iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,449 Blog Posts

We’re Allowed to Trade Lower

There is no need to panic, in my estimation. This pullback is of the garden variety. Clearly, there is a bid under this market. Look at heavily short tech names, like CIEN, OPEN or NFLX: sheer hell for short sellers. As you know, I added to a few names, namely CIEN, in order to take advantage of said squeeze. There is not much to say here, other than I am managing my positions in a very responsible manner. Those of you inside The PPT know exactly what I mean.

Ten thousand thank you’s to the Turkey Gods for blessing my FTK position with money flavored gravy.

Having said that, I have zero hedges going into Turkey Day. Moreover, should the market pullback today, I will be a buyers. I’ve told you ball suckers multiple times, I trade on a thesis. Even though I was tilted head sideways stupid in VXX last month, I never go into Thanksgiving short.  I just don’t do it.

Top pick: CIEN

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58 comments

  1. alphadawgg

    First first.

    That is all.

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  2. AirportMania

    Check out the latest TSA incident video. Woman gets molested at the airport.

    http://youtu.be/gD7sKEOtgSk

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  3. BernieCornfeld

    I don’t disagree with the thesis…but wouldn’t that fuck over the market for it to crater before Turkey day…just sayin’

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  4. Jakegint

    Isn’t it gravy flavoured money?

    ______

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  5. alphadawgg

    U.S. market is not cheap here. Based on long term secular cycles going back to pre-1900, and adjusted for inflation, we are still above trend. Reversion to the (long term) mean is probably in order for 2011, as we are sitting at about 36% above trend this month.

    http://dshort.com/charts/SP-Composite-secular-bull-bear-markets.html?SP-Composite-secular-trends-with-regression

    Enjoy this short term bullish cycle while it lasts.

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  6. The_Real_Hmmm

    Sold the rest of my CTRN overnight lotto position +10.80% and bought some VRGY. Will hold through tomorrow’s earnings.

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  7. Good Shepherd

    we go higher

    added appl ATM calls
    bought vix jan11 call spreads

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  8. TheV.King

    #6 Song … 30 minutes away.

    It’s Monday let’s make todays prize a good one to start off the week. A PERSONLIZED FLY MESSAGE FOR THE ANSWERING MACHINE OF YOUR CHOICE.

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  9. xxxHuggieBearxxx

    Let the turkey gods rain coin upon all of us who believe…

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  10. TheV.King

    7 minutes

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  11. TheV.King

    2 minutes

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  12. TraderCaddy

    How about a Thanksgiving type song.
    Homeward Bound- Simon & Garfunkel
    or
    We Are Family by Sister Sledge

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    • SC

      Caddy,

      Last week you were looking for BBQ places on you way to Columbia. There are 2 rihgt off the highway (1-70) downtown. ArthurBryants and Gates – the Brooklyn locations. Both are close together . I am a Bryants man myself (get the 2 meat combo pork /beef) . At Gates get the Gates mixed plate.

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      • TraderCaddy

        Thanks for the info.
        I made a note on my car rental confirm.
        I am going in about 3 weeks.
        I have heard of Bryants.

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  13. TheV.King

    Ladies and Gentlemen iBC is proud to showcase….
    The V.King’s TOP 10 Rock and Roll Songs
    #6 Born To Run
    Bruce Springsteen

    Springsteen played this for the first time on May 9, 1974 when he opened for Bonnie Raitt at Harvard Square.
    In the liner notes to his Greatest Hits album, Springsteen wrote: “My shot at the title. A 24 yr. old kid aimin’ at ‘The greatest rock ‘n roll record ever.'”
    There was a movement to make this the official state song of New Jersey. The V.King hates a lot of things, New Jersey is at the top of that list.

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  14. Cascadian

    I was hoping I could agree with you on one of these.

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  15. Jimbo

    This “garden variety” sell off is starting to look a bit serious.

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  16. Geoduck

    I’m not trading lower. Thanx to FTK and CRUS.

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  17. rookie

    they said sept. is the worst month of the year and look what happened. don;t be fooled by the turkey gods!

    bought 10,000 SCO 12.85

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  18. Geoduck

    THQI doing nicely as well.

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  19. Colonel Von Ryan

    Please Market, go down, for I have ca$h to burn….

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  20. panamaorange

    http://chart.ly/w9ecaek (Volume Profile). If Oil holds last week’s lows,an ES bounce back to intraday resistance at 1190 looks likely

    Oh, and by the way

    In soviet china, tweet sends you!

    http://www.breitbart.com/article.php?id=CNG.019256bfe6ccb3a315e27f0faf7bcd07.861&show_article=1

    “Woman may be ‘first in China’ persecuted over tweet”

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  21. Turkey Jerky

    FTK has FTK’d the naysayers. Way to go Senor Mosca.

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  22. TraderCaddy

    As long as SMH and SOXX etfs as well their underlying stocks are doing well any sell off should be limited.
    And a tech rally looks good.

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  23. go2mars

    If you are investing in oil, or particularly if you are shorting oil, look at the 15 year chart on this link:

    http://321energy.com/editorials/Makrocheck/Makrocheck112410.html

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    • Colonel Von Ryan

      Fed won’t allow it to break out, they already have POMO egg on their face…

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      • go2mars

        It’s a global thing stupid. Are they going to finance Chinese oil stockpiling?

        I guess they’ve done stupider things…

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  24. Po Pimp

    We’re Allowed to Trade Lower

    Bullshit. I am afraid you will be placed on some sort of TSA watchlist for treasonous comments such as this.

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