Let’s cut to the chase.
I took three blows to the cock this morning. I had gap downs in [[MWW]] , Goldman Sachs Group, Inc. [[GS]] and Jarden Corporation [[JAH]] —all for separate reasons. Thankfully, the laws of logic and reason have succeeded in turning around [[MWW]] : problem solved. Now I am dealing with an intra-day $39,000 loss in Goldman and a 4.5% dip in JAH. With JAH, I will continue to add to my position into weakness. There is no way I will sell at 9x earnings, in the midst of a retail recovery. People are wrong for selling the name.
Seeing opportunity, I bought more Goldman, as promised. My original intention was to go long 10,000 shares. I will do exactly that, eventually. I added to my position in the high $146’s. I am long 3,500 with a basis of around $155ish.
Playing the speculative nature of the oil spill and forthcoming clean up efforts, I bought 30,000 Trico Marine Services Inc [[TRMA]] around $2.80. And, due to my belief that Wall Street is overly punishing Cameron International Corporation [[CAM]] , I aggressively bought 20,000, cost basis around $38.
In short, before today, my cash position was about 25%. I intend to use said cash to take advantage of disconnects in the market. It’s my sense, today is one of those days that you step up and buy the fear, especially since robots still control our destiny, and shit.
NOTE: Today’s market tell is BP plc (ADR) [[BP]]
UPDATE: I bought 10,000 Newpark Resources, Inc. [[NR]] @ $7
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Obama bans all drilling in the gulf “until we get to the bottom of what caused this.”
That ban could be years.
Price of oil? Going up, most likely.
Going for a spin in my fucking space ship. See you fuckers when CAM is printing 40
Oh, it’s 40 already. See you at 42.
Nice trade.
Has to be tempting to book a $40,000 gain made in a few hours time, no?
Hello, this is my first visit to this site. In fact, this is the first page I clicked on. After I read “I took three blows to the cock this morning.” I was hooked. This guy Fly is good, I can tell from this first read that he has an iron constitution, and his other bloggers offer excellent windows into their worlds without that “pump and dump” feel. So many other sites feature mouth breathers who pitch stocks like high school carnival hustlers trying to shuffle kids onto a ride. Fuck guys like that. I look forward to exploring the rest of the site today. Tell me, can anyone render an opinion on IMAX?
IMAX is a stock that can get you fired, in 3d.
Funny
CREE looks good here, low volume pullback to 50 day SMA and support levels.
I dunno…. starting to feel like a vice… or a funnel… smelling smoke.
black smoke?
Smells like it.
Big Booted Clowns throwing whole pizza’s at little men in green leotards who speak of V shape recovery’s
Takes a lot of guts to buy a stock like GS when it’s down.
not really, when you are investing and not trading like an ADD addled clown fucker.
I am 1/3 of my way to a full position. So, logic dictates, I want GS to go lower, as my future buys will be even more meaningful.
TLT is not bad today. I still hold it.
JRCC is being pollinated, seasonally speaking.
Government now backtracking on drilling expansion.It could send the Dow, and Oil,into another spike upwards next week-in spite of $GS issues. Im out ALL swing shorts.
How do you figure we get a spike? I would assume just the opposite.
He’s not too smart.
FLY,
I know you sold out of TLT…but just wanted to say it was one hell of a call. Exactly what you said might occur has–people flocking into US Treasuries to escape the fuckery from Europe and to use TLT as a cash-substitute. You were a bit early on the execution…but kudos on the premise when everyone else was out saying interest rates were primed to pop.
Yes. But my attention span expired after 1.5 months. However, my VXX has outperformed TLT since then.
Are you going to take your profits on TRMA here?
Hey Fly … I love this website and your irreverence. I couldn’t see buying stuff up here, but you’re a big fish and built your positions slowly….. so from that perspective I can see how you would be buying this fear. Not me not yet.
Fly, I was feeling for this a.m. when the GS hit the fan knowing you bought some around 160. I bought some today at what I thought support is $145. I still think it is a trading vehicle for quite some time. Playing with small shares because my stomach isn’t made of lead like the Fly man. GL