I have a stock down 28% today: MLNX (“it’s a great little company” -fucking asshole). I do not own a large stake in said company, but own it nonetheless. I had a shit load of TZA for my personal accounts and loads of VXX to hedge off my longs in others. I got caught in a spastic short squeeze, all due to a brief piss in the wind decline, led by the beard of Ben Bernanke. Please let that information sink in for a moment, before you continue reading.
Sure, my personal accounts can withstand a one off event and the MLNX/VXX rolling disaster will not do long term damage to my accounts, as they are minority positions. The MLNX was a 2% position and VXX is 20%: the rest is all long a bunch of bullshit going higher this morning. But this is bad, as I have effectively emptied out a fucking clip of 100% stupid on my own face! Can you appreciate that?
Going into the close of trading yesterday, I was scared to buy stocks, like a small girl caught up in between a grenade fight. I should have thrown on a dress and ran out into the streets crying, instead of disgracing myself with cautionary tales. So here I am today, with the market up 190, punching holes in the fucking sheet rock. What should I do now? Can I do something, anything to escape the stupid box I find myself defecating in?
First thing I did was sell TZA. I don’t need to look at that shit. Second order of business: I bought a man-sized position in TSO, adding to yesterday’s starter. As for VXX: there is nothing worth doing right now, but sit and watch that fucker shoot grape at me. I have no choice but to buy more lower.
And to think, I could have avoided this whole ordeal, if I had just followed the laws of The PPT. Instead, I find myself shoveling shit out of my space rocket.
SIDE, motherfucking, NOTE: I sold out of 10,000 STI personal yesterday too. That’s just a side, motherfucking, note.
UPDATE: I sold out of FLS and bought some BAC.
UPDATE: I bought EMN.
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Taken anyway.
Long, short, wtf is it market?
Short squeeze. Great short set up. The weak shorts should be stopped out in 3 – 2 – 1points. Like 1097
Is there some kind of law that requires that idiot infobots snigger at Ron Paul and cut off the only interesting Bernanke questioner????????????????????
Ron Paul is perfectly capable of making himself look bad, by appearing on the alex jones show every week
http://thunderpigblog.blogspot.com/2010/05/shouting-competition-alex-jones-vs-goat.html
Should I assume that, because you post on IBC, you agree with everything that Fly et al have said or will say?
No, but you’d have to agree that certain venues lead to a decreased level of credibility.
Like appearing on my blog, for example.
Seriously, Paul’s ideas are too serious to allow himself to get even remotely tainted by the Illuminati-Bilderberg 911-Truther wacko set.
______
I agree, Ron Paul has allowed himself to be affiliated with people such as Alex Jones who are intended to lead the “resistance” to the international central bankers while at the same time turning off a good number of educated people to the movement, due to the Jones-style over-the-top death graphics and hyperinflated news style. Perfect psy-op artistry. Control the resistance and limit its potential, by leading the resistance.
http://noolmusic.com/youtube_live/ron_paul_versus_george_stephanopoulos.php
Check out this video of Ron Paul vs. George Stephanopolous as a demonstration of what I am talking about.
Paul has good ideas and he’s very educated about the economy. He is allowed to represent the opposition because he’s a poor speaker and an easy media target — he looks like a quirky, awkward and confused old man when he speaks.
Notice that Mike Badnarik (leading 2004 Libertarian candidate) believes the same stuff, he’s far more charismatic and educated, he could rip the ass off any leading public speaker today, and therefore he is intentionally intimidated into not leading the resistance.
is intentionally intimidated into leading the resistance. absofuckinglutely. for the same reason why cuntface nancy pelosi call “us” nazi’s…………………….yea
PCLN having a pretty good morning.
How about Barney Frank? Instead of asking questions he starts off with a 5 minute rant. Then the first Republican begins with, “Mr. Bernanke, I thank you for answering the Chairman’s questions…” No questions from Frank until some Dem. Congresswoman later gives him her time.
When I first read this, I thought it said.. No qustions from Fran until some Dem. Congresswoman later gives him OR her time. LMAO!!
PAY ATTENTION
HuggieBear just went LONG a TRUCKLOAD of September SPY puts at 107
I’m loving this shit so very much
LOL
I disagree with that move Huggie, but that’s just me.
Fly, one thing I really like about you,
is that you MAN UP when you miss a move.
You’re still the ball though.
Here’s the thing, I was short yesterday pre-bernanke. I went long post-bernanke. I cleaned up this morning.
