Whether Europe’s problems have been resolved today or not is irrelevant. What’s important to monitor are European yields and the Euro. Frankly, today’s stock market rise is outperforming the risk off bond tells. Italian yields are hardly down the the euro is flat. Today’s melt up is not indicative of something huge. This is merely a respite, a relief rally of sorts after an abysmal sell off.
Do not misconstrue my predilections for throwing bearshitters into open fields of lit tar. I am still worried that my brain will be chewed out by zombies, fueled by European shit, encased in Chevy Volts.
I quadrupled my WNR position. I like my chances with WNR under $12.
Finally, gold and silver make the most sense to me. If the euro collapses, the dollar isn’t going to be the sole source of liquidity. I have to believe large institutions will park cash in precious metals until the smoke clears from Europe. On the other hand, if the bailouts commence, the market will view that as inflationary, lending towards the denigration of the US dollar–buoying the price of gold and silver.
At the moment, I have more than 40% of my assets in gold/silver stocks and another 20% in cash.
I’m up more than 4% today. However, I sense weakness in this tape. I was up more than 6% earlier; now things are sort of drifting lower amidst anemic volume. I’d refrain from adding to positions here, unless we regain today’s highs. Should that happen, odds are we rally again tomorrow.
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I’m sorry I got shaken out of my $EXK last week. Can’t win them all.
Apology not accepted.
There is only only Fly. As much as I’ve learned from you over these past few years, I know I still have a long way to go.
shoot… There is only ONE Fly. (I know A game. Two demerits.)
When this game has been played until completion, Fly may be the only only one left standing.
rofl
You should not purchase EXK if you cannot stomach 15% swings.
It’s “a mere bag of shells” as my dear departed fathah (sic) was wont to say.
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EXK has been muted compared to AG.
True.
AG is “son of EXK” and an offspring that is missing one chromosone at that.
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I happen to like NG quite a bit here. NG seems to have bottomed and has formed a Cup and handle
He probably got the quote, “a mere bag of shells” from Jackie Gleason…if anyone on this board knows who that is…besides TraderCaddy.
http://www.hark.com/clips/fvytgfwjkc-a-mere-bag-of-shells
Yes, my dad was a big Gleason fan.
And from that “era.”
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Annnnd Awaaaay Weeee Goooooo ….
wish somebody would buy exk, what the hell ever happened to merger monday?
Whatsamattah? 9% not enough for you?
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I will be around just in time for Christmas, see you then !
BANNED
This tape is very similar to the rally Between Oct 4th-Oct7th. The rally started with three gaps that were caused by somebody bidding the futures up overnight. After the open the markets traded in a 50 pt range with little to no action (volume and price) during all day. That rally took the prices up to the 50 day moving average. If history repeats we should see tonight futures up again to take prices somewhere between 11800’s-11950s (where the 50 day moving average is) . It is amazing how the market is being manipulated over and over again with a similar pattern. I am watching this tape with a nice bag of popcorn and not invested. I think the retail investor is probably FED up with this volatility and eating a sandwich.
I am, in fact, eating a sandwich as I write this so you sir, are correct in your assertion.
Bank of England was about to release QE2 over there, in hindsight, it appears a lot of people had a heads up on it. They are hoping that they will do it again.
Sold my JPM from late last week. Took my buck and change and went home.
The metals thesis is the best thesis out there. Indeud.
Thank you Fly and Senator Gint.
May pick up some LBH, SRTY, or TZA later in the week.
Or perhaps late tommorrow. Who knows. I have relegated myself to 1 to 2 day holds.
It’s piker/degenerate style for me. It is all this market allows. .Just flipping “baseball cards” back and forth.
“LHB” not “LBH” A-game!
This manipulation now is clear after bloomberg revealed that the FED lended trillions of dollars to troubled financial institutions. That is the money that bids up the market overnight for the last three years, no individual investor. This market has no upside north of 12700’s, given that retail investors are no were to be found. I think (if powers that be continue to play the same game) that this market has no downside south of 10400’s either. The deleveraged will continue for the next years with Tax payers money and 401K’s contributions. If you pay attention market is rallying about every two weeks when companies pay their biweekly checks. Prices are bid up and 401Ks buy inflated assets. The market will probably trade in this tight range of 10000s-13000s for the next year.
