Business Magazine

Will We Hold It Wednesday – Nas 2,809 Or Bust!

Posted on the 27 July 2011 by Phil's Stock World @philstockworld

As I mentioned in yesterday’s post, the move up in the markets was an excellent time to establish some disaster hedges because – well, that’s what you do when you are heading into a potential economic disaster, isn’t it?  

I’ve laid out my concerns since last week so now it’s just time to sit back and enjoy the ride.  In addition to the bearish bets I outlined in yesterday’s morning post, we added a short play on copper futures (/HG) at $4.45 (reiterated in this morning’s Alert to Members) and THREE (3) Disaster Hedges using SQQQ, TZA and EDZ – each of which return well over 1,000% should the markets falter and, if those 2.5% lines fail on the Dow and the S&P today – faltering is going to be pretty likely.  

Of course we don’t go 100% bearish and we picked up a very nice 42% winner day-trading oil up (USO), of all things.   After we cashed out our winning short trades on the Futures at the $98 line, we got a nice ride back to $100.50 where we shorted again and now we’re back to $98.50 this morning so – wheeeeeee!  Gotta love that oil scam, right?  Another long we took was a protective bullish spread on IWM – just in case our "leaders" actually "fix" the debt ceiling but that’s not looking very likely this morning with Boehner’s ridiculous plan being so poorly contrived that he is now unable to get his own party behind it.  

Will We Hold It Wednesday – Nas 2,809 or Bust!
That is, of course, the "plan" that President Obama said he will veto and that the Senate has already said no way to but, like a child throwing a temper tantrum, Boehner has decided that the Republican Controlled House of Representatives will now spend 72 hours working on this non-starter of a plan rather than sit down and attempt to have constructive negotiations.  

As we expected, the continued uncertainty out of Washington is having the perverse effect of panicking people INTO the Dollar, which is the main reason we got so bearish on stocks, copper and oil.  We also get oil inventories this morning and Durable Goods at 8:30 along with the Chicago Fed Index so it’s going to be a very exciting morning in a day when about 100 companies report earnings as well. …

You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Authenticity


    Raising four young children in a large farmhouse has it’s benefits and some downfalls. My downfall is that there are so many closets. Read more

    The 20 May 2018 by   Rachel Rachelhagg
  • 7 Beauty Hacks That Every Girl Should Know

    If you think staying beautiful takes a lot of effort, then you need to read these beauty hacks and tricks. All it takes to look some simple Beauty Hacks and if... Read more

    The 20 May 2018 by   Tapang786
  • The Church Ain't The Kingdom

    Church Ain't Kingdom

    Previously: The Most Important Mission Of The Modern Mormon Church Among the many things we Mormons have been getting wrong about our own religion is this idea... Read more

    The 20 May 2018 by   Rockwaterman
  • Notes on Jake ~ 7 Months Old

    Notes Jake Months

    We've had Jake a little over a month now and I can't even remember what life was like without him. He has made himself such a part of our lives and belongs so... Read more

    The 20 May 2018 by   Hikingwithheather
  • Why They're Furious About Bishop Michael Curry: Worldwide Platform to Proclaim...

    Stepped into the hallway of my Chicago hotel this morning for a moment during the #RoyalWedding and through the closed doors of every single room I could hear... Read more

    The 20 May 2018 by   William Lindsey
  • The Wedding

    I listened to the Royal Wedding (Harry and Meghan, obviously) on the drive to Glasgow yesterday. Marvellous. The soporific opening belied what was to follow:... Read more

    The 20 May 2018 by   Nicholas Baines
  • Entrepreneurs Can Capitalize On The New Gig Economy

    Entrepreneurs Capitalize Economy

    The era of stable lifetime jobs for business professionals within a single company are gone. Companies are rightsized quickly now as markets change rapidly,... Read more

    The 20 May 2018 by   Martin Zwilling