I get too excited. When shorting stocks or going long, I tend to get, shall we say “overly dramatic” on occasion, which inevitably leads to thorough annihilation. Granted, I did not buy into today’s hype; but I should have sold. On Jupiter’s stone, this fucking market is broken and is dismantled by men in burlap dresses.
Tech names are being shredded, based upon nothing. It’s quite laughable. But then again, it isn’t a game.
Commodity stocks have reversed and are getting smashed into microscopic pieces. Apparently, Mother Market isn’t pleased with plain ol’ small anymore.
Like I said last night, the market has one or two really bad days left in it, before a sharp bounce. Much to my chagrin, this mornings GDP data got me all excited. I was walking around the office, all huffy and puffy and shit—throwing lit cigars at the men and glasses of orange juice on the ladies. For me to sit here, in my luxurious chair, and tell you “go eat a sandwich” would be a lie.
You should not be eating anything when your fucking net worth is being dismantled by men in burlap mini skirts, unless of course we’re talking triple bacon cheeseburger with a fried egg on top.
Maybe JAKEGINT was right, when he said “the market needs the dollar to get clown raped by hamburglar impersonators, before this motherfucker can go higher again, son.”
Perhaps.
All I know at the moment is pain. Not Clubber Lang, knock you out in the 2nd round, take your fucking belt and steal your woman pain; but instead, Ivan Drago, I will break your face with one punch then shame your entire country with your loss calamity pain.
Stocks are most certainly for asshats only
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fig.
RE and Home Construction holding up exceptionally well today – rotation?
Didn’t the homies do well in 2002 while the rest of the market tanked?
Discounting the 03-06 housing boom.
Well, yeah but that was due to a major tech-to-RE rotation that probably will never happen………nevermind.
Actually LEN and KBH been acting strong during this shitstorm.
AAPL at 191 was a gift.
Fuck you FCX
USU still up 8.4%. Time to squeeze that 11% short position.
screw it, i’m all in a shit drug stock for an approval play. but, then again, i’m an asshole.
CTIC?
i’m not that much of an asshole.
I feel your pain
Ivan Drago must break you.
This is a Mary Jo Buttafucco market; It’s been capped and severely wounded, but will survive for the Larry King interview.
LOFL!
Lawn Guyland Represent!
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Gotta get ya fist pump on ovah heah
http://www.youtube.com/watch?v=yv3aTM4eT0o
Off to drink and think about my GMCR calls touching 5 today, and statements arriving in mailboxes next week, and other drivel.
Holy mackeral, what was up w. the guy punching that girl?? Holy shit, it looked like he broker her jaw… wtf??
That shit is on teevee??
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when do we see the asshat of the week award again? That’s my favorite.
Which is the most annoying?
Who Dat or Rocky Top?
Definitely Rocky Top, except when Dolly sings it.
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Fly…sorry about the circumstance ….but this is a great post….Have a great weekend Scooter ….time to get your Jacksonian on!!!….
typed from ghey phone
Bought BGZ and QID calls for protection. I hate when I have to do shit like this.
Market looks broken.
Fly, I see that you are a fan of Supernatural.
Great show, le Fly, great show!
Mr. Winchester I presume
Le Fly Equal Le Buy!!
http://ibankcoin.com/henry_fool/2010/01/29/le-fly-equals-le-buy/
Scoop up that OSTK Bitches!!
What I don’t understand about the Fly (who’s absolutely hilarious– at least when he’s MAKING money) is that when he lists the stocks he’s buying, he includes all kinds of relatively long-term (and usually quite plausible) fundamental explanations for the buys, but then when the market has a few bad days, he seems to forget about all the long-term stuff. In that regard, the Fly is kind of a microcosm of market emotionalism in general. I mean clearly, the overall fundamental picture today is no better or worse than it was a week ago (I happen to think it sucked then and sucks now, while others obviously disagree), but yet the market is a fair amount lower than it was a week ago. Far be it from me to give advice to the Fly, but I will anyway: If you’re going to buy something because of events that you think will occur within a LONGER time frame, why wouldn’t you buy MORE of it if the price goes down within a SHORT time frame?
you still suck
Experience. All doughy asset managers/traders ask these questions. The Fly is carved from pirate ship wood endured through market modulations of 10+ years. Unless you live in the retard black hole timelines of Warren Buffett, you must exercise risk management.
If you’re not buying on margin there’s no reason why you have to dump a stock that you think is fundamentally very cheap, and if you think it’s going to get “still cheaper” and thus you’d rather “sell it now and buy it back later”, then fine, but why weren’t you thinking that a week ago? My point is that Fly is a momentum investor who uses “fundamental stories” to justify his trades (and writes with great hilarity, when his trades are working).
No, he’s managing OPM. Clients do not want to stare down a 60% loss. Redemptions are the deer tick in your asshole. They suck the life out of your business end. By selling now your risk is missing a snap back rally. By using margin your risk is further pain. By hedging your threshold of pain is mitigated. You could always sell some cash-secured puts on current positions if you have dry powder. It’s not worth arguing any further. Buffett lost 50% from ’08 to ’09 holding stocks. He’s still making up for losses. The Fly made +60%. QED
That worked until 2008 showed up and proved that time frame or not, watching the market cave 50%+ shakes everyone who gives a shit OUT of their stocks.
Stops exist because everyone even long term fundamental investors have their pain limitations.
I started exclusively selling puts because I simply had enough and decided if I was going to take a beating, I might as well get paid at the same time.
http://finance.yahoo.com/news/Greece-others-move-to-quash-apf-1731013435.html?x=0&sec=topStories&pos=3&asset=&ccode=
How many times have we seen reasuring news like this in the last two years and what does it really mean?
It means that the souvlaki eating mofo’s are going to default, if the last two years history has tought us anything. Could be partially the reason for the selloff?
Who the fuck knows…I don’t. All I know is that the market is ” selling off more than the fundamental condition changes” warrant. Connect the fucking dots.
This can be compared to a football coach receiving the “Vote of Confidence” kiss of death from the team’s owner after a prolonged losing streak.
Within a month said coach is toast.
If Greece defaults?
Really, that’s the end of the world? Greece? Their GDP is equivalent to one of the smaller New England States.. perhaps Vermont.
Fun watching everyone shit their pants over the latest made up catastrophe.
It puts everyone else in doubt then. Greece defaulting is a big story as it would cast doubt on every country with large government debt.
The fuckheads shouldn’t be allowed to borrow a cent actually.