It’s the last day of the quarter. As a result, I will be very busy. Therefore, understand, “The Fly” has very little time for small people from the internets.
A few things, before I rant about the market:
iBC welcomes Adam, from Adam’s Options. Unfortunately, Adam is not leaving his blog to write for iBankcoin. However, he will provide his witty commentary on a regular basis. God willing, he will bless us with his Dykstra/Cramer “analysis”—which is always a a lot of fun.
Also, today is Dpeezy’s final day blogging here, as “King of the Peanut Gallery.” Naturally, he can always try to reclaim his throne, via beating out everyone in the PG during April.
As of now, it looks like Alphadawg will succeed Dpeezy.
As for the markets:
I covered a significant amount of my [[LEH]] short, near the lows of the day. In short, I believe the stock is due for a respite.
During pre-market trading, most of the “ag plays” were lower. However, unbeknownst to me, they are all shooting higher now, led by the murderous bastards at [[MON]] and [[POT]].
Hmm, I wonder if it has anything to do with end of quarter window dressing?
Basically, you need to ignore today’s tape. It’s bullshit. Money managers, due to window dressing, will execute all sorts of retarded, counter-intuitive trades. Stick to your guns and reload them whenever possible.
That means, if you’re heavily short: take profits asshole. For the quarter, the market will end lower, to the tune of about 9.5%. Annualized, the market is on pace to book a 30%+ loss for the year.
Is that possible?
Absolutely.
Is it likely?
No.
However, I think it’s fair to say, we will not enjoy the spectacular 2nd half recovery that everyone south of the N. Pole believes is possible. Should the economy continue to struggle, going into the latter months of the summer, expect stocks to take a definitive drop this fall. A traditional October blood bath, if you will.
Prepare for that accordingly.
Right now, my game plan is to calmly observe the low IQ money managers perform their fuckery (buying ag stocks), while aggressively shorting the fucking “ag plays” with the fury and courage of an over-sized mountain lion— inside a California penitentiary for “white collar criminals.”
If you enjoy the content at iBankCoin, please follow us on Twitter
Cramer has all of a sudden, a big dose of religion … could be a Cramer bottom is at hand. I am gonna rename him Mr Whipsaw.
It’s ashame how bad he is. Obviously, his busy media schedule has reduced his ability to think clearly.
LEH and MER blow—-short the esm8 —Thanks for your help FLY—-really appreciate your insight and take….FU inv. bnks…..market tanks today…..
The Academy Award for sincerity goes to asshat for life Jimmy BS Cramer.
I think his buddy Spitzer getting nailed threw him over the edge.
Yeah, he’s got way too much going on to think clearly. Maybe he could get away with that when he was a younger gun at his hedge fund turret, but those days are over.
Thanks Fly,
Now that you have covered LEH the probability of the them going to 0 has greatly increased. By the way congrats on the new site. Looking good.
If there is gonna be a spring to summer market lift/rally, imo oil is gonna have to come off. I think DUG is worth a shot here.
Last time I covered an investment bank short was BSC at 68-ish, two days prior to collapse.
I’m going to bet he didn’t cover it all.
I agree. Oil needs to come down.
Long DCR and DUG gets me in the “bull camp,” without actually having to go long.
LEH will be the next to fall. And, of course, they will be backstopped at $10.
Cramer is fucking embarrassing with that little guy shit.(LIAR)
And to think of all the Joe’s that buy it hook, line and sinker. What does the collage crowd see in him?
The new site design is awesome!
Anyone think Paulson has said anything important so far? I feel like we are all sharing his bloated daydream.
Btw, The new site looks like a money maker. Does Jeremy get a raise?
Long DCR and DUG gets me in the “bull camp,†without actually having to go long.
_______________
You may want to recheck those tickers.
Dawg — much better than a raise…
A $10 bonus!
Remember, Jeremy’s in college.
When I was in college, I was so poor that any time I came across a ten dollar bill, I had to put it in a separate drawer away from the dollars so I wouldn’t accidentally confuse the rarely seen Alexander Hamilton with his much less rarely seen older brother, George, and spend him “at a discount to par.”
In college, I spent a paltry sum on food. I “ate” one meal a day at the food commons at 4 pm. Loaded up by stuffing extra food in baggies in my jacket pockets and book bag, for the other meals.
My disposable “income” (aka money after tuition, etc.) went to beer – Milla beah.
My sophmore year I upgraded to a hot plate in my dorm room and mac & cheese and Coors.
Tough times, fond memories.
the college scene is too busy to notice his real track record as are his viewers.
Bob Doll says stocks are in a “bottoming process”, but he went out of his way to say there’s no reason to chase. Just buy on weakness.
Cramer gets all pissy saying money is getting sucked out of the market and he doesn’t want to lose anybody any money.
So why has he been so bullish on SGP?
I think he just re-signed for another 5 years at CNBC.
Booyah!!
Window dressing + short covering = 300 point rally?
So I am assuming there is nothing fundamental behind this mind numbing slow drift upwards other than to break a multi month breaking streak. Nonetheless I am sitting here drooling on myself from the fuzzy numbness of my brain.
Midday thought,
Is Dennis Kneale really Freddy Krueger?
Dennis Kneale may be Elvis Costello.
Or Quentin Tarantino.
I haven’t yet decided.
Elvis Costello is way cooler than Dennis Kneale will ever be
that woman ( maria melissa cabrerra?) with Freddie Krueger has no business giving business opinions (of course neither does Krueger) … sorry, she’s a poseur with a bad boob job to boot
sold my longs today and looking to get short. i am a fucktarded permabull. therefore this must be a tradable bottom.
So goes the yen so goes U.S. equities.