Click chart to enlargeIn our minds, the single largest concern for the market right now is Citigroup (C). The second is Bank of America (BAC). After flirting with bankruptcy in November, C was injected with $25B of TARP money and kept afloat. Now that the stock is back to its November lows, it's safe to assume (regardless of what you hear elsewhere) that Citi has already burned through that money. So it takes about $15B a month to keep Citi alive. That's $3B more than the cost of the war in Iraq!
Here's how we see it...
The government is dedicated to saving Citi no matter what. They are effectively gambling $15B of our tax dollars every month on a poorly run company with a stage 4 chart in a stage 4 market, and losing every dime!
It was bad enough when Wall Street gambled recklessly with our money. It was worse when the banks started doing it, and even worse when government-backed Fannie and Freddie did it. Now that our government is directly putting our tax dollars into the slot machine, we're starting to sign on to this whole "end of America" thing. Is America too big to fail? We're estimating the actual value of America to be somewhere near 14 cents if the government keeps printing money out of thin air and dumping it into Stage 4 wealth-destructing slot machines. Nowhere on our 1040 have we ever noticed a box labeled "Check this box if you approve of us playing roulette with your contribution."
It is said that all paper currencies eventually fail. History has proven this time and time again. It is entirely possible that the outrageous "spend, spend, spend" attitude of Bush and our government (and Americans in general) will lead to the ultimate demise of our financial system. Long gone are the days when companies were rewarded (by profits) for being well run, and punished (allowed to fail) for being poorly run.
Today, a CEO can bankrupt a perfectly good company, leave with billions of dollars in compensation, and stick taxpayers with the bill.
Today, a man can steal $50B and not even go to jail because he's not considered a threat!
Today, the government is allowed to gamble trillions of hard-earned taxpayer dollars on any stock regardless of its fundamental or technical merit.
....
If this isn't the trifecta that marks the end of a financial system, what is?
94 comments:
sbbuilder, thanks for the QID, it's the only thing working for us today!
From my local paper yesterday: "Bank of Ann Arbor has applied for up to $11.5M (the maximim allowed) from the TARP... President Marshall said funds will be used for "internal growth, what he called 'defensive' strengthening of the balance sheet, acquisitions, or greater lending..." In light of the fact that precious little of the money given to banks has actually been lent out, contrast that with GM, which immediately turned around and used the 'bailout' money to re-introduce leases and offer significant finance reductions. Giving money to banks, in my view, is akin to throwing planets at a black hole. Businesses, on the other hand, are less interested in padding their balance sheets than selling their products. If business doesn't thrive, there won't be any money to put in those thieving institutions called banks.
Returning to my 'throw up' analogy, I'll go out on a limb here and say that C, JPM, and AAPL have given the market a dose of Ipecac, and that pretty soon we'll see some projectile vomit. Now before some of you get all mean and ugly, remember that I'm a builder and that nothing would make me happier than to see normalcy return to the market, esp. the housing market.
It looks, also, that we may be returning to the wild swinging days of last fall. Calls for a different approach to buying and selling.
Good luch to all.
As indicated in my previous post, I set a target on FAS at 11.88 as the point to switch from short to long. FAS came within 17 cents of that target. Not all buy orders went through, but two did. Nice quick and easy 15%, and profits from SKF and SRS were locked in. The same basic strategy worked yet again. When I see a convergence approaching, I jump on it.
Help ! "expert" in toilet.
I shorted C @$3.42. hahaha!!!!!!
Whatever Icon, or Me-No-Speakee, no one cares about your "reporting".
Nowhere did you mention targets for FAS other than 11.88, so your "reporting" is highly dubious. And only a few days ago after you said you'd sold SRS and would only buy it back if it went below 50, you now claim to have bought it anyway, AND are claiming to have made money on it! LOL
I believe your "reporting" as much as I believed the AAPL press release last week about Job's hormonal imbalance.
Is this Me-No-Speakee in disguise? You both are deserving of Pulitzer Prizes!
I said I would hold onto a baseline minimum number of shares of SRS. I made it quite clear what my strategy was. After reaching 50% gains today, I dumped the remainder. I will re-enter when IYR nears its 50dma.
And when I set a target price such as "11.88" it is only common sense that I would scale in at various points. Only a moron goes all-in at any price. You obviously lack any form of common sense. So I really couldnt care less what you think. How's that for a "report"?
