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
23,431 Blog Posts

Dealing with a Blow Up

I was going to rant about my Memorial Day experiences with asshole picture taking tourists. However, as you already know, I am the recipient of a “homo-hammer of death” this morning, thanks to the inadequacy of FTK.

Nothing in the world beats coming to work, hung over, seeing a top 10 position blown the fuck up.

Needless to say, I have not made a decision, whether to cut my losses, or average down. My knee-jerk reaction would be to sell it and get done with it. However, it is probably good for a moderate bounce here.

Early this morning, I covered my LEH short, on the BAC downgrade. Killing LEH is too mainstream now. I’ll revisit the name at higher prices.

Also, due to the bastards at FTK, I took profits in a variety of stocks/etf’s, such as SKF, NOV, short MER, short DSL, short FHN and short WM. I will keep my FED short, due to its egregiously high valuation.

With oil coming down, I suspect the bulls will attempt to hold these levels and kill a few bears.

For now, I will reduce my short exposure, raise cash, and figure out where to go long.

Developing…

NOTE: One of my lotto tickets (LEI) hit pay dirt.

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15 comments

  1. PharmPhucker

    When I came to work this morning, I was hung over too. Moonshine. The shit will rot your gut and make your pecker fall off. Still, the buz is worth the gutless, dickless fun. But unlike Fly, who’s caught in FTK’s lower estimate spiderweb of death, I just look at my golden fields of grain and get that warm and fuzzy feeling. Money. Lots of phucking money. Enough to make fly one envious little phucktard insect.

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  2. alphadawgg

    It happens to all of us. You’ll hit paydirt on another one.

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  3. kidstock

    What do you think of WDC, Senor Tropicana?

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  4. Steve

    Looks like Sidoti was right after all.

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  5. Big Mike

    Ags are getting killed and “X” is finally down.

    Is this the Fly’s top before Lehman inevitable crash, just like Bear Sterns? Einhorn is a smart dude and he makes some valid points. $6.5 billion in CDO’s, $200mil writedowns? Hah! Get the fuck out the here.

    Go over Lehman’s 10-Q. Bought some puts just to play it safe…You never know;

    Tough luck on FTK, at least FXP is down.

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  6. gappingandyapping
    gappingandyapping

    I am fucking short the materials (short STLD, SMN, DUG) like Rick Santelli on low IQ traders.

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  7. The Fly

    POT to $100, by year end.

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  8. Aris

    sorry about FTK, fly. that’s shitty.

    their management is like AOG’s: best industry to be in right now and can’t figure out how to make a buck.

    i’d dump it on a bounce and hope, nightly, that they all lose their jobs in a pathetically uneventful fashion.

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  9. JakeGint

    Not that this would have been a “tell” in time, but did you note the egrigiousity of this FTK press release?

    Usually, a professional will write these things, but it appears the CEO was looking to “cut G& A costs” and had his eight year old daughter write it instead.

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  10. The Fly

    The CEO is old. He may decide to sell the company and put everyone out of their misery.

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  11. Consumer

    Oil is down to the bargain price of $130. Needless to say, BUY Retail stocks!

    Wait for $125 to buy with both hands.

    At $120, load the boat.
    At $110, put 50% of your money in retail
    When she dips below $100, start selling.

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  12. JakeGint

    Hey, at least QTWW is ripping.

    _

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  13. Juice

    Fly, they’re talking about the price of meat going up. Got any plays on that? CRESY?

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  14. down with MON

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  15. BOOMER

    Will you average down? Is this a good level to enter?

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