Aside from gold, the only sectors showing relative strength today are tech and chemicals, led by gains in AAPL, CSCO, FFIV, AMZN, RIMM, HUN, EMN, CE etc. Everything else is bland to down, especially CRE and banks. But so what? My cost basis on TZA is in the high $31’s and VXX in the $23’s. Do not view me as a wounded animal, as most of my assets are held in cash.
I initiated a short position in AEM, not to defeat gold bugs. Stocks ebb and flow. Some of you forget that ranges are never preordained. You have to anticipate them. Fuck your charts. I intend to short 2,000 shares, every point, up to $71.
I am left with a few long positions: FTK, TEVA, C, SHLD and EWZ.
In closing, I will not be surprised to see more of the same, run into the bell. After all, the short sellers are without testicles and the perma-bulls brains. We can call this rally “the one in 7 celebratory rally,” commemorating the fact that 1 in 7 American are now considered “impoverished” (highest level since 1965).
Now that is something to celebrate!
[youtube:http://www.youtube.com/watch?v=s1tAYmMjLdY 616 500] If you enjoy the content at iBankCoin, please follow us on Twitter
FORTY!!!…up high…on the side…down low…too slow
I do that one w. my kids all the time. The little man is quick quick.
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Fly….I’ve got it!
Haven’t you heard? Nobody will buy another PC next year. They will buy 28 million iPads instead.
On that news, HPQ will just buy AAPL for a trillion dollars.
That’s only $1000 a share. I think some analyst has that as his target…
Or this… http://www.youtube.com/watch?v=AeDalRBjyJo
Mac’s are for techie loosers. (A pre-emptive STFU to you Apple loons).
I always tell the story about how we were taking a company public that was owned by one of these proto-typical macho man PE funds. We were in a drafting session and the company counsel had come in with his new Mac Book Pro, while everyone else was around the table w. their mundane PC varietal laptops.
Keep in mind, this lead counsel dude already had a rep among the bankers for being something of a meterosexual with his ventless Italian suits, Zoolander haircuts and Deter-from-Schprokets eyeglasses.
Well, that day, the head partner of the high testosterone PE firm was coming into the conference room just as the lead counsel was lovingly opening up his shiny aluminum-cased big screen Mac Book Pro, smiling smugly to himself….
The PE chief takes one look at the guys ensemble and he stops, and stares for just a long enough time that he knew he had everyone’s attention in the entire room. The lead counsel looks up kind of sheepishly at him and is about to issue some sort of squeaky greeting when the partner puts up his hand, and then kind of non-chalently flips it over so that his index-finger is pointing at the new Mac laptop…
He then deadpans: So, uhm…what the fuck?… are we contemplating a career in fashion and design now?
I think we were on the 28th floor of the building and you probably could have heard the howls of laughter at the street level…
_________________
I have Two Powermacs and Two Mac Laptops all connected to the web via an airport extreme and an iphone. The truth is updates are automatic and I’ve had zero maintenance time with 100% reliability.
My PC’s sit in the closet where they belong. I just don’t have time for the irritating issues that inevitably arrive with PC usage. I leave that to the expensive IT departments of wasteful companies.
Are we contemplating a career in Fashion & Design?
________
Do I get to meet cute models?
Only the male ones.
_____
Your continuous projections have been repeatedly noted.
LOL,
Your Macs are nothing but customized PCs or did you not know that? Other than the 40% margins of course vs HP’s what? 10%
I would comment on the IT budget comment but you obviously have no idea what you are talking about
They just can’t resist…so neither can I.
I have two HP laptops, two Dell laptops and one desktop. I also own a six month old MacBook Pro 15 which I gave away to my little niece cause it is a toy.
The Mac runs zero programs that the business community needs, a majority of the websites are coded for IE (meaning not w3c) meaning half the sites don’t display, buttons don’t work, or the pages crash for web 2.0 applications (like internet banking, etc). It locked up at least once a day with the little spinning rainbow wheel of death. It doesn’t hook up to a projector with out 7 different adapters. They are gay little toys for faggy programmers and A/V nerds.