"As indicated in my previous post, I set a target on FAS at 11.88 as the point to switch from short to long."
You never said anything about FAS @ 11.88 being "The Bottom" nor did your previous post say anything about this being time to switch from short to long, so let's get this for the record Iconoclast421; are you saying that today was "the bottom" and we have no further downside to go? Are you recommending that it's time to go all in long because you're calling the bottom right here right now?
A simple yes or no will suffice, no trying to backtrack or cover your backside going forward with some conditional statement or "analysis" attached.
Thanks.
Iconoclast421 did claim to have called the bottom perfectly based on FAS last time so it sounds like he's relying on the same thing this time around. Who knows, he could be right. Anyone who can make money on SRS has brass ones so my hat's off to him. That thing moves exactly like a drunken sailor down an alley during Fleet Week.
Personally I think a more likely scenario is what Snot posted earlier that we get a suckers rally and then the real down leg ensues.
I still think S&P re-tests 741, and in the next four or five trading sessions.
Agree? Disagree?
op ex is tomorrow. Something to bear in mind. No I dont think this is the bottom. But it could be for a few weeks. The DOW came very close to my target of 7950, after that I have no idea whats gonna happen. I'm on the sidelines now until a new technical picture forms. I am only holding a small amount of CAS and NLS and just picked up some EXEL and TITN. All small plays.
Note that when I am holding SKF and SRS, and I say I'm about to buy FAS, it is only common sense that I'm going long. When it comes to the indexes, I would never hold a 2X or 3X long and a 2X or 3X short together at the same time. That is a surefire way to lose money.
Icon, you keep on "reporting" and don't let the jerks slow you down. Sounds to me like someone is jealous of you.
Good work ICON!
Snot and other experts,
I would like to get your opinion on China. The country has adopted a mega-infrastructure-program - faster and bigger than the US and Europe. (They also have experience with bad banks, but that's a completely different story).
It looks like Chinese stocks have shown relative strength recently. Even though this might not be the decoupling, which some amalysts hope for, that is a positive sign. As soon, as de-leveraging finally ends, domestic Chinese industry stocks might offer an interesting investment chance.
China Aluminum has moved upwards in the last weeks. Do you see a tradable uptrend? Or is this movement too short to be valid?
newfrankyboy
Scary day today. Looks like the market wants to bounce, but how much of it will be options expiration related? And with the three day weekend is anyone going long ahead of Inauguration Day? Are we going to get a DOW 500+ point Obama Relief Rally?
I made a mistake and hurt my fans again.
How can C be such a black hole? They only wrote down approx. $1B in mortgage losses. Why don't they just rip off the bandage and take the 99% loss on the rest and get it over with? If the Feds are going to back them why prolong the inevitable? And how does cutting a turd in two make anything but two turds?
I feel so assured! Let's celebrate! 25 more planets thrown at a black hole! This should calm and stabilise the markets. Whoopee! Anybody elso feel like joining the party?
This is nothing other than financial incest.
That FAS "report" sure was a bust. Ouch.
A bust that made me 19%. It's not my problem if you dont understand how the market works.
Uh huh. I believe you.
Things are looking spookier again. I plan on selling my QID for a nice gain at the end of the day. My plan is to sit on the sidelines again for a few days to see what direction the market wants to go. Vix is back up, large one day swings are back, banks suck (again), deja vu all over again. Once the Obama gushing settles down, we'll see.
Big regret: didn't buy any SKF last week. Already had three buys for QID and didn't want to commit more capital until that settled down.
Snot
What is your snapshot analysis of today's events? Do you think this is more of the same, or do you think something more fundamental is going on? Looks to me like the market was holding its collective breath and then just blew it all out.
Hey sbbuilder, I'm just glad you came in and made comments today. This blog was frozen since Friday up until you did. Today was ugly, and could get worse tomorrow. agr8gem57
sb, in the Jan 14 post, we pointed out three support lines for the Dow. It's resting on the second such line right now, but hasn't broken it yet. The S&P has broken it, which suggests that the other indexes will likely follow suit. Once broken, this leaves only one support level, the lows of November. Can't imagine we'll take them out without a major bounce first, at the very least. It doesn't feel scary yet. There's not enough blood in the streets for this selloff to have reached a bottom yet. VIX needs to be in the 80's, and GS needs to put in a new low like C and BAC. GE needs to make a new low, and AAPL needs to drop into the 60's. Only then will it feel that there has been capitulation. We haven't bought anything yet. We're playing a more cautious game this time around, considering we're already partially invested. Like you, we're wishing we had jumped on SKF last week!
