Oil is down 3 bucks and the Dow is getting steam rolled to the tune of 100+ points. Some people think this is all dollar related. However, I happen to think it is panic related. The market is taking the path of least resistance and I am simply watching my gains wilt away into losses, almost in a catatonic “deer in headlights” demeanor. Naturally, the correct trade was to jump into the FAZmobile or get short. Oh, but that shit was not for me and I’ll tell you why.
I’ve been infected with a disease called “bullshititis.” That’s right, I am a fucking raving lunatic/moron for watching this wreckage, without jumping on the bandwagon. Look, I have numerous excuses for my actions and I might end up being right. However, watching 20-30% declines in certain names is 100% unacceptable.
Since it’s a Friday and the market is giving me the business, I will not make any drastic adjustments to my portfolios. But, come Monday, barring a miraculous rally, I will be forced to make sweeping/wholesale changes to them.
It’s one thing to have confidence in a thesis and buy into it on the way down. It’s an entirely different thing to watch your house burn down and not throw water on it. I’m over here roasting marshmallows and shit, while an inferno rips through my living room. Fucking moron.
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Is god
fing
I would not be surprised to see mkt rally, now that i have emotionally capitulated
There is no question it will rally, after having soundly defeated me.
I was steeled to take substantial losses, in fact i invited the challenge. And then, what was done to me in Oil over these last two days was purely sadistic.
When that happens, just giggle like a school girl. It scares the market.
fig
Spain has 18% unemployment. I am short caballeros and will soon buy that loft in Barcelona where I will spit olive pits on tapas floors, and eat snails with a toothpick and play with the beautiful people in the rastro.
Is this how all professional traders work?
Unless you are a swing or day trader, yes.
Swing traders and off course day traders would just close their book and either stop trading or if they are really good short. The real smart ones stop trading until the good setups come back.
Unfortunately with my option selling strategy I’m must be a position trader(slippage is too much to really day trade options) and get a front seat to this.
I must be one of the really smart ones. The volatility is too extreme and unpredictable, so I’ve been losing small amounts of money. This is my signal to take a break and watch for the new confirmed setups. Waiting for the bounce is good. I am waiting for the selloff to finish before getting back in.
I will be betting against the dollar once it’s bump-and-run formation collapses. Then I will get back into the dollar again for the next move up. Dollar has been predictable and a nice trade.
Be sure and let us know when the selloff has finished.
I rode my m*&%^&*@#$%r 60K port down to a 7k loss and then started buying at 12:21 and now have a 100k port 3K in the red. I am elated! Can you believe it? I am elated with my loss. He he. I feel like I had a wild night with a stranger and now the doctor says “don’t worry honey—it’s only a friction rash!!!!!!
🙂
that’s 3:21 in the east. I’m on the west coast.
It’s as if you’re getting clown raped in the back of a stretch limo, huh?
US$$, flying off the shelves, much to the chagrin of all ass-ette clases.
XLF just bounced off the 200 day ma. Buy financials with both hands.
Go ahead, make my day
wow, amazing call Flatman.. Hope you held on to that one
I have been completely decimated in a mere 24 hours. My young and promising trading career has been brought to a screeching halt, if not a permanent end.
I have suffered nearly 20% losses in just two short weeks.
I did this all while predicting the downturn within 5 points of the ES.
Riddle me how the fuck i did that?
I will tell you. I am actually TOO FUCKING SMART. I see things too far in the future. I see the downturn, but then when it starts its as if I’m already seeing the rebound.
I disgust me.
dude .. you are living my life.. I was so fucking short going into the rip before the sell off then got stopped out of short on the rip .. one day too soon.. just one fucking day was the difference between up 10% and down 10%.. a 20% swing in one week.. barring a rally next week of epic proportions on some hopefully ridiculous news and some post super bowl good spirits.. i shall discontinue my trading career and find a real fucking job and put away pennies into my bank account and cry about how it could all be different.
Obey the numbers and not your keen perception
I see the downturn, but then when it starts its as if I’m already seeing the rebound.
Ding ding ding.
I sold all my WFT within 10 cents of the top for a very big gain and some other positions within a day of the top for good gains. All that cash sitting around in my account doing nothing and I knew the market was due to correct. I thought to myself, self you are in great shape. Lots of cash in the account and an imminent correction is coming.