STFU! http://www.thebestpageintheuniverse.net/c.cgi?u=macs_cant
In the past I had great success with Dell laptops, but switched to an HP after a trading “incident” that was well-chronicled in the PPT. I must admit I have been very happy with the HP laptop.
Cool. Computer nerd bullies. But the tape on your glasses give you away in dark alleys.
touche!
OK in June I called the perfect top for AAPL, it is getting very close to it again, but my analysis is the same and AAPL could be double topping http://ibankcoin.com/king_of_the_pg/2010/06/22/apple-for-my-teacher/
There’s a ramshackle house about three doors down, you might want to check it out.
Ask for “Timmah.”
_____
Jake…lol…..Darn that QE….Timmah I am looking at you….the Govt can’t keep flooding our system with easy money forever…
They can do that AND MORE.
If only we’d elected a Republican president to stem all this Dem Congress bullscheiss.
Sigh.
________
Jake, you do realize that the two party system pretty much divi’s up DC and plays musical chairs until the music stops, right?
Go to the Fly section of the “I’ve abdicated responsibility” camp.
If you think we’d have Obamacare and Barney Frank authored “financial reform” fucking up my bidness of McCain were Pres’dent, then you are an ostrich of outrageous plume.
No Republicans voted for Obamacare. Not one, not even the fuggin RINO’s. Tell me about your fuggin musical chairs.
____________
Both parties spend spend and spend.
You are correct. That must end. They must be severely restricted from the purse strings.
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http://www.youtube.com/user/SchiffReport#p/f/99/Gk5aRIz17fk
That list of longs looks like something the neighbors dog left in my front yard.
it’s down to graveyard stocks.55% cash.
I spit in the face of this market.
I stab it in its face.
I face fuck it !!!! BWAHAHAHAHA
Sweet av.
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I’m thinking about capitulating.
i cant tell you how sick i am of seeing QQQQ go up each and every day. And I know its going to plummet monday, right after my collar expires. And that means i’m going to have to pony up for new protection tomorrow, just to avoid that. I may just close the whole position.
I dont like the taste of owning anything under these conditions.
you have not seen RIMM yet…
I’m thinking about catipulting.
Or maybe Caterpillering some bears.
____
STFU already. You got short like 2 days ago.
Correction is imminent.
HUGE swing in the AAII investor Survey.
A complete flip flop from two weeks ago.
Now that the individual is getting sucked in it is time to get the shorts ready.
http://www.aaii.com/sentimentsurvey
And AEM will fall also (short term at least)..
Fly’s time is close at hand.
say no to crack!
Call me a fag, but I love that song. Oh, and fuck this market.
Fag.
Dow 36K Let them capitu————-whatever the word means. Still long my C4 on margin. BGU, TNA, ERX, FAS, SOXL
When does Wall St – Money Never Sleeps come out again??
September 24th… how can you escape the incessant marketing campaign?
Not if you watch any baseball, that’s for sure.
________
Great song . . . good call.
Now I feel better. If Fly can live with his VXX high 23’s I can live with my VXX 20.15. At least VXX performed better today considering the VIX action today. Maybe I don’t have to slit my wrists after all. Bulltards beware !!!!!
there is always tomnorrow for VXX…
Unless there’s a crash that thing is garbagio.
That’s the whole idea .. a significant market pullback. A return to upper BB for VXX puts it in the 20’s and a simple mean reversion (VWAP) puts it up around 25. It’s shortable & optionable so if it starts moving up we’ll see a nice short squeeze. All my opinion of course but I’ve got $$$ on it.
At this point it’s pure vegas.
The house never loses.
VXX is going down tomorrow. Quadruple witching, etc, people get it wrong. Volatility goes down at options expiration as expiring positions are closed, then they spike up the next week.
I’ll be joining the long vega crowd late tomorrow. The market will gap up in the morning, but will likely have a weak close (although still up).
When the FED says no QE2 next week (because that sh*t isn’t working), Mr. Market will throw a hissy-fit.
Indeud
guess I can live with $17.30 but I didn’t get that TZA as planned today … but, yes there’s always tomorrah.
