Thursday, July 28, 2011

Thursday morning pre-game

1:32 am (Hawaii) Less than half an hour until peon traders (me) can start entering and/or exiting positions. It's rare that I get a whole lot of reading done this time of morning, but with the possibility of a debt ceiling delay or compromise any day, any time, I'm in red-alert mode. Plus, the 16-oz energy drink really works.

I refer you to Le Fly. He is often right. Not always, but often enough to clear the bases and score big when he makes contact with splitters, curveballs and even spitballs. He advised to go long on WNR a few months back. I sided with him, bought at about 17, dumped out at 15. It is now at 21. He held through the muck and crap, knowing the fundamentals of oil refining and this specific company would set him high into big buck gains. He endured the pain. I didn't.

He's very sure about the coming post-debt ceiling "agreement" rally, as are many market watchers. I have no doubt precious metals will sell off on the equities rally. I'll be waiting for entry points when that rally runs out of fuel and metals are ready to bounce. It'll be more about physical than paper at that point. How can it not be? I'm sick of my dollars getting eaten away by inflation and I'll be sicker when hyperinflation kicks in — if I'm still holding fiat currency. I plan not to be in that shithole.


chessNwine: Stock market recap (July 27)


Tony Pallotta: Ominous similarities (July 28)
Le Fly: Manufactured uncertainty (July 28)
Jake Gint: A gentle reminder (July 28)
Le Fly: It's time to man up (July 27)
Le Fly: Chat transcript, Stocktwits (July 27)
> "Any deal ... will be met with a turbulent sell the news reaction that most everyone is waiting to buy. So expect the unexpected, like a failed rally followed by a trip to the bottom of the trading range with a failed bounce and then a breakdown. My work still shows that we will give back at least half of the gains from QEII, or a test of the low SPX 1200 area."

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