Of course I started buying in too early and I’ve given back all the previous gains plus some.
I am off to go fuck myself now.
Fly,
You always wanted to expand. Make certain you purchase your lumber, steel and copper now in anticipation of the expansion – you don’t want to get caught with those inflationary prices down the road. Make that fucker real big so that it blocks your neighbors view of the park. I did that 3 years ago – bitch wont even talk to me now.
I must be getting used to this. I am sitting here getting a list together. I love this shit. During this time, I just look at my SPY puts – ignore the rest.
Cummins went from money shot to Bukake real quick.
Fear not, my child…we will have some short covering by end of day;
After booking monstrous gains on the short side, wouldn’t you as a trader lock in some gains?
Market down by 70… losses cut in half.
Grabbed AAPL here for a quick trade – in at 191.50.
Jumped on X for that reason. Fell too far. Shorts will be buying to close out positions before the weekend.
…oil and gold turned lower just before noon ET and remain lower. Rumour that Doug Kass was attributing the weakness in commodities to rumors of a large commodity fund blowup, though also told that rumor may be getting mixed with the reported decline in assets of BlueGold Capital, the fund which invests mainly in energy, and which has lost about 11% this year according to reports. Stocks continue to trend lower, with sovereign debt concerns being cited, which is also contributing to the gains in the dollar as a safe haven. ..
Buying SMH here for a daytrade.
Excellent idea – grab some gold too….wait!…don’t do that……
http://www.youtube.com/watch?v=VhVuqrwuBTI
NEM,ABX,GG,AEM etc. hitting HODs. Who knows about Monday?
Nice moves….very nice.
Hey TC, thanks for the heads up … helped me catch the reversal in the juniors in time to pick up a few favorites before they took off.
Out SMH for about half of 1%.
Have a good weekend and please don’t go around saying Who Dat.
so does that mean left overs tonight for supper?
naw…just use your credit card. It’ll work.
All in on gold 100-1 leverage just because I believe deflation is at my door with a fucking bazooka the size of greece
Educate me – I really don’t trade commodities that much. Would you not want inflation rather than deflation?
Because he is a fuckin’ MORON.
Hey – easy there. No need going around insulting morons. Didn’t you get the Palin memo about fucking retards?
It was a joke dude.
I was fading my own bad self, capiche?
I am a star. I’m a star, I’m a star, I’m a star.
I am a big, bright, shining star.
-dirk
Go get em Dirk.
You guys will probably make fun of me (i’m counting on it), but I jumped into the EDZ this morning and caught a big move.
Quick, to the short bus …. er Special Edz mobile?
Bear in mind, we ARE WAY OVERSOLD! However, as monsieur Fly said, if it’s panic selling…look out; 1032 is the new bogey…but I think we rally all the way to 1072 (previous support), before hitting 1032.
I had an excellent lunch today…Local Mexican restaurant and had the “SPECIAL DISH”; pretty much is a sampler of every major dish in the joint; burritos, tacos, rice/beans/steak/chicken, some pepper stuffed with shredded pork, fajitas and etc…
I might hit the Chinese buffett for dinner…
1046 is the key level in the S&P. If it cant hold, then we will probably get to the 900s. Just my personal subjective opinion.;)
http://bit.ly/b5Y91U
good call
I like the action in FCX, might throw my hat on a few of those.
Not a bad trade – copper is perking up here.
Gold helping also, looks like it might have bottomed at 1045…not that I know about these things….but Jake did mention 1035 as a probable pivot.
Go FCX! 🙂
Well, if Jake said it………
I am long and strong FCX, have been from loftier heights. It is showing some leadership today.
I have started initial building of a burlap exchange, measurements will be by the shopping cart and the initial bid will be 5 bucks for a cart of burlap and 30 bucks to offer. This is a 24 hour physical market in my basement so if you got dealings….DO NOT WAKE THE NEIGHBORS!…oh, and feel free to inquire about market making opportunities,100% commission but ground floor kind of stuff here…Worldwide Burlap Exchange
Loooong the BRLP (the 3x Burlap ETF)!!!