Im thinking we see -100 on Dow at least once Friday,based on Internals/Profile/Sectors. im 25% allocated in QID at 15.54 average.
http://chart.ly/rjud9f2 http://chart.ly/4y9gw83 –> Everything looks like a textbook blow off top.
But, im preparing a classy exit plan just in case: http://www.youtube.com/watch?v=oabcM9SOF-E
we’re overdue for a Fly cartoon
Where’s my fucking gravatar ?
There the damn thing is BWAHAHAHAHA
tna for tomarrow,,,,
Why is EVERYONE short or out of stocks? Le Fly, Timmy, those loons at ZH, retail. WTF?
Are only pension funds and trading desks long?
Only the robots at this point, hence the zero volume.
rimm,oracle, nos will lift tomarrow,,,imho
Not sure I’d count on that. I’m not going to. RIMM gave back about half the initial after hours spike which I’m sure was probably short covering. And ORCL not really a major market mover. Add today’s performance in large cap tech and it smells of a sell-off tomorrow since da boyz likely generated enough buying interest for them to sell into today. Guess we’ll see.
The OutoftheWoodworks’ers are too bullish for me. I am going short on the Oracle bounce tomorrow. I have reading this blog for years and I just don’t like going in the same direction and these jokers. Back to 10000 we go.
And i have two large testicles that hang low to the ground and a third leg, but enough of the pissing contest. Do you feel alive?
If we see 1140, I will short until a retrace to 1080. Look for bounce, if breaks I will short to the floor and beyond.
if we see 1140.. we will see 1188 🙂
If megaphone top on 60 minute chart of Dow futures holds, then, it won’t be safe to buy the Dow futures until we see under 10350.
oricals conf call, was bullish. just speaking out of the woodwork
Are you a wood mite?
_______
termite
That’s good ol’ Razor,
don’t bet against him.
Occam’s?
Fuck russia. You guys suck
They got me today…got me good. The sapped my spirit and strength, and stole 1% clean from my portfolio.
Worst of all, they got my conviction. Tomorrow I will hedge long and wait for the inevitable test at 1150. I’ll go back to net short then and see what happens.
FIG!
FIG! FIG!
FIG! FIG! FIG!
PPT WINS AGAIN!!!
From next week on – Yep, next week “should” be a down week
Punches to the adams apple
BVN.. now that looks like a miner to short!
Sorry. Macs are much better than pc’s
No need for apologies. PC users calling people fags because they use Mac reminds me of pickup truck lovers complaining about the lack of torque on BMWs.
Sincerely, who gives a shit.
Are we considering a carreer in hair care and design?
_________
PS — you analogy sucks. Try this instead:
PC users calling Mac users fags reminds me of pick up truck drivers decrying the effeminate purr of a Maserati.
You’re welcome.
___________
I was going to put maserati but the new no-edit-feature put an end to it.
It’s a simple concept, if someone can get 40% margins I want to own their stock
If they get 10% or less margins, I want to own their products
SHort AEM is most likely going to sting for a while but if you have the patience, you will see it at 58 or lower in the next few months. Short GFI insted. I’ve lost more money long-ing that cocksucker of a stock than I care to admit in the last few years. Gold could go to $5000 and GFI could uncover a huge new gold reserve in their mine and as soon as gold comes down 50 points, GFI will be down 50% thanks to that child molestor president them aids infected peoples have!
If you going to comment on my writing skills; STFU, I know it already!
Apparently FedEx, an awesome general-market bellweather, doesn’t matter anymore. Collapsing industrial production is of little interest or concern. A housing market that is plummeting, with record foreclosures this month, is so 2008 news. Most people in poverty since 1994? Pshhh thats good for business because its cheap labor.
What matters is how many fucking blackberries you can dish out. New highs tomorrow folks.
Oh, we shaved 4000 unemployment enrollees off the half-million new starts….can’t just dismiss that type of progress.
I will be fishing in canada 2nd half of next week and look forward to going all cash during that time. Hopefully i will return to a market with some clarity the week after.
Canada heap’m big place…sure U can do only half week?
Get some Tim Hortons coffee and doughnuts.
Screw fishing… start panning for nuggets.
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WHy don’t you pay closer attention to UPS instead? It kicks FedEx’s ass, even with the AFSCME help (Teamsters actually) sucking them dry.
