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  1. candleman is offline
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    Joined: Jul 2009 Location: Outer Banks of North Carolina Posts: 1,511
    02-04-2010, 12:25 PM #81
    Good call on FXP and FAZ today Ben. It looks like we're up almost 8% from yesterday!



    Quote Originally Posted by Big Ben View Post
    Today is looking to be the 1st down day after the rest of the world has moved down. I call it the trifecta. Yesterday, Asia, Europe and the US markets were down, last night the Asian markets followed the US. Europe followed suit overnight and it is showing up in the premarket for the US. What TF does all this mumbo jumbo mean, in reality probably nothing, in the Steelers locker room it means everything to Big Ben. The markets are way over bought and I still believe we are in a bubble. Every piece of economic data pricks another hole in the bubble. This economy has been propped up by the government. 2/3rds of the GDP is the shifting of inventory, nothing more. Now that we have a little current events 2day history, what do we do to make some cash, realized cash...Havashank. Yesterday we had two huge opportunities to pick off FAZ and FXP. Look at a two day graph with volume. Its very clear what is going on with these stocks, when FXP crosses the 9$ mark, money comes in, clearly. FAZ does the exact same thing around 18.5-18.75...these stocks are both screaming buys! Please someone buy a hundred shares and start a position that is contrary to all of your long positions. You can make money on down days, trust me. Both stocks are up in premarket and are still safe to buy at these levels, they will run up a nice % today and with the job report tomorrow, 10.1% unemployment it will run up tomorrow. The report that just came out is going to smack the longs in the face. The report tomorrow will be the uppercut the shorts are looking for. Good luck.

    As for SIRI it will pull back with the rest of the market, down .015 already. For most on here, nothing gained nothing lost eh? ? The next time this stock spikes to mid .9s will anyone shave shares, probably not...stiffs. This stock is far from dead money now, its a traders stock now. I made a quick realized 100$ on my move the other day, unfortunately that is more than most buy and holders. Do pigs fly is the ?, not sure but they sure do sink when they are thrown into water. Good luck today...can we see a .7 handle in the next two days...I do think so. Protect your stack because the big blind will take your money if you let him.

    Big Ben

    I purchased a mifi hot spot from Verizon, neat little thing, I will be on my laptop all day going forward. If anyone cares about my short swing trade, I can help you, just ask.

  2. SiriuslyLong is offline
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    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    02-04-2010, 05:29 PM #82
    Quote Originally Posted by Big Ben View Post
    Chanos is on CNBC right now talking about the CHINA Bubble, 70 billion sqft under construction right now! 30b is commercial, what? 5 sqft for every person in China, wow. China is DUBAI X 1000. The banks are about to actually step on the brake, not just hover.

    Jobless claims are up again, no shit. Ask around is anyone hiring? No.

    We are screwed. Unemployment might ride at 11% for years before leveling off. Come on people the writing is on the wall. Get short, except for SIRI, I know you'll never sell those shares.

    Big Ben
    We're highering! Can you drive a forklift?

    Yes, it looks as if a nice pullback is underway, and I'm caught with dead money. The money I made in taking profit on TCK is now gone (if I sell). Do I take the hit, or wait it out. I was optimistic from yesterday and Tuesday. That party is over.

  3. Big Ben is offline
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    Joined: Mar 2009 Posts: 448
    02-04-2010, 05:35 PM #83

    Thank you Candleman.

    Where do I start...Correction with capital C. FXP finished up 9% today and FAZ finished up 12% today...not to shabby. I officially have no stocks in my portfolio in the red...all green baby. I have cash, banking short, china short...after China gets hit tonight and Europe follows suit it will be time for a major move tomorrow morning. I unloaded 200 shares of FAZ today for 20.25. I now have 800 of each with FXP being up 18% and FAZ up 1%. I have about 25k in shorts and 7k cash. Since the beginning of my shorting escapade I am up almost 2k on 30k. Nice place to be considering the revisions of unenjoyment that will come out tomorrow. The White house is already stating the revisions could be higher than expected. What a day! As for SIRI..the action is back..two chances today to sell and re buy lower. I do believe the fix is in on SIRI...it can not catch a break. Check me on this, its my own little conspiracy theroy...three times siri was up on good volume..in the past two weeks...at the same time the entire market was down....SIRI finally breaks out and its going to run into a major market correction and be pulled down with everything else. I was going to buy 3000 shares today at .83ish...I did not..I will wait to see if .8 holds if not..I will look to shave some shorts tomorrow and pick off 10 thousand shares of siri for a swing trade...what level...no idea. Good luck all.

