I’ve come to embrace this melt-up and now find myself rooting against myself. Life simply isn’t fulfilling without NFLX, FFIV, CRM, CMG and AMZN trading higher. I want the highest prices possible, for all stocks, particularly those with PE ratios north of 40. If you find yourself catching pinless hand grenades inside of a murderhole, resurrect yourself and transform into an asshole dip buyer. It’s pretty simple. Join the party and piss on those who think the market is expensive.
With the Bearded Clam on your side, you can’t lose. No point in “fighting the Fed,” while there are plenty of easier fuckers to fight.
Looking at today’s tape, I see nothing but green pastures, littered with daises and lavender. For some oddball reason, banks are trading down this morning. However, from what I gather, banks are no long used in America. Therefore, the market can go up without them.
Haters drinking haterade.
In closing, life is all about HPQ ripping out your long position at a 55% premium. Don’t hate the player; hate the game.
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haters gonna hate.
Lovers gonna love,
I don’t want, none of the above,
I want to piss on you (the market that is).
Semper fidelis!
Haterade – it’s not just for breakfast anymore….
And neither is Green Mountain coffee.
lol
Did you happen to catch that beachcombover pirate Rendell on the teevee this morning? He is such a fuck. The one line he said was atrocious. When questioned what he’d do when his “public service” is over he responded that he’d like to be on tv and talk about iPads and his bowel movements like those two baby teeth losers on Squawk Box. He also said, get this, that he’d like to “get a taste of what real money is like.” (quote is close but not exact, actually). What current public official says this type of shit while still in office? Gotta love politicians, everything is a sob story.
Rendell is– literally — a gangster from the old stripe. Like that Mayor in the new Atlantic City HBO series played by Mr. Pink?
That’s Rendell, no shit.
________
MR. Pink LOL
‘stocks are never too high to begin buying or too low to begin selling’ – Jesse Livermore
makes me head spin…
aaah nothing beats a livermore quote. meaningful yet meaningless at the same time. the guy knew how to get on the win-win side.
You know one of Jesse’s BIGGEST screw ups is that he tried shorting the 1928 melt up all the way up and COVERED and went long just before the 1929 crash…I think about that all the time…his method saw the problems, yet he gave into the masses………………………………………. for today, .Europe banks down too, so just the carry thru…..Europe banks just ugly……Per Jamie at live, it was just ONE BIG buyer that was pushing up the Eur/USD into our daily fixing period that is giving imho this rally attempt right now…btw fwiw eur/usd last night hit high around these levels before pull back
Your only path to salvation is to root for yourself to lose. That way you win either way.
lol…
posters are on a roll today. keep em going.
i’m bored watching 1 min charts of TZA slowly eroding my zeeco account…
exchange that for VXX, the erosion gets significantly more exciting.
seems the top must be close
BLASPHEMY
I see SMH losing some momo here.
It’s the Haterade talking.
“economy is so bad, Gordon Gekko switched to Geico” – but it does not matter 😉
Now you are talkin my language!
NEVER doubt the power of the Bearded Clamfucker. He will blow bubbles to the sky forever and ever. We are going back to 1999 PE ratios north of 1000 for tech stocks. Bubble nirvana is here. Long live the Bearded Clamfucker, manipulator of markets, blower of bubbles, murderer of bears, and benefactor of billionaire speculators!
What about that Godzilla sized position in GMCR you are buying today?
Watching for the possibility of $$ going from Tech to financials now.
“If you find yourself catching pinless hand grenades inside of a murderhole, resurrect yourself and transform into an asshole dip buyer.”
THIS !
I see what you’re doing. A little reverse pychology. Brilliant!
I find myself yanking nose hairs.
boom! ouch that hurt!
Stepping off here. Going to see about a sandwich.
Pastrami on rye with extra dijon?
This is the greatest Melt-Up ever!… NDX has gone 20 straight trading days without seeing it’s 2 day RSI dip below 50. That breaks the old record of 18 straight from November of 1999. It’s like 1999 on steroids now. The power of the Bearded Clam’s money printing is awesome. It is great how Bearded Clam policy is going to further enrich billionaires like Tepper, while the average Main St. schmuck will get stuck with skyrocketing food and energy prices and watch the purchasing power of his Dollar plummet. It’s like reverse Robin Hood. Bravo Bearded Clam!
dont you believe in trickle down economics? don’t you know the rich will invest back into the economy and supply the blue and white collars with jobs? the rich getting richer can only be good for everybody.
Absolutely, and I believe in Magical Flying Unicorns also.
If you know its a game, play the game to win. Don’t play the game how you think you will win but play it how you think they want you to play it to win. Then do the reverse, you know, the Costanza way. WTF, I just confused myself, except for the 1st part.
Go XLF and KRE (regional bank etf)
Looks like they MAY have hit bottom and $$ flows going into financial snow.
Don’t listen to the talking heads on CNBC
Agreud … added some MS
Caution — Banks are likely to go “El Consolidato” towards Turkey Time.