You're right Snot in that it doesn't feel scary at all, and that's what's scary! To shed over 5% on the S&P in a single day and it's only met with a yawn?! That tells me there won't be any panic on a retest of the November lows, which means at what level on the S&P will people finally cave? 675? I posted 630 a week or so ago as "The Alamo" and while it may seem extreme, it doesn't seem impossible.
The question is, when exactly will government come to the aid of the PPT and make their stand and nationalize the banks or do whatever it is that they're going to do? That's the only thing that will cement a bottom IMHO and unless you're a cheating insider you probably won't be able to see it coming very far in advance.
Amazing times we live in, and with a little patience we're all going to build some wealth from this!
This is just as I thought. Way up one day, and way down the next. Isn't this the very definition of volatility? Actually, this type of market fits very nicely with the kind of trading I was getting used to last fall. Once the pendulum reaches one extreme, it has to swing back. So let it.
The problem with nationalizing the banks is that it wipes out equity, which hurts pensions and creates stronger deflationary pressures. We will eventually reach a point where everything they do creates stronger deflationary pressures. And even when they go to print more money, they will not be able to sell the bonds without pushing interest rates back up. Especially if the treasury has to compete with countries like China and Saudi Arabia who will be cashing in their t-bills so they can spend money bailing out their own economies. I dont think its going to happen in this cycle though. I think the market will respond favorably to their bs at least one more time before the bond dislocation occurs.
I made a big mistake for AAPL.
Snot, how about another chart of the DOW, S&P, or Nasdaq, whichever is the most revealing, and some discussion of where you think things will go now that we have a new Prez. Telecom stocks were strong the last two days, relatively speaking.
Joe
Whoa! AAPL over $90 in afterhours after good report. This article says the market may continue to rally for another day.
Rally has legs?
Ebay fell on weaker earnings. I'm to blame for that, in part. :) Haven't been shopping as much on there lately.
Data Thursday -- weekly job claims. Earnings include GOOG and Microsoft after the bell, so some biggies. How will QLD do? Cramer was pumping tech the other night.
Joe
What did you do expert in toilet? short AAPL? If I was in that position I'd wait till it hit about 89.75, then triple my short position. I would be shocked beyond belief if AAPL makes it more than a few nickels over $90.
Icon, I could be wrong, but notice the broken English. My guess is that "expert in toilet" is Bigboy, aka Beatsnot, now "expert in toilet" trying to run down Snot once again, since AAPL spiked on good numbers. Looks like MSFT's numbers were more significant than AAPL's numbers thus far for the market as a whole.
What happens to my stock in one of these banks if it gets "nationalized" Do they just take it? or does the stock retain some value?
As Snot might say, your stock would be worth about 14 cents.
Buying SRS when IYR approaches its 50dma is paying off in spades. For some reason, the suckers keep pushing IYR back up, and I keep scalping 10% profits every time they do. The DOW has bounced twice off my target of 7950, and I've been selling the bulk of my SRS each time it reaches that target. I'm trying to build a stash of "pure profit" shares of SRS which I will hold onto incase the DOW breaks down to its NOV lows.
Snot,
Your TA system didn't work.
Check out the following link.
http://finance.yahoo.com/news/PotashCorp-Triples-Earnings-cnw-14123389.html
Anyone here remember LDK? It is down to $11. Poor old LDK. Anybody know the reason why? Solar in general looks awful. When, if ever, will there be an Obama effect on solar?
Joe
Of course POT's 2008 earnings are up. That doesnt mean anything. AAPL just had a record quarter. That doesnt mean its stock should be at a 52 week high. Stock prices are a measure of future earnings. That pretty much answers the question about why LDK is $11. After breaking a 2 month support line, of course it was going to fall. Next support line will be formed if LDK closes at 10.80. It will be a solid buy if it closes near that price. I wont be buying it though, because I'm all out of money! All the movement on SRS has flushed out my account... thanks to that stupid 5 day rule I have to wait at least 2 more days before I get any more trading cash.
