If you recall, I said we’d have a thousand point correction, leading up to the “best buying opportunity of the year.” Lo and behold, I believe yesterday was such a day. Coincidentally, so did The PPT, registering a staggering intra-day score of just 1.80. I can speak for most PPT members when I say: that score helped give me the confidence to bottom pick during yesterday’s carnage. Instead of fearing the unknown, in a way, due to PPT’s track record, I bought stocks as if my head was on fire and the market was a big bucket of stupid water.
At any rate, I’m not trying to sell you my wares. I know that can be “annoying as fuck.” I am just trying to explain why I do what I do and how and when I do it.
Yesterday, I reduced my cash position to just 25%, buying up a lot of [[TYH]], [[ATPG]], [[RAX]], [[MTW]] and [[FLS]]. I intend to sell such stocks, when the voices inside of my head tell me to. Until then, enjoy the rally.
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Hip hip HOOORAY! Three cheers for the PPT!
if i ever dig myself out of this hole, I plan to become a subscriber. Now that I have sworn off crude futures and plan to go back to swing trading equities.
What if the urinal shadows proffer advice conflicting with that of the intra-cranial voices?
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Huggie – subscribing to the gloriousness of PPT is faaaaaar cheaper than buying a bigger shovel. Just sayin’
Agreed. I waited because I had a stupid rule about managing my trading expenses and needed to wait until I had “earned” the privilege. Fortunately, I had a great year in spite of myself. This year I’m well ahead of last year thanks in large part to the PPT. It definitely takes time to learn how to use it and to adapt its use to your style.
Fly at your leisure can you explain why you wouldn’t have already bought the 25% when the PPT was at 2.20,2.25, 2.35, etc?
Is there any particular rational that would have told you to wait for 1.8?
1.8 was unprecedented.
Because when the score was at 2.20, he knew that it would bottom at 1.80.
Hey Im a new subscriber and perhaps a bit of an idiot: how do I find that screen at the top of the post for myself on the “inside”? Thing is friggin’ awesome.
Hist scores?
http://ppt.ibankcoin.com/test_historical_market_scores.php
Ideally looking for the graph with the lovely red and green lines, or is that something you doctor up for the blog?
Thanks!
is there a trial version or some kind of sneak peek to this service?
Yep — $49.99/mo for the one month. Price goes down as you extend from there.
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I accidentally caught Mr. R.W. yesterday, while fishing off the pier. He’s gone.
My sincere apologies to the iBC community.
Bot BP this morning at the open. This topkill is going to work, and I am going to make a quick 10%.
Goof luck! I think bp will give us a chance or 2 to get in at very good prices
I only got a 50% position in case of another downward move, but I think the worst is over. I figure at this point the risk/reward is now in the bulls favor since the market is turning around and they have had a month to think of ideas on how to fix the issue.
I also believe that all of the previous attempts to fix this were feeble attempts at trying to plug the hole because they wanted to keep the well functional. Now they have finally given up on the well, and I bet it works.
I waiting also. I’m thinking this is a bear market rally and so I didn’t add to many long term positions, only trades. I’m looking at RIG also.
Yogi,
This is a bear market rally. We’ll get a pop here, but the longer term trend is still down. Lots of work to do to work through the engulfing red candle forming for May on the S&Ps…., or not.
Conservative investors/traders should definitely be have been in cash since the first week in May.
BP is going to be damaged beyond repair from this. Even if they get the thing plugged today. The clean-up costs will be massive. Maybe they should put some of their advertising on that video feed– the green, clean, environmentally concerned corporation stuff they always used to run.
LMAO! Good point. I know they are damaged beyond repair for this, however, I believe this topkill is going to work. I only plan on holding this for a few days. Unfortunately, my patience for holding stocks for longer than a few days has worn thin. I had ES for a month and did quite nicely with it, but when the flash crash happened, all bets were off, and now holding on to anything makes me nervous. I am up on my trade in BP and will hold it until they announce whether the topkill works or not. Then I will sell following their announcement because the regulation and damages that are going to come from this are going to be huge.
