Enough of the disillusioned haranguing. This market is a piece of offal, wrapped in bacon, fried up real nice, served on a garbage pail cover.
Foreign related names are getting lit up, most down more than 15% over the past 2 weeks. Commodity related stocks are down more than 10%. Tech stocks are down more than 10% and retail names are sucking dick too. To sit here and tell you “everything is great” would mean that I am a psychopath, unable to feel the emotion called “frustration.” As cold and calculating as I am, this market is uncomfortable and needs to get going soon, else I will lose my patience and throw bananas at it.
Lots of names are trading at compelling valuations; but I will not bore you with my picks. If and when we turn up again, most stocks will charge higher in a convoy. The million dollar question is: when?
The last reading of the Overall PPT score was in the 2.30’s, not too far away from the historical oversold levels of sub 2.30. Once again, not to get all redundant and shit, I was crazy enough to be long stocks into the teeth of the 2009 “Great Depression.” I consider myself equally crazy to be long here, ahead of Mr. O’bama’s egregious “state of the Union” address.
At the end of the day, I have zeros in my fucking checking account. All of this shit is sport to me.
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Fly’s The King (ftk)
“As Le Fly Turns,” coming to daytime soap tv in Paris.
Rebuffering…
The Fly can dunk.
The Fly can beat you at Connect Four with 3 moves
I believe he meant a maggot instead of a worm…. The Fly is simply a mature maggot…. Buying this market with every ounce of coin I have in my possession. This has to be the bottom, unless of course, this is just a fake out.
The Fly invented the question mark.
You know what is flyronic? You wrote a post about “fuck recycling” and then bought NUE stock, which uses nearly 100% recycled scrap steel in their electric arc furnaces. I know the stock means nothing to you, but, indeud nonetheless.
Buy GTI for the electric arc shit rather than picking one steel over another ….
Besides, as price of scrap goes up, STLD & NUE will feel the pressure in profit margins but they will still need GTI’s stuff to produce
GS under 150 by 3:30 PM?
It is in the programs.
The fly touched my cock.
Nothing turning today, the tape is still a piece of shit
The major banks and investment cos are getting ready to be Obama sized tonight.
They are just plain evil and need to be taxed into oblivion.
Here, here. They keep telling the rest of us to eat cake and then act surprised when we start rolling up the guillotine. When you’re that removed from reality, only a very sharp blade can bring you back down to earth.
Last year, I supported Obama keeping Bernanke, Paulson, and Geithner because stability was necessary. I don’t even dislike Geithner as many do. But, it’s clear now that saving the bondholders was not a stop-gap measure to stop the bleeding and then move on to help the economy as a whole. It was the only purpose of the bailouts, unless there was some deal to save china’s tuna–i.e. prop up the bondmarket. That’s the only reason I see for the way this whole thing has unfolded. If anyone has another defense, I would love to hear it.
And so, I say let the show begin!
Obama has to be careful or Geithner may fire him.
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And then Goldman Sachs will fire Geithner.
Chortle. Or cut his marionette strings, amounting to same.
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Called OCNW yesterday. Heavy volume and big up day. Broadband stimulus is the nanotech bubble from Bush times.
If I knew what gravestone dojis were on the Financials this would probably be it.
There is no worm turning. They are selling the rallies. Wake the fuck up and hedge
Chinese cows via ADY are milking it.
I was just looking at the past posts the right hand side of the page and here was flys “predictions for 2009”
The euro will continue to collapse, calling into question its viability.
The dollar will remain a safe harbor, crushing many dollar bears along the way.
Oil prices will decrease in volatility, settling in around $30 per barrel.
Gold will collapse in the second half of 2009, under $500 per ounce.
Wow, he was right on the money with that.
I made those in ’08. I was 100% wrong, but made 90% nonetheless.
08’s prophecies were much better.
I was just about to post that. You were pretty much right on with the 08 perdictions.
Re-label that prediction list as “predictions for 2010” and I do believe that all of those predictions are going to be damned accurate, possibly excepting the oil price.
Bot
FXP @ 9.84
EEV @ 12.07
These represent 10% of invested $$$, 20% still in cash
Not to be a poor “sport” but I went to 33% cash today … just saying
Went 100% cash yesterday. I’m waiting for a trend change, but might get in for a short time if the PPT score gets below 2.30.
Music links were much appreciated. Also, FYI, I think someone once told me that Walter Becker used t o rent a place, back in the 80’s, a few short steps away from where I’m living now, where he would relax, write and practice.
Fantastic looking breakouts on the inverse charts.
Looking at buying some of them tomorrow especially the financials to hedge unless something changes.
Soon the Volcker homo hammer of doom will rain down on us.
That said the pump and dump in AAPL was hilarious.
To me, the AAPL move today was a strong tell. Who are the leaders in this market now? Not tech and not the chinese. I can’t help but see a turn here. I dumped ETFC, DRYS, and a few other laggards that I’d hoped were breaking out. I don’t know how low it will go, but just because Prechter is a dumbass doesn’t mean he isn’t right twice a day (yes, mixed metaphors!).
I hate this fucking market. It’s a meat grinder. I fear those cursed market makers more than I fear gratuitous interference by government agencies. I’ve gone 100% cash and hate it. I won’t go short and can’t go long. Perhaps its time to bugger off to Florida ala Jesse Livermore.
FIG ( Ferengi is God)
IBL
i bank latinum
the number of “gone to cash” comments in the blogosphere has gone exponential.
Who’s gonna be selling tomorrow? Everyone always raises cash near the bottom where there are bargains instead of tops.