Hey Snot, Can you comment on the direction of the market right now? I keep on thinking that there should be a rally before the next leg down, but what I think and what the market does seem to be very different.
Icon,
Your opinion is dead wrong. Snot predicted POTs' price two months ago. At that time it's fourth qtr, so the earning is future earning.
Anon:
Obama effect? Huh? Nothing against the man, but anytime you put that much hope/trust in one person to change the world, you're screwed. The problems facing us are virtually infinite compared to one person, so my advice is to simply change yourself, and help those around you. Personally, I'm not looking for the Gov. to do one damned thing for me.
I'm glad I'm back on the sidelines the past two days. Since I'm not tech savvy enough to gamble on individual stocks, I've got to wait till the market signals some sort of consistent movement.
sbbuilder, I'm not very savvy on individual stocks except for tiny percentages of my portfolio either. As for Obama, where did you read that I was putting my hope/trust in one person? You know the news as well as me. He campaigned on an alternative energy platform for months on end. I haven't owned LDK or solar for many months. If he makes good on his campaign promises, when will there be an effect on solar?
For tech, I recommend to you QLD. It has no financials in it. It has about a 14% health stocks component, which is nice. But you probably already know all that and more.
For an individual stock, here are 3 reasons to buy MSFT:
Buy MSFT
And here are 3 reasons to sell MSFT:
Sell MSFT
Which makes the more sense? MSFT was at a 10% discount today, for whatever that is worth.
Some quotes from another blog, in reference to the chimp stock picker:
“Snotwheel”? Where do you come up with this stuff? I guess there’s more than one way to grease a wheel - ugh."
"SOOOOoooo funny. I want that chimp to pick my stocks (not my nose)."
They come from this blog, which has lots of charts and commentary.
blog
Joe
Joe,
My bad. You were referring to solar. I still can't see any reason to pick an individual stock. There's plenty of movement in the index's themselves to give room for healthy trades. Stock picking is not my day job, so I have to make do with my limited knowledge of the market in general.
What do you think of that nincompoop who got fired today from BofA? Big time early bonuses to all and sundry amid massive losses. When they clear out Gitmo, there should be plenty of room for some really bad characters.
hk22, where are you? I miss your sonorous dialogue.
A friend of mine got a stock from his portfolio downgraded by some new analyst firm today and it received a 5% haircut as a result. He had never heard of that firm before. He checked on it and found out it is very new. He thinks their downgrades are poor choices. they mostly seem to be really good stocks. What is going on? He thinks it is a phony front for a shorting operation or, more precisely, someone with lots of money who wants to drive some good stocks down briefly to pick up cheaper shares. I'm not much of a conspiracy theorist, but that stuff probably does happen out there. To the extent that it does, it is all the more reason for the little guy to stick with ETFs of the indexes or sectors, especially in a bearish market, just like Snot recommends. Even if it isn't something devious, it can be bad earnings (like MSFT) or the CEO's health (like AAPL) or a rumor (like LDK and Situ long ago) or a failed drug test (e.g. for a pharm) or a broken contract (Kuwait and DOW) or a canceled dividend (like DRYS) or a downgrade that can submarine you for 10% or 20% or more before you can go to the bathroom to take care of business.
Joe
Joe
Hilarious- of course GE will be cutting it's dividend. Geezus, how dumb does Immelt think we are???
Anon I just dont understand what you're trying to say about POT. It fell from 240 to under $50, then it bounced up and settled around its 50dma. That isnt an unusual thing for a stock to do. It has now pegged itself to a downtrending moving average, in a sector with a downtrending moving average. So what exactly are you saying? Are you saying it is not heading towards zero? Because technically, it is heading towards zero. It may be possible to trade it and scalp a few dollars, but that doesnt change the fact that it is trendign downwards. No one should be surprised if it is trading at $24 six months from now. In fact, if it follows the current trend, it will be there by august. A 90% drop even for a strong company is not out of the cards. That's why it's called a depression...
Is DOW 7950 the support?
it has been tested a few times in a week....
thebat
Nice little head fake this morning. She'll roll over this afternoon, as usual.
What is your "as usual" based on for the afternoon roll over. It may happen but on Monday afternoon, it rallied. Same for Wednesday and Thursday. On Tuesday it tanked. Where is the "usual"?
