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
23,445 Blog Posts

Patiently Waiting

“The Fly” is like a lion in the high grass, stalking his prey. My cash position has ballooned; and I am hungry for my next kill. The bounce in the financials is ongoing and I believe it may continue. It’s important to note, only energy stocks are worth investing in. Everything else is just shit on a skewer.

I covered my [[AAPL]] short. The “Skinny Steve” trade can take one only so far. In addition, I’ve been selling off [[FXP]], whenever I look at it.

I have a very long list of regional banks worth killing. The trend has been fairly simple, which is: sell them until they are trading at or below book value. Back in the old days, I’d be buying these fuckers hand over fist. Any bank stock trading below or near book was pure gold; now it’s just a warning.

The reason why I am not selling them now is due to the excessively high short positions in them. Most regionals have 10-30% of their outstanding shares sold short. At the same time, their respective book values are no higher than 1.5 times. This is a recipe for major carnage, for the bears, should the sector catch fire. Numbers out of [[GS]] tomorrow may be the lighter fluid. We shall see.

Despite marginal strength in the banks and tech, the market is weak. [[GME]] caught an upgrade. That looks decent. And, ag related stocks are on fire. What else is new?

For now, I will raise cash and wait until an opportunity presents itself.

If you enjoy the content at iBankCoin, please follow us on Twitter

23 comments

  1. Topper Harley

    Fly – Is RIG among your holdings?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. CubsRock

    No volume, no interest in stocks. The book says the bottom is in.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. The Fly

    Yes. love RIG.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. Jakegint

    FYI — it’s the lionesses that stalk the prey.

    Just sayin’.

    ________

    Speaking of, Happy B-day, Mrs. Jakegint!

    _

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. Hybrid

    FITB does not have a large short %. FED and DSL are unreal, almost 95% sold short.

    Would you short FITB?

    I bet they cut there divi and raise capital tomorrow am after the market get s a boost from GS. I have a feeling a ew companys will come out with bad news in hopes that Goldman softens the blow and lifts the market.

    Thoughts?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  6. The Fly

    Jake:

    You are misinformed.

    Plenty of male lions hang out in the tall grass, waiting to eat a Zebra or two.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. ZenProfit

    The Lion Sleeps Tonight . . .

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  8. Donny

    The towel headed fuckers have finally done it, or have the speculators done it for them.

    Every motherfucker I know with a fat ass SUV is now talking about trading for a hybrid. Here in So Cal, Toyota is marking up the Prius $4,000 to $6,000, and you have to wait 6 weeks for it to arrive. To top it off, local Toyota dealerships will give you about .10 cents on the dollar for trade on your 4 to 5 year old fat-ass oil sucker.

    I think we’re at the beginning stages of a paradigm shift in energy.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  9. Jakegint

    Plenty of male lions hang out in the tall grass, waiting to eat a Zebra or two.

    Yes, they wait for their wives to come back with that striped shit. Later, they might have an espresso and get laid.

    It’s not a bad life, actually, as long as you can continue to kick the younger lions’ asses.

    _

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  10. Jakegint

    I am going to start buying SUV’s in bulk.

    _

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  11. The Fly

    Donny:

    That’s because, as a whole, people in So. California are mentally ill.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  12. Donny

    Plenty of male lions lay in the tall grass, waiting to slaughter the offspring of other male lions!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  13. larry

    Alias: BPOE

    I haven’t seen any program buying for at least 5 trading days. I don’t think the Fed can increase rates until after the elections. The market looks like it is getting ready to do a Fucka You. I could be wrong but being in cash puts me in control. My time machine for some reason is saying the Dow will be at 14978 at the yrs end. We need a Fucka You for that first.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  14. Jakegint

    Let’s fix this:

    I could be wrong but being in cash puts puts cashes me in control.

    Better.

    _

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  15. Aris

    scooters are mostly sold out around seattle. they and priuses have been ubiquitous here for some time, but you were at least able to buy one before without waiting for 6 weeks or whatever they claimed it was on the news. i’d blame the hippies, but they don’t have the money to blow on a $6k scooter.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  16. Pair o' Dimes Shift
    Pair o' Dimes Shift

    Soccer moms trading the SUV for a Hybrid is not a “paradigm shift”. Selling the car and buying a bicycle and losing 40 lbs of blubber, that would be a fucking paradigm shift. I’ll believe it when I see it. The federal government will run daily shuttles to McDonalds first.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  17. CubsRock

    Seems pretty easy to manipulate the entire stock market with oil. If I only was big hedge fund….

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  18. larry

    Alias: BPOE

    I use puts if I fuck up. I don’t like the house getting my money. I just got pissed and went to cash to keep my May profits. I felt I as overtrading and needed a break.
    Thats all. I don’t profess to be that good of a trader.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  19. BanD

    Scooters are both gay and dangerous.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  20. KC Trader

    Shorts will start to cover in the banks. Institutions are long on LEH. The smart money may not being buying the financial, yet there is no one left to sell their position. Bounce coming up.

    GSK, going to run.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  21. steveplace

    Jake (on buying SUV’s)

    People are starting to flip SUV’s. Buying them in the states for a deep discount and selling them in countries where oil is subsidized. About 3-5k a car.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  22. Jakegint

    Let’s fix this:

    scooters are mostly sold out around seattle. they and priuses have been ubiquitous here for some time…

    to

    scooters are mostly sold out around seattle. they and priuses pussies have been ubiquitous here for some time…

    Better.

    _

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  23. Jakegint

    Steve:

    Sell them to the coyotes on the Meh-hee-han border?

    __

    • 0
    • 0
    • 0 Deem this to be "Fake News"