresh out of wins, BAM!, he hits you with another one.
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RDN boast!
http://ibankcoin.com/henry_fool/2009/12/21/pounding-the-table-on-rdn-350-645/#comment-642
Hey V King guess who was here first?
2nd too.
Thank you, sir.
Seriously Fly, whats up with the firemen references?
When it comes to police officers or firemen, I side with the guys who carry guns every time.
Fly didn’t like it when the firemen hosed his granpa.
Joey Stampcollector, that is hysterical.
On another note, RIMM taken off UBS’ Least Preferred List.
I’m a buyer – again.
My “working stiff” friends keep asking me what the new health care payroll tax will be. ….
OR…..what Cop-en-hagen-touchy-feely Obamee, will snort out of their checks each week.
I just look at them like a ‘tard, and say “oh, about 8%”
Does anyone f–king know at this point?
Mosel Tov!
Hey Henry – when you pound the table, the market listens. Great job.
If you listen to the market you know when to pound he table. Now get me a K Cup!
Thanks for the vote of confidence Fly….
Does anyone have a reliable source for steel prices? All I can find is the commodity traded on the CME (hot rolled) and it’s quoted at 560 or so.
Where did GS get their data for their report, the companies themselves?
This is incredibly entertaining stuff, but the problem with trading against one’s fundamental conviction is that there’s no fundamental underpinning to prevent you from getting whipsawed (or, for that matter, crushed when the fundamentals reassert themselves). I don’t trade in size against the technical picture, but I also won’t trade in size based SOLELY on the technical picture… If they both don’t align, I’ll scale down or do nothing.
Great insight Mr. Spiegel you should read the V.King blog….
Geez, a number of those above mentioned folk are on my “naughty” list, and yet I’m having the best year I’ve had since I started investing.
By far.
I figure it’s not so much the asshattery that’s the issue (although if you have children and are a functional member of society, you’d have to be ‘sociopathic’ not to protest against it), but more knowing how the market will react to it.
Off to do more Joyeux Noel errands
__
Fly, you are right again. Back in Jan to March I bought oil and base metals ETFs and soon enough I was doing pretty damn well. In mid-June I went to cash, sensing toppiness. After the rally restarted in mid July I never really believed in it again. The prices I was seeing didn’t make much sense to me. Well, screw what I think. In late August to early Sept I bought bunch of natural gas ETFs – I know a bargain when I see one – and got to do some catch up. But then in October, like an idiot, I got really bearish again and lost most of my gains from this year. Lesson: I suck. Now I’m sitting in cash waiting to see what ’10 will bring to this lunatic market.