ONE: Observe the IWM roar higher……….
TWO: Write up a post plainly stating “In spite of the record-highs-everywhere in equities, I’d like to quietly point out that on the small caps, we did in fact break a crucially important trendline, and we are rallying beautifully to its underside.” (more…)
Good morning, Slopers. The bright spot for me today is my short position is PAA, which is a stock down nearly 20%. What I found amusing is the analysts stumbling all over themselves to update their completely inaccurate predictions with lower-but-more-plausible predictions. Here’s a gem from Baird:
Nearly four months ago, I did a post called Short Now And Profit, which boils down to the acronym – surprise! – of SNAP. I’ve been pissing on this IPO ever since it came out, and now it’s gone sub-teen, approaching losses of 60%.
As a public service, I will remind my readers that Evan Spiegel is understandably not concerned about the unwashed masses getting wiped out by their bag-holding ways, as his mind is focused on his lovely bride and all the fun they can have together – – so forgive him.
This morning, the POTUS (who I suppose is closely monitoring GLOBEX quotes on the YM) tweeted this out:
My first remark is……….the mainstream media seldom mentions? Actually, no, he’s right. I don’t think anyone in the mainstream media has said word one about equities for the past two or three years. It’s especially bizarre that CNBC makes no mention of the daily lifetime highs, since you would expect them to be kind of focused on it. Its mostly smalltalk and puzzlement as to why Gartman only seems to own three ties.
“How ya doing? Your energy level OK? Everyone all right?”
Our children, treading water in Trunk Bay just as I was, signalled to me that they were fine. Unlike their doughy father, my beloved children are athletic and strong, and they have the kind of stamina that makes a lengthy snorkeling adventure a pleasure. Like their father, however, they are sanctimonious about going au naturel and not relying on fins for their exploration like some of the obese Americans we witnessed.
My beloved kids have the same love of nature that I do, and we had several explorations during the past week that got us close to all manner of reptile, bird, and fish life. As a child, I cherished animal life far more than human, being somewhat of a misanthrope (surprise!), and my daughter in particular inherited this gene from me in abundance.
My dislike of SNAP has existed since even before its IPO, and I made no secret of it afterward either (see Short Now And Profit from March). I guess my point is that I’m not jumping onto the SNAP Stinks bandwagon at this late date.
I have noticed there is a camp that argues SNAP is simply like Facebook – – another rough start after its IPO, but once it gets on its feet, wow, look out, it’s going to soar. Because, as with Facebook, it’s lost over half its value since going public……….
Last week, I stopped at the supercharger on the Google campus, and I walked over to Zareen’s, a popular place for Indian/Pakistani food to get a couple of mango lassis and samosas.
While waiting there, I noticed an unusually fat Indian kid. I would guess him to be about 15-16 years old, and well north of 200 pounds. I noticed him not just because of his size, but also because he was in a dress shirt, slacks, tie, and had a name tag dangling from a lanyard. Nearby was his also-very-fat father, who was dressed more casually. I noticed on the name tag was printed Camp BizSmart.