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I am out. Market has decided to go on a skydiving trip this month. Unemployment numbers arent even out yet.....

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Comments (97)

  • MMBinNC's picture

    I knew everything was gonna go to hell when they passed the debt ceiling. I pulled out a few days ago (last Friday) because I sawa looming downgrade. I was also watching the S&P 1,260 for a break in the neckline of the head and shoulders pattern. So happy I got out- I would have lost almost $30k today. (Needless to say it's not all my money)

    Reality hits you hard, bro...

  • txjustin's picture

    Whats the guess for tomorrow? I am looking to make a good entry point, but feel there's too much downside risk still.

  • blastoise's picture

    agree the fuck is going on atm were we that over bought ?!?! what news brought dow down 250 ish ?!?!!?

  • In reply to txjustin
    HedgeTed's picture

    txjustin:
    Whats the guess for tomorrow? I am looking to make a good entry point, but feel there's too much downside risk still.

    Stay liquid and wait 2 or 3 weeks

  • HedgeTed's picture

    DJIA Short
    S%P 500 Short
    Euro Stoxx 50 Short
    DAX Short
    EUR/USD Short
    Brent Short
    WTI Short
    Silver Short

    SELL ALL, thats the motto at Wall Street

    Cant wait for Q3 Reports of the BBs...

    And of course QE3 !

  • In reply to blastoise
    NorthEastIdiot's picture

    blastoise:
    agree the fuck is going on atm were we that over bought ?!?! what news brought dow down 250 ish ?!?!!?

    No news is bad news. That's sort of the mantra right now.

  • MMBinNC's picture

    It's not even that. Peope are looking at the debt deal, they are looking at the stagnant job market, they are looking at Europe, and the BOJ intervened BIG TIME on the yen so the dollar strengthened vs. the yen. All fundamenta factors= down.

    On top of that there are mad bad technical signs with the economy. We are not overbought. We are 100% oversold. Look at this chart, you can easily see that both the RSI and Willliams%R are in oversold territory (for the Dow). Double Dip anyone? The problems also lie in Head and Shoulders pattern that has been emergent in the S&P fore weeks now. If you follow ZeroHedge, you can see that last week (or the wek before) they were kinda cheerleading t- since they love bad news it seems. The neckline was at 1,260 on the S&P. The Nasdaq and Dow also broke through key technical levels two days ago and yesterday's inability to capitalize on the gains further accelerated the downward pressure. The patterns, fundis and especially the lackluster debt deal with possibility of an S&P downgrade all put huge pressure on the market. Some people are saying we're gonna see S&P 1,120...I doubt it. The S&P is showing support at the -27.2% retracement line, but I dont know how long that's gonna last. But until I see some sort of sense or mitigation in the down side, I'm gonna stay out.

    For some humor...Triple Dip anyone?

    Reality hits you hard, bro...

  • MMBinNC's picture

    ^^^ lol

    "Fool me once....Shame...shame on you....Fool me twice...Won't get fooled again..hehehe"

    I love GWB quotes. Mainly because I love the man on a personal (not political) level.

    Reality hits you hard, bro...

  • In reply to HedgeTed
    HedgeTed's picture

    HedgeTed:
    DJIA Short
    S%P 500 Short
    Euro Stoxx 50 Short
    DAX Short
    EUR/USD Short
    Brent Short
    WTI Short
    Silver Short

    Just do it !

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  • go4it's picture

    Had a chance to get out even this morning in a position.... position is now down 7% ...ffffffffffffffffffffffffff

  • HedgeTed's picture

    Weird price estimates of the BBs concerning Gold, $1690-----$2000 arent that realistic.

    Buy Greek Bonds, best thing you can do now, thats a safe haven. Jean Claude Trichet ( JCVT, the finance JCVD) says betting against the euro will fail.

    The EU has more money to spend/burn than the USA, Germany pays and lucky speculators collect the cash.

  • In reply to zeropower
    MMBinNC's picture

    zeropower:
    NorthEastIdiot:

    I might know a fund that had a sizeable position in Dendrion until this morning.

    You mean you KNEW of a fund that had a position in DNDN

    Holy Sh*t...it's down 66%

    Reality hits you hard, bro...

  • WonderWoman's picture

    how about YOKU? it's dropping and i want to get it at it's lowest... good idea or no?

  • BanditPandit's picture

    holy shit everything...Jackson hole will be quite interesting

  • MMBinNC's picture

    I'm gonna call -400 today (S4)

    Reality hits you hard, bro...

  • OMS's picture

    do you guys think DNDN is a good buy right now? or should I wait a couple weeks?

  • In reply to Edmundo Braverman
    accountingbyday's picture

    Edmundo Braverman:
    NorthEastIdiot:
    I might know a fund that had a sizeable position in Dendrion until this morning.

    They're updating their resumes as we speak.

    But the gang over at Rodman & Renshaw is still shotgunning the Kool-Aid:
    http://www.benzinga.com/analyst-ratings/analyst-co...

    How does anyone take your research seriously when you have to revise a price target down from $63 to $17 but the company is still an OUTPERFORM?

    Seriously, what the fuck?

    And I was pissed about TEVA....

    This makes no freaking sense. I mean, I guess in a vacuum going from the current price of $12 to $17 would definitely outperform the market. When did they issue this report? DNDN closed ~$36 yesterday.

