Friday, February 27, 2009
Canned Hams and Chummy Chumps
No blood bath still, but it was a nice flesh wound in the end.
CNBC rolled out bull after bull today, touting the incredible resilience of the market and after their parent GE didn't crash on dividend-cut news, cheered and lathered over the fact that GE was only down 5%. Even Cramer chirped that he bot today for his Action Owners Plus(or minus) Trust - which could mean he picked up a share for all we know.
At one point, they teased a big bear who had turned bullish was coming up next - but that turned out to be Robert Prechter who said he thought the market would go lower, but felt the short trade was getting too crowded for his taste. He then went on excitedly about shorting gold names, while Maria shifted notes and apparently got the cue to dump this guy and it was off to commercials.
I don't know, maybe I spend to much time with this stuff, having to listen to candied ham-heads, crooning rotund and straight faced while fear faintly slips from botoxic lips as they ever-tout this bedraggled, mildewed market of theirs.
Speaking of mildewed, I'm lathered up in cocoa butter and ready to tempt the great whites with my fattening cocoaflanks. I'm going spearpooning this weekend, somewhere in my Adriatic Attic. I'll be floating flankside up, chewing on sea cucumbers, darting in and out of stateroom suites and shagging thresher bass, carpet sharks and sequined barracuda; all the while smoking endless miasmas of stinky breadth cigars and driving vintage 50's cars smuggled from Cuba during the stronger-support days of 1997.
In other words, once Cramer pumps his Speculation Friday p.o.s. I can shut off the tube and get outdoors.
The futures have closed on lows today, having broken that observed/vintage/penciled support from 1997, and while no one who is >9-1 net-short should get comfortable (ever), I don't envy the bulls just now.
VNO closed like an anti-hero today and I did get quite ravenous with that one late in the session. Follow the Twit on the right >>> if you want to see how a maniac trades when sufficient chum is reddening the water. Sure, I churned a little today, whereas a less risk-adverse madman would have just sat patient. but I really prefer punching the accelerator all the way only when there is no congestion on the freeway. The slightest sign that I might get nailed and I start scaling towards the right shoulder. There was never the dramatic internals for me to strike with abandon, yet at the same time I wanted to be loaded for bull if we were at least setting up for a potential flush next week. Hence, I scaled-out some and then back as the waning minutes began to gasp. I earned myself a frequent-traders fruitcake, but managed reasonable gains on the day and remained locked and loaded again at the end of it all.
Naturally, I'll adjust quite quickly if blood is not flowing next week. Bone weekend.
Total Position: currently 9.25-to-1 net-short (82% invested)...
Currently Short (according to size): SKF-long (Fncl's Dbl-short), SRS-long (Real-Estate Dbl-short), VNO, AXA, AEM, ETN, TMK, NYB, WFC
(Note: above long inverse-ETF's SKF and SRS represent being dbl-short respective indices)
Currenty long (according to size): SYT, IOC