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Fast Money “Trading School” - Dollar Cost Average

June 24, 2008 11:02 AM

thumbsdown.jpgHere is some “great” advice from a Fast Money “Trading School” spot on CNBC - Dollar Cost Average. Just simply buy more when it plunges and you will eventually come out ahead. Sounds simple. One problem, it is HORRIBLE advice. You do not buy more when you are WRONG. When you are wrong, you exit and wait, period. This is the type of advice from the Talking Heads that makes me cringe. This philosophy is good for only one set of people, people that have zero clue as to what they are doing. This begs the question, if you have no idea what you are doing, then why are you trading to begin with? if you do not know what you are doing buy mutual funds, do NOT trade. The professionals WILL take your money.

Do you see why I do this site. To help people avoid horrible advice like this. If you are wrong, then you are wrong. Throwing more money blindly at a mistake has to be the dumbest advice in investment history. If you are going to follow this nonsense, please just put all of your money in a bag and email me for my address. Then, send it Fedex. Morning delivery would be nice. Why give your money to some rich kid on Wall Street when you can just as easily give it to me?. I am still startled that this is “trading school”. It is ANTI trading school. There is not one trader alive with more than 12 cents that would give that advice. Unbelievable.

Written by Tom@StockBlade.com · Filed Under Fast Money | 1 Comment 

Fast Money Boys Were Wildly Bullish Thursday Night. Result: Market Plunges

June 7, 2008 3:24 PM

paperball.jpgHere is some commentary from Fast Money Thursday night. Guy Adami said the S&P 500 would blow through resistance and commodities and equities were on the move again higher. Jeff Macke also said that the markets were ready for a move higher. Pete Najarian couldn’t account for the huge move up.

Exactly. The huge move up was not warranted by either the charts nor economic reality. This is why I posted after the move that I was “skeptical - at best -  of any move higher.”  and repeatedly kept saying “I don’t like the lows,  I don’t like the lows”. The result was down 400 points right after they were all screaming and raging bulls. More comedy, per usual. That is why I have repeatedly warned against watching TV shows for market advice for anything but entertainment.

 Most of what they all have to say should be crumpled into a nice tight ball and swished.

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This Is Why I Do Not Like To Watch Fast Money/Cramer

April 30, 2008 9:00 PM

I feel I need to watch Fast Money and Cramer periodically so I can comment on (read SAVE their listeners) stocks they are yelling bull on. Of course, Fast Money is saying long C, long the market, Dennis Gartmen saying market is going higher, bla bla bla. The reason that I would rather NOT watch it is that it skews what I see. People on TV making millions, add in a famous trader, and then mix in some Cramer (bull), and I begin to doubt myself sometimes.

But as StockBlade readers have seen, my thoughts are generally correct, and they are wrong more often than not, IMO.

They can yell their bull until they turn blue, my position does NOT change here. CAUTION is in order until we clear today’s high.

Written by Tom@StockBlade.com · Filed Under Cramer, Fast Money | Leave a Comment 

We Haven’t Paid Much Attention To Cramer and the Fast Money Boys Lately

April 17, 2008 11:38 PM

2stuffedsheep.jpgSorry, we haven’t paid much attention to Cramer and Fast Money lately to see if they are leading more sheep over a steep cliff. Like I mentioned, if someone would like a second opinion on one of their picks, post it. It is tiresome to watch the shows, but we do try and “save” a few people from getting slaughtered when we can. I could be wrong on the timing, but if i recall, Cramer was raging his bull on ONLY 3 tech stocks late last year….and i think they were GOOG, AAPL and RIMM. I know one was AAPl for sure. They all fell a mere 40% off their highs before recently recovering some of those losses. I agree with Cramer’s statement that “pigs get slaughtered” but so do most of his listeners because they blindly chase…

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Fast Money and Talking Heads - what comedy

March 19, 2008 9:04 PM

I like to watch all the talking heads just so I can comment on them and possibly trade against them if I see something… and for pure entertainment value in trading against them…

I should have writen down each day and their nonsense on Fast Money for the last week…but they LITERALLY have changed their tune EVERY day…I mean it is comical.

Remember the huge rally last week and what Cramer was yelling? “This rally should last weeks” or whatever. All the Fast Money boys were jumping up and down all excited… I said…hmmm…I see one more day….it plunged 2 days later.

Last night, they were all pounding the table …long, long, long…we hit the bottom…this is great…bla bla bla.

What did I say? Not so fast….I have never seen a bottom without a reversal off the SP low…NEVER. So as I have mentioned…trade the market, but careful on the kool-aid. 

I am not saying fight the tape….but to jump up and down and then come on today after the market gets pounded and have them totally changing their tune every single day is comical.

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TSO and VLO - Fast Money calls to buy

March 17, 2008 9:56 PM

Two different guys on Fast Money said buy both TSO and VLO - both refiners. While I agree that they seem so cheap it is hard to ignore….the charts both say they have no yet bottomed….or at least thats what I see.

I like firm numbers to go long or short on a stock…and there is no firm number on VLO…or TSO to look at.

Personally I want to see something that tells me long here. But it is shocking that they are this cheap…I will admit.

If you recall, I mentioned a while back that the talking heads would begin touting the refiners soon….they like to go long those in the spring…BINGO…right on time.

Anyhow, if you buy here and take their advice, you are hoping this is the bottom and they will rally based on PE, etc. I am a strong believer in not making hope trades…but that is how I always see it.

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AEM pop

March 13, 2008 11:44 PM

I saw AEM discussion on Fast Money and they were discussing the big pop in AEM. I do not believe anyone had an answer but I think one guy said he didn’t like it.

It popped because it cleared the number I had given prior of $75.25. Period. Ask me, you get an answer AND I gave the exact number days ago.

I told my posse to cover the short near the low of $70.06 on 03/10.

You can count that as another winning call to cover it AND made $1.80 on the short.

This move higher is not supported by the stock chart and it will reverse again and set up a short. Gold is driving this stock to bubble levels as I have screamed many times…and the best trades on this will be wait until I say take the short side… The higher it goes, the more dramatic the potential downside on the short…so bid it up…..

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CPN: Fast Money Call is Long - Let’s Look

March 13, 2008 10:02 PM

One of the Fast Money guys…a guy that I have never seen before and sounded like he actually knew what he was talking about (shocking)….said long Calpine (CPN)…so I thought I would take a look.

Long term charts suggest we may have hit a bottom today…so check. It only has a 3 month history….so long term is relative…

It did close above the open….but did finish negative…but still a possible bottom signal.

Downtrend appears to be broken…I like it

It has to clear $19.50 to be long in that area…so definate caution in that area…

But all in all I agree with the call to trade this stock long here. Normally I would say exit if todays low clears…and that would be the conservative trade…but my trend lines suggest that it could reverse again just below todays low. Make your own decision on that…but it does appear the trade is long here. I would exit if it goes much below $17 or you could exit if it clears todays low…your call.

Since this stock only has a 3 month trading history, I would consider this stock a speculation play. If you want to be a long term holder of this stock and not just a trade, I would look at the balance sheet. I would assume that the balance sheet would be in great shape since they emerhed from BK and probably shed a ton of debt, but just a guess. I recalled this stock from years ago…and was wondering what was going on with the 3 month history…and they did go BK as i thought…and reemerged and have been trading again for 3 months….

The stock also says it has a PE of THREE. This is the classic example of why i am generally not a believer of PE’s. PE of 3 and it has fallen 20% in 3 months? LOL

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