Now i’m banking that we don’t break through the 200….if we do, I’ll close this PUT position. If we don’t, I will be further raping and pillaging.
Its a bit of a gamble but I can afford it after playing it just right over the last two days.
There goes “butane boy” again, playing with lit matches.
_______
Indeud. I’m seeing a lot of that lately.
Fair enough….i reduced my S&P puts position by 2/3. Going to wait till overbought to really load up.
Also, my strategy has been pretty conservative lately….im just trying to outperform the indexes a bit now, which is workign out so far.
Some days I miss the market.
Are you sure it was sheet rock? I had a builder tell me that all of our homes were built with a new product called Chinese Drywall. Looks great but kind of smells funny.
No idea if you trade currency or not…Yen is barely moving against US….fuck the euro move…all based on rumors from stress test nonsense
There are moves here after the smoke clears as most pairs have been in a range (daily)…it will be easy pickens soon enough
Fly, you’ve been playing stupid mind games with yourself since the “ALL IN” debacle. This much is obvious. The results are such.
I have traded nothing in over a month because this market has been death to anyone not daytrading.
We now have a new gap to fill which will happen soon enough.
TA,
That’s what I was doing until I joined the Power Dip system. Woods system is perfect for these times. It works best in volatility. Right now I’m killing it with the Power Dip. And when times change, I will be able to put my TA game back into play.
Think about it. I’ve been trading the system for a little less than three weeks and I’ve already banked enough coin to pay for approximately 15 years of the subscription.
Not trying to pump Wood’s system, but I had always been trying to find a way to trade in any market and I think by combining Wood’s system with my old approach which works great in more trending markets, I’m come pretty close to finding a way to do that.
Now who knows maybe I’ve just been lucky, but I don’t think so.
Just thought you might like to hear this cause as I read your previous post, I’ve noted that you’d been playing it a lot like I had.
Relying on your PPT score, and if PPT does not get above 2.7
VXX might drop to 19 again.
and TNA might get to 42.
The only thing better than or equal to outright winship is manning up when shit goes pear shaped. Only people making coin this last week are skittish daytraders with the attention spans of gnats…where am I?!
All hail the PPT
Eh, it happens.
Sometimes its not meant to be more then just a slumber party, TA
“Take trades, and book them”
The fuckery!!
Fly, so which dress were you going to wear? gots any photos?
…is there an anesthesiologist in the house ???
.
we are starting to pile into yen crosses…many at range resistance
cad/jpy short so far
Flipped out of my shorts quicker then you can say SQUEEZE!
Now I probably get my dorsal cut off while slicing carrots on the kitchen table.
ahhhh dont worry,cause your already thinking about who’s tits your gonna rip……..
check the dress code.
30 year bond Volume profile support at 128. Euro still hitting 4 days of resistance, while dollar on 4 days Volume support http://chart.ly/95hks7
No matter how bullish equity traders become here, related markets arent buying the hype.
The market will be higher in fall, but, i doubt were blasting off in a straight line.JJC Copper has lost its damned mind here.
I am suddenly murdering this market.
Where is it going next? Will we break 1100? Probably.
Is the market overbought yet? What’s the PPT at? It must be approaching 3.0 if not over yet.
yes, I am sufficiently satisfied that the ppt probably represents the best and most consistent market timing device that I am just going to bet with it. It worked last week… while the reading was never “overbought”, several times in history closes just over 3 marked short-term tops, followed by modest corrections (like all last fall).
And as far as I am aware, the oversold reading has never failed to lead to higher prices
Da Flea is da Man in da victory or da-feet!
Carry on. 8)
I also wonder if the PPT might telegraph longer term market trends… it read “oversold” for hte first time at 1040ish during the early July meelee, and read and closed on oversold at a much higher level on the S&P this last time. That same pattern has been somewhat observable in the past during market uptrends: the oversold readings come at higher levels each time they are observed.
what is truly weird is that I just put that stock on my watchlist!!!
64% of Americans believing economy has not hit bottom yet, portends a run up into the weekend.
honesty. it’s why i read this blog and subscribe to the service. thx fly.
