What’s with morons who find the need to call a bottom in stocks and a top in oil everyday? You’d think after getting punched in the nose, with brass knuckles, these fuckers would stop speculating. Nonetheless, the asshats at [[MS]] are ‘calling a bottom’ in [[LEH]].
Good luck, bucko.
Call me a cynic, but something tells me the palsy’s at MS are somewhat concerned about their counter-party exposure to LEH.
The industrials are cracking here, as predicted. Shares of [[TEX]], [[ETN]], [[ITT]], [[JEC]], [[CAT]], [[CMI]], [[TXI]], [[CW]] and [[VMC]] are doing the ‘toilet bowl shuffle.’ I suggest leaning on them, especially CAT.
Oil is ripping higher today. I like [[PCZ]], under $60.
There is a possibility the market will try to bounce here, considering today is the first day of q3. However, just know, all rallies are to be sold into, not bought. You have to program yourself to do the opposite of what your optimistic instincts tell you. Being positive in a bear market will get you nowhere, and fast.
When “The Fly” was born into this industry (’97), fire and brimstone (Asian crisis) was tossed onto his lap, as he was told: “go make a living kid.” Then, after being lucky enough to ‘catch a bottom,’ he was taught another ancient lesson in warfare, via the ’98 collapse. Following that, “The Fly” coasted for two years, making scores of freshly minted coin, during the dot com era of ’98-2000— only to have it promptly snatched away during the historic and biblical collapse of 2000.
As you know, the rest is history.
I’m a fucking pro at bear markets. During my career, I’ve been dealing with them perpetually, while supporting a family and an egregious lifestyle. I cannot be gulled into bullshit.
Don’t get hoodwinked into believing the ‘goldilocks story’ or the resiliency of the U.S. economy. It’s all bullshit. The market will bottom, when enough people have lost money and there is nothing else to sell.
In my opinion, there are plenty of industrials and ag related names worth shooting at.
For now, I will hold off on placing new bets against the banks. They’re due to bounce. Instead, I may raise cash, via taking some profits and wait to reload over the next week—or not.
I’m unpredictable and busy eating potato chips, at the present.
More on this later.