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ah jake, this is not so,at least about the teamster part.and yes,if anyone is worth their salt in the transport knowledge,then yes,i would not pay one iota of attention on fed-ex for a bellwheather anything.fed-ex, to ups,is like a beatles copy band,compared to the beatles……………….now, theres a long long story about the evolving of fed ex and their sleeping in bed with the u.s. post office,and how the u.s. post office will not acknowledge ups,or put a box next to theirs at a post office just like fed ex has. anyone,have any of you ever seen a ups box sittin outside a post office like fed ex has. and you wont see one .UPS’S ONLY COMPETITION IS THE U.S.POST OFFICE. so instead of embracing the best company in the usa to help the post office become 100% proficient,they choose to sleep in bed with a company that actually treats their workers as contract employees with a mix of “maybe” a few good union men,and the rest all kinda work for themselves,but actually think they are employed by fed ex. and to this day,with the mentality that most people have about fed ex is all an illusion.fed ex what a phonney of a company..
I was a fed-ex courier for almost a year in my second year of University. I liked it.
Mac haters
My wife loves her Mac.
She, however is a chick and likes flashy things.
_________
Well put.
Correction sir: highest poverty since 1965
Even better for corporate profits…take advantage of desperate slave labor here, pursue revenue growth overseas.
God help you if you work for a US domestic consumer focused company like i do….I need to go long international slave labor driven purveyors of shit, and go short domestic consumer companies. There’s win there.
My guess is minorities comprise the highest percentage of impoverished,
and second is the egregious number of refugee families
finding their way into America.
In two years my school – one of 10 middle schools in Syracuse, N.Y.
went from zero ESL students (English as a Second Language)
to more than 50.
They are from Yemen, Somalia, Burma, Nepal, Guatamala, Iraq.
And they are poor.
By the way, you do know that, in terms of wealth,
hispanics’ and blcks’ wealth is mostly concentrated in home ownership,
which many have lost during the past 3 years.
White wealth is primarily in investments.
Here’s another cherry for the Dem Plantation mastahs.
Blacks get cheated out of their Socialist Security as most drop dead around age 64 (males at least).
Ain’t that a thang? Now I could see them not giving a shit about that in 1933, but in 2010?
Fuck reparations for slavery, howabout fixing that ongoing injustice?
_________
As long as we can keep the democrats onboard with abortion…I’m mean the woman’s right to choose, our job is done.
No coincidence that Planned Parenthood was started by Eugenics’ biggest fan, you mean?
The folks don’t change much, do they?
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and since most are unmarried and nobody collects their $, the damn thing should be solvent in the SOB’s didn’t pool the funds with the General Tax Fund or add people to the system that never contributed …. Long Live Social Security (if they’d just fix it)!
if this many people live in Poverty I have to find out where this town is, it must be rockin’
and 5M without health insurance … so 1 in every 7 people you know or see is either living in poverty or w/o health insurance … YIKES!
Don’t worry, dejected doomers. The moon is alway brightest before the supernova. (for all you Asimov fans).
and anyway, if you want something that’s looking dumpy, there’s SCO. Oil’s out of positives for a while – fixed pipe, GOM restart, winter, (another) wimpy hurricane season, etc… May even bust $70 when the Interglobal FX Trade wars start up in earnest. Who’ll want to watch a recovery when there’s a fight on?
long oil has been the easiest trade available for the last two years….oil doesn’t need anything for a catalyst, all it needs are suckers who “think its overvalued.” They are setting up a new round of dipshits right now before they rip to fucking 80.
no way gold goes up, the market goes up, and oil goes down in any meaningful way.
Yes, but gold up, equities down, oil down won’t surprise me at all. So who’s getting set up at the moment – equity longs or oil shorts? Cash doesn’t have to care, I suppose.
im 100% cash right now.and you are correct i dont care
what makes you so sure?
whats the Interglobal FX Trade wars?
You forget about he plummeting dollar. Earl can be quite sensitive to that action.
_________
That is all.
somethings in the air…
I don’t know what it is…
prepare for sudden reversal… . . .
