Wednesday, October 28, 2009

Some chum for the bears---Flowserve cracks!!!!

You have to read the comments!

I just don't buy the financial's earnings. Most of them were a work of fiction and lies. And they know it. I'm short some of them. And I sold V and MA today on the morning pop. Look at FLS--that looks like it is rolling over. I have puts in that number. I'm just more short than long here.
As advertised today at 12:53 pm

After the close Flowserve announces lowered guidance!

The stock is down 8 points in afterhours to 91!

As advertised!


Anonymous said...

can we assume if GDP is lower than projected the market will go down and time to short?

if it is higher (which seems like that's not going to happen because everyone was selling) it means the bulls can resume?

Palmoni said...

This is just the market throwing another hissy fit. Bears want to press and cause a panic--so I'm playing along with them.

I don't know how long it will last so you have to be quick...and a bit lucky. The market just isn't forgiving right now.

As for the GDP tomorrow--We have some technical damage that has been done--I don't think a good print means we are out of the woods--The bears will attack the market again if it rallies

In retrospect at 1100 I was just going crazy inside--I posted this on October 21
It was really a funky day for me inside. And something just doesn't seem right.So in a perfect world--we would pull back here. Then rally to 1120 by the end of the year--and then January go up 7% for the month--when all the new money comes in.But for some unknown reason I'm just worried about the next couple of weeks.You know, I wear my emotions on my sleeve--but I know a lot of bears that want to attack the market at these levels.
Their franchises are about ready to blow up--and maybe this time, the bulls, with their big gains, may be looking to protect them at these levels, instead of squeezing the last bit of milk out of them.
I don't know. People called me after lunch today--and I told them that I couldn't talk--I was having trust issues on the market--so you better wait until my head clears.I wish I could put my finger on it but I can't

I remember how messed up I was that day. I sold things just to clear my head. In retrospect, I don't think I would of been that messed up inside if we were just going to pull back 5%.

So I'm not going to try and look at this market from a fundamental or a story standpoint now. I want it to play out a bit.

I'm playing more from the short side--and I'm just not a good bear. I'm bullish by nature but I can craft a pretty bearish case for the financials so that's where I'm comfortable betting against.

Anonymous said...

Thanks Palmoni, I remember that comment. I'm not as fast as you with the selling...I'm 4 days late now and want to sell tomorrow but afraid that once I do everything will go up again. Taken huge losses on LIZ,C and CNO, MGM here which is fine but would like to vut those losses but at 25 percent down in 4 days I hope this is it...but I'm always wrong

Palmoni said...

I'm still holding CNO and LIZ and I'm going to sell some naked puts on MGM tomorrow.

Sometimes, the market just catches you...and now the market is forcing capitulation--and it's big money that is doing it.

You have all these buyers that aren't real--and now they are forcing the hand of others because they drop it so quick.

If we get hit tomorrow, I'll probably cover some shorts and sell some puts.

But then, I took the Phillies!

Anonymous said...

great pick on the Phillies

thanks for the input for CNO and LIZ...let me know if you do sell...i think CNO will rebound because of Paulsons purchase and hopefully Liz has good earnings...

i guess i'll hold MGM...

do you consider FIG a financial...and are you out of media stocks like GCI?

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