Thursday, June 16, 2011

FEAR!


Now it gets serious. We have the octagon fired up on CNBS. We have the commentators like Melissa Francis (ex-Little House on the Prarie fame) now questioning her unrelenting thesis that oil prices rising did not hurt the economy. I still remember her giggling when oil was rising over 100. It shouldn't be surprising that CNBC has the triumvirate of Joe Kiernan, Becky Quick, and Carl Quintinilla giving you the morning business spin. These aren't people that are there to report the news. They are there because they spin a story, and we all know what that story is.

Its almost funny now if it weren't so tragic. They have spun this version of the "truth" and what benefits "free markets" for years. Its the old Gordon Ghekko theme of Greed is good. Give the very largest predator in the pond all the food and a little poop will trickle down to the rest of the pond. Tell the rest of the fish in the pond that they are big fish and they'll believe it......until they are gobbled up one day.

This is a market and as markets go so goes the squiggles. Right now we are showing some evidence that the miners are showing some strength. Maybe the core I am holding is going to stop its bleeding. I still like the physical ownership more than ever. The miner's shakeout has been expected, but it always feels painful and FEARFUL. Get you out of your shares here. I know I lightened up slightly on some positions. EUO is still on as a trade and will be at least until Monday. Tuesday is the announcement day for the Greek showdown. Take care all and gl.


watch the second half on the game

43 comments:

  1. Brian,

    RITT and LLEN at the open was the play, heheheee!

    ReplyDelete
  2. "The miner's shakeout has been expected, but it always feels painful and FEARFUL. Get you out of your shares here."

    Kli,

    are you saying if you cant take the heat, get out of the miners, but if you can deal with this expected meltdown of them, just sit pat with a core.? or are you saying altogether that the miners are a dead trade, and more carnage is going to occur, so just get out completely.?

    ReplyDelete
  3. miners are STILL good.......question is do we have another leg down....for instance EGO 11.60sh.....or ANV 24sh.....GDX around 46.50......these are examples of next buy areas....on the other hand...UGLY market yesterday and miners held a lot of key resistance areas.....so.......ya hold a core with a lot of cash waiting

    ReplyDelete
  4. Joe,
    RITT is on fire.....However I just went into panic mode...pulled the plug at 9.75.....

    ReplyDelete
  5. GPL particularly strong...that's the one I don't own! Trying to buy or would you wait? Gotta lotta cash...also what is a good way to play Australia since they may be raising rates again, Martin Armstrong likes it. Looking at wbk, great divi, but concern about all banks.

    ReplyDelete
  6. Australia is play on commods particularly miners.....if you think australia is good you own miners esp rare earths SWC PAL types

    ReplyDelete
  7. ORS getting wacked...... RNN on the move...next on the radar NGSX

    ReplyDelete
  8. Rexahn Pharmaceuticals coverage assumed with a Buy at Brean Murray
    Target $3. :theflyonthewall.com

    ReplyDelete
  9. sis $HUI may hold here...its good res. The next buy area for miners would be $HUI at 425-430.....I lean that we see it..... in case this is it ya gotta trade a core

    ReplyDelete
  10. Now taking a beating...yikes, 425-430...tried to dump some anv this am, didn't work.

    ReplyDelete
  11. actually bot my first small ANV position today sis....may try a trade or become a bagholder till 425

    ReplyDelete
  12. Nancy,

    Apparently you did not want to listen to my advice yesterday, no problem, so be it, kli, I keep you responsible for encouraging Nancy as well, you are not supposed to feed in to her greed.

    ReplyDelete
  13. yup .....nancy......keep it simple......Joe is right ......trading this for you is NOT wise. Understand that for you this will be a conscious decision to test fate. AND.....fate is NOT to be tested IMO......stay away with money you cannot afford to lose.....because Joe WILL take it....GUARANTEED

    ReplyDelete
  14. with all the chinese rto short squeezes going on..might keep in eye on HEAT...beaten up pretty bad, needs volume move...

    just learned an old friend passed the other day..he was one tough sob...saw him beat down 3 gang members on a failed robbery attempt....fast and mean..they jumped back in their cars and headed back to compton...RIP Dave....you were a mountain man living in the wrong century!

    ReplyDelete
  15. •Anger, fear, aggression... the dark side are they. Once you start down the dark path, forever will it dominate your destiny.

