Firstly, I read the Wall Street Journal every single day. Actually, I read it twice per day. I sift through 100’s of research reports, weekly. And, I read lots of crap posted on the internets, both opinion and news. If you think “reading” doesn’t help one become a better investor, you are fucking retarded. Since when has education, in this case self administered, been a bad thing? See, that’s the problem with you lazy fucking faggots, clinging onto charts. It’s just another excuse to avoid reading and learning.
If you want to learn the business, read the Wall Street Journal every single day, for starters. And, get it out of your head that “all analysts are stupid.” That, in so many ways, is idiotic. First of all, I do not need an analyst to tell me when to buy/sell stocks. However, I need an analyst, greatly, to do tedious data mining, to present facts in a professional format. Without analysts, we’d have a bunch of jackasses, not too much different from the movie Idiocracy, kicking each other in the nuts, whenever XYZ crossed over the “Rubicon Line” of the 200 day moving average.
The Chinese are lying when they say “we will depeg from the U.S. dollar.” It’s like the movie Mars Attacks, when the space pimps addressed congress, in a gesture of peace. Anyway, it doesn’t matter. People want to buy stocks, so they will go up. That’s all that matters and there is no point over thinking this shit.
My PKX is exploding to the upside and my VXX isn’t doing too bad, all things considered.
Into the rally, I like SHLD, SD, FTK and HEAT.
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Ugh, my first time buying vxx past thurs. and i feel like someone took a piping hot slice of pizza and smeared it on my face.
VXX is down 3%. You think that’s bad?
GOOG for the $500 roll
Here, here!
You don’t need to come to the same conclusion as another analyst to still be able to benefit from his legwork.
Great post. Learn or become Irrelevant, and lose a bunch of coin in the process. And thank you for the PPT.
Bought some UWM, SD and HEAT. 50%cash.
just Added some more vxx & tza
Why?
me think he make his decision based on the chart
eggcellent perspective!
“Massive rotting pool of assets on bank balance sheets.”
~Mbearidith Whitney
Im not a huge meredith fan, but , I think this gulf issue could severely hurt XHB. Almost everything within 5 miles of the coast, along the entire gulf, has the potential for a Las Vegas style devaulation. They can’t even get the oil capture rate above 25k barrels a day yet. That’s less than half the current leak rate estimate of 60k. And it doesn’t count all the methane and corexit filling the area.
rupert murdoch? i don’t trust anything that comes out of any of his news networks. surely there has to be a better paper to read fly? IBD?
Avoiding the WSj because of Rupert Murdock is like not looking at charts. Read ’em all, and look at charts too.
Economist
Exactly.
Relying only on charts is like trying to run a marathon on one leg, blindfolded.
Fly, can you remind me of the thesis on SHLD? I mean beyond the fact that the market rallied a bunch and this hasn’t done d!ck. Or perhaps that is the thesis.
FAZ is also holding up relatively strong here. I’m not adjusting my position in the name until I see that the long side has some legitimacy to it.
Exiting VXX long from 24.09 at 24.58
FLY,
Just trying to figure out where you stand…you seemed to think we were going lower and decisively lower based on the extreme high readings on the PPT, but you were only 15% short unless your TZA for your personal accounts increased that percentage?
So was that because you thought it would only be a quick move to the downside, sell your shorts make a quick buck and at still maintain your long positions?
Despite todays move i don’t think we have had a decisive move one way or the other and where is the PPT now?
Friday, June 18, 2010 at 12:57 pm
currently 61% long, 24% cash, 15% VXX/TZA
Friday, June 18, 2010 at 3:18 pm
I will be right about this next move in the market. Bank on it motherfucker.
June 17, 2010 at 4:25 pm
It could settle in around 2.40-2.80 in a market like that. But to see extreme readings, we need a decisive move. Having said that, the 3.20 reading from several days ago still means the next large move is lower.
Thursday, June 17, 2010 at 12:21 pm
In short, I still think we go lower,
Thursday, June 17, 2010 at 10:28 am
I dove into TZA, head first, for my personal accounts.
