Thursday, October 26, 2006
Closing Comments
I'm back. After a day of meetings and nightmare commutes, I feel like swallowing an entire bottle of Jack--glass and all.
Look, if you are still short the market: A. You are fucking ridiculously under qualified to manage money. B. If you insist, you better be a damn good stock picker.
Basically, it's easy to be long now, while making money on the short side is a rough grind. As many of you know, I was a skeptic of this rally and regularly ridiculed all the sloppy money sloshing around the SOX. But, after carefully analyzing the market for about 10 minutes, I realized the market is going higher because it wants to. Now, that may sound "fucktarded" or maybe simplistic, granted. But, the fashion show named Wall Street isn't always efficient. The best move and the easy money isn't always the logical choice. Furthermore, I find it meaningless wasting resources and time defending short positions, while I could be coining money in bullshit stocks, like ERS.
Bottom line: I feel we are in the middle of a bonafide bull market. A market that will burn the assholes who bet against it, because they don't like housing or are scared of $60 oil, Iran, N. Korea, Iraq and the boogieman. I have learned, the good ole' fashioned hard way, to never fight a strong trend. Right now, the trend is to kick the shorts in the balls, everyday, indefinitely, until your foot starts to hurt. Enjoy it while it lasts.
NOTE: Responding to someone's question of when to sell ERS:
I don't know. Frankly, the stock looks like it wants to paint $20. However, I will probably sell my position, sometime early next week.
NOTE II: There is a clandestine bull market in Foreign Telecom stocks. Check out the following stocks: MTA, CHL, TLS, TNE, TLK, TELN, MICC, NIHD, FTE, TEO, DT, TEF, KPN, SHEN, CHU, TU, XING, HTC, TMX, OTE, SKM, TKA, VNT, PT, NTT, SCM, PHI, NTL, ROS, VIP, TSU and AMX.
Look, if you are still short the market: A. You are fucking ridiculously under qualified to manage money. B. If you insist, you better be a damn good stock picker.
Basically, it's easy to be long now, while making money on the short side is a rough grind. As many of you know, I was a skeptic of this rally and regularly ridiculed all the sloppy money sloshing around the SOX. But, after carefully analyzing the market for about 10 minutes, I realized the market is going higher because it wants to. Now, that may sound "fucktarded" or maybe simplistic, granted. But, the fashion show named Wall Street isn't always efficient. The best move and the easy money isn't always the logical choice. Furthermore, I find it meaningless wasting resources and time defending short positions, while I could be coining money in bullshit stocks, like ERS.
Bottom line: I feel we are in the middle of a bonafide bull market. A market that will burn the assholes who bet against it, because they don't like housing or are scared of $60 oil, Iran, N. Korea, Iraq and the boogieman. I have learned, the good ole' fashioned hard way, to never fight a strong trend. Right now, the trend is to kick the shorts in the balls, everyday, indefinitely, until your foot starts to hurt. Enjoy it while it lasts.
NOTE: Responding to someone's question of when to sell ERS:
I don't know. Frankly, the stock looks like it wants to paint $20. However, I will probably sell my position, sometime early next week.
NOTE II: There is a clandestine bull market in Foreign Telecom stocks. Check out the following stocks: MTA, CHL, TLS, TNE, TLK, TELN, MICC, NIHD, FTE, TEO, DT, TEF, KPN, SHEN, CHU, TU, XING, HTC, TMX, OTE, SKM, TKA, VNT, PT, NTT, SCM, PHI, NTL, ROS, VIP, TSU and AMX.
Comments:
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broker, you turning highly bullish worries me. Infact it worries me a lot because every tom dick and harry I know is now bullish. my frieds are blindly putting their 401k money into agressive funds.
market can go on to make new highs and kill more shorts, but this kind of euphoria is what marked peaks in the past. I am going to start lightening my positions.
market can go on to make new highs and kill more shorts, but this kind of euphoria is what marked peaks in the past. I am going to start lightening my positions.
# posted by 
: 7:19 PM
: 7:19 PM
LOL
That is true. But, we escaped the roughest months without damage. Think 2003.
My sense says we run until January, like real bull markets are supposed to.
That is true. But, we escaped the roughest months without damage. Think 2003.
My sense says we run until January, like real bull markets are supposed to.
My sense agrees with your sense. In fact, I am wondering if we have now shifted into a secular bull market that will run hard and not look back for several years. Forget housing. $60 oil is priced in. The tide is rising and all boats are lifting.
# posted by : 7:59 PM
: 7:59 PM
... and forget 1.6% GDP... and the first decline in overall construction spending in 16yrs, too..
i'd rather not get too plastered at the end of the party; we still have to drive home;)
i'd rather not get too plastered at the end of the party; we still have to drive home;)
# posted by : 9:13 AM
: 9:13 AM
I've always been one to get shitfaced at any point in the party and then vomit in the back yard right when it feels like things might be nearing an end.
# posted by : 11:02 AM
: 11:02 AM
anony: please give us a real-time call when you start puking, then. Or call into Cramer's show: "I started puking, Jim, buy, sell, or hold?" ;)
# posted by : 11:20 AM
: 11:20 AM
Actually one of the reasons why I fear market could be peaking is overly bullish Cramer. I have never seen him this bullish since he made that famous call of 2000 in which he listed 10 stocks for next millenium (or something like that) almost at their peak (later i remember he withdrew the call after market had major drop)
# posted by : 11:42 AM
: 11:42 AM
My coworkers are talking about their stocks again. And yesterday at lunch, one of my former boss' wanted to meet with me and pick my brains on technical analysis. (Yeah, I traded stocks a bunch when I worked for him).
He told me he wanted to trade options. Because, and I'm going to quote this, "You can make a ton of money if you get calls before a stock goes up!"
He was very excited. I tried to warn him. But you can't just "tell" someone. They haven't experienced it and they have no reference. So, it's just tuition spent for an educational experience. But I hope he does make a ton.
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He told me he wanted to trade options. Because, and I'm going to quote this, "You can make a ton of money if you get calls before a stock goes up!"
He was very excited. I tried to warn him. But you can't just "tell" someone. They haven't experienced it and they have no reference. So, it's just tuition spent for an educational experience. But I hope he does make a ton.
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