    I know nothing about DNDN, but I may start doing my research because I love buying stocks that get beaten to hell. My biggest money making trade to date is still OSK.

  • In reply to accountingbyday
    Edmundo Braverman's picture

    accountingbyday:
    This makes no freaking sense. I mean, I guess in a vacuum going from the current price of $12 to $17 would definitely outperform the market. When did they issue this report? DNDN closed ~$36 yesterday.

    They issued it a couple hours ago, in light of this carnage.

  • In reply to OMS
    Edmundo Braverman's picture

    oldmansacks:
    do you guys think DNDN is a good buy right now? or should I wait a couple weeks?

    I actually looked at the calls, but they're way too spendy on this volatility. Honestly, if I just wanted a crapshoot I'd buy some of the August $10 puts for .45 each.

  • In reply to Edmundo Braverman
    zeropower's picture

    Edmundo Braverman:
    NorthEastIdiot:
    I might know a fund that had a sizeable position in Dendrion until this morning.

    They're updating their resumes as we speak.

    But the gang over at Rodman & Renshaw is still shotgunning the Kool-Aid:
    http://www.benzinga.com/analyst-ratings/analyst-co...

    How does anyone take your research seriously when you have to revise a price target down from $63 to $17 but the company is still an OUTPERFORM?

    Seriously, what the fuck?

    R&R cover the company quite heavily, and one can only assume they need to keep recommending the long to their clients.

  • In reply to OMS
    zeropower's picture

    oldmansacks:
    do you guys think DNDN is a good buy right now? or should I wait a couple weeks?

    Read the conf call transcript. Went over it myself but wasnt too impressed. Depends if you believe the people running the firm. Though job cuts and complete lack of fiscal guidance (well, removal) say otherwise.

  • In reply to zeropower
    MMBinNC's picture

    zeropower:
    oldmansacks:
    do you guys think DNDN is a good buy right now? or should I wait a couple weeks?

    Read the conf call transcript. Went over it myself but wasnt too impressed. Depends if you believe the people running the firm. Though job cuts and complete lack of fiscal guidance (well, removal) say otherwise.

    What I get from it is that DNDN thinks doctors are too stupid to use their vaccine. Yea, that's the way to reassure investors.

    Reality hits you hard, bro...

  • restructure-this's picture

    It's a reimbursement issue for the doctors who aren't prescribing the medicine as much as Dendreon anticipated and sales are taken off MUCH more slowly than projected. Sales will pick up over time, as the formulation works.

  • txjustin's picture

    No, this is SPARTA!!!!!!!!!!!!!!!

  • In reply to Edmundo Braverman
    ampelmannchen's picture

    Edmundo Braverman:
    Down 408 as we speak. Do I hear -500?

    Was just -408 5 min ago, now -472 and falling. I'll say close at -530

  • MMBinNC's picture

    I'll look into DNDN after this crazy stuff ends. Eddie's -500 call might be right...

    Reality hits you hard, bro...

  • ampelmannchen's picture

    Gotta think the mkt is pricing a miss on the jobs number tomorrow. Any chance the market rallies nicely tomorrow on even a modest beat?

  • In reply to Edmundo Braverman
    HedgeTed's picture

    Edmundo Braverman:
    Down 408 as we speak. Do I hear -500?

    Do you remember these books called DOW 20.000, DOW 50.000 and DOW 100.000

    Maybe we'll gonna see some books called DOW 10.000, DOW 9000 and DOW 8000

  • In reply to MMBinNC
    NorthEastIdiot's picture

    MMBinNC:
    I'll look into DNDN after this crazy stuff ends. Eddie's -500 call might be right...

    The big issue I got off of the call is that the ramp of Provenge is now obscured. We don't know what the ramp looks like now. The fact mgmt took guidance off the table is also completely disconcerting, considering the last time I heard management here they were super pumped.

    Their patient dosage has dropped "at least" by a factor of 2 and now it's really impossible to determine what the next few quarters will look like from an earnings standpoint.

    If you're deciding on whether to take a flier on these guys, ask yourself this: when has management ever gone from being giddy about their products to stone sober within weeks and then suddenly had a huge turnaround?

  • ibintx's picture

    -500.

    Seriously, what the hell is going on today?

    I'm wondering if this is either an over-panic or the beginning of a double dip..

  • In reply to ampelmannchen
    Ambition's picture

    ampelmannchen:
    Edmundo Braverman:
    Down 408 as we speak. Do I hear -500?

    Was just -408 5 min ago, now -472 and falling. I'll say close at -530

    HAHA -514.61 close close

    I want a lady on the street, but a freak in the bed,

    Go Bucks!!

  • Nobama88's picture

    I am sitting on cash now. The gambler in me wants to jump on some of these cheap buys, but I honestly dont see the market coming back strong anytime soon (I want to say we are looking at another recession). How are you going to play this?

  • In reply to Edmundo Braverman
    txjustin's picture

    Edmundo Braverman:
    BOOM.

    -512.76 at the close.

    Who called it, bitches?

    Who wants to see another -500 tomorrow?

    I do I do!!!! Then it will be buy buy buy

  • go4it's picture

    Eddie-

    You predicting another -500 tomorrow?

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