Market up on Barney “Dick Sucker” Frank resigning next year…
YEP !
This site is inhabited by some real “Gentleman” !
Very classy !!!
.
I could think of a few more choice words for a man who helped facilitate the housing bubble and the ensuing credit crisis.
With all the pension benefits and perks this guy has accrued fucking up this country, he can buy enough pillows to bite that would stretch to moon and back.
Y. I brow beat some CFTC employees at an expo last month.
They were all on the compliance-dole, sitting there smugly, demeanor of plantation masters when their employed to serve “the public interest.”
I started with something Ted and the Kennedy’s losing their brains, made it to Dodd and his new Kennedy-Trust fund babies.
Glad to see Barney is outta there.
Next vendor was an oil company, they invited me to a salon for a lovely soiree in which I watched Bellagio’s fountain spectacle three times.
…..THEY’RE…..
Tho not hiring, editors welcome.
x ]
Correct spelling is a minimum buy-in.
I will soften for your virgin ears Alf who is obviously a Barney “Pee-Pee Licker” Frank fan…makes sense now.
It’s loudmouth gay bashing homophobes like your dumb ass … who are usually trying to overcompensate for something … that are often the biggest “Pee-Pee Lickers” of all !
😆
.
C’mon Alf, you’re only gay if you push back, right?
You have, of course, been to the Head Smashed In Buffalo Jump Interpretive Centre [sic]
http://www.head-smashed-in.com/
The history is that native Americans would chase a herd of buffalo off a cliff, harvesting the remains after relatively little effort.
The legend is that a young guy wanted to see what it was like, went below, and looked up. Not unlike being short the market at today’s open.
TZA down 13% … Ouch!
My thoughts and prayers are with VegasII … HoHoHo!
… tha guy’s not even here to defend himself and you’re still kickin’ him !
Pretty fuckin’ pathetic !
Give the dude a break for Christ’s sake !
.
Fuck Him!
fuck VEGASii
I thought VT2 was a’right.
SOL, life moves …
Every time I see you guys spell his name out I see “Vagisil.”
He was a tad… itchy…..
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Oh, guys, don’t worry about him, he was almost entirely out of his position last week.
Fly, don’t you consider a scenario under which ECB will sell golden reserves to provide extra liquidity? Of course they don’t have to do it, but that might be what the politicians demand them to.
Why sell when you can print?
That strategy has the built in bonus of letting you keep “the real money.”
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bac goes negative for the day.
lovin it to……their toast,thier just in denile,it will wear off at 4.
U.S. 10 year yields just uberbullish at the moment…
I will be making contact with Fly’s forehead real soon….
There’s a Fly in my soup. Go back and read your previous posts. You are psychotic. You are up and down just like the market. Do another line or take some diazepam….Which one will it be.
BANNED AGAIN
hmmm… You say this like it’s a bad thing.
Eur/USD was 1.3305 leading into the europe session last night..and we close at 1.3309 after holding 1.3300 support. Germany ain’t going to save Europe..not sure why everybody thinks they will. Greece should get their money tonight..and then no catalyst left.
I cannot believe my eyes. THE PPT had an oversold signal last Friday. I missed out on a $1000 profit from this PPT.
And Dr. Fly, you made the WNR call on the money, got in at $11.53 after reading your 4x holding, and it is up
Daily OEW Recap:
“This rally should now be Minute wave iv. Should the SPX drop below the OEW 1187 pivot range [bottom of 1180 then] Minute wave v, to a lower low, would likely be underway.”
“If this occurs, without too much price damage, the market could set up a more meaningful positive RSI divergence on the daily chart with an oversold weekly RSI. All the ingredients of a downtrend low completing.”
“Short term support is at the 1168, 1176, 1187 pivot cluster with overhead resistance in the upper 1190?s and around 1210.”
I hope, for many of your sakes, you’re correct t.
for many of my sakes???
You folks may be interested in this article. It explains a lot about the failed German bond auction, if you believe the writer’s thesis, and what may be in store for the markets.
If Germany folds, markets will ramp much higher.
http://beforeitsnews.com/story/1427/016/NL/?currentSplittedPage=1
Interesting…