Although I have not done anything major today, I intend to shake things up a little. The jobs numbers were good, yada, yada, yada. Those numbers were leaked several days ago, if you haven’t figured that out by now. Breadth is good, across the board. However, don’t get complacent and do not trust this market to do whatever the fuck you want it to do. Got it?
For bulls, the worm has turned, sort of. We are rallying pretty hard off the lows and economic data has been great. But, stocks like BUCY are up 18% over the past week. It’s a large position of mine, so I’m not bitching. But come on already!
The only thing that I trust is what I am doing right now. And I know this: if I book some profits today, I will feel good knowing I positioned correctly for this bounce.
My strategy is one of precise timing. When I let go of my longs, I expect the market will pullback, allowing my ever-so-cumbersome VXX appreciate in value. It does not matter if I “make money” in VXX, as long as it trades up from here. My concern is the overall health of the portfolio, not measuring my dick size again a p and l statement.
Without a doubt, I am a seller into this leg of the rally. Proceeds will go to cash.
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The Fly is God.
“economic data has been great.”
LOL compared to what, armageddon?
But seriously, Good work FLY!
Yeah, I think he must have landed his space ship on the wrong planet this week.
I sold a majority of my longs into this rally with the exception of TIE and MIR. Still hold a small piece of ETH and DSW long and a full position of STU short. We will not rally significantly and the economy will not “recover” until risk from the perspective of the CEO and CFO is mitigated. As they see it, fiscal policy is the number one reason holding them back from using excess cash reserves to expand employment, inventory, etc. Once our useless politicians agree on whatever bullshit they decide to pass, that will dictate the confidence of many cautious business leaders.
I purchased enough VXX today to buy a car. Well not a nice car, but maybe an older model. Like a mid 90’s sedan. And it probably would have had to be in an accident or two and have some stains on the seats.
LOL
Did you sniff the stains?
Tim Knight is so stress out this is what he said during phone conversation:
Timmay: Two important questions I’ve been posing to myself. Why not just resort to day-trading? It’s tempting. When I read about nummy having something like 28 profitable days in a row, and Market Sniper having – what was it? – something like 50 – – not to mention day traders not having to worry about overnight gaps, it is horribly tempting to throw all the knowledge I’ve built over the past quarter-century into the shredder and just take that approach. But, simply stated, that just isn’t me, and it’s not my style. There’s a reason I approach the markets the way I do; sometimes it works brilliantly; sometimes it seems foolhardy. Lately, it seems to be more of the latter. But throwing my arms up and completely changing styles just because I’m frustrated doesn’t seem prudent to me, although I’m willing to hear other opinions.
http://evilspeculator.com/?p=17834
VRSN about to break out
Bravo once again, Señor Tropicana
I followed your advice and patiently waited to sell TNA above 40 this morning. Muchas gracias for helping me to make el dinero.
A video of the US Open yesterday when an iBC reader started swearing at a guy over 47.5 years old and wanted to push him down an elevator shaft.
http://www.dailymail.co.uk/news/worldnews/article-1308638/US-Open-2010-Spectator-brawl-interrupted-play-Flushing-Meadows.html
The video is towards the bottom.
Crazy New Yorkers.
That’s some funny chit TC
It has been my experience that people who say “Crazy New Yorkers” are generally, not always, but generally lacking in passion, fail to thrive in the moment and all that shit. Hey, would you have argued like that with the chick in the tank top. She was swinging more than a fist. The kid had the onions, man. Oh well, my boss used to tell me, ‘you just don’t understand’. True gen.
Added to VXX at $19.46
Added FAZ at $13.95
Sold MGM from $9.07 at $9.88. Holding my core.
Fly … what’s your timeframe on UCO ?
What are your thoughts Crude Oil in general ? tia
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Disclosure: I am LONG UCO !!! fwiw
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I do feel a tad gluttonous…ive hardly had a losing day in two weeks.
Going to cash in a bit, soak up my wins in piece this weekend.
peace, even….i miss the old edit function.
Fly, I am with you. New post – Made orgasmic profits and cashing out for most parts!http://ibankcoin.com/king_of_the_pg/2010/09/03/cashing-out/
http://ibankcoin.com/king_of_the_pg/2010/09/03/cashing-out/
linkified