This was just posted on “Slope of Hope” by Tim Knight:
“I’ve been doing this blog over five years, and in that time I’ve learned that the vast majority of people are good and decent, and the rest of them hang out at IBC.”
Hahaha….seems like he has it out for us!
He is without doubt, the most gigantic douchebag on the internets.
And yes, that includes Blustery Karl.
________
I feel honored.
Fist Bump
The only one with his head in the sand are the lemmings who vote the party line every november, like little bitches. Go save the country captain america, one asshole gop at a time.
Why don’t you go read a Bilderburg conspiracy website for further clues as to the Puppet-masters next moves?
__________
Dollar is currently resting where it is, and can easily make a move higher, especially if Japan continues the kamikaze attacks.
When did Bernanke’s beard start looking all white.
He looks like a Imam now.
I will most likely have no choice but to ban my nightly nuissance, jakegint, by nights end. If it suddenly gets quiet around here, you will know why.
If you get banned does that mean you can’t comment? Or is it complete shutdown? I’ve always wondered.
Your choice, chief. Don’t start if you don’t want it back.
You know this shit is important to me. Maybe I will be cynical someday. I was twenty years ago, that’s for sure.
________
Why?
No heated political discussion, no reason
Let it go
hahaha … it’s about time, though he’s been more deserving on posts from many moons ago than lately
There are levels of banship. In some cases, you cant even access the site. You get redirected to my fav greg solomom video and told to fuck off. In this case, id be kind enough to only restrict commenting.
HA!
I do enjoy the message I get on the iPhone when I hit submit without typing a comment.
“If you don’t have anthing better say… don’t say anything at all”
In case anyone missed the 100th season of the Apprentice, Trump had a good line.
He said, “Wall St guys used to come into my office in shorts and a t-shirts on Fridays several years ago, then the market crashed and they all wear suits and ties again.”
Fuck
Congresswomen elanor holmes norton (D) shakedown…
http://www.youtube.com/watch?v=iYE3uk-eBwQ&
http://www.zerohedge.com/article/rick-santelli-goes-nuts-top-3-rant-protesting-what-else-endless-subsidies-and-fed-meddling
late night laugh as futures are moving north.
I have come to the conclusion that the market has a very good chance of breaking through the upper edge of the trading band this month (10,700 Dow and 1131 S&P), and that significant upside to 11,300 – 11,500 exists.
All my quantitative and technical indicators turned bullish…100%, after Tuesday’s action. However, the last time in recent history that everything went green like this, was April 22, 2010. We all know that the high this year was April 23, so it initially appeared to me that we now might be on the cusp of a repeat of an overbought April top.
However…..
The difference this time was that in April, the NYSE, S&P 500 and the World Stock Bullish Percent readings were at 75% – 80% levels. Currently, those levels are only in the low 50 – 55% range. We may be overbought on a short term basis, but not on an intermediate and long term basis.
FWIW…..
Time to get some shut eye.
All my quantitative and technical indicators turned bullish…100%, after Tuesday’s action
Interesting because Danny’s indicator did that purple thingy again. Last time that happened was about April 22. I still don’t understand this purple stuff, but I know that when it happened in April within two weeks I was damn near shitting myself.
Sorry, April wasn’t the LAST time Danny’s indicator went purple. April was the first time I remember hearing about it. Now when I hear “Purple is back” I get cold shivers and can’t sleep.
S&P is at one of the lowest debt/equity and highest cash/asset levels this year compared to the years of the last decade. We are certainly not overbought on a longer-intermediate term basis. Short term is anyone’s guess.
Any historical data on how the market trades on Yom Kippur, much less one going into the weekend?
Long Gefilte fish and short bagals and a schmear.
wow, you’ve got balls of matzo!
Damn, this is a long thread to read.
Must be the headline “Stoned on Chemicals” that attracted readers and writers.
German DAX just falling out of his bed.
Some possible daytrade shorts at the open: SPY,INTC,SNDK,SMH (especially if TXN keeps fading)(or long SSG-2X chips short) and a good long look at PAAS short.
Gonna wait and watch for a few minutes.
Consumer sentiment out at 9:55 and should be a mover.
sold out tna 43,,,,,