    ReplyDelete
  16. Nancy,

    There are two people especially I always wished well, one is you and the other one is Inlet. I repeat again what you have at your age is sufficient to get you thru remaining yrs if you do not give in to your greed, use your brain and control your dark side before you regret it. Inlet is a very down to earth man and content with what he has which is less than what you have. I will never try to take what he tries to make, but you on the other hand if you decide to continue, one way or the other be careful. I repeat again, even if market goes up and miners continue to do well, stay away. At your age this is not the ball game you should be playing.

    ReplyDelete
  17. Brian,

    NGSX is being shorted now after it went over $4, watch the volume and see if they take it down closer to $2 or 1.90. But first see if 2.50 holds.

    ReplyDelete
  18. Brian,

    Keep SQNS in your daily watch and play stocks, it always gives you nice daily range to play.

    ReplyDelete
  19. Phil Davis asked his regular reader to post his article regarding oil manipulation.
    Here's a link to his website if anyone cares to read it. What is sort of "funny" is he talks about the Evil & Greed that is in the market and how we are participating in it. I thought Joe might get a charge out of it.

    http://www.philstockworld.com/

    ReplyDelete
  20. Bill,

    Reality always stands on its own regardless of packaging!

    ReplyDelete
  21. brian,

    Throwing in some Yoda...feel the force....

    ReplyDelete
  22. Chuck.....R u in RXII? Joe...waiting for NGSX to turn at $1.88....lol....I'm a greedy
    mother f#$%er....

    ReplyDelete
  23. miners taking a dump through resistance....put $HUI 425 in the the bank....hehehhehe

    ReplyDelete
  24. Brian, I'm in very heavy...hoping for a little profit and actually the good side of me bought based off chance to help fight for breast cancer...

    their is the good side to buying certain stocks...not all of it is dark...

    ReplyDelete
  25. should read help the fight for a cure in breast cancer...

    ReplyDelete
  26. For all you blog readers check out the latest B Krasting post....especially chart of s&p vs Nikkei

    ReplyDelete
  27. Chuck,
    There is only one side to buy stocks and that is for the money! Whether is company is drilling for oil in Africa, a cancer drug is in a third stage of trials or some smuck CEO has insider buying we all buy for the money. I can guarentee when RXII took a dump and your money was depleting into the abyss the thought of "well the hell with it, the company is fighting brest cancer!" If I remember your rants was "f$%^ this market I am outta here and not playing again!"

    ReplyDelete
  28. brian,

    Dont get to cocky, your starting to read into too much here ...and yes I was frustrated because of a possible drug that delivers 0% remission while attacking breast cancer being played by mm's and shorts, sure it would be nice to have a profit...but I'll hold...your guarantee would not work out for you...

    btw, I haven't been playing the market as much...I've said enough, time to mourn a friend...

    ReplyDelete
  29. gl chuck and larger than life friends only underscore how fragile and important everyday of life is.......

    ReplyDelete
  30. Red,

    Your call on SLW while back turned out well, you called for 29.5 on SLW and today it hit 29.79. The range between that and the closing price today was an excellent trade.

    ReplyDelete
  31. Brian,

    The gap of 9.15 for SQNS has not filled yet, today was another good day for range trading SQNS. If MMs during the current market weakness fill that gap then it could provide a nice swing trade from there. If 1250 on S&P does not hold, then the next target for S&P would be 1173 which was set November 2010 and that can provide some nice entries for stocks that move with S&P. Meanwhile only day trade the ranges and gaps certain stocks give you since you are not shorting.

    ReplyDelete
  32. Where is wolfman? Hope all is well!

    ReplyDelete
  33. Anyone looking at MU at this level?

    ReplyDelete
  34. Hey Inlet - responding late to our comments yesterday.

    "Homer - Sentiments? I don't consider a way of living you life a sentiment. It is much more than a sentiment. As to values - if it leaves you or others in worse shape than before - where is the value?

    Many people live their life without consideration of consequences for themselves or others. Now maybe you call that different values. I consider it an absence of values. And, that lack of values is the root of many of today's problems.

    But what do I know - I am just a simple country boy and have my own simple way of looking at things?"

