In an amazing twist of events, the markets have reversed from early losses and headed higher, despite the wall of worry. I suppose our markets are unique in that respect. You know, always bucking the trend, throwing out false signals and effectively RAPING all participants. Even still, I remain steadfast in my 50%+ cash position, 15% VXX position and floating fucktarded FAZmobile participation.
To couch my FAZ, so you know, my largest long position is GS. For some reason (maybe it’s the fucking valuation, duh), GS is behaving rather nicely. With 10,000 shares long and a cost basis in the low $151’s, I stand to make a good deal of money, once they settle with the Government vultures.
It’s amazing to me to bear witness to the sheer carnage taking place in BP and RIG. Even more, shares of ATPG are tanking so hard, one would think they were the masterminds behind the fucking leak. Perhaps I just don’t get it and will fall victim to an egregious oil slap to the face. But the numbers don’t add up, dropping ATPG to these levels. Then again, Obama might ban oil and shit, effectively putting us back on the horse and wagon standard.
Shares of AAPL are really leading the charge here and the bears are definitely in a state of shock right now. We were supposed to drop 2% today. Instead, we are melting higher, like a buttery cheese sandwich on a slab of hot tar.
If you enjoy the content at iBankCoin, please follow us on Twitter
Sticking with the TZA. I have a feeling one well placed rain drop will mean the skys falling to most.
Hovering around +4-5% for now
Per my new investment strategy, i went long the Q’s and small caps around 1079 this morning. While i tend to have a bearish outlook, the market can’t just go straight down. We are due a bounce into the mid 11s, and i plan to get short then.
Costanza trading!
‘If every instinct you have is wrong, then the opposite would have to be right.’”
But if that is your instinct then…….
Fly- Are you holding on to your ATPG position? In general, what’s your overall take on oil stocks, are they really cheap here? What’s the alternative to oil (besides the horse & buggy standard) – is the market overreacting? Accumulate NOV, WFT, UPL. What are the shadows near your urinal telling you ?
I cannot buy more or any other oil stock, with my paper loss on ATPG. I sold some on Friday, but still hold most of my position. I will not sell here.
US gas prices are expected to go up to $4 again in the fall. You have some waiting to do.
Middle east, oil leak, Korea are all inflationary time bombs.
And yet, deflationists are promoting outdated scenarios from 1971.
Now that I think about it,this explains why Roubini looks like an extra from “Billy Jack”.
http://www.youtube.com/watch?v=lRnra0KRnDk
Fly, I recommend you watch your shorter-term breadth indicators so you are not caught on the wrong side of these whipsaws.
I also believe the oil spew may be fabricated. A 24/7 live video of the spill point? You know what that does? It turns dumb Americans in dumb eco-warriors. That’s great for pushing eco-legislation designed for international wealth transfers between populations. I’ll stop there for fear of triggering dumb programming.
Move on.
Are you actually giving me financial advice?
Do you have any fucking idea who you are talking to? Last i checked, I was doing just fine, up 30% YTD.
Fuck you very much.
I tend to follow John Lee (Chart Addict), more. He’s averaging more than 100% gains every year now. Sorry to see he’s no longer on your site. I think you should make an effort to get him back. If you are God, he’s the creator of the Matrix that contains God.
I do follow your trades, though, as your ideas also make me money. Thanks for that!
It has been suggested that the oil spill is a hoax put on by pelicans so that they could get a free bath.
I’m sure that you’ve been told this before: you are an idiot.
Damn. Dumb programming got triggered anywayz.
Shorted 1500 of BP @ 42.50 last Friday and just covered around 37.50 – yahoo!
The “Horse and Wagon Standard” would immediately be frowned upon by the opposing forces as now causing a “methane” problem and would impose a “methane” tax on all “horse and wagon” users. The opposing forces would then start up a campaign that we need to get “off” the horse and wagon standard as it is pumping excess methane into the atmosphere and causing additional global warming.
This of course will be the last “energy” conference just before the world explodes in dec. of 2012.
ha,
carry on.
Get your paper
John blogs on chartly now. You can read his stuff there.
In the meantime, please refrain from ever talking to me again.
Thanks
rofl
i’m in GS also avg cost basis 151 .. from the charts it looks like GS is ready to run up to 150-152 and then 156-160… once it hits my target of 160 i’m gonna sell.
fly, what is your price target for GS ?
market is carried around AS ALWAYS by euro , and with low if no volumes .
No target for gs. Too fluid of a situation
Fly- I absolutely love your flexible investing style! Back in ’08, reading your blog saved me tens of thousands in my 401k . I’d love to subscribe to The PPT, but I am not “trading savvy”, don’t understand charts, etc. I have just about $50k to invest (and I hate mutual funds). What would you suggest for a grateful but “poor” internet leach like myself? Love your blog.
You don’t need to understand charts to use the PPT. Try it for a month. You’ll be blown away…
Can I subscribe just for one month?
Yes.
Yes, but you will regret having chucked the extra $20 away, since you will be compelled to stay a year after your month is up.
Listen to me very quietly: The Hybrid Scores by e-mail ALONE are worth the annual sub.
Alone.
_____
Hi genghis-khan– I joined Feb 09 when I knew almost nothing about technical analysis, etc.
Hope you will come join us for at least a month- even if you don’t jump right into trading you will be amazed by how much you learn. The PPT tools are great, Fly is actively posting in there on his trades and research, answering questions etc.- and the community is made up of fun, smart and interesting traders- some of whom are newbie traders- many are very experienced–and there are different trading styles too. Hope to see you there soon! And good for you for being so interested in actively managing your own money. Lindsay
Oh Noooooeeesss!
______
Interesting comparison to past “liquidity rallies”…aka “buttery cheese sandwich on a slab of hot tar”…. http://www.marketwatch.com/story/history-paints-a-bleak-picture-2010-06-01