DJIA for past week
I took some profits on DIG and rolled them into UGE (people still have to go to the grocery store and drug store to shop). My small entry into MSFT yesterday after its tank on earnings is holding up fairly well. If we get a government Obama "incentive" package rally, should we sell the rally and take a short position?
Joe
On Monday afternoon the market rallied? Really? I must have missed that one.
Friday afternoon market off sell. ALways happens. Do not you know this? Feel bad me for u.
Oh, sorry. Monday was a holiday. I wasn't out marching, so I forgot. But check the chart on the link. It was actually last Friday rather than Monday when the market rallied. So it doesn't always sell off on Friday afternoon. We have gone from "usual" to "always". My, my. Now really, people. My mistake on Monday versus Friday, was that really that big a deal for you to take issue with? Does it make you feel important to have found that MAJOR mistake in my posting? If your ego needs help that badly, continue with the cheap shots. I don't mind at all. Chuckle.
UYM is doing well today. A buy or not?
Joe
why would anyone want to trade on technical analysis based on "I think the market will crash on these random days [unrelated to economic triggers] of the calendar" no matter what the news is, no matter what the charts say, no matter what the fundamentals are?
CREE, which I mentioned here a week or so ago, is really rocking after reporting on Wednesday.
CREE
I didn't get in on it, but a friend of mine did, so yippee.
Joe
" expert in the urinal says said...
why would anyone want to trade on technical analysis based on "I think the market will crash on these random days [unrelated to economic triggers] of the calendar" no matter what the news is, no matter what the charts say, no matter what the fundamentals are?"
--------------
totally agree !!!!!!!!!!!!!!!
but don't teach them so much. let the market punishes them more and more. After they losing their pants, they will throw their TA skills to the urinal.
Any of you "experts" want to upgrade your digs?? I've got a great deal for you!
correction
After they losing their pants, they will throw their TA skills to the urinal.
After losing their pants, they will throw their TA skills to the urinal.
Sorry for keep posting. I canot help myself. I lose much much money and much of my mind.
" BEATSNOT said...
Sorry for keep posting. I canot help myself. I lose much much money and much of my mind.
January 24, 2009 6:25 AM "
----------
Faker,
Show me the evidence.
Any body here buy BAC?
Not me. Nice bounce Friday, but I even buy ETFs that have few or zero financials, e.g. QLD, LTL, RXL, DIG, and UGE.
Joe
RSX has bounced today. Worth a risk with some "play money" for a bottom fisher or is it still headed down?
Joe
Icon, CAT, one of the best companies in the world, is on sale today. What price does your chart reading say would be a good buy-in point, in any?
Joe
I just can't figure this out. There's an avalanche of bad earnings, missed forcasts, job cuts, and on and on, and then we have one drug company that wants to buy another. Hey, hey, that should be just enough to balance out everything else. Let's have an 'up' day in the market. The writing is on the wall, just nobody want to read it.
Maybe its the gliterratti at the WEF beaming its benevolent light down on the rest of us. When was the last time corporations and banks looked so desperately to the government for help? Something amiss here?
Still firmly planted on the sidelines, and staying here until David comes along to give us a reading.
sbbuilder, there was more good news, in the eyes of Wall Street, than one pharm merger/buy out. Home sales were up. Also, several companies were announcing job cuts and cost cutting measures which, although that is bad news for lots of people and for consumer spending and for some potential foreclosures and for the reality of a recession (but we already knew all of that), Wall Street thinks some companies are doing what is necessary to become more profitable, so they reward the companies. Wall Street usually rebounds before the economy does. I'm predicting a mild rally until a stimulus bill comes along and then a big-time 3-hour rally and then back down to DOW 7,800 and we will stay range bound between 7,800 and 9,000 until September. But what do I know. Buffett has been wrong, so what chance do I have of being right?
VZ reports Tuesday. T reports Wednesday. Important for my portfolio, although if VZ does well, I may not own any more telecom come Wednesday.
Joe
On Jan 9th, I said I "My read of CREE suggests that it is at the top of a channel. I wouldnt buy till it drops down to the 50dma." A few days later, it did fall to its 50 dma (16). From there, it gained 25%. It is now at the top of that same price channel. I would sell at any price over 20.
Here is my read of CAT. The following remarks refer to this rsi chart of CAT.