Kept my bottom dwellers that are looking to treat short sellers like homos at a street walkers convention (a’la BKS) …. sold “in the money” toppers and stutterers afraid to “crest the summit” ….
Hate to break it to you Skep but “bloggers” don’t move the Market. It’s the institutional trading desks that walk the market up and down in order to make money. Right now they feel like walking it down..
April 1930 repeat?
I say this again.
Call your boy Cramer for advice Fly. Oh and don\’t try and ban me bitch, I can get around your walmart ip ban software.
You sieur, are a parcel of offal, wrapped in bacon, lightly salted, lightly George Peppard.
_____________
http://www.google.com/search?rlz=1C1GGLS_enUS347US347&sourceid=chrome&ie=UTF-8&q=indeud
OEW weekend update is echoing Prechter’s warning:
“Since we are expecting this downtrend to be Major wave 1, of a five wave Primary wave C, we anticipate that it will unfold in five Intermediate waves. The first Intermediate wave is underway now. Therefore we have labeled the initial decline from SPX 1150 to SPX 1129 (fibonacci 21 points) as Minor wave 1. And, the rally from SPX 1129 to SPX 1142 (fibonacci 13 points) as Minor wave 2. Minor wave 3 of Intermediate wave 1 is still unfolding. Should the fibonacci numbers continue. Minor wave 3 could bottom at SPX 1087 (55 points). Considering how oversold the market was at friday’s close this is quite possible. If the bottom falls out we may be looking at SPX 1053 (89 points). In either case, if Primary wave C is anything like Primary wave A, all the fourth wave rallies should be quite weak. It has been awefully quiet for many months with low volume and lowering volatility. By the appearance of the upward spike in the VIX that has likely ended. ”
Today’s OEW summary:
“SPX cash traded at a slightly lower low than friday’s wave 3 low and then rallied before heading down again at the end of the day. If Minor wave 4 ended yesterday at SPX 1103 and today’s SPX 1090 low ended Minor wave 5, wave 5 was quite small in relation to Minor waves 1 and 3. Another view would be that Minor wave 4 ended at today’s SPX 1104 high and wave 5 is now underway. Our short term charts are giving mixed signals. A break of today’s daily range (SPX 1090-1104), either way, should determine which count is ongoing.”
http://caldaroew.spaces.live.com/?_c11_BlogPart_BlogPart=blogview&_c=BlogPart&partqs=amonth%3d1%26ayear%3d2010
LOL @Prechter
http://www.erictyson.com/articles/20090616
Nice returns if you were short … don’t buy his recs but pay attention to technical reads. OEW has been spot on and I’d read OEW (free) for direction before paying Prechter for stock advice.
Bloomberg January 25, 2010, 10:18 AM EST:
Legg Mason’s Bill Miller Says 2010 Will Be Good Year for Stocks
——–
so this is really serious stuff here .. billy “the contrarian” offers his latest advice.
the infamous asshat of the year 2008 winner speaking …. prepare for another “legg” lower.
To say that Cramer has gone “somewhat negative’ on his former Presidential choice may be understating things.
He does everything but call him an outright moron in this piece.
Good thing it doesn’t matter whom we elect, right Jim?
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Gee, 20% of the Keating Five, or Obama – who appointed a bunch of Goldman lackeys to continue the GWB rape of the Treasury. Yup, it matters who you vote for.
Vote Libertarian. Throw the bums out.
The only thing voting Libertarian does is get the Democrats elected. If you want to toss the bums out, use the primary process. Surely there’s never been a time when Americans leaned more Libertarian.
That said, yes, McCain would’ve kept Bernyank-me, and maybe even Paulson, but we wouldn’t have to worry about him making idiotic Hugo Chavez like pronouncements that cause capital to duck and cover.
And McCain wouldn’t have pushed an extra $800 mm “stimulus” (on top of all that TARP, etc), he much more likely would’ve said “Keep the banks solvent (yeah, I know, I know)” and “I will personally guarantee there will be no tax increases over the next ___ years.”
And we wouldnt’ have had this healthcare chicanery going on where businesses are afraid to hire for fear of unfunded mandates coming from the left wing of Congress. IOW — he would have given the economy a modicum of stability to at least have gotten out of the near term crisis.
Granted, we’d still have the legacy liability overhang, but it’s going to take a Revolutoon to knock those suckers out anyway.
_____________________
As The Worm Turns
sounds like a new soap opera…..
Fly,
As uncomfortable that you are with this market, do you see this as a start of a correction? If s, how deep do you expect it to run and which sectors do you expect to see the most damage? I have my ideas, but I would like to hear what you think
OK dipshit. You obviously have no clue and think IAMGold so consult the Teutonic (sic) plates and you shall be enlightened.
What are you talking about? Are you drunk or high?
Sycophant
Coprophage.
______
Uh oh. Jake’s got his Urban Dictionary out again.
……Hey, I’ve got an idea …let’s all look-up “gint”.
Maybe an “urban dictionary” from Athens circa 560 B.C.?
________
I agree with this site’s IT guy when he editorialized about Fly’s “long only” mantra:
http://www.youtube.com/watch?v=VaEbX5ARBuw
It appears that men of burlap, from the Artic North, are in control of this market. They swill shots of gravy, like it was whiskey while kicking bulls to the curb like rubber chickens laced with hemlock. I have no choice but to surrender my sword at the gates to the netherly realm.
My own proprietary, fully automated trading system (“STORM”) has chosen these trades for tomorrow:
BKS
INCY