[youtube:http://www.youtube.com/watch?v=m4IIFGuj4Bw 450 300]Comments »
I cannot blame anyone, novice or pro, to be utterly wrecked with confusion, after witnessing today’s tape. Typically, after a “key reversal” like today’s (from down big to up), I’d say we will rip higher tomorrow. However, seeing how volatile the market is, I cannot say for sure what will happen next.
All I know, for sure, is that [[BSC]] is rife with negative rumors and the dollar is a joke.
If forced to bet, I’d say my shorts will cause me more grief tomorrow, but rebound nicely next week.
The bet is simple: the economy is in rapid decline. Therefore, on every spike, sell short and take the wind out of the bulls. Unfortunately, today, Mother Market punched me in the face, with brass knuckles and all—via [[SMN]].
Finally, there will be some new/interesting changes to iBankCoin soon. I would reveal these changes, but if I did, I’d be forced to track all of you down and punch a jelly donut into your face.
Top pick: Short [[MOS]]Comments »
Today’s market is absolutely stupid. Absolutely.Comments »
I bought 1,000 [[DUG]] @ $37.50 and 1,000 [[UDN]] @ $29.44.
Disclaimer: If you buy DUG or UDN because of this post, your neighborhood will turn into a desolate cesspool. And, you may lose money.Comments »
Thanks to my impatience, basically, I took an entire truck full of cash and drove it into the East River.
No worries, there’s a lot more where that came from.
Back to my original, cogent strategy: look to sell short around the 12,500 level. This week belongs to the bulls.
Aside from that, it was interesting to hear Governor Corzine of NJ declare shipments to ports are down 15%. Holy cow tits!
With that type of “ungrowth,” the shippers are doomed.
Short [[DRYS]] anyone?Comments »
Yet again, the market gets bailed out by some sort of crazy Government plan. If you notice, the only time the market rallies is when the Government is intervening. Fucking socialists.
Coming into today’s trade, my cash position was too big. So, as a result, I put a small percentage of it to work. Now, I never try to time bottoms or tops. It is very likely I will be under water on much of the shit I buy or sell today. However, that’s why it’s important to buy in increments.
I expect the bulls will try to bring the market up, by the short hairs if need be. My perspective is vastly different from theirs.
I’m not looking to get cute. I will not buy a few bad stocks, in order to take advantage of a short lived rally. Since my bias is to the downside, where I deem all the risk remains, it’s nonsensical to go long. If I did that and lost a boatload of bullshit dollars, I would not be able to swallow it. It would eat away at me forever.
As you know, “The Fly” lives and dies by his convictions.
Ahead of next week’s rate cuts and brokerage earnings, anticipate a lot of volatility.
NOTE: With [[SRS]] reversing from $120 this morning, down to $111, I like my chances of a short term rebound here.Comments »
[youtube:http://www.youtube.com/watch?v=FMvTLHTIbwI 450 300]Comments »
I bought 1,000 [[SRS]] @ $112.50.
UPDATE: I bought 2,000 @ $113.
Disclaimer: If you buy SRS because of this post, your mailman will misplace your most important bills. And, you may lose money.Comments »
S&P just issued bullish commentary on the write off situation, saying “the end is in sight.” And, they declare most big banks will writedown more than what the actual losses will amount to be. They exclaim writedowns will top out around 275 billion, almost half of what [[UBS]] is projecting. As a result, the market just rallied 100 points.
My only beef is this: since when is S&P right about anything?
I mean, last time I checked, they were wrong about everything. If it was up to me, I’d have the executives of S&P, Moody’s and the other assholes from Fitch investigated for fraud, with regards to their relationships with the people they rate.
In short: S&P has no dice.Comments »
I bought 5,000 [[SMN]] @ $41.50.
UPDATE: I bought 5,000 @ $39.75.
Disclaimer: If you buy SMN because of this post, your bank will go bankrupt, effectively freezing your life savings. And, you may lose money.Comments »