I don’t read the Wall Street Journal and I never touch an Analyst report. But, I read…I read a lot. I would rather spend my time reading the conf call and SEC’s and looking at Fiinancials instead of random companies each day then reading reports. It’s like watching a movie vs reading a critics take on the movie. I trust my judgement a lot more. It doesn’t take that much time and I like all the small things you find in the calls that may have nothing to do with that company. For reading, give me the actual biz industry stuff anyday. I read a lot of international papers online. I read every major econ report that comes out, not the press take of it……When I pick up WSJ or Analsyst reports I normally get fustrated because I have already “Seen the Movie” and I am going omg this critic got it so wrong. But that is just me. For the market, I have such a hard time with the “retarded phase” of all this. Fly has a great handle on it…that is why I joined PPT and was watching for anything that can help me with people buying on hope. In the end I may suck at all this….but I don’t care…I enjoy it more then Kobe loves playing Basketball or Monet Painting…not sure why, but I truly do…..yeah, China is playing Mars Attacks….
This weekend I was reading Woody Dorsey’s take on the “hope” part..ie Retarded part of the market…has anyone ever followed his stuff?
Nope. That’s why we follow you.
Kreizi…thanks, fly is so much better to follow of course. Anyway, Terry Laundry, who I sort of see as Rainman, and I LOVE to follow mentioned him. Dorsey mixes Fundies, Tech and Behavorial…and it’s the behavorial part that I am so bad at. He does a monthly newsletter each month talking about what he is seeing. His Slangterms are really wild, so if you have a problem with “Nymph Speak” he will drive you crazy with his nicknames, etc. He indicated in the start of June that we could rally for a couple of weeks with a pop June 18-24 and then into the “Summer Bummer” as he calls it. He has a book on the subject of what he is looking at. He doesn’t look at price so much but about 100 key factors to judge how the investors are feeling…
By following both you and Fly I get a better perspective, trying to figure out how market works. I’ve added that guy’s book on my AMZN wish list–will look into it later. Recently I’ve been hearing more and more of this behavioral stuff, and now I stumble upon it in your post–worth considering. To me it’s sort of an emerging pattern that fundamentals and technicals alone are not enough. My short experience on the market tells me that it’s as emotional as rational, especialy because valuations are based on expectations, which are partly feelings-driven.
I hope you’re not paying to read that WSJ – just read them for free on the Internet.
Is $103 too much for a sub? WTF? I guess I missed the scarcasm [sic]. Indeud! 🙂
So what’s the price you won’t pay? I think its worthless propaganda.
It’s no different than thinking CNBC is giving you “exclusive” breaking news.
Trying to do it all yourself is like trying to do science yourself. You’ll certainly learn some stuff, but you’ll waste your time doing things that others have, or that others do much better than you. Regardless of how much you enjoy it. I’d much rather spend my time improving the things that I do well, and learn from others (analysts, etc.) rather than trying to do it all myself.
The other benefit I get is I can disagree with the analysis. It gives me something to push back against and be contrary to. I find it very hard to be contrary to myself. Doing this just sharpens my outlook. I can then focus my time on figuring out if something is being adequately discounted in the market, and position accordingly.
WSJ has gone downhill big time. Spend more time with the FT and less with the WSJ. I read both every morning.
I read ft too
I subscribe to wsj and i buy my music via itunes. I am one of those people who like to pay people for quality service.
No leeching here.
I think what you are saying that charts and stuff are good to read, but you need a certain amount of human instinct as well.
I am 15% short, not exactly overweight. I will sell longs into strength
China is playing mars attacks lmao… Fucking classic
takn profits on my FAS @24.74 going to eat a sandwich
With all due respecto, you contradicted yourself. I agree with working hard but i disagree that technicians are lazy. And appearently, all your hard reading is useless at the end of the day because as you said, “people want to buy stocks so they will go up” or whatever. Did the WSJ lay down that knowledge?
I lost some of the unwaivering awe i held for you after reading that stupid post.