Rally. What Rally?
I am tired of rally calls and have pronounced every one of the DOA.
This one died even harder than expected.
At one point late in the day with EXPE at 56 the 55 puts were .05. Man that is damn confidence, I sure wish some hedge fund would have shorted a zillion shares in the last half hour.
These things end up badly usually(for me) so I picked up a few for .05 and sold them for .25. Got to within .13 of absolute panic for the put sellers. (To be honest I also bought a few earlier in the day for .15) so I ended up even as I put myself into a no loss play and held the rest. No luck. They kept EXPE above 55. I wish those morons selling puts for .05 would have lost $2. Would have been the biggest bagger I ever had, but it was not to be. Such fun. .05 to $2 in an hour. Next time!
At any rate certain people have a rally call going and certain other people keep saying, SCREW IT. VTSS popped a full $1, and idiots chasing the breakout had their head handed to them on a platter. Lost it all back in a day.
I will believe a rally when I see one.
There are mammoth fund liquidations going on now.
Foreign investors are bailing.
Bought more gold stocks at the close yesterday (near 50day averages) and sold 50-60% at the open. Added at todays close what I sold.
Screw techs, screws the S&P, Screw rally calls, screw most everything but buying pullbacks in gold and selling the gold rallies.
Eventually this will fail and fail BIG TIME. I do not know when. Nor does anyone else, but rally calls seem quite a bit silly to me. Even when this strategy fails (for gold) I am quite confidentbthe top is not in. If gold went against me I was willing to hold it and even add. My buys went for me and in typical "profit is profit" mentality, took some off the table. Lowered my cost basis when I added back what I sold.
Right now I am learning to trade futures, tired of stock BS. They want to rally us I will try and hop aboard. We sink I will try and hop aboard. I really do not care which way we go as long as I am not on the wrong side of it. But trying to catch knives is stupid except for those nimble like Zeev. Rest assured he is in a class with few others. Not worth it for me.
Cash is best for those not willing to play the dark side at these levels (I do not blame you if that is the case). We ARE due for a rally and have been for weeks. Problem is where is it?
If you do not catch the beginning of it, do you even want it?
If you had RMBS QLGC BRCM or TYC you did OK today. Was it worth it?
Blood is here and it is gonna get worse.
S&P 450 here we come.
Not sure when, but it is coming.
Long cash, a bit of gold, and a few puts.
Trading account is flat.
M |