    Not sure if you were taking offense, but the word sentiments referred to opinions/thoughts. I try not to be inflammatory on the boards so I couch my responses in terms like that, there was no offense intended. I meant I completely agree and empathize with you, is that better? Does it really matter?

    As far as values go, I believe I stated that deep down, we all know what's right and what's wrong. But the point was some people's values are not the same as others. Some people's values are completely askew to the "general population". They believe they are right, others wrong. Some mobsters values involve things I believe most of us would not even consider.

    Peace out.

    ReplyDelete
  35. Joe -

    "Down to earth". Used to have a boss that would introduce me as a "simple contry boy". It was a shared joke. So I guess "down to earth" fits.

    That manager saw me make a bunch of guys with advanced degrees in computer science look pretty silly (and save a lot of money on a project). They were designing a very elegant and complex solution for a subsystem. Only thing is - there was a much simpler solution.

    Now I was working on another part (subsystem), so I had a fair idea of how things should fit together. So every morning I would make a comment about how I was glad they were doing that subsystem because all those decision matrices were far too complex for a "simple country boy" to understand.

    Finally (after comments every morning for a couple of weeks) one of them got pissed and asked - "if you are so smart - how would you do it?". I told him. It was simple, and easy to implement. It saved the company tens of thousands of dollars.

    The manager watched without comment - but after that he would introduce me as a "simple contry boy" when I was going to keep watch sub-contractors and he knew I would simplify things when the BS started to pile up. He loved setting them up. When I stated in a meeting "the simple country boy has a problem..." he knew the chit was about to hit the fan.

    Computer geeks love complex/elegant systems (rather than simple solutions). There are some computer geeks at HP that love "the simple country boy" to this day I feel sure. Hehehehe

    ReplyDelete
  36. Homer -

    No offense taken. As someone trained in math I look for a single answer not a menu to choose from.

    Yes, I know if you change your base assumption you end up with non-Euclidean Geometry or even Projective geometry not Euclidean geometry. I also know that Euclidean geometry is not different than non-Euclidean Geometry, but simply a subset of of it. Euclidean is also a subset of Projective Geometry. You can change the assumptions - but the truth is the truth.

    So I guess in my world "values" are additive not dilutive. And the simplier we can keep those values the more likely we are to be able to live by them. Exceptions merely muddies the waters and complicates the ability to follow your values.

    I follow the KISS (Keep It Simple Stupid) formula in life.

    ReplyDelete
  37. Joe, thanks for checking. All very well ... busy and having fun at work --- which keeps me from gambling in the market :) ... have reduced my miner positions (mainly by selling PZG yesterday at 3.66), also closed my SPY and JPM shorts at a nice proft ... 90% cash now, basement stocked with 6 months worth of food for wife and four kids, trying to determine my next steps ...

    I still remember the SKF Yahoo Board days when EW/Prechter followers foresaw the end of the world and you (Joe, Red, Kli) tried to explain the dynamics of a manipulated system (controlled volatility and bleed) ... and things are indeed shapping up quite "well" to give us an uncomfortable 2012-15. So, I'm getting increasingly cautious about paper investments ... but enjoy the read, stock suggestions and occasional gamble

    ReplyDelete
  38. Wolfman,

    Good to hear from you, what you are doing is wise, make sure not to carry DEBT since debt= slavery.

    ReplyDelete
  39. Inlet,

    Down to earth concept just like the concept of kindness is never considered a sign of WEAKNESS for those who have the awareness. As far as Nancy, I always wish the best for her and she knows it which is why I said what I said. While back I mentioned to her and some of the regular posters and viewers who have communicated with me for the past 3 yrs that a friend will do his/her best to tell them the truth regardless of how painful the truth might sound to them and the enemy will try to encourage their dark side by blowing smoke up their rear end, tempt their greed & ego and thru deception throw them into the fire.

    ReplyDelete
  40. Speaking of our viewers from Japan couple of days ago, I was listening to this one today:

    http://www.youtube.com/watch?v=hREGtdXmlac

    ReplyDelete
  41. Homer,

    When it comes to you, Red, kli, and I, from beginning there has not been any misunderstanding, heheeeeee!

    http://www.youtube.com/watch?v=GvJKjVas4oY&feature=related

    ReplyDelete
  42. Hi Inlet - Glad to hear no offense was taken, and again, I completely agree.

    Joe - nice homage to O-ren...

    ReplyDelete