I bought 25,000 FAZ @ $15.30 and took 12% of my assets and dumped it, mind you, into VXX, sub $28. The purpose of these trades are not to “make a killing” like some other bearshitters out there, but to protect what I have. With year to date gains now swelled above 34%, I do not need to make a killing anymore, for I have already feasted on the bones of my enemies.
So, taking notice from The PPT aka “motherfucking time machine”, I stepped aside and hedged up. Additionally, I sold out of the OEH that I bought earlier, for a nifty .30 profit.
Just so you know where I am coming from, at the highs of today’s tape, The PPT registered an extreme OVERBOUGHT reading of 3.32. Granted, there have been instances when the reading has been OVERBOUGHT and we proceeded to burn higher. However, more often than not, this shit is razor thin sharp accurate. Plus anyway, the bulk of PPT misreads occurred just before the market took an unprecedented 1 day dump out of 1,000 Dow points. That’ll learn ya for ignorin’ these here internets.
In short, I win again.[youtube:http://www.youtube.com/watch?v=KMa8MH3yo2Y 616 500] If you enjoy the content at iBankCoin, please follow us on Twitter