Today’s tape is not too much different than the epic movie, “Revenge of the Nerds.” I’ll have you know, “The Fly” has never been a dedicated bearshitter, until this year. With that being said, I have met the acquaintance of many short sellers, overt the past year, and boy are they pissed.
They bellow, holler and scream over the “false data” coming out of the government shitboxes. They cried foul when the Fed tried to move equity prices higher, via emergency cuts and broker bail outs. They, my silly internet friends, are having their way today.
I can tell you, they will offer you no quarter. You shall and will, deservedly so, receive the black flag, if you choose to ignore the reverse momentum and resumption of the primary downtrend.
Sell the banks, especially really bad ones at $20, on their way to $5.
Some new names on my list include: [[TCB]] and [[WTFC]].
When in doubt, go with the “Reverse Four Horsemen” of death and destruction, via [[FHN]], [[CORS]], [[FED]] and [[DSL]].
On the investment management side, short ideas include [[COWN]], [[JEF]], [[SUSQ]], [[LEH]], [[MER]], [[CLMS]], [[TWPG]], [[WDR]] and [[JNS]].
Fuck Janus.
However, it’s worth noting, my baby aka “crown jewel short” is [[CHL]]. It shall suffer a fate far worse than what the great Samurai warriors faced, when the gatling gun took the battlefield, many moons ago.
On the long side, all I’m interested in is oil/gas. Pick from the litter, fuckball.
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Too bad for the Samuri’s…
We will bounce around 3ish…when everybody will start short-covering…will end the day down 150ish-200ish…no catastrophe…because energy stocks are ripping…
Long energy/materials / short financials… is the way to go… Im up big today as well…
Should we continue to bounce lower…I will short the NAZCRACK…
CRR, for the oil/gas play. I’m long it after the breakout.
Heh. I like that WTFC symbol. Would that be WTF Corp?
FXP to 80 if chinese markets get hit on monday!!!
LOL! “Reverse Four Horsemen”. I’m stealing that one.
WTFC is a short @ $69.
Fly,
Forgot to mention one thing;
Fuck your internet friends…
What was I smoking when I said the banks were the buy of a lifetime? Buying banks at 1.0x book yielding 8% is clearly egregiously outrageous.
Doug Kass spends his days in the toilet puking his guts out for engaging in such fuckery.
S&P daily chart looks like a mess, could head down another 1% before day is over. Who the fuck always holds the DOW from going more than 300 down?
A lil news from the midwest: Several lenders say they will no longer give loans to students at Wisconsin’s 16 technical colleges and 13 two-year colleges.
Alias: BPOE
This tape is still fucked up. I will not make a move until this shit shakes out. Oil could drop $20 in a day. This could be the top. I don’t like flat out stop loss positions. It might not be a bad idea at this point.
Dick,
Perhaps you were smoking a corn cobb crack pipe? Banks….bbhahahahaha!
UPL at par. Wow.
My dad was a kick ass trader. He left my mom 50k shares of UPL, basis in low single digits. When he died I thought it was wise to sell the position, and rebalance my mom to market neutral…..@ $40. Worst thing I ever did.
Damn hindsight.
Damn that sucks.
50,000 shares of UPL @ $100 and you might have gotten “The Fly’s” personal business line.
My Dad was a kick ass trader, also. Maybe more like an ass trader. He owned EJ Korvettes, Bell & Howell, Sperry Rand, and AMC Auto for years. Never heard of them? They used to be big stuff in the ’60’s and I think he held them all down to 0. Oh well. At least he could cook.
Yep — Morgan are a bunch of humps.
Oil will crack. I won’t drive my car and I’ll go get a wood stove and so will 50 million more Americans.
Morgan can’t see what will happen. There’s billions of gallons of oil that won’t be burned at these prices — hence, these prices won’t stick.
Watch how fast this oil patch drops and then the shorts in QQQQs are toast once again. Take a look at WMT.
You can’t beat this global economy. Plenty of business — need to build windmills, solar panels, irrigation ditches, water tanks, and a billion things for BRIC.
Don’t stay short too long.
Every time Bush speaks about the economy the market tanks. Prepare for tankage. Reload the shorts.
buy WM down 15% right now, sell end of day somewhere around down 10%. i don’t care if it goes to 0, it won’t do it today.
My Mom worked @ YHOO from 1996 – 1999 and she accumulated around 12K shares all together with an $8.00 cost basis. She “rode it up to 40 something,” got nervous when it pulled back to 39 – and SOLD.
Next stop was $120
Steel, apparently, is the new safety stock.
This is child’s play. The douchebags have put on a brave face and are confidently bidding solars and ags, still thinking of gaming the discharge for fess instead of preserving their clients capital. The euro/jpy continues flying. When Hideki Tojo and his cohort of war criminals realize that their euro investments are about to get fuculated with the coming rate hike, then we see the starting whisps of reality. Tojo and Hirohito are greedy and cunning and they want the extra quarter point that Tricky Jean promised them. They will multiply that many many times over in their losses, as the fuckwads all rush to the same exit door.
so the word is war with Iran begins shortly
calvino – i love your rants. i just wish i could make sense of them sometimes. i know there are gems in there.
juice-
indeed.
i was going to point out what the transportation secretary of israel said as a counterpoint to douche’s thesis above, but then i got sidetracked.
Without a doubt the market is moving exactly with oil. I hope hits 200 today.
null.. i tried your remedy and turned off Financial Entertainment tv. It’s bad enough trading against douchebags that I don’t have to listen to them whine all day. I used to listen for Santelli, but since they turned him when they brought his brother over from Napoli for the trial, he should just do the right thing like the ancient Roman generals when the fasces have been taken.
Let us reason together. If there is even a chance that Obama will win, is there a chance that Dubya will not act. The recent visit to the Holy City of Jerusalaem sealed the agreement. This will not be a simple bombing run however. Airborne will have to land and go into the underground shafts and blow it all to shit.
update.. calvino sell two USD and buy two hundred jpy. the other way to trade oil up.
cal-
sadly, i agree with you.
XLF has nice support here (short and long term) grab a lil XLF or UYG.
Brief stop between meetings —
Even my longs are okay today. It’s like I’m wearing a forcefield.
Goldies, Silvers, TRM and BUD long.
Everything else, short and happy.
I used to have a Green Machine. It was worth nothing when my mom bought it for me and even less when we threw it in the trash.
LEH going green on this tape.
Denver, gorgeous.
Cubs, also considering dipping into some XLF. May buy just a wee bit of call options towards close, which I guess is real soon now (waiting for the automated trading bots to start freaking out at the VWAP, forcing them to close out their positions soon).
I’m expecting bullshit positive spin over the weekend.
Go FTK! 🙂
Between ACI, AUY, FTK, ININ, SKF, SRS, MON, SMN, SDS, my Bullshit 5 figure tradestation account is ripping!
My losers include WMT, MO, UA, and DPS
Gay Giraffe —
You were the bomb when you had that Toys R Us gig.
Chin up, the world doesn’t end at the ice chest of the Good Humor truck.
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Well, this explains that Skiffles sell off yesterday.
“CMB”
Complete. Manufactured. Bullshit.
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Nice call on those Banks, Kass.
(Schmuck!)
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Don’t forget to include Crickets in the “schmuck” call out.
Hail,
Why not also tie on a blindfold and stand in the middle of the street “listening” for the 4:05 Metro?
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FXP to 80 by monday fo sure.