Don’t be standing in front of them when that herd gets spooked.
Off to the East Coast.
________
Can you break that down for a Country Boy?
yes, translation= “come november, stay away from birds, big or small, eat beef.”
BOH, the Bank of Obama Himself, is interesting here. Unemployment in HI is 6.3% (July #) compared to >9% average in the US and housing prices have stabilized somewhat there. If the Fed purchases more MBS, of which BOH owns a substantial amount, gains can be booked. Also, as a result of increased pre-payments BOH is able to book interest income faster while suffering from weak consumer demand and lower loan balances. They have $350M on balance at the FRB as excess reserves and the mgmt recently discussed deploying capital. On my watchlist.
now that the fly has got on board long, the turn can’t be far now. but what do I know. the clam has his own plan.
Just pulled out an old Internet research report written in Nov 1999 and you won’t believe the P/Es…Just to name a few…And these are forward year earnings (2000) P/Es. JDSU – 125, CSCO – 80, BRCM – 158, TLAB – 44, AOL – 217, YHOO – 321, EBAY – 453, NSOL – 139, ATHM – 314, LU – 48, EMC – 62. And most of the highest flyers didn’t have P/Es because of no material earnings – CMGI, PCLN, AMZN, DCLK, VERT. So we can go higher.
at that time we were in a tremendous period of growth, earnings were irrelevant.
And your crystal ball says we won’t be in a tremendous growth period ahead? Then by all means you should be shorting the helll out of the market.
not at the start of it.
Splt adjusted I had JDSU @ 40 bucks rode it to 155.. then poof
You forgot Furniture.com. Selling furniture online. Free shipping. No kidding.
Oh, I left alot out that would bring back memories…WebVan, Etoys, Lycos, MP3.com, Beyond.com, Talkcity, Ariba, ICGE…everything but Crap.com – which they were.
doctorcoop.com … the beard made it legit…
Mr. Fly
That Russian dude nailed it on AEM by going long when you went short,
it looks like 72 level in progress, wow.
If you want to make coin do not read Fly’s blog. Look at RC, Jake, etc. Fly is in kind of denial state right now.
Yeah, the dot com bubble ended well. That was around 5,000 nasdaq, right?
Yes but as Greenspan said in ’96 or so the market was exhibiting “Irrational exuberance”
It didn’t end until the last sucker retail customer was margined and day trading in their boxer shorts smoking cigars.
And if one wasn’t in it for the last few years $$ were lost.
The retail person hasn’t even put $$ in this market yet.
If anything, the retail person is buying gold and I believe the gold stocks have been under distribution for the last few weeks. This is where the slaughter will take place.
like you mention, retail investor is in cash this time around. so who’s making this go higher?
Bots and Decepticons.
I think more money was made from the long side then the short side?
And now we have these P/Es – CSCO – 13, EMC – 15, JNPR – 20…and a 10-yr bond yielding 2.5% versus 6.4% which should increase P/E multiples and make stocks more attractive. Next key will be how earnings are received, although it will be very tough for many names to see a pop immediately after their earnings given the run they have already had.
I agree with bubo.
10 step program?
Caddy
Giddy up!!
how is gmcr on the ppt.
WTF. I went away for the morning. I come back and the market is DOWN? What is up with that, I expect 40 daily!
Good to see Fly is finally getting it with this melt-up at least. Keep cheering for it to go up, and it will continue.
you will get… no worries.
it’s a bull market after all.
Today is screw with the hedgie guys day – TZA down 1.1%, yet Rut is only up 0.27%…some hedge.
That is what daily rebalacing does to it. – 3x are cancer.
Welcome to decay.
IF you use the NAV of both at the close instead of clsing prices you will find that the tracking is nearly exact. I have done. IT’s merely percentage errors from rounding 4 different numbers in sligthly different directions.
In the past month IWM +10.14% , TZA -28.76% Not bad decay for an entire month…. not even a full 3x. (Google Finance numbers) Granted this may change, but it is not quite as toxic as many think.
Shorted AEM at 71.00 today for a daytrade – covered at 70.30 – Thanks Fly
First 30 minutes of trading: Amateur hour. Buy Oversold Dips and Short Overbought Extremes.
(Make sure you take your profits in the first hour or you won’t have any)
Next hour and a half let market settle into trading range.
BUY at 11:30am as sellers are done for the morning and computers kick in to fuck shorts up the ass for the day.
Buy highs and sell higher.
Go take a lunch and a piss until 3pm.
3pm: follow 1 min, 3min or 5min MACD and buy or sell depending on crossovers as program trading again resumes.
Economy Schmonemy- WTF cares? The computers definately don’t have any of those inputs in their algos.
Wash, Rinse, Repeat
Feel the green.
The green, I feel.
Your green tea Sir, as ordered!!!!
on such a dull day, solar, across the board is on fire
Bought 2k shares of AUO @ 10.60
why didn’t you buy it at 9 and change when I reco’d it 2 weeks ago?
