iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,473 Blog Posts

Red Light/Green Light

Feel free to go ahead, get drunk, smoke some crack, while shorting egregiously expensive stocks.

From my vantage point, the market is now 15% overvalued, thanks to the inordinate amount of dumb money sloshing around.

The following trades will be executed, immediately:

Long [[DGP]], [[SMN]], [[SRS]], [[SKF]] and [[SSG]].

In addition, short [[TSCM]], short [[WM]], short [[LEH]] and short [[MON]].

The kitchen sink approach, if you will.

Developing…

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20 comments

  1. jeff

    Downtrend continues.

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  2. Q4

    Roger that.

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  3. Big Mike

    Fly,

    Isn’t a bit dangerous to continue to average down on SMN, when AA could give out good guidance (lies)? Options calls are outnumbering puts 3:1.

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  4. green writer

    I’m going to leverage my home and get short the perma bull ppt coked up frenzy…..Oh wait the banks don’t have any $ to loan me…wonder y
    Peace

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  5. Gartman's Trader
    Gartman's Trader

    VIX below 50 and 200 dma. Looks to me that the bottom of the trend since October has been broken.

    Just saying….

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  6. hattery

    wow, I was just looking at SSG… Sometimes I get paranoid people are watching me. Maybe I should just move next to Jesse ventura and put on a foil hat and only use solar power.

    Decided to go with straddle on FSLR though instead. Even though I agree with you, didn’t want to play around with it. This entire market breakout looks false, as solars are really the only leaders, and if it is the top, solars are probably the ones to fall the hardest, and the market needs more leaders to continue a rally. But should I be wrong, about a reversal, the semis are going to follow you, just like semitrucker did. (or was it just a pickup?)

    I made too much in FSLR to try to play it on the downside with it breaking out to new highs, so I have a small straddle position instead.
    love your picks though.

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  7. The Fly

    Big Mike:

    Wrong word, but I get your point.

    Fuck AA.

    Those alcoholics did not handle electricity expenses well.

    Watch me pull a rabbit out of a truck drivers hat.

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  8. hattery

    YES, was down to start the day, then climbed back above even, now I’m in the green, and in great position here. I think I just witnessed one lemming fall, and there’s a whole lot following it.

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  9. JakeGint

    Big Mike — calls outnumbering puts is a good sign for downward resumption.

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  10. MarketRaider

    Hey Fly did you get rid of RIMM on this bounce and take profits? You seem to forget that part of trading often and that last bounce seemed like a golden opportunity to get the hell out. Just a friendly reminder from your friendly neighborhood iLeech.

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  11. JakeGint

    Raiduh — I believe he mentioned he got rid of the rest of his RIMM a couple of weeks back…

    pay attention.

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  12. Gunners

    sleeping during class will not be tolerated

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  13. MarketRaider

    Try to do a good deed! Actually I spent my whole academic career sleeping through class yet somehow I managed to get a bachelors and a masters. Go figure.

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  14. hattery

    I’m with you on SSg, and I think it probably should reverse with the rest, and cramer touting solar is clearly a bear signal, but I’m having troubles identifying how I want to play it If it goes against me… And until it shows me something like a climax peak or down momentum, I would lack the conviction to average it down for very long. I guess you got bigger balls on this or at the moment… Maybe I’ll take another look at it tommorrow.

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  15. MarketRaider

    Fly did you just short LEH, I see it rallying now so I figured you must have a hand in it somehow. Thank god I am out.

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  16. CubsRock

    Can we please extent the trading day a couple hrs today. We’re just getting started.

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  17. patrick

    My hedges are dirty, but somehow working… go figure. I’ve been underperforming on up days though.

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  18. Gunners

    haha, my thoughts exactly CubsRock.

    I will make money today for the first day in a while. feels great, and i don’t want it to stop yet

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  19. gappingandyapping
    gappingandyapping

    Broker are you sure about shorting WM? Is it a big position? Just trying to see what your thinking.

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