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The market shit the shower today, in dramatic fashion, thanks to the spastic ‘tards at [[CFC]] and [[T]].
Right now, I have zero confidence in the markets ability to sustain gains. As a result, I’ve been selling into this bullshit, all day.
Plain and simple, before we can bottom, there has to be bankruptcies and extreme pain.
My advice to you is this: take a look at your portfolio today and analyze how you performed. If you lost money, you need to sell more stock or hedge, via inverse ETF’s (prominently featured on the front page for weeks).
Worst case scenario, the economy slips into deep recession and your favorite stocks get cut in half.
Don’t be the dumb guy at the baseball game, waiting for a foul ball to come your way. The odds of you timing a bottom are slim to none, mainly because you’re too stupid.
As for [[MVIS]]—
It’s funnel action, as everyone wants out. Full disclosure, I have sold more than 80% of my position and will revisit it, late 2008.Comments »
Finally, it appears the market is bouncing, with a full heart.
All of the old momo stocks are running, such as [[VMW]], [[SIGM]], and all of the solar crap.
Immediately following CFC’s bankruptcy denial, the market started to recover.
It’s all bullshit, as far as I’m concerned—until earnings. All this back and forth trading is mere fodder for the big move, which is coming soon.
So, with my money, I will continue to sell into rallies, while bulking up on shorts.
On a side note, “The Fly” spits on those who correct him in the comments section. Just know and understand, should “The Fly” make minor grammatical errors in his commentary, it was done on purpose. You know, in order to test you hatfuckers, and shit.Comments »
“The Zilo ain’t going nowhere”
Angelo Mozilo, CEO, CountryWide FinancialÂComments »
I’m not an alarmist, but that’s the rumor spreading around Wall Street.
Just know, the stock is down the most since 1987.
According to Phoenix Partners: Countrywide debt protection costs rise to 26% upfront from 20%.
Basically, defaults are going through the roof at [[CFC]]. This turkey looks cooked (no pun intended, regarding CFC’s heralded CEO, Mozilo).
Anyway, if chapter 11 is imminent, I believe it would have a devastating effect on the markets, more so than Enron.
In short, do not buy stocks right now.
UPDATE: CFC just halted!
“The Fly” wins again, sort of.
UPDATE II: Countrywide says not substance to rumor it is planning to file for bankruptcy protectionComments »
It’s so fucking warm in NYC today; I feel like going to the beach. Seriously, oil/gas is going lower.
As for [[MVIS]]–
Fuck you; I warned you. Don’t come crying to me, like a little bitch, saying: “it’s another ARWR, iiG or MCHX.” Fuck that. If you bought the stock, alongside me, you are up nicely. I will not elaborate further; except to say that I effectively blew out of all of the above stocks well above where they are now. Moreover, iiG was a 25% profit.
As you know, all of the big banks and brokerages are going belly-up. Take a look at the action in [[SCA]], [[ETFC]], [[CFC]], [[ABK]], [[MBI]], [[MTG]], [[PMI]], [[CCRT]] and [[MS]]. How is this decline in the financials different than the dot com blow up of 2000, price wise?
Furthermore, what happened to the general market after the dot coms were ripped to shreds and why?
Answer those questions accurately and you may be able to make some money this year.
Finally, it’s worth noting, I fucking hate anomalies, such as Chinese stocks. They just won’t go lower. [[FXP]] is getting “mushroom clouded,” thanks to the upward action in [[CHL]].
God willing, soon, it will get its head chopped off too.
For now, making money betting against the financials, via [[SKF]], is like running downhill.Comments »
With the earnings season kicking off tomorrow, I suspect the market will rally today.
However, should [[AA]] report a bowser number, look for the indices to go right back down.
Aside from the numbers, another problem investors face is the fucktardedness of analysts, who will be rushing to downgrade the stocks they cover. Call it “PE compression.”
Essentially, most analysts do not have recession baked into their models. Therefore, in order to avoid looking like stupid cupfuckers, they will all rush to “price it in,” sometime this week or next.
In the meantime, enjoy the bounce–for it will be short lived.Comments »
I bought 5,000 shares of [[DUG]] @ $38.29.
Disclaimer: If you buy DUG because of this post, you will go bald. And, you may lose money.Comments »
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Much like 2000, this market is unable to find a bottom, as investors reel from staggering declines in momentum and “value trap” stocks.
When investing, it’s important to look at the underlying business of the stock you are buying, instead of stupid lines and dots (charts). The question you need to ask yourself is: will business improve or deteriorate?
For example: one of Apple’s suppliers is citing a big drop in orders from the iPhone fuckers, due to taking a “conservative view toward macro economics slowdown.”
Now, I’m long [[AAPL]] and love the company; but there’s no fucking way I’m buying it higher than $150.
With regards to [[MVIS]]:
I am using this spike in volume and price to reduce my exposure to small cap/unproven names. In bad markets, story stocks get the “homo-hammer of certain death” daily. Keep in mind, all the CES hype will soon be a memory.
Finally, I’m leaving early today, due to a celebratory event. I am quite pleased with my market positions, especially my shorts.
Are you?Comments »