I sold out of half of my VXX position, north of $31.25 and all of my TZA, around $8.20.
I am reducing hedges due to the laws dictated by The PPT. And, I initiated a small position in TNA, mainly for novelty.
Oh, I also sold out of GLDD.
NOTE: This is all extreme levels, over the selected time frame, of The PPT. Any score under 2.26 is considered “OVERSOLD” and above 3.10 is “OVERBOUGHT.” However, whenever it goes below 2.30 or above 3.00, it’s worth paying attention to.
THE FLY IS GOD
da Flea owns this market. 😮
… and he helped Jeremy re-boot the PPT.
What! Another “fluke” jg?
Jeremy is MIA
Hit him with the Taser. Just kidding. Jeremy does great work, but that was most disturbing to see the PPT down when things were getting interesting.
I picked up a small lot of TNA right before the close sub 36.50. Glad to see you were initiating a position as well. I feel much better.
swear!
Oh, oh, oh, it’s magic!….Never believe it’s not so….it’s magic….you know…..never believe it’s not so….
Like magic, POOF, it disappeared.
Merlin’s work , again.
dawgg….your kind of like the Steve McQueen of this here blogsite.
Disappear and come back all super cool and shit! Nice to see you back!
Yeah, my nickname used to be ‘Bullitt’, but now that’s my dog’s name— just like Roy Roger’s dog.
Good on ya, mrkcbill
This has turned into a full blown panic. Really something to see….9% in just a few days.
Ax and tax!
Three cheers for austerity!
You want to see a full blown panic, check out FBP. Down ~47% in about a week. Still the longs believe…
Nice job Dr.
I was a bit early. I need to stop doing that. It just gets me pissed off.
Regardless, the PPT is godly indeud.
laws of the ppt led to a market hybrid score of < 2.0?
im still st bearish considering we broke the magical level. .
Do not question the PPTs “other worldly” ability to nail the OB/OS market phenomenon.
The PPT is based on fundamental market principles mixed with chutzpa and dollops of ambrosia, for flavor.
oh believe me, i have been a follower of the PPT and am a believer of everything it has to offer and i will renew my subscription with time!
Regardless, good information to know so i can make an inference for tomorrow and the future.
thanks Le Fly!
OMG – the PPT went down and for the duration I couldn’t decide whether to buy TZA or TNA!!! I pissed my pants and bought nothing – best trade of my life (as I now reflect looking over my dead body as it lay on the fateful day 1000 years ago).
Have a little TZA Im holding overnight, will prob dump early.
I sold my VXX early today if deference to the PPT. But when we got back to around neutral late in the afternoon my spidey sense started tingling and I decided I didn’t like being hedgeless and TZAed.
My bullish megaphone bottom pattern looks sharper than this lopsided H and S everyone seems to be seeing
And its still intact, barely.
http://i659.photobucket.com/albums/uu317/panamaorange/megaphone2.jpg
Fly,
Any specific reason for selling out of GLDD? The company seems to be holding up relatively well through the downturn. Plus they should see some business due to the spill. Did you sell because of the dredging legislation or another reason?
The Gulf is about to be entirely and irrevocably screwed. News this afternoon says that the BOP now has a 15* list which means the well casing and the cement that supports it is giving way. If the casing goes, I would surmise that the reservoir would be wide open to the ocean floor and would disgorge oil until pressures equalize.
I would also surmise that about 1-2 more weeks of this will create circumstances that would allow a chap to purchase a nice offshore boat very reasonably along the shores of the oil soaked wasteland.
On another note. If the casing does fail and a petroleum based Armageddon hits the Gulf, BP will……I say WILL go to $0.00 and declare bankruptcy. I also believe calls for reduced crude prices are premature at this juncture.
The Kremlin will be dancing in the streets if oil prices go up.
Maybe they’ll make another one of their Navy Fleet rides through the gulf for a little more R&R.
