The market is “gorilla gay.” After further review, it appears to me the market will hit 1,250 on the S&P, clearing out all of the OVERBOUGHT signals, provided by The PPT over the past 6 months. In case you forgot, Ragin Cajun posted a study pointing to the OB/OS system trades inside PPT. The results were nothing less than staggering.
However, partly thanks to LTRO, the market ran away at the beginning of 2012, putting the system TZA trade deeply underwater, by as much as 30%. Naturally, this was a very hard pill to swallow and I opted to cut losses at around $21-22. However, lo and behold, the market is coming in and that TZA trade is on the cusp of break-even–absolutely staggering. Once The PPT closes OVERSOLD, the TZA trade must be closed and the first of 3 tranches of TNA should be bought.
Moving on, ZSL was flagged OB the other day and I still like that trade, as a short. Shorting ZSL, long EXK, AG works for me. Both gold and silver are long overdue a bounce. Aside from that, I like YELP on the Facebook shit and MTW for “cheap as fuck” bounce.
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Fly, Facebook isn’t open yet. But it can’t rescue this market. Only one thing that can mess up my nice downtrend and that is Govt Stimulus money..Clams. Nymph sees no clam that has the power to act. IMHO, The Bearded Clam can’t act until Auto Makers start slowing down and wrecking our econ data, and that is not happening at this point. Global Clams see totally helpless too until June..G8 will be next test for Clam Pressure.
Thank you for letting us know that Facebook isn’t open yet. Much appreciated.
Aptly monikered.
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Thank You Jake..
🙂
Who lost their sarcasm hat?
All hail our new FB overlords.
FB closes at $44.44 today.
And probably closes at its true worth – $4.44- a year from now.
Ah, a yahoo finance P/E ratio expert I see.
Fluck “the Facebook,” We’ve got a ten year opportunity in PM miners goin’ on ovah heah!
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please explain to move how people are dumping GSVC for my mind can not wrap around it (long)
I’m old south! Oh and fcuk FB. It closes above 50 IMHO
or it will close in on 50,000/share
http://www.zerohedge.com/news/facebook-pulls-reverse-bats-flash-smashes-%E2%82%AC50000share
People freed up cash to trade FB. At least we get over that dynamic. Look for the Fed to pour more gas onto the market. Inflation is low, unemployment is still a huge concern, the economy is not rocking…. there is opportunity for creating more monetary policy, expanding the balance sheet, or whatever euphemism one would like to use.
“Turn on the copier machines and open the windows… make sure you are standing up-wind…”
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Fly, say YELP really pops today. Any price targets to sell? I know you mentioned the 40 dollar mark this year sometime. Thanks again for everything.
If YELP hits $40 today I will fund your retirement at 100% starting today.
Yesterday the prescriptive grammarians took aim on the blog post. Well done! But, they missed the epic beat down from Herr Fly with his, “Fuck Facebook”. Salute the champion of perfection in brevity! And fuck the Hasty Pudding hoodie-headed billionaire pissing in the Charles River. We can only hope he is standing downwind.
Enough already with the lame “YELP will bounce when FB hits the market.”. What a moronic trade. Everyone and their mother is thinking that….and that’s why it’s a SUCKERS bet. Don’t be such sheep.
I shorted YELP this morning at 19.53.
I meant 21.53
YELP dropping like a rock now as expected. The sheep are all left scratching their heads…amazing!
Christ Fly when you said we were going to 1250. I didn’t think you meant today!
Cha chiiiiiiiiiiiiiiiiiiiiiing!!!!!!!
What an unbelievable trade on YELP this morning. 5,200 shares short at $21.53. Stop set at $22.00. Huge profits this morning. Holding on for now. YELP tanking as expected.
What more needs to be said, oh, hind sight is 20/20. Real time is another matter!