Take Profits
Now this market reminds me of the NYC street hustlers, who perform card tricks, such as “follow the bee.” The object of the game is to watch the street hustler shuffle three cards, right in front of you— on a milk crate, and identify the card with the bee on it—whenever he decides to stop “street shuffling.”
Ten out of ten times, you will not find the bee. However, if you are just playing for fun, with no money, often times the “kind street hustler” will let you find the bee, in order to lure you into a money game of course. The moment you put down 20 bucks, no bee.
Well, not only does this market remind me of that egregious game, it is making me want to play without money.
Seriously, over the last 4 months, I’ve made more than enough to take it easy and work on other things. There really is no point in pressing my bets, since the markets intent is to try to take my money, via shifty street hustlers.
Anyway, with a decent Philly Fed number, the market is, once again, melting up. As you know, this is the last trading day of the week and we are one week away from the end of q1. Basically, anticipate a lot of window dressing and foolishness.
Take some profits and walk away from the milk carton.
Prudent advice.
March 20th, 2008 at 8:32 amWho are these “shifty street hustlers”?
March 20th, 2008 at 8:34 amJamie Dimon is one of them.
Bernanke too.
March 20th, 2008 at 8:34 amwhat if we trade like idiots and don’t have no profits?
March 20th, 2008 at 8:35 amKiwin,
These hustlers, no doubt, eat better than all of us (except for fly maybe).
March 20th, 2008 at 8:35 amWill they mind if I bring my own cards?
March 20th, 2008 at 8:39 amAnybody know of an ETF that shorts gold?
March 20th, 2008 at 8:42 amDZZ= double inverse gold.
March 20th, 2008 at 8:45 amFly,
Are you taking profits on your AG and Material shorts?
March 20th, 2008 at 8:46 amNot yet.
I have a big threshold for pain.
They’re still down.
March 20th, 2008 at 8:47 amThanks
March 20th, 2008 at 8:49 amI explained it in gunners post, since you told me to fuck myself. Where the hell are you anyway, it’s expiration day and you know that turdman was not going to get submarined on their gold and carry shorts.
March 20th, 2008 at 8:57 amWhatever, I am just an amateur trying to learn from da pros. Who wants to hold volatile stuff over 3 days of possible news? I guess there are 4 cards and the “bee” is placed on top of one of the other cards to make it disappear?
March 20th, 2008 at 9:07 amIt ain’t a con game. All skill.
Fuck off.
March 20th, 2008 at 9:11 amTrading in CIT just halted. They are trying to draw every line of credit they have and the banks are saying no way.DOWN WE GO.
March 20th, 2008 at 9:12 amTechnical bounce after a down day, option expiration day, long weekend coming up, end of quarter coming up.
March 20th, 2008 at 9:17 amJust get up from the desk, take a walk, see the flowers and birdies. Fun will continue later.
I always just watch the action on OE day, joint in one hand, sandwich in the other.
Think of your charts as gentle undulating waves, occasionally spiking and crashing. Hear the seagulls?
Man, the 5-day chart on ABX is so soft.. like a big pillow. Look at that.
This j is working good.
Man, look at that.. USG traded at 33.51.
March 20th, 2008 at 9:26 am3+3 = 6
5+1 = 6
Take some time out to find a little beauty in the numbers.
USG is great for calendar spreads, if you’re into that sort of thing. Keeps my fridge full of imported beer. Just rolllll it every month.
The way the market reacted on that CIT news made up my mind. I don’t want to be long here.
March 20th, 2008 at 9:35 amShit, USG just traded at 33.24. Total cosmic resonance here.
March 20th, 2008 at 9:41 amI think financials took the CIT news rather well. I’m long XLF for awhile more. It’s the NDX 100 that sucks on a relative basis. GOOG and AAPL having some difficulty.
March 20th, 2008 at 9:46 amRelax- Also (3×1) + (3×1)= 6 and
3+5-3+1=6
Thank You So Much.
The Market goes up I make money The market goes down I make money.
March 20th, 2008 at 10:13 amUSG trading at 33.15.
March 20th, 2008 at 10:18 amFUCKIN’ A.
blood bath coming soon ( may be very soon )
strange enough , or not , most of my watchlist stocks are not behaving confidently with indexes , so it’s in the card game that may be we see some rush up more before the bloodbath .
Me , I’d bet on shorting some more at this point , but the volatility make me wonder if they win on me so I willl probably stay away for now .
March 20th, 2008 at 10:19 amMan up Francesco, and throw some shorts on. Then eat some spaghetti, Al Dente.
March 20th, 2008 at 10:25 am(I know Al, and he’s a great guy.).
not fond of spaghetti
March 20th, 2008 at 10:46 ammore of 1kg fiorentina with grilled veg
a good wine pub here makes at least 400% - 600% every bottle that runs out of wine .
better I leave this boring card game for serving glasses of wines and appetizers
March 20th, 2008 at 10:51 amSimply outstanding ^_^! I like posts like that. Your blog is added to my favorites ;-). Continue writing.
April 6th, 2008 at 2:56 pm