AP report June 25: Venezuela Seizes 11 US Gulf Oil Rigs Off Its Caribbean Coast
The Marxist Chavez Government seized 11 US oil rigs off its Caribbean coast yesterday. The US company said that Venezuela had owed them $100 million for services. Instead of paying the company Chavez seized control of the rigs.
I can think of other administrations who would have sent troops by now to take back the rigs. Somehow this bit of news is lost in all the flotsam and jetsam of recent events. Chavez needs a cruise missile enema.
The Russians already dropped off some nifty toys for Chavez with US acknowledgement and acceptance. Chances are more likely it will be hushed so as not to alert anyone to the trend of nationalizing more stuff.
Better stocks to buy now than gldd
Fly … are you still Long SHLD ?
.
PAH-LEEEZE say you are not !!!
.
…to actually be LONG … uhh … SHLD … here is … well … frankly … INEXPLICABLE !!! imo
Just sayin’ !!!
.
is their an argument to be had in regards to an even more large scale drop? I know that we are we are extremely oversold but dont most large scale drops happen in oversold environments?
are you fuckers all done trying to shake me out yet
Arch, let it be known… even if no one else around here appreciates you… I do.
LOL.
_________
that makes 2 of us
3
4
My man Arch and I are sitting in the FAS mobile, count me in as a fifth. Just got back in today (a bit early). Another buying opp tomorrow.
No worries Arch, ignore the end of times trades… in a few short weeks those banks are gonna crush earning expectations and talk about an improving consumer credit market.
Can you say bank rally coming to neighborhood near you?
let em shake. I just bought more.
im looking at the THE-REAL- FLY twitter thing on my screen and 1 of the guys said this and i quote “Time to reduce hedges and prepare for bounce. it has been twittered; therefore, it shall be so.” #Godisreal
i thought that was funny
Some pretty big buying on weakness in many of the S&P 50 firms today.
CRAAPL and XOM among them….
______
looks like alot of — DO– was moving
Holy hell! Massive deflation in the peanut gallery. Dear God, I had my family’s retirement funds in there! What will I do? What the fuck will I do!?
GXDX went up 5% today per my call yesterday. Giddy up.
Help, Is the screnn the fly keeps posing in his blog on the PPT. I am new and still reading all the forums to better understand, but would really like the graphical screent he fly keeps posting. Can someone point it out on how to find it
Thanks in advance !
Sorry for the spelling errors, next time less Sierra Nevada and more attention to spelling details
Hi Soclair,
If you mean the chart above, it is not in the PPT. Fly just posts it here.
Kenai,
Thanks
FLY is SHLD in your long term port?
Doesn’t seem like your trading it like other stocks you buy and get rid of within a week.
Went long a few names into the close for the first time in three weeks….CSCO, INTC, ARMH, WFR…like the risk/reward that many indices could be making a double bottom if we rally tomorrow…DJIA, RUT, DJTA, DJUA, SMH, BKX, OIH…if we break lower from here, then I bail.
I have faith in the PPT. Tomorrow we will be HIGHER.
This is what is going to happen tomorrow. http://en.wikipedia.org/wiki/File:Theodor_Kittelsen-En_uheldig_bj%C3%B8rnejakt.jpg
The date on the top left of the home page states Thursday, July 1st – Time traveler indeud.
Bought late July Spy calls – Political market, now that Congress signed off on the financial theft bill it should rally tomorrow just in time for the 4th of July celebration. The last thing GOV wants is to have families getting together to discuss how the market is down and we need a change in Nov. over hot dogs and burgers.
If the market ever crashes without recovery, I hope the PPT points in the last correct position – concerned with HFT that we hit a flash crash type event without recovery. I don’t think news will be positive for a long time, perhaps capping the Deep Horizon Well could provide a massive relief rally.
Tonight is PMI’s around the world, tomorrow should chop but main event is Friday….short term we could bounce but major trend is down. Heck, Eur/USD hasn’t even come down to it’s key 1.2134ish level to test support so we have wiggle room. imho.
who’s buying here and what?