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
18,854 Blog Posts

SETTLED SCIENCE: Markets Do Not Bottom On Fridays

Markets look really strong this morning, also supported by higher yields, strong job numbers, higher crude, and lower gold. All of the signs of a market rally, a sustainable rally, are present.

Except one thing.

MARKETS DO NOT BOTTOM ON FRIDAYS, dumb ass.

Have the FANG stocks bottomed? Will the NFLX upgrade help? Will the market offer respite to desperate bulls.

NO.

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17 comments

  1. edge

    My cash/bear strategy has me about 15% (back of envelope) ahead of a bull strategy. At present I’m giving back .54%. I feel no panic.
    I look for AMZN around 1000.
    That is my position, and I’m sticking to it. Until I don’t.

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    • edge

      My position has worsened. Now down an appalling .71% for the day. Looking at Amzn puts.

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  2. juice

    if the rally holds, the market bottomed on thursday, dumb ass

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  3. og

    Who wants to be short into an actual USA / China trade meeting?

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    • edge

      (Raises hand) Trump isn’t going to win on the wall. He’s getting desperate, has to cram something down someone’s throat to satisfy the base. The meeting will not go well.

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    • numbersgame

      I’m definitely willign to be “short Trump” on any negotiation he is involved in. Unfortauantely, that means short USA/long China.

      In other words,if the trade wars ends it will be like with most wars: lots of dead soldiers (AAPL, etc.), but no ground gained.

      Just shifted my NFLX ($289) position to higher strikes (more bearish)

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  4. JakeGint

    I really worry about you when you persist in countering your naturally bullish tendencies like this.

    Have you considered conversion therapy? ?

    ____

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  5. juice

    the ark has sprung a leak … abandon ship!

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    • cancel19

      The last time I was in the ark I got kicked by a zebra, pick pocketed by a giraffe, and flung shit at by a monkey.

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  6. bennyhill

    Actually just last year the SPY BOTTOMED ON FRIDAY Feb 9th.

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  7. the hungry dog

    Dr Fly, On a previous post you told us to keep an eye on IWM(Russell 2000). It’s up 3.3% today on above average volume . What is it trying to tell us?

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  8. numbersgame

    If anyone thinks that a stock with earnings of $1B (NFLX) over 4 years can replace the market cap/stock momentum where $1B is a rounding error (AAPL :$260B+ over 4 years), then you shouldn’t be stock picking.

    You really want to place your bets on NFLX when the only company that has estimated sub growth thinks they will miss?

    On the other hand, I don’t know where this market will go exactly next week, but it will go there with a vengeance, hitting the bottom of the previous trap door (SPY $263) or looking for a new one (SPY $235). I bought SPY $245 Puts and SPY $255 Calls.

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  9. ohno

    PREPARE FOR ANOTHER LEG LOWER !!! our post marked the bottom WELL DONE

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  10. edge

    It seems that the entire system is designed to keep ordinary workers from getting raises, and more reports like today’s will give them pricing power. Will it be allowed? Basically, wage driven inflation hasn’t been tolerated.

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  11. bronze28

    love to see all the independent thought here irrespective of what FLY thinks ; no matter his good track record.

    GREAT SITE HERE.

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  12. tjnyt

    My stick sandwich turned into a double cheeseburger with a thick slice of energy.

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