Wells Fargo projects record first quarter profits

milktruck · Apr 9, 2009

Hell, even if the rally is "fake," which I subscribe to, I hope it goes extremely far! The hopeful mispricing of assets is fantastic, my IRA has been flying lol. I keep ratcheting my stops up for the day of reckoning.

Ive got spy puts hedged with dbc calls, something has got to give!

flipflopper · Apr 9, 2009

Quote from Landis82:

Don't kid yourself.
There is NO reason in his methodology.
He's merely "hoping and praying".

LOL. Yeah... I guess hoping and praying has got me pretty far so far!!

But reality is I do make my living day trading some unreal setups that I would never even share with family. I prefer to giving them cash outright. These overnight plays which I RARELY do are based on technicals conviction and justice!!!

My reasoning is that a gap down on Monday will catch many off guard. Yes everyone knew the magical black box "stress tests" would never reveal any failure. People also have to laugh at Well's earnings announcement. Some well placed propaganda to try and propel an out of gas market through resistance. Tell me one time in the past several years that believing what CEO's/Gov says has had a lasting impact? It's sell the... ahem "news" remeber.

The gap today was a kneejerk. But there didn't seem to any real conviction behind it. News will be digested over the weekend... some bear commentary on the stress tests and Wells plus a market that doesn't want to pull back... but NEEEEEEDS to pullback.

To clarify my views are as follows... remember I never fail like stockturder:

1. The Economy and markets have stabilized somewhat by quelling fears of systemic risk. There is NO growth in sight and we are still in a deep recession with rising unemployment.

2. We are in a sharp bear market rally. this rally is scared to pull back for fears that it will fall apart so they need to extend it as quickly as possible.

3. This market CANNOT go much further without some sort of real multi day pullback which we have not yet seen. Sorry folks this is just the way markets work.

4. Even though I believe there is no fundamental reasons to continue higher after we get that pullback we make a line for the 200 day moving average or... by the time we get there about 9000 in the Dow.

5. Afterwards we begin drifting lower possibly testing the lows or grinding sideways until there is real proof the economy is reviving. So far there is NONE.

I don't usually wright this much but I figure it's Friday and I'm in a good mood so I'll throw those who will listen a bone.

Landis82 · Apr 9, 2009

Quote from flipflopper:

I don't usually wright this much but I figure it's Friday and I'm in a good mood so I'll throw those who will listen a bone.

Yeah, sometimes writing can be tough when you are "hoping and praying". Time for another Beer?

Landis82 · Apr 9, 2009

Quote from flipflopper:

LOL. Yeah... I guess hoping and praying has got me pretty far so far!!

These overnight plays which I RARELY do are based on technicals conviction and justice!!!

So, with the SPX and NAZ closing at a new high for this 5-week move . . . what specifically are the technicals that you are basing your having shorted the close on?

Please explain.
And feel free to be specific.

ElCubano · Apr 9, 2009

Quote from Landis82:

So, with the SPX and NAZ closing at a new high for this 5-week move . . . what specifically are the technicals that you are basing your having shorted the close on?

Please explain.
And feel free to be specific.

ok...If you look at the weekly chart on the SPX you can clearly see a "hope and a prayer formation" ....

flipflopper · Apr 9, 2009

Quote from Landis82:

Yeah, sometimes writing can be tough when you are "hoping and praying". Time for another Beer?

You caught me!!! I'm a fraud. ignore everything I said.

flipflopper · Apr 9, 2009

Quote from Landis82:

So, with the SPX and NAZ closing at a new high for this 5-week move . . . what specifically are the technicals that you are basing your having shorted the close on?

Please explain.
And feel free to be specific.

Wow someones bitter... did you get caught short and reverse at the close?? LMAO.

There's a little concept of support and resistance... ever hear of it. "Wink wink news" and a gap into an overbought market that ran into 8000 resistance in the Dow with institutional selling for most of the morning.

You may have stronger criteria to get into a trade. Let me know when YOU find something of value... I won't hold my breath though. No need to defend myself with explanations. winning an argument on Elite trader is like winning gold in the special Olympics.

Good luck to you sir... I hope your remarkable wit and sarcasm have somehow helped in your trading pursuits. But I doubt it.

EPrado · Apr 9, 2009

Quote from Landis82:

Don't kid yourself.
There is NO reason in his methodology.
He's merely "hoping and praying".

Thats what it seems. Don't get me wrong, I love shorting the market. But I always have a reason.....and "what the banks said is bullshit" seems like a "hope and prayer".

It reminds me of a lot of "smart" guys I have traded with. They think they are always right and the market is wrong, and their position will come back to them.

Landis82 · Apr 9, 2009

Quote from flipflopper:

There's a little concept of support and resistance... ever hear of it. "Wink wink news" and a gap into an overbought market that ran into 8000 resistance in the Dow with institutional selling for most of the morning.

No need to defend myself with explanations.

Institutional Selling?
Resistance at Dow 8000?
What fantasy world do you live in?

Interesting to note, you couldn't provide one technical indicator to back up your claim. Go figure.

flipflopper · Apr 9, 2009

Quote from EPrado:

Thats what it seems. Don't get me wrong, I love shorting the market. But I always have a reason.....and "what the banks said is bullshit" seems like a "hope and prayer".

It reminds me of a lot of "smart" guys I have traded with. They think they are always right and the market is wrong, and their position will come back to them.

What position will come back to me??? I don't care for any position to go anywhere. I take a shot. If we have any type of gap up on Monday I get out at the open me out at the open if not my play is for a gap fill at 7800. I'm not religious so you won't catch me praying. I make around 100 trades a week so if this one don't work out I'll survive. And yes I am very "smart"