An irreverent look at Wall Street
Wow this is rat terrorism, we need to intervene and save those helpless rats.But seriously these rats eat about half of their food imports?? Damn!!
whats going on today?are you still holding MGM and GCI?
I sold calls against MGM but still holding GCI
do you think the mgm ride is over? and that it wont hit your 22 target?
do you think we're rolling over?
Palmoni says:no, rolling over? no way. I have a target of SP 1200 (or somehwre ni that vicinity) that i touted here while stupid bears look at their crustall balls. And you know when i tout something - it happens. And i like touting, and touting and touting...
Actually my S&P target for this year was 1040, and then I moved it to 1120.Things look a little tired here, so I sold calls against some positions. Sold out AONE today as that made a good move as that was just a spec play and its about the only thing up on my screen.Every pullback we have had, looked like this. And we hear the same stories, all the time from the bears that doubted the rally the entire time.I don't think its any different this time.At least this time, the market is rightfully focusing on unemployment. That is where the economy needs the most help.In regards to MGM, I think it will eventually work its way to 22 but they never do it in a straight line.The difference though between this time and the other times we started to roll over, is that we are obviously higher, and maybe the flash traders don't get such a peek at everybody's book-and tomorrow we get an unemployment number.And the algo traders just amplify the moves, and the bears hope that each time, this is it. Maybe they should just quit listening to Kenny Loggins.
Every pullback we have had, looked like this.----------------------really? i do not remember any daily 3% on NASD pullbacks for a long-long time.In regards to MGM, I think it will eventually work its way to 22 -----------------------even Kirk does not know this
i do not even know who invests in MGM at this point.Balance Sheet Total Cash (mrq): 411.36M Total Cash Per Share (mrq): 0.932 Total Debt (mrq): 12.36B Good luck paying down 12B in debt while having 400M cash. And economy is going to improve and people are going to flock to las vegas again and roses will grow on stones... Your sold option value disappeared in a day today with the stock down 11%
I was referencing the pullbacks on the S&P--average pullback was like 5.6% I believe. So a pullback to1020ish would be just like every other one.What the action does show--and I'll give you one point--because we all know the economy is not as strong as the stock market portrays--that the HFTs and the SLPs are playing the hot potato kite with stocks, which has allowed the stock market to mask some of the problems in the economy. When the algo boys leave, the bids dry up in a hurry!
looks like Palmoni was right again, so now the bashing bears can go back in their corner and hidefunny how they get courageous when the market falls
anon:That MGM write worked out perfect--as I covered it in the selloff.And now MGM is up 6.66%!
P:Your 1020 tout was right on.nice call once again
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