Here is my take, as I said in my low scoring analysis of this week, today we would be testing either our support 1054ish/1028ish level or support 1097 but I don’t think it will succeed…http://www.ibankcoin.com/peanut_gallery/index.php/2010/07/19/nymph%e2%80%99s-look-at-next-week%e2%80%a6hold-that-line-team-hold-that-line/ . Last night we had great PMI data from the giddy Purchasing managers in europe and a beat in UK retail sales..but Canada retail missed today…..but, what I think is the biggest Nuts in a Squeeze is China, last night the Shanghai Comp closed over it’s 50 day MA on daily chart…Spot Ore in China and India popped at the highest one day move I have seen….bdi is up a small bit, but not like the Ore Prices….gossip on actual demand is saying it’s not really out there…………….SO MY TAKE, this week China had their Stupid Oil Slick and closed one of their MAJOR PORTS over it, and ended up closing it for a few days, ships are still piled up………. and China Govt announced they were going to give out Mo Money for Green Stuff, ie solar, nuclear…and thus all the 2009 “Dealers” are all hot again…Death Cross being breached, Ore supplies in jeopardy…the question becomes is whether everyone will go back into the Matrix in China and pile in money into their markets after taking such a hard hit? Well, if 1097 today is taken out clean by the pros today in the last hour I guess its party 2009…..YET, no real demand…I wonder w/ the heck of the pop in Ore who is going to buy it up tomorrow…oh, oh the spec dealers…..we will see.
I mean resistance 1097…
This title will stay up until closing post. I will live in shame until then.
Yesterday you wrote:
As for Ben’s comments: WAY OVER BLOWN. Who cares what he says?
I agreed so on closing I went long AAPL and FAS with zero hedge.
Stick with your first instinct. you had it right.
Im cashing out.
Thanks
Cheer up Neighbor. Come on over later and we will watch Oprah and then play some some Pac Man.
I have some National Bohemian (Natty Boh) beer, your favorite.
I wish you were MY neighbor!
http://www.goes.noaa.gov/HURRLOOPS/huwvloop.html
I sold my position in STI yesterday also, due to the sell-off in the last part of the day. I was congratulating myself on minimizing my losses. Now it’s up 9% today. Motherfucker.
Decided not to chase this run up. I always get burned when I do that. Too late. Will wait for the next cycle.
Also sold my STI calls.
Live and learn.
Not sure I learned anything except that the market is quite unpredictable when the technical indicators are not lining up correctly. I already knew that one, though. Trusted Mr. Fly and sometimes I get burned doing that, but not often.
Take a look at the low print yesterday on STI.
Yep! That’s my fucking sell!
Thanks for the news Fly, you are the first site I read in the morning and I just woke up here on the West coast.
Yesterday and the day before at lows I bought SPY calls expiring tomorrow. because B.B. is talking and your PPT system showed an oversold market last Thursday. I am 90% cash, 10% calls which is equally a shame on the house of Apocalypse, but I will gladly take the winnings based on my superior judgment that we are in a political market. Also go long when Obama plans a major speech, they don’t like the market down during these major televised events and it might even be financial warfare between countries (credibility). I am sure whatever B.B. said yesterday that the market did not like, he will sound more optimistic today.
Sold TNA at $40. On the calls, unfortunately I put in a sell order that filled and only doubled my money and left a huge amount on the table as the market filled my order and then just kept climbing. Note to self, do not leave buy/sell orders in place overnight on options.
You are much funnier when you lose money. Make sure to lose more often for us readers’ amusement.
Sure. Can you imagine how funny I’d be if I lost ALL OF MY MONEY? Wow.
Another Henny Youngman.
hey, shouldnt steve the neighbor be holding that scalpel, he looks more like the moil. get me a shmear nurse! quickly
I don’t buy any of this…
Just ask your realtor to tell you truth about the market…
Your realtor wouldn’t know anything about the stock market. The RE market might matter to the stock market at some points, but it is not consistent. There is a disconnect at times between the stock market and the economy as a whole also.
I have to disagree
XLF has never decoupled upwards away from IYR or XHB. Banks will be tied to real estate values permanently. its still their main industry. You cant fund a business on overdraft fees alone. If the market decouples upwards from real estate, what industry would it be riding on? smartphone sales?
I think housing will stabilize here–but only through sheer chinese/US/european denail and manipulation. V bottom is doubtful.
U R talking long term. I am talking shorter term. The market eventually becomes rational, but, as the saying goes, it “can stay irrational longer than U can stay solvent.”
or the local handyman thats been in the same community for 17 yrs.
Time will tell.
Seems like everyone is selling into this rally and the volume is drying up. I doubt we close on the highs of the day, we give up at least 80 points by the end of the day.
We close on the highs today. Watch and learn.
So far so good Yogi. I bought calls and sold puts on the positions I sold out of today so I can play the upside and rebuy them at where I like them just for a couple bucks and still sit on my cash.