Overall Hybrid Score – Ranges

From The PPT

There are a few things in life “The Fly” does not do. One of them is defying the laws of The PPT. Responding to the OVERSOLD scores posted yesterday and today, I opened up my war-chest and started buying stocks—only for short term trades. Let it be noted, I still think the market’s face will get peeled off in September.

At any rate, I started positions in the following:

TNA, ANF, BUCY, GMCR and BAC.

My goal was to select a group of stocks that “embody” the market. I believe the above names accomplishes such an arduous task. Let it be noted and also known, it is very low class of you to refuse my pearls of wisdom, for I am light years ahead of you, with regards to spatial intelligence. What you need to understand, ever so succinctly, is that “The Fly” is your superior being. If you and I were living in the 1800’s, in the same neighborhood, you would be my butler.

Finally, I did not sell any of my VXX. I am sort of leaving it in place, as an insurance policy. My cost basis is high $24’s. Essentially, I expect to be wrong with today’s buys. Because of this, I made partial buys, with full intent to add to my newly formed positions tomorrow and again on Monday. It is a rare event to see “The Fly” on the wrong side of the trade. Do not bet that it will happen now.

NOTE: As you know, I sold out of my SCO position, booking egregious gains in the process.

I booked the profit, selling my entire position, north of $14.80

The market is trying hard to rebound, but can’t quite get its footing.

I mean, we have decent action in a number of sectors. In basic materials, CLF, CENX, SCCO are looking good, as well as a number of other metal stocks. In the banks, NTRS and C are showing strength, while COF and BLK lag. Ag is on fucking fire, due to the sudden “scorched Earth” policy of Mother Nature on Russia. Stocks like CAGC, MOS, IP, AGU and POT are off to the races.

Gold and silver stocks are green across the board, as GLD presses higher.

Retail names are okay, with leadership in GES and PLCE. However, SHLD, KSS and SKS are very weak.

The big outlier and albatross for today’s tape is tech, thanks to CSCO. Their tentacles spread wide and are inflicting damage to the share prices of NETL, CAVM, JNPR, CIEN, BRCM and JBL. If not for the “CSCO problem,” this market would be off to the races right now.

If forced to guess, I’d say we get a decent bounce tomorrow. Prepare accordingly.

NOTE: I will likely be buying some names shortly.

Here on iBankCoin, we get a lot of traffic. Because of this traffic, coupled with my, shall we say “infectious” personality, people tend to lash out in fits of retarded clown-like rages. Due to this phenomenon, coupled with my disdain for people in general, I have banned more people here than any other blog on the internets. I am the North Korea of the blogosphere. Now, if you have been banned from iBankCoin and feel you have been wronged, all you need to do is apologize, sin no more, and you will be released from my internet prison, which is guarded by none other Mr. Greg Solomon. Do not take offense, small pleb, for I hate you and everyone else equally. May I offer a suggestion, in order to remedy the current situation?

Indeud.

Here at iBankCoin, we have lots of bloggers plugging away, offering sage advice for free—so that you may navigate the financial markets. Most of our bloggers are serious people, who have no desire to entertain the likes of you, due to your, shall we say “spasticly retarded demeanor.” However, we do have one blogger who loves your kind. His name is Jakob Gint, esq. Feel free to interact with Mr. Gint, at your leisure. Tell him Mr. The Fly sent you.

As for the markets:

We are OVERSOLD and should rebound. I gave you a list of stocks to look at last night, as well as an ETF idea. Hopefully, you can figure out a trade or two. As for me,  I SHALL NOT sell my SCO/VXX just yet, as I am not convinced we are ready to lift off.  However, I do have a set of stocks that I want to buy and will do so, whenever the voices inside of my head tell me to. I am prepared to invested 30% of my assets into this decline.

More on this later.

If you have listened to me, you have lots of cash and hedges right now.  Instead of spending my time worrying about fucked up long positions, I find myself this evening in a position of strength—to once again purchase your margin liquidation. Using the mathematical formulas of The PPT, the following stocks are inexorably on my “to buy list”:

CRS, MTW, PH, GMCR, LHO, FLS, GMCR and TNA, just to name a few. More will  materialize, without a doubt.

Repeat, originally aired 5/30/10

Mr. Devildog Addresses iBankCoin

With the market dropping more than 3% today and TZA ripping tits, I think it is my right to declare victory, yet again. Let this be a lesson to you fuckers who like to bet against me or call me names: bet against me; lose your house.

Good day to you.

“The Fly” is very humble, despite doing the “gorilla dance” for his internet spectators. If I was full of hubris, I would have positioned heavily short weeks ago and lost a great sum of money in the process. Many of you were balls to the wall long yesterday, based upon the theory of “free money” and unlimited gains.

NOTHING IN LIFE IS FREE. And nothing great is accomplished without pain and suffering. I remind you of this when you are hurting, so you can remember it in the future.

Enough of the lecturing. Here’s what I am doing.

I sold out of the 10,000 shares of EDZ, purchased at the close of trading yesterday. And, due to the severity of the pullback, I am now looking at some names that are OVERSOLD, flagged by The PPT. I am looking at high percentage plays only. I will likely refrain from buying anything today, due to the momentum of this sell off. However, it’s worth noting, I expect the market to rebound within 5 trading days. Oversold names worth perusing include CRS, FLS, ANF and HON. Within the upside ETF’s, TNA, UWM and QLD offer significant upside potential, on a bounce.

One thing that should remain constant is weakness in crude.  Look at the trannies and how fucked they are and think to yourself: “does oil belong at $80+?”

I think not.

Top picks: SCO, VXX

UPDATE: I love this guy. You should subscribe.

Wouldn’t you like to know what today’s reading is?

I warned you this would happen. You simply chose to ignore THE PROPHECIES OF THE FLY, in exchange for your silly bullshit. Now, before you go ahead and shoot yourself in the face with a howitzer, let’s examine the situation, shall we?

Like it or not, China is slowing. Without a doubt, that is bad for stocks. Here in the U.S., there appears to be something wrong with our semiconductors names, which are leading indicators for the economy. Despite record low yields, the housing market is dead in the water. The Yen is going up too much. As a matter of fact, it may severely hamstring the Japanese economy, which is still pretty fucking big. That’s assuming the “yen-carry trade” no longer exists, which I know for a fact it still does. The Euro is getting “Charles Manson’d” today. Oil is so extended, I piss on it, via SCO. Food commodity prices are through the roof, another big negative for U.S. consumers.

On the other hand, the bullish case: the Federal Reserve’s policy is to reflate. Therefore, all increases in commodity prices are expected and welcomed. WTF!!?? Yes, it’s true. China is slowing, but still growing incredibly fast. The Yen is some sort of fucked up anomaly. Let’s ignore it. The dollar will continue lower, effectively giving a boost to U.S. equities and all things denominated in dollars. Finally, tech firms have record cash on hand. The majority are coming off of record quarters and will likely use said cash to make acquisitions.

See, there is always two sides. Who do you believe?

Answer: Both.

It’s important to be flexible; but not malleable to the point where you have no soul.  Clearly, the market is overdue for a pullback, as evidenced by the repeated 3.00+ scores in The PPT. Now, are we setting up for some sort of cataclysmic drop?

Answer: yes, but not yet.

It’s a rare event to witness stock market crashes. It makes no sense betting on them. With my money, I am betting on price declines through the Fall, leading up to a grande [sic] buying opportunity. In other words, you and I may have a lot in common, just not now.

Into the shitstorm, I booked an 8% overnight profit in EDZ and will hold the reminder of my VXX/SCO until further notice.