Rumor has it they’re only liable for $75 mil. Seems like a mere bag o’ shells to me.
PPT paid for itself a 100 times over with yesterday’s trade alone.
With yesterday’s recommendation to buy the PPT has paid for itself. No joke.
I post this chart often. Look under about the ppt tag for chart. Dont worry, like i said, i post it often
Ok thanks, good to know Im not crazy. Still working on the various PPT gadgets but that chart sums things up nicely.
Swapped VXX for TYH yesterday nearish the bottom based on that call. Bravo, good chap.
SoCal:
I did a 1 month subscription. I think there is a way you can trade up to a year if you like it at the cheaper yearly price. Leaning towards that but I have time to decide.
The blog you are reading right now really is a free trial in a sense. PPT is more detail on the generalizations he made out here, and you can look specific stuff up.
Thanks Walter that was helpful
Fly,
Will it be fundamental news, shadows at the urinal, or technicals that convince you to toss this new found shit overboard? If fundamental, seems like you would be in these positions a bit longer than a pop-n-drop. If shadows, then staying time is highly random and based on your consumption of coffee. If technical…well, if technical for you then the world is not what it seems. I guess what I am getting at is, I remember in years past where it appeared you were making a quick flip based on bounces, but you continued to hold and add into dick sized profits, while the rest of us took our few k and ran. Is this an instance where a few weeks from now we could be patting you on the back for catching these lows or are you firmly in the camp that we shit-the-shower in the near future?
Let me guess,
“when the voices inside of my head tell me to” translates into “when the PPT registers >3,1” ?
Happy rally to everyone (as long as it may last)!
Interesting, if somewhat intelligible point. If that was the case, then why not buy on the dip to the 2.5 level as is usually the case? It’s not about blindly following the PPT.
Well…,
when the PPT dips into >2.25 regions, up to now, it has always been the sign for an imminent bounce. Maybe a shortlived bounce, like the last one, but a bounce is a bounce that can be at least scalped.
Except for the last reading of 2.22 the PPT always scored >3.0 before a next big dip did happen (but the market can still go up for quite a while before that happening).
So with the extreme reading of 2.04 during the Flash Crash having been followed by a big sharp bounce to the all time high score of 3.2, I pray to the Turkey Gods that they may bless us with an enomous rally to a new PPT-High.
(….Stop-Losses firmly in place though…)
Fuck Yeah MELT UP
I’m BACK BABY
I need about 7 or 8 more of these melt up days and I will be whole again
looking for 3%+ finish on the SPY
hahaha good luck
Fly,
Long time, first time. I signed up for the PPT and look forward to the continued isolation that quality market research/banter brings. What finally convinced me: (1) your pre-market call yesterday based on PPT, (2) the quality tour of the PPT offered by your site, and (3) Walter’s perspective. Sometimes, it takes a little simple outside perspective to get potential subscribers to cross the line. Well done Walter.
you’re killin it man! awesome job.
Alpha
Agreed. We will rally for a few
Tits n’ Ass baby, Tits n’ Ass.
Bot TNA @ 46.08, adding to a position from the low 40s.
EUR/JPY cross still negative today. We need to see that go up to give more confirmation to a developing rally extending today. Still a little early. We’ll see how Europe closes.
Alpha,
Can you elaborate a bit? We need the eur/jpy cross to go up because that would show confidence in the eurozone (borrow jpy, buy eur)?
The EUR/JPY cross is a proxy for the outlook and sentiment on the global capital markets. Worth paying attention to.
Currently it’s at 110.20 – 1.57
Carry trade indicator.
did you keep vix
Out at $35
good man
On a sad note, the EU may be on its way to an eventual breakup down the road, as these “thin-skinned” folks can’t agree on things being proposed by Merkel & Co. Recent downturn in FXI may be starting to tell us that. (Eurozone is about 20% of Chinese export market.)
Dangerous time to be “playing” with money.
Pikers should be in cash and working on a home mortgage re-fi right now.
Do these historical PPT scores go back to the March 2009 lows? It seems like those readings would be even lower or perhaps back to October 2008 when markets were falling off of a cliff.