Ha well good Q. I was stuck in TZA, which is not good for those who need sleep..
Chinese solar burritos are back.
My small position in LDK is still punching off Fu Manchus.
gmcr
Sorry, you had you green tea Sir but we have to close in RED today…..
While you are taking a shotgun approach and looking at playing “the market”, I am using my .308 LaRue Tactical Sniper rifle with 4X-16X mil-dot scope with pinpoint accuracy.
Sorry, but I will end the day green.
Current holdings:
Macro: EWA, EWC, EWJ, EWM, CHIQ, BRAZ, RSP, RWX, GLD, SLV
Trading: AKAM, ATPG, BIDU, CENX, FFIV, LDK, RVBD, SCCO, SIRI
Core: AAPL, BUD, CAT, DD, GOOG, IBM, JNJ, MCD, MO, T
Fixed income: GIM, JNK, PGX
Profitable.
Be invested.
bot some gold hedge
Actually the market is MORE vulnerable now than during the last tech bubble, for 2 reasons
1. Oil is getting much more expensive
2. The baby boomers are all hitting the age in which they become terrified of stocks, and start clinging to bonds.
Yes, I get that.
That is why this shit is not easy.
You seem to be loaded in long. There are many reasons to take profits here. Are you at least raising stops?
Yes, raising stops on my trading names.
Core is core, meaning those are long term holdings until we get a major market meltdown of over 20%. We are no longer in a cyclical bear market. The recession was officially over last year. Secular bear market still intact, though.
I’m also planning to keep at least a minimal position in the macro names, even if i trade in and out of them, since those are longer term developing stories, where the growth will be in 3 – 5 years.
Small <10% position in fixed income, just to get exposure to separate asset class and generate some monthly dividend cash flow.
"The cat that sits upon a hot stove shall not sit upon a hot stove again, …nor upon a cold one either, for they all look hot to him." —Mark Twain
Right now, we have to be careful that we don't see every opportunity and piece of news that presents itself, through bear market glasses.
At some point we have to separate from the crowd to outperform. In other words, it often pays to be an early adopter, especially when the majority of cats out there avoid every stove because they've been burned before.
Agree, doesn’t mean we cannot go higher though.
CRM is not the same as NFLX and AMZN. It has deservedly been going down for the last 2 weeks. I know because I shorted that mofo and its working out. Otherwise, I fully agree with you on a valuation basis. Cheers.
CRM is a pig. Even for its projected growth rate, it is overpriced. Also, I believe it has reached a point where its growth is unsustainable. Same with VMW, and maybe NFLX.
CRM was rumored to be take over target just couple of weeks ago. That and its generally high short position had helped its uptrend until recently. Then Oracle came out with indication to shift their M&A strategy to hardware sector. Suddenly there didn’t seem to be a solid buyer left in the market who could afford CRM’s valuations. This and the fact that the short interest dropped may have helped in igniting a downfall in the stock. If the market goes south at some point, it could only further fuel CRM’s downward move.
So when does TZA become a buy again…? $25.70?
Buying tza at 24. meaning it fell a 10 points from my original buy.. and will buy more at 14. Im almost all cash so why not.
You’re playing with fire around those 3x cans of nitro laced petrol.
TZA and TNA go BOOM.
Might as well trade single stock futures in Shanghai.
Oh, sorry….just noticed your name. Lol!
Dude I would’nt buy the stuff with your money.. Its more of a quick in and out play. Not good for sleep either.
This is the government’s plan. Since there are no jobs…the plan is to have everyone buy AAPL, BIDU, and NFLX in their E-Trade accounts to stimulate that way. Makes perfect sense.
Markets don’t have to make sense, neither do Governments.
Expecting them to make sense will only lose you money.
Spoken like a true market agnostic.
I love seeing all the new experts come on this site offering advice and cliches during inflection points.
I love seeing dumb bitches do generic “been there done that” styled dissing other commenters, without offering anything of value.
.
Waiting eagerly for The Fly’s “Fuck everyone on this thread” comment. Would make my day, since nothing else is working out.
guess you haven’t been to my “little slice of heaven” over at CreateCoin…
Actually I’m a recent piker monthly fee guy since the trial, but haven’t finished the test drive/break-in period yet. Just got this little Smartcar here, Scott. Give it a chance
I think I need to get my eyes checked. VXX is actually up to $17 today. Quick, there is something wrong with the algorithms. I am sure they still close this market green today.
Someone hit Maria in the face with a slice of pie.
sue too.
Someone hit her with a deep dish pizza and rotten pepperoni!
I may not get a chance to buy tza at 24?
might not get a chance @ vxx right here,@16.99 either. insurance money.
A take on tomorrow’s numbers http://ibankcoin.com/king_of_the_pg/2010/09/29/free-advice-for-tomorrow/
NFLX new high into the close … just saying Fly
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