This is the July lull I warned you about. Go back and read your history. Back in 2000, we followed the same path we’re heading now. There was a lull in July and new highs were achieved in August. I do not believe the bubble stocks burst for no good reason back in April. I cannot accept the fact that I was simply fooled and we are going to reboot and head back to new highs, without any test or correction to follow. “The Fly” doesn’t get fooled like that, unless it’s for a reason–a harbinger of doom of sorts. Which is why I believe, with all of my black heart, that this isn’t the top–not yet at least.
This is the fake out. The part of the story when some of you get tricked into shorting stocks, getting long volatility, ignoring the lessons of yesterday. The top will not be as predictable as this. It will come at a time when you least expect it, stuck in a brothel or some decadent harem, smoking crack cocaine with hookers.
This is not the top. But that doesn’t mean you should be all in. I am now more than 30% cash, yet I am still getting lit on fire this morning. Naturally, whatever losses I am enduring now will need to be made back later, utilizing the cash I’ve set aside. I will need to execute excellent trades, timed perfectly.
I will use The PPT as my guide, as it has never let me down.
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Is CHK a buy here? I always liked COG, do you have an opinion on it? Thanks!
We went up straight for a month, I doubt much will be a good buy for another week or two, unless you mean for a very short pop.
http://youtu.be/2GuHBGIH2tU
i took my hit on the chin yesterday and this morning but definitely didn’t want a repeat of April. Booking a string of 40-50% option losers is tough to do, but it’s looking like the right move when a few would now be -90% or more if i was still in.
waiting for the PPT oversold and then attacking.
Same Matt, it was rough yesterday selling everything but lots of stuff dropped another 5% after selling, so it was DEFINITELY worth it.
from low to high I came up 135% from end of April to last week. I just took a 20% haircut in 2 days. So while it hurts, on a longer time from i’m still up almost a double…..
Went 100% cash Thursday afternoon. Just waiting now. No worries – as soon as I buy TZA, this current shakedown will stop and we’ll be back to ATH territory.
Alright, party’s over.
I meant for bears. I bought an AMZN call, sold my NFLX ones.
Should not have sold NFLX put. Will stop trying to forecast.
PTK-Poet Technologies
A friend of mine has put over $350,000 into this stock! He started buying it at 2.50ish and has averaged down to a hair over 2.00. Today he has gone green! He has done a ton of research on Poet and has convinced me to put some of my own money into this. If this chip technology is everything it’s suppose to be can this be the next big thing? The stock is up over 38% in 30 days! While the markets in general are tanking again today, PTK (Toronto) is having another stellar day! Is anyone else following this stock? Fly, can you have a look at this and tell me your thoughts if you have a chance?
Poet Technologies
http://www.marketwatch.com/story/poet-technologies-announces-technology-and-regulatory-updates-2014-07-08-91734713
“They” allowed “us” to run free last week to jack prices up so “they” could short the whale out of “us” this week.
Money skimmers mopping the froth from our accts. Another day of selling, and back to business. Duck and cover is in effect until then. This is not a drill.
Anyone like ANGI @ $11? It’s down almost 13% from July 2nd high of $12.64.