I am speechless! This is either TRULY the bottom…..or it gets time to get back to work on the the bunker I started last March in the backyard again.
Could be a margin call Monday for those in the FASlane.
VIX set a 3 month high earlier today @ 29.22, starting to come down a bit now at 28.76…Very critical for it to keep falling for a market rally…If it goes through 28 on the downside we’re off to the races
When we waz at rez I was all like “SELL RESISTANCE, BITCHES”,
but yo, we aint at fuckin rez no more, bitches.
Now I’m gonna say – BUY SUPPORT, ASSHOLES.
Please refer to your monthly and yearly support levels.
Good Day.
GF OUT
fucking rookies, you’ll see.
DUG and FAZoline, better than taking it dry up the burlap flap. Get in the funnel!
I git a feeling that if the dollar would just roll over a bit here, the short squeeze into the close would bollo punch off a record number of eyebrows.
Reggie just broke through market’s defensive line and is burnin down the sideline…….
On a Friday afternoon….this is beautiful.
Just when I thought Fly was not God, he finally comes to his senses. About damn time dude. This is not a simple pull-back. It’s almost fucking spring, when the lilies come out, and your fucking yard smells like rotten pussy. The market always turns with the change of seasons. There will be another bullcrap rally next week, but you are a fucking idiot if you trade it long. I still have one long position (USU), and plan to retain it unless it breaks serious resistance. The rest is all fucking short, adding on every sign of strength too.
The way USU acted in that turn down earlier, coupled with the long thesis for the stock, makes this a hold.
we close green gentlemen. Time to close your short positions and grab them back again next week.
the fuck is this shit?
Unless europe does indeed implode in a grandiose inverse mushroom cloud over the weekend, I have a feeling this was it for the short side, at least for the immediate future. It’s back to the recoverymobile again for now.
Or at least, I’m trying my best not to fall into the same head-shaking delusion that led me to ride the last 9 months 90% short, losing well over 50% of my investments.
Who knew the collapse of all of western civilization as we know it might take more than a few months (and not offer the shortsell opportunity of a lifetime)?
ITS ON!!!!!!
days like today, people play degenerate OTB picks like my IRIDQ, 50% pop on 16x 10-day average volume
AAPL trade from 191.50 was absolutely phenominal (sic). Rib eye and a nice bottle of Bordeaux tonight.
Roar like the fucking lion you are.
I just covered my SHW at 63.25. I wanted to free up some more cash to buy more SRS. This time it will be commercial real-estate. And this time will be a complete fuckage.
Relax, people. We’re not double-dipping down to DOW 6k.
Buy some SD and put it away with your birth certificate and car titles.
possibly your best opportunity to add LWLG here at $1.50, buy and hold
KING DOLLAR!!!
Sigh…Didnt I, or Didnt I call this action? I wonder, what it feels to be on the wrong side…
every time the fly cries, god puts in a bottom.
Is this the rally you needed?
Can anyone answer me what a safer play is than the american economy? 1.5% savings rate.. fuck that.. I’m all in.. fuck this rigged market… these sell-offs are not fundamental.. purely trader rigged.. there is no reason and no new data that can support why one day a company hits a 52 week high and then 3 days later is down 20%..
Word of caution…
This is FEELS like a short-covering rally…the major culprits…MATERIALS! Anybody watching Newmont? Would have been an awesome DAYTRADE via Feb Calls. Probably double your money in 2 hours…
If we do not rally on Monday, I am putting more hedges to the downside on $ strengthening.
Today was the 2nd BIGGEST VOLUME EVER ON OPTIONS $ Bullish ETF: UUP
http://www.zerohedge.com/article/uup-call-volume-surges-investors-bet-major-rise-dollar-equities-drop
Mr. Market may have tired of this bs, too.
Impostor!
Is that Heller in the avatar?
_____________
S&P Intraday high, Tuesday 14th October 2008 was 1044.31, market just bounced of that level. Take a look at your charts. Nice huh?
Check out the bounce of SPY on the SMA34 weekly today. 😉
I wonder how many of you fine gentlemen just had your junk ripped off in the rusty serated teeth of this bear trap? I’d be hesitant to short a market where artificial stimulus ranks in the boookooo billions.