Okay, Let’s Try This Again

UPDATED: This is a current chart.

That was The PPT range chart, prior to today’s bloodbath. As you can see, from the very extreme levels of 3.32, the market has been trading down. Typically, in past OVERBOUGHT cycles, we’d position inside of VXXcycles and FAZmobiles, while laughing it up, choking on pork chops along the way. However, since my recent decapitation in VXX, I am somewhat, shall we say, “apprehensive” about buying into such lemons. The easier, more reliable bet, in my estimation, is via crude.

Across the board, commodities are being flogged today. If this market is due to correct, 3-5% from here, oil will trade under $80. That’s why I am buying SCO.

In addition to that, I am shorting STI, based around the idea that banks may get the stuffing kicked out of them, sometime soon. Don’t forget who warned you about California munis first. Take a look at PCK. Thus far, it is down 10% for the month, worst since the 35% one month decline in 2008, when the fucking world was ending.

What does it all mean?

Well, a thinking man would surmise that Wall Street is telling THE BEARDED CLAM to go fuck an exhaust pipe. Yields are rising, dramatically, as QE2 commences. Also, Ireland will need a bailout soon, else their drunk asses are going out.

On the other hand, POMO, QE2, TURKEY, CHINA, INDIA, NO INFLATION etc may save us all from damnation, which is why I am going very easy on the shorts and still hold a good amount of longs. Let me just say this: I have never been as bullish as I am right now, regarding the prospects of FTK. I may need to hold it for another 3-6 months, in order to see my $3+ price target. Or, I maybe the waiting period might just be a few weeks. Either way, the underlying fundamentals are smoking hot now. Those are the type of names that you want to buy on dips. I’m not saying FTK is for you. However, I am saying, keep a nice list of stocks that you want to buy on dips and wait for the opportunity to buy them. If we are lucky, we get a small dip from here to Turkey day, then springboard into X-mas.

NOTE: The PPT‘s new Raw Commodity Index is down 4.6% today. Hello Ben, we need more inflation!

[youtube:http://www.youtube.com/watch?v=M9ShFVUueME 616 500]

UPDATE: I bought 10,000 FTK @ $2.60 and 50,000 WFR @ $13.00.

UPDATE: I bought another 10,000 SCO and sold half of my BORN position.

IMPORTANT QUESTION: Why does Yahoo give heavily coveted news credentials to SeekingAlpha, in their finance section? Those stupid bastards from SA are publishing one short story tale after another, by short sellers, targeting thinly traded stocks, for personal profit. I call bullshit on them and Yahoo.

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