On around July 1st, there was a major convergence of support lines. Yet even with all that support, CAT gained nothing for 2 months, then the bottom fell out of it. That right there tells me the company has major problems. I would be very leery of buying it at any price. But if I were seeking an entry point, I would buy when it reaches the green line I have drawn on the rsi chart. But I would sell on the red line. I dont think it will break through that line.
Thank you Icon for the serious work and careful answers.
Joe
VZ missed by one penny (61 cents against 62 cent estimates). Their earnings were up 15% but their growth has slowed. The market's response is a 5% haircut. If VZ was a bank, they would be up 20%. That's the market and my portfolio will suffer for a couple or three days no doubt (LTL).
One guy this morning on CNBC was talking very positive as a long-term value investor. He was suggesting companies with lots of cash, for example, and he believed that a few years from now we would look back on 2009 as a great buying opportunity that only comes along once every other decade or so. One name he mentioned was MSFT, since they are sitting on a pile of cash. So Snot, in trying to find the new leaders for the new bull market, whenever that finally emerges, what should we look for?
1. Lots of cash and little or no debt?
2. ROE above P/E?
3. Growth over P/E?
4. An uptrending chart that Snot likes?
Joe
Joe? It's time to stop posting every thought and question that enters your mind. We realize you are bored. We all are. When there is something happening worthy of a new Snot chart he'll post it. But until then learn to deal with your boredom in a different way, okay?
A few weeks ago Don Worden published a reader's note to him about "what trading is" and the guy hit it spot on: "Trading is 96% sheer boredom, 2% sheer terror and 2% sheer elation".
I'm sure that if and when a new bull emerges Snot will tell you what he thinks in time enough for us all to make some money. But until then, chill!!
Don Worden is an idiot. Trading is not about boredom, it is about trying to protect your savings against the ravages of boom/bust cycles, inflation, and constant devaluation. The system is designed, or corrupted, in such a way that trading is required in order to preserve earned wealth. If one does not trade, and trade successfully, then the constant printing of money will eventually wipe out the value of those savings. Chris Martenson's Inflation 101 video illustrates this point clearly.
Don Worden makes a living off of his charting system...do you Icon? Or do you just spout your worthless blather on free blogs?
I think we both know the answer to that. Also, if you'd bother to read you'd see that a reader made those comments, not Don Worden.
You completely missed the point, as no one was disputing the fact that trading is "necessary". I believe the frequency of trading is where we differ. You are pretty much a day trader with little to no patience, where Snot seems to not get all bent out of shape on the day to day moves. I bet if you asked him what he's doing today he'd say he's holding a dart competition in his offices. He looks at the big picture which in the end will be far more profitable than your little "scalps".
If your day trading is working for you great, but everyone who's been there knows there's more serious money to be made catching a wave and riding it out.
exactly. having patience while trying to find that next wave can be extremely boring at times but ultimately much more profitable.
I suppose I shouldnt associate blog / web hosts with the grammatically challenged commentors on their pages. You're a shining example, suomynonA. "A few weeks ago Don Worden published a reader's note to him about 'what trading is' and the guy hit it spot on".
to him? the guy? What are you talking about? Is english your 2nd language? Why not just say, "Someone once said trading is 96% boredom?" Why even drag Don Worden into it? Why write in a deliberately obfuscatory way? It invites misunderstandings.
Very interesting. You didn't dispute that your worthless blather is just that...worthless, instead you focused on something that a 5th grader could understand but you could not. That explains much about you.
You must have very low self esteem. Are all your "scalping" losses doing that to you? Finding out that all your RSI blather is equivalent to guessing?
Lighten up!
CHILDREN! Both of you take it to the Yahoo message boards where this type of childish bickering belongs.
Well, Soumynona, I get back from an out-of-town trip and find several lengthy posts from you that reveals your boredom. OK, Soum, I'll quit posting after pointing out something that might be helpful to you. I frequently gave links to noteworthy articles ( e.g. link ), to charts I had studied ( e.g. chart ) or cited information from IBD or the WSJ that are not readily available to non-subscribers to try to provide some helpful information to those who frequent this blog. Why don't you provide something useful?
Thanks again for the advice Icon. I'll enjoy continuing to read your posts.
Joe
Joe, he's just an idiot, someone who lost so many times he's now backwards (literally, since suomynona is anonymous spelled backwards). So with no money left, he has nothing better to do than attack those that are doing well.
