Everyone with a series 7 east of the Marshall Islands has been looking for a pullback; because, well, they’re just looking for it. There is no specific near term catalyst that will stall the rally, short of the dollar rising for a few days. People just love to hate this market. As a result, they get the black flag planted in their red ink.
I know a lot of people who got caught leaning short today, attempting to play the early January swoon. See, I have a problem with going with the herd, which is why I elected to avoid getting sucked into the January bear bet. Lots of people are in it (the vice); and they shall feel the iron tightening around their pockets, until they wiggle loose.
At the end of the day, or beginning, you’re all a bunch of know-it-alls. You know everything and require little input from anyone else, because God himself is guiding your actions. One day you will awaken from your cocoon induced slumber and realize the mistakes you made were all preventable. You could have done better, yet you chose to bet against the guy in the fucking space rocket.
Does that make any sense to you? I mean, there are lots of people to bet against. It makes zero sense to bet against SAM (space alien magician), but you still do, nevertheless.
Today’s biggest winners are names with large short positions, like ATP Oil & Gas Corporation [[ATPG]] , Western Refining, Inc. [[WNR]] , Superior Well Services, Inc. [[SWSI]] and Patriot Coal Corporation [[PCX]] . With my money, I like Russian milk, via Wimm-Bill-Dann Foods OJSC (ADR) [[WBD]] and truck parts, via Cummins Inc. [[CMI]] . Moreover, I will outline my rationale behind CMI later on, maybe this evening.
If you enjoy the content at iBankCoin, please follow us on Twitter
Not so fast.
Maybe you’re right but rookies are buying here.
Correct. The rookies are buying back their shorts, as evidenced by stocks with big short positions surging.
It’s the pros buying back their short (for reasons you know) and rookies trying to chase….
Quality stocks are doing incredibly well, which is a great sign that more is to come.
Rookies are kicking the vets down some steps right now.
Careful with that Russian milk thing.
The Chinese milk thing didn’t turn out too well a couple of years ago as I recall.
Is Putin or the KGB connected?
If so ok.
Actually, the Chinese milk thing, ady, tripled since then
If I was over 47.5 years old I could attribute it to the beginning of memory loss.
Riding shotgun with you through China in an illegal truck …
Added GMXR also …
My old roomate from college works at Cummins (Indiana)…
I might jump in on some GLD here… as of 2010 I have ZERO exposure; I am going into this year fairly neutral.
Hey Fly, whats your new years resolution? Going from a C cup to B cup, you fat fuck?
Cheers!
One of my investing mentors started out at Cummins before he figured out he liked stocks better. He’s now worth about Three Hundo, so I guess that was a good call on his part.
____________
Aside: Why do you keep implying the Fly is fat? Did you know him at some other stage in his life, or is this a secret pain of your own that you wish to project onto others?
I assure you, he’s slim.
__________
Speaking of slim… good to have the Fly back! No more John Bogle-like rants about “diversifying.” Keep the K cup rolling!
Nah, just messing around with him…given his constant entries about 3 pound steaks, swordfish and etc… I do remember one time (couple of years), he wrote an entry about spending $1700 on a steak house…
Cool off there Jakey, I don’t think Fly’s interested.
Interested in what, half-wit?
__________
Exactly. No one is interested in your half-witted self’s homofied kissing-up with your comments about his figure …there’s something kind of yech about it.
Ah, I should have guessed your interest in your own gender would take the fore again.
As I’ve mentioned to you before, dimness, do try to keep your sexual appetites to yourself, and off these fora.
Your penchant for authoritarian socialism is off-putting enough, without us having to watch you wrestle your pencil in full view of the children.
________
Fly has actually gone to a K-cup, Big Mike.
The “herd” is way long, btw.
Bullish indicators are off the chart, have been for some time now.
I am practically the only bearish one on this site and in the PPT, so I’m not quite sure whom you’re shouting at, unless it’s me.
___________
I have a few shorts myself. Tech isn’t impressing me here.
I’m riding my guys wave and in good company with Fly:
http://ibankcoin.com/dannyblog/2009/01/06/ahhh-it-must-be-that-time-again/#comment-7266
Guy has been spot on and is looking for this wave to take us to 1168 (pivot 1170) … staying long until he’s wrong.
Been mostly bearish for a month now, with the wounds to show for it.
“One of these days…, “hopefully” while I’m still solvent.” (a bit of an exaggeration, that, but you get the point.)
Glad the Jacksons are holding up, even in my pared back holdings of them. Off-setting my QID and SPY puts.
__________
Fly … is their room in the portfolio for LNN one more time?
correction > “there”
one sign of a bull market is it never gives you the chance to get in on a correction–I am one of the dumb ones who has stayed long and trying to pick what might be tomorrow’s winners. I think 2010 is the year yesterday’s most talked about stocks revert to the land of less relevance (talking to you Loyd B.) and new stocks become front page stories.
>>I have a problem with going with the herd, which is why I elected to avoid getting sucked into the January bear bet.<<- Fly
Why would you feel that you’re not “goiing with the herd” in light of sentiment data showing the highest amount of bullish complacency since early 2007?
The “herd” is apparently me and T-Moe. lol.
__________
The herd is not exclusive to this site. Geez
Thso thsensitive.
I speak of my colleagues, not fellow bloggers.
RMBS
Scared yet?
Yes, indeed. Enjoying TEVA, WFR and SD thanks to the PPT.
Crude is out of control. Up, up, and even more up…day after day after day.
“Get in the VICE” = Inverse of “Get in the FUNNEL (???)
I think the Russian milk play must be designed as a complement to the cawfee play of before. I see SGG doing well also.
Suddenly it all makes sense…