Here we go again. The Markets came tumbling out of the close and dip buyers are out in force, sopping up the whole mess with their thirsty sponges. I got caught flat footed in a pastiche of longs, so I sold my biggest winner and loser of the day to raise some cash.
SAGE +12%
IVR -14%
Looks rather benign, but I have 10 more stocks on the books that say otherwise. I am DRAWING the fuck down now and should markets reassert themselves lower, I’ll be in the undesirable position of having to liquidate several more positions in order to protect myself from further losses. Sure, I suppose I could snooze a little and wait for them to come back. Then again, what exactly am I waiting for? We don’t have an economy. This is the definition of smoke and mirrors, so I have to be exactly right — or I’ll get fucked in these longs.
I do like gold here and I really haven’t even begun to look at the possibility of hedging. I see the dip buyers and admire their zeal, but I’m not sure about the direction yet. We could be setting up for a fresh leg lower here, as I am long a fuckload of nonsense stocks. That wouldn’t be a nice thing for dead olde Fly. I really need to think about this some more — feel the vibes and try to not double size fuck myself out of greed.
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Listen to the market and the message is buy oil drillers, explorers, and servicing stocks.
After many brutal years they may be ready to move up.
See HAL,OIH,XOP,SLB,VDE,XES.
Crude plunged Friday also and yet these stocks were up 10%.
They hit the skids at the open and then turned around and some are now positive even with the collapse of oil.
Stay away though from the high debt stuff like RIG.
Just a suggestion.
WTI opened at ~$17 bled down to ~$10.50 then in one minute shot to $22.
This is absolutely crazy.
Contract rollovers/contango in effect.
All the stuff I don’t understand and don’t care to.
Leave it to the professional futures types IMO.
Listen to the caddy… he knows better than you do.
All in on XOM. Hold that bitch forever.
For real? lol
I like getting paid to wait, but it’s all relative to the price paid. I went all in near the lows ala sub $32. They will fire every single employee and contractor before slashing the divvy.
PPP paying employee wages for millions of businesses.
4 months of UBI equating out to at least $40,000 per year annualized.
Bailouts for the biggest companies.
This is socialism. They just call it bailouts, aid and stimulus. Where is the gnashing of teeth? The gunplay from “real” Americans? Where?
Or maybe they ALL don’t mind it, and they just don’t know how it squares with the social media memes they’ve posted on The Facebook for the last 12 years…
Don’t cost nothing. Just print it. Owed $14 trillion or so …what’s a few $trillion more?
“Don’t cost nothing” – an underrated Animal House line…
https://www.youtube.com/watch?v=zOXtWxhlsUg
If you get your burrito with steak, it probably costs more than a barrel of oil this morning.
The bottom 50% used to control 50% of the wealth. Now that the bottom 50% has been fucked into oblivion through various transfers, any mention of transferring down the ladder is ridiculed as “OH MY GAWD!!! SOCIALISM!!!”
Anyone who believes that is incredibly rich and greedy or incredibly stupid.
A clarification: never in human history in any civilization has the bottom 50% ever controlled 50% of the wealth. It’s a contradictory statement in itself: if wealth was equally distributed, there would be no “bottom”.
However, to your point, wealth inequality keeps gettign worse every decade. Whenever it starts to self-correct and close, the FED, COngress, etc, go into action and “fix” things.
https://www.zerohedge.com/economics/feds-only-choice-exacerbate-wealth-gap-or-else
Socailize the pain, capitalize the profits
Listen… This is what they talk about when they tell you to buy low when something is out of favour. This is not momentum play. Buy ZM or SHOP for momentum. This is hold on to your seat buy the fucking worst out of favour shit. There are some good oil play out there. They have cash and flows. They are profitable. the P/E is good. Even with every car suddenly electric (btw where’s the electric pickup truck?) you still need oil for your plastic and shit load.
Mind you, if you’re waiting for the next leg down… this will definitely stumble down. but so will everything else. So, not a bad risk to take in light of its potential upside.