    Big Ben the BEAR

  4. Big Ben is offline
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    Joined: Mar 2009 Posts: 448
    02-04-2010, 06:29 PM #84

    Siriuslylong

    As for TCK...I don't know much about it but it went down on high volume today. I just read the profile to get an idea of what they do. I would be careful on the open tomorrow, should be very slippery. I would need to know your buy in points, your strategy, is it a long term play? Need more info to give actual actionable advise. Did you buy all at once? Cost per share? If you were buying it for a trade, short term gain or spike, sell that pig the first chance you get. If you believe in it fundamentally, I would wait out this down trend and maybe even dollar cost average if you can wait for a turnaround, more long term strategy. I used to own a few Canadian Oil trusts for the dividends alone, this does not have a dividend, as far as I can see. Could be wrong but don't see it.

    Big Ben

  5. Big Ben is offline
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    Joined: Mar 2009 Posts: 448
    02-04-2010, 06:41 PM #85
    Havakasha,

    The reason I bought at .87 was the move was obviously up, I exited at .914 on the 2nd of Feb. My buy was on Jan 29th...quick swing trade..nothing more. The reason I did not short it is because I don't know how. I don't do options so buying puts on SIRI, to me, is very risky. I don't know any brokerage houses that allow you to short SIRI. From what I can remember, I thought Goldman was the company holding the available short position. Didn't our trusted MEl give them the keys to the castle. A boat load of shares to short against....I could be wrong. I trade inside a Roth IRA so I am limited on the types of moves I can make. Might sound cliché but I try to buy low and sell higher, lol. Good luck

    Big Ben

  6. Big Ben is offline
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    Joined: Mar 2009 Posts: 448
    02-04-2010, 09:20 PM #86
    Is anyone following the Asian Markets...don't bother its a blood bath. More interest rate hikes, in Australia, they are seeing inflation creeping back up in the next two years. All Ausy banks are down 2-3%. Not one green arrow on the ticker, except for the gold old greenback. How about the gold crowd, talking about the march to 1500-2000 per oz....looking a little crazy now. I have off tomorrow so I will be up early making moves if anyone wants to talk trading. Good Luck, by mid morning we should have a good picture of what is going to happen on the open.

    Big Ben

    If SIRI follows the rest of the nasdaq we could see .7 range....I can not see why not after the recent run up. I will be looking to pick a bottom to enter and swing 10k for hopefully 200 smacks...realized Havakash...not mythical.

  7. Big Ben is offline
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    Joined: Mar 2009 Posts: 448
    02-05-2010, 08:29 AM #87

    Thumbs up Every market across the globe is taking a hit

    Today is going to be pretty rough on most long positions. This could be the start of the shadow bear market that has been completely ignored. The shorts are leading the way again, and like Guy Adami said, "Markets go down much faster than they go up." This comment seems a little off considering the markets have gone up since March. Everyone on the fast money desk was saying stay away from today, its going to be ugly, the charts are broken. Anyone who is short is liking their chops, this is the pull back I have been screaming about since July. Good luck today.

    Big Ben

  8. Big Ben is offline
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    Joined: Mar 2009 Posts: 448
    02-05-2010, 08:40 AM #88
    Tons of action already. People are heading for the exits in the premarket. This is the start people, if you need your money in the next six months to a year, its time to cash. If you do not trade in premarket, your going to be too late and at the open your going to lose your ass. I have never seen this much red on my streamer this early in the trading day. Get short, get cash, get out of this bullshit bull market. The bubble was re-inflated in March and the air is about to come out. I hope my Dow 6500 is not a possibility but we will see. Good luck.

    Big Ben

  9. Big Ben is offline
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    Joined: Mar 2009 Posts: 448
    02-05-2010, 09:48 AM #89

    9.7% Unenjoyment...don't let this number fool you!

    It looks like the MM are going to pull the head fake this morning. Be careful, the underlying numbers in the job situation are still really bad. 8.million jobs lost in the past years and 35% were from construction, housing, mortgage related services, real estate, appraisers, home inspectors...these jobs are not coming back. Pimco is saying no one is hiring, go check it out for yourself. Today could be a massive see saw ride, I'm excited.

    Good luck
    Take profits
    Big Ben

  10. Big Ben is offline
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    Joined: Mar 2009 Posts: 448
    02-05-2010, 10:08 AM #90
    The White House is going to speak to the jobs report at 9:35 AM, how strategic. The market is turning on these numbers, wow, the masses move like sheep, its actually amazing.

    BB

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