ok well i did get my face ripped off today, but luckily i have some more cash to throw at these god damn ETFs. bought more FAZ afterhours and initiated positions in TWM and MZZ following xtrends on this....hopefully some good news comes out tomorrow and the market crashes...we must be living in bizzaro world!!
this is the first time i am all in and naked long a shit load of iETFs...not gonna lie the next day/weeks are going to be very nerve racking. glad to see i have company though!!
The headline on Yahoo Finance reads "Stocks finish higher despite dismal economic data" Why?
This is the billion dollar question. The economy is not in good shape, we've been in a recession for a year, unemployment is going up, and credit is frozen. Yet, somehow the market finds a way to go up. Since 20 Nov the Dow is up 13.7%. What changed last week to warrant this gain. My contention is NOTHING. I think that the market should be down and this is a bear-market rally that is nearly played out. Before Monday's 680 point decline, the Dow was actually up 16.9%. The 680 point drop on Monday was nearly exactly a 50% retracement of the previous week's gain. What does this mean? Could mean that we found a base at 8,100. My opinion is NOT so much. I expect that we will (and need to) retest at least 7,500. 7,000 to 7,500 not only represents the recent low on 20 Nov but also a 50% retracement from the Dow highs of ~14k. We are not out of the bear market, and most bear-market rallies are between 10-15%. History indicates that this bear will pull us back down.
Today was especially frustrating. Staples was up over 7.5% to close at 17.55. On 20 Nov Staples hit a low of 14.16. Since then, they've posted a tidy 24% gain. Why are they all of a sudden worth 24% more than 10 days ago? I don't think they are. Although I might have jumped on a bit early, I do beleive Staples trades back to 15 and below in DEC. This is my bet at least. There is no fundamental support at this price.
My suggestion, purchase 17.50 Dec Puts @ ~1.15. I think they go to >2 bucks from here.
I don't know much except that whatever I do the market usually does the opposite. So I'm all short on this one because companies are cutting jobs, which leads to fewer people spending money, which leads to companies making less money, which means they cut more jobs. On the other hand, if I'm wrong you can all thank me for single handedly saving us all from a worse recession/depression.
28 comments:
FAZ
66.99 +2.8401 (+4.43%)
hmmmm ..
you have a stop loss for FAZ? or going to hold it for a bit?
IN THE RED~! FAZ
ah im still green tho =)
We are going to dip end of the day
YES IN THE GREEN FAZ
just sold VISA (V) & EBS
still LONG: SSO, DIG, PM
SHORT BUS: the amigos, and FAZ
spec: HPQputs, FROputs, SPLSputs.
botd to late to get into
faz
got in faz at 58even, go out at 67even
going to get it again at the buzzer
$FAZ .... 3rd shot!
full boat!
new lows
BUY BUY BUY!
selling all longs.
$SSO, $DIG, $PM.
in big on faz
go team
sold my dog .. all in on faz
FAZ = mans best friend.
i sold my house and went all in on FAZ
you actually "owned" a house to sell? hmmmm...
i thought everyone was in foreclosure.
BOTD, I'm with you on the 100% bear and pure hatred. This market needs to drop.
lol thats what they want you to think :P
hey i saw you sold your longs, did you go 100% in on faz? or what percentage did you get in at?
ok well i did get my face ripped off today, but luckily i have some more cash to throw at these god damn ETFs. bought more FAZ afterhours and initiated positions in TWM and MZZ following xtrends on this....hopefully some good news comes out tomorrow and the market crashes...we must be living in bizzaro world!!
Muahaha....long SKF, SRS< and FAZ for tomorrow....all in baby! Zero to heero!!
So many bears...you know what this tells me? That we'll have a bottom and all you shorts will get squeeeeeeeeeeeeeeezeeed.
this is the first time i am all in and naked long a shit load of iETFs...not gonna lie the next day/weeks are going to be very nerve racking. glad to see i have company though!!
Anon, the squeeze happened today.
the squeeze happened today and yesterday
ANON- no bears here man...just traders...market is rallying on fluff...hot air...tomorrow/friday we're gonna drop 5-600 points..
danny i hope your right.
The headline on Yahoo Finance reads "Stocks finish higher despite dismal economic data"
Why?
This is the billion dollar question. The economy is not in good shape, we've been in a recession for a year, unemployment is going up, and credit is frozen. Yet, somehow the market finds a way to go up. Since 20 Nov the Dow is up 13.7%. What changed last week to warrant this gain. My contention is NOTHING. I think that the market should be down and this is a bear-market rally that is nearly played out. Before Monday's 680 point decline, the Dow was actually up 16.9%. The 680 point drop on Monday was nearly exactly a 50% retracement of the previous week's gain. What does this mean? Could mean that we found a base at 8,100. My opinion is NOT so much. I expect that we will (and need to) retest at least 7,500. 7,000 to 7,500 not only represents the recent low on 20 Nov but also a 50% retracement from the Dow highs of ~14k. We are not out of the bear market, and most bear-market rallies are between 10-15%. History indicates that this bear will pull us back down.
Today was especially frustrating. Staples was up over 7.5% to close at 17.55. On 20 Nov Staples hit a low of 14.16. Since then, they've posted a tidy 24% gain. Why are they all of a sudden worth 24% more than 10 days ago? I don't think they are. Although I might have jumped on a bit early, I do beleive Staples trades back to 15 and below in DEC. This is my bet at least. There is no fundamental support at this price.
My suggestion, purchase 17.50 Dec Puts @ ~1.15. I think they go to >2 bucks from here.
I don't know much except that whatever I do the market usually does the opposite. So I'm all short on this one because companies are cutting jobs, which leads to fewer people spending money, which leads to companies making less money, which means they cut more jobs. On the other hand, if I'm wrong you can all thank me for single handedly saving us all from a worse recession/depression.
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