I've posted dozens of trades on here, at least half of them in advance, BEFORE pulling the trigger. And 90% have been winners. I've posted the methodology behind them.
My current strategy of Buying SRS when IYR reaches 50 sma has yielded nearly 80% so far in the past 2 weeks alone. I bet you wont find anyone, anywhere on the web who has anywhere near this kind of accuracy, for free or even for money. So I could care less what any low grade moron thinks about my "guessing". The proof is in the pudding.
Sucker's rally today. Unemployment and GDP numbers will wipe out this week's gains, and then some.
I am positioning myself for a run of SPX to 890. Next higher resistance for IYR is around $35. Will buy SRS at 50, 49, 48.
Roubini is NOT a fan of the stimulus plan. That guy is one Gloomy Gus!
Right price for SRS but risky buying this late in the day. Did you buy Iconoclast421?
"The proof is in the pudding".
Yes, it is. So tell us Icon, did you buy SRS at 50, 49 & 48? Here is a chance to do something you RARELY do- tell us what you're holding and we'll see just how good your GUESS was today.
But people don't expect an honest answer out of Icon. His pattern is to wait to see which way SRS is heading tomorrow before he'll answer- that way if it gaps down he'll say he never bought it, and if it gaps up he'll claim that he did buy it. Just you wait and see.
Anywhere under $50.00 SRS will make you money when this taxpayer sponsored rally dies. How low will it go before that happens? $40.00?
My apple short isn't doing very well! I am hoping on a down day tomorrow to get out!
j
Uh oh all you SRS fans. K-Fine, the world's worst stock picker and token female trader just said she's short IYR. This virtually guarantees that IYR will be going higher.
IYR hit my target, as expected. I suppose my target of $35 on IYR was just a lucky guess eh? I said I would buy SRS, and I did. At 50 and 49. I expect IYR to touch 33 tomorrow or friday, perhaps even lower.
It seems inconceivable that equities will continue to rise in the face of this bad bank "solution" which some are now estimating will cost $2T, not $1T. That on top of the $825B stimulus package (which of all things contains tax cuts!) begs the question how will this ever be paid for?? How many generations will be saddled with this debt? Once these staggering numbers sink in how low will the market go?
Attention all blog members. I am under the weather today after eating a very large helping of fried crow served up to me by Iconoclast421. The doctor advised me to take a dose of SRS for five days and I should then feel better.
That was a nice trade Icon. Dinky little one though, I mean really...gloating over making 2 whole points?? LOLOL!! What did you have, a whopping 200 shares?
When you grow up you'll discover that the real money is made going much, much bigger and riding the wave for much longer.
Although what kind of bizarre account do you trade where it takes 5 days for your trades to settle? Obviously it's not an account where you make your living off of. Oh, I forgot...you're just a college kid. I'm sure I made more than the cost of your entire education from 11-20-08 to 1-2-09 riding 22K shares of SSO, so gloat about your little piddly gain all you want!
2 points? Piddly? 2 points comes out to 8% on SRS. All in a day's work. It might even get to 10% before the day is over, but I'll settle for 8.
Wow, you really are dumb. 2 points is only 4% gain on SRS. 4 points is 8%. No wonder you can't keep your claimed "scalps" straight...you can't even figure out simple percentages!!!
We were talking about IYR. 2 points on IYR = roughly 8 percent gain on SRS.
yyyaaaawwwn.
just for the record, i personally think that character-assassination type discussion chatter is really boring. it's just more clutter that i have to sift through to get what i want. i for one don't really trust anyone's numeric predictions. i'm more interested in LEARNING to make my own. and for that reason, i'm supportive of letting anyone speak who is willing to show me how they think.
that's just me, though. maybe this is the wrong place for someone like me. it seems that ultimately the majority of these discusssions are just another form of adult daycare.
jf, I agree with your thoughts. this is why I followed snot here, and also why I am missing snot now. snot, where are you?
to give icon credit, he did nail the iyr@35 spot on and in general his comments about buying srs when iyr hits its 50dma seems to a winning trend recently.
Suomynona on the other hand only seems interested in bashing other people and as far as I can recall hasn't offered up anything substantial to the discussion at all.
rl
from what I recall, icon has given us background on how he's making his calls which is helping me learn, and I appreciate that.
Icon, do you have your own blog? If so, please post the link. If not, please consider starting one.
Post a Comment