For most, fear morphs into foam mouthed optimism, and then greed, in a matter of minutes. The recent decline in equities brutally punished retail, and to a large degree institutional investors. Just one month ago, you fuckers were writing blogs and tweeting me about “how awesomely wrong Fly is for being long TLT and VXX, like OMG.” You fucking pussified bitches couldn’t trade your way out of a Chinese turtle market. Do you really need to embarrass yourselves here, on this masonic crown jewel, better known to the proletariat as iBankCoin?
My point is this: too many people, including that fat fuck from Fast Money (BEEKER or some shit) have been bearish on stocks, as if the world was about to end, AGAIN. I just like to fade stuff like that, since the crowd is often wrong.
As for today’s tape: too much momo to the upside. I’d be shocked to the point of castration if we gave back more than 30% of today’s gains. I can see a little give back, but not much. My guess, we close at the highs of the day, AND MORE.
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Indeud sir.
f’real son, you are correct sir. good to see you back on the bull side, (aka right side).
allright i will get in ..just because i cant sit here and watch this without being a participant…and of course i will nibble on fas @ 21.69…been a while a little rusty with this one
Breaking out of the flag…
Ppt freebie
Pcp is flagged as oversold
kinda poppin today
Fly…Do you still own some “ATPG” ? It’s up about 10% today and kind of a flag thing developing.
Cheers
I don’t think we’ll close at the high of the day. Market leaders are flat in this “rally”.
oops .. you may have spoken a tad too soon, Kemo Sabe
or not … 2 hours + to go
Not touching this market till it gets out from under it’s downtrend line
A real capture of the 200 is an even better sign but I may take a few small positions before that assuming breakouts start holding AND the market just genenerally stops being gay
I’m so with you TA. I went with the TNA (nice call fly, thanks!), and decided to take most of it off the table at just under 1080. Meanwhile, I’ll watch on the sidelines with you and ChessNwine…
Me too!
Watching for something more decisive!
The Drillers – Any views on the massacre in oil, particurlarly the drillers? Someone posted an extensive piece in the peanut gallery the other day about buying Anadarko (APC) at $45 – it’s at $40 today. Are these going to $0 or is that number reserved for BP & RIG?
Also, anyone follow Boston Scientific here (healthcare – they make stents for the heart)? That stock is trading near $5 – comments?
been watching the drillers for a bargain myself ….
Yesterday GS downgraded ATW due to falling day rates for deep water drillers …. hmmmmm
From “The Fool” and looking for confirmation via ATW reports:
“Much of the fallout from the Gulf spill will likely take place in the U.S. But where is Atwood? Well, its Atwood Eagle rig is in Australia, doing work for Chevron (NYSE: CVX). The Atwood Hunter is in Ghana, drilling for Kosmos Energy. And the Atwood Falcon is in the Philippines, under a contract with Shell. The rest of Atwood’s rigs continue that global focus. Atwood’s Richmond drill is the only one currently working the U.S., and that’s not even a deepwater drill.”
Maybe GS is looking to accumulate (???) with a PE of 6 based on 2010 earnings of $4!
Holding out for $21 with downside risk to $19 should make for good risk/reward buy …
At what price is BP so hated that it becomes a buy? Anyone?
$0.00
you really believe it will go to zero?
Yes.
$0.01? Where it stops, nobody knows. (But remember, I’m just a dumas.)
I don’t want to touch that stock (long) for maybe 3-6 months. Not as long as these type of stories keep coming:
http://www.usatoday.com/tech/science/environment/2010-06-09-1Aoilhowbad09_CV_N.htm
It will be interesting to watch it in the ppt though; to see how the ppt works on it.
Not until they cut their dividend and that still doesn’t discount the possibility of a Texaco like bankruptcy filing to save their ass while trying to avoid liquidation to pay pollution claims.
Texaco=BP …. Pennzoil=US Gov
http://www.nytimes.com/1988/03/19/business/texaco-appears-close-to-ending-bankruptcy.html?pagewanted=1
Oil to 200
The Decline Has Only Just Begun
Fixed.
Sorry.
This means buy.
I fade myself often.
“Poof” There goes your bullshit rally.
New lows coming the days ahead.
Stay hedged…..
Look to the leaders to the direction of the markets…aapl, goog, bidu
I have killed all healthcare stocks with my coyness.
Come on bearshitters, get some REAL conviction. If you’re not willing to suck your own cock if you’re wrong, GTFO.
How little patience some of you have. Geez.
These TradeBot computers are making me crazy. Just like these pretzels are making me thirsty.
GOT YOU FLY
LMAO
Well, we have 1.5 hours to go yet.
patience
Does anyone have an opinion on TIVO or IMAX? They are down today in this up market, and I am thinking of jumping in. I also just bought these new cufflinks. They are quite radical in design (wheelchairs with spinning wheels) and most assuredly not gay.
IMAX is good because 3d is taking off. TIVO is bad (because it could become irrelevant.)
Thanks, I agree on IMAX. That 3D is the bees knees. Also taking a gander at PEIX. Thoughts?
Rome was not built over tea and biscuits. Patience, small plebs.
three times a charm.. oil is headed to 78.40 and will bring the market with it. long @ 71.
GS sux.
I would rather play a shell game in the Hood in NYC than play this stock market game.
BP is the pea.
What did I say last week about capping the oil spill and then the rally will begin? They didn’t cap it because they can’t, so they are “gathering” the oil, which to them means the same thing. The idiot masses won’t know the difference!
They create and proclaim “volatility” which sends investors into cash and bonds. Then they bring the market back from the edge of the black void and proclaim the economy is recovering. All the while they bash gold and silver at every critical technical juncture.
I see their plan and I don’t like it. The masses are being corralled into cash and bonds. Perfect lemmings for a **BANK HOLIDAY**!!!!!!
The sell off begins!!
The PPT never lies. Patience. Keep your ADD in check.
Promoting FaLSe hope of a weaker DolLaR in the future is a crEEPy thing to do and WiLL only TIE others up in a one dimensional strategy.
Awesome bullish action today, reversed hammer just above the bottom.
fly…what’s a murderhole feel like?
… I’d be shocked to the point of castration if we gave back more than 30% of today’s gains…
—
OUCH … that’s gonna hurt !
.
Looks like wave2 topped at 1078 and wave3 is underway … looking for 1028 downside then wave4 50% retracement to 1053 followed by final wave5 bottom at 1018 … then get ready to party
http://ibankcoin.com/flyblog/2010/06/09/closers-dont-trade-openings/#comment-162633
no worries with 1050 first?
we’re in the final stages of Primary Wave2 down via minor waves (Primary-Major-Intermediate-Minor-Minute) ….. Minor wave3 should have the greatest downside of the three waves down in this minor wave leg down. We could get an extended wave taking out my 1018 prediction but for now I’m going with that for a bottom.
We could get a set (5) of minute waves around 1040-1050 but I don’t see that support holding. We will test 1050 with minor wave4 up but get rejected initially and hence my wave5 low at 1018.