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
19,518 Blog Posts

Hubris Will Get You Every Time

Just last week, I was feeling all invincible and shit, with timely buys and glorious sells. So, with big gains for the year, I decided to press the envelope and push for “retardo gains.” Once again, I have been taught a harsh lesson in reality.

I knew Wachovia Corporation [[WB]] was a piece of shit. Still, I bought 15,000 shares because I thought the market did what I wanted it to do. Big mistake.

I had all of the research on WB that told me they blew ostrich balls, yet I was trying to get cute and scalp a quick trade. Oh Lord, how fucking retarded was that?

It’s the greed factor that corrupts the way people think in this business. Unfortunately, I needed a 6 fig loss to remind me how stupid greed can make a person. Needless to say, from here on, or until I recover some of these losses, trading will be disciplined.

Now, all of a sudden, I find myself saddled with a bunch of bullshit long positions, while the financial system is on the precipice of disaster. How quaint. As you know, I raised capital this morning, via selling my Citigroup Inc. [[C]] and [[UYG]] positions. And, I just sold Synovus Financial Corp. [[SNV]] .

The profits in C and UYG are about 5 times greater than my WB loss; but it still stings. And, ironically, I find myself in the dirtiest of filthiest “coal holes,” via Walter Industries, Inc. [[WLT]] .

Apparently, the fucking Chinese do not produce steel any longer. Therefore, coking coal is no longer imported.

Bottom line: For me, it’s time to regroup and raise cash. This is not the first setback and most definitely not the last.

UPDATE: I am not selling my tech wrecks into this blackhole. The only things I feel comfortable doing is selling banks and buying [[SRS]] for a hedge. Other than that, I am just over here taking hits on Research In Motion Limited (USA) [[RIMM]] , [[ROM]] , [[WLT]], etc.

NOTE: WB was triple A rated. Good job S&P, once again.

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

74 comments

  1. Topper Harley

    STT dropped 8 bucks in 2 minutes. WHAT THE FUCK?

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

    Hubris, you say?

    hmmm?? …

    Journalist: Do you think you’re ready to be President?

    Sweet Sarah Palindrone: Abso-fucking-lootley !

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. B. Biggs

    This is how the crash of our time began….See you in Hell.

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

    Juice — the cognitive dissonance involved in making that jape — about a Veep candidate no less — when your preferred candidate — for POTUS, no less — is a 140 Senator with a background in Al Sharptonizing and pretty much nothing else… is simply breathtaking.

    How does your head not explode like a L’Andreu computer?

    ___

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. B. Biggs

    DJIA to 9600

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  6. Obamas Right Brain

    How’s that RIMM but treating you?

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

    Sorry, that should read “140 day Senator.”

    Where’s the damn edit function??

    ________

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

    Fly, if you want to press bets, press FED here.

    _______

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

    Todd Harrison

    10:03:28 AM

    position in fxy

    Gate Sniffage!

    * Mr. Practical offered on Friday that while he wasn’t an advocate of a rescue package, any plan should include dilution of equity at failed institutions and the protection of deposits (savings). Washington Mutual (WM) and Wachovia (WB) are examples of that precise process.

    * I dipped a toe into the FXY (Currency Shares Japanese Yen Trust) for some diversification as we weigh Our Wishbone World. It’s a starter position (and not advice) but given the potential that capital preservation shifts to capital conversion, I wanted to establish precedence.

    * Who’s gonna bail out Citigroup (C)-Wachovia? Or, by default, has the government included them in the Circle of Must?

    * Lest you’ve been away from the market for a while, this tape is thinner than Kate Moss on Atkins. I’m talking spooky thin, which won’t help the hedge funds liquidating into quarter-end.

    * You know what would go a long way towards re-establishing a semblance of normalcy and credibility? A MEA CULPA from the SEC and others who vehemently voiced the view that short-sellers were to blame for the shame.

    * Following up on Friday’s feel that the path of maximum frustration would be “straight down” in the face of the rescue plan, my sense–and it’s just that, a sense–is that we’re setting ourselves up for true capitulation.

    * Once that arrives, I plan to position myself for the hyperinflation side of the wishbone although I reserve the right to call an audible. Hey, if the government can change the rules in the middle of the game, I can most certainly adapt my stance.

    * I’ll be back, Minyans. As always, I hope this finds you well.

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

    anyone buying aapl?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  11. These Colors Don't Run
    These Colors Don't Run

    Jake-

    At least Obama is intelligent and well educated. Palin has the ability to look pretty and regurgitate snappy right wing catch phrases and that’s about it.

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

    this is the fucking apocalypse. all the ‘good’ names are being murdered. frankly, i feel like the s&p is down 200, not 47.

    gold is all that’s left, and gold sucks, but it is what it is.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  13. Yogi & Boo Boo

    Fly, great post.

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

    Once that arrives, I plan to position myself for the hyperinflation side of the wishbone…

    Should be positioned already Todd-O.

    There’s no gold standard to worry about anymore… the presses will be running full steam from Vancouver to Stugggart.

    _________

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  15. The Fox

    Fly-

    Kudos to you for admitting a error in judgment and then moving on. A LOT of people can’t seem to do that. Pride will get you killed in this market.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  16. Hank Paulson

    Hubris will not get me. Oh, no. It will not get me. I guaran-fucking-tee it.

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

    Jake,
    I’m upping my reserves of gold bricks.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  18. The Fox

    BOOMER Says:

    anyone buying aapl?

    Wait until earnings. They will guide down. There is no way in hell they are going to pull a rabbit out of their ass this time. They will announce, like everyone else, that growth is slowing. Buy after that happens.

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

    Fly,

    Serious question. I got long on coal (based on your and other input). That was about 20% ago… (I am down the 20%)…

    What do I do? Do I bail? Do I add?

    Can you PLEASE do a quick post on Coal?

    I don’t need $$ right now… but, any advice is welcome (nope you ain’t responsible for me shitting the bed).

    Thanks very much,
    Scott

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  20. j

    Should be positioned already Todd-O.

    There’s no gold standard to worry about anymore… the presses will be running full steam from Vancouver to Stugggart.

    So why is gold only 892 bucks at the moment, Jake? What you know the rest of the market doesn’t?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  21. The Contractor

    Mr. Mortgage on CNBC right now.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  22. B. Biggs

    Oh buy stock based on internet Fly stock shock bloger…My My you need a broker my boy…..

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  23. Zach Litwin

    Mr. Mortgage baby!!!!!!!!!!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  24. Looking Long on GLD
    Looking Long on GLD

    Fly,

    Is this coordinated central bank action the signal to jump in long on GLD?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  25. BOOMER

    BOT 1000 AAPL at 107.78 for a trade

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

    Scott:

    Too late to sell. Selling here makes two mistakes: buying at top and selling at bottom.

    I’ll stick with only one mistake. Or, I could be wrong and coal goes to zero.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  27. Juice

    Jake .. as usual, your head is the one exploding

    the twisted logic you attempt to impose on those that disagree with your opinions is self-serving, to put it mildly , and the very essence of self-centeredness

    you will not bring me over to your point of view no matter if you point a gun at my head

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  28. TraderCaddy

    My Erin B. signal (I bought XLF,KRE) when she started chanting Argintina is up pretty good. When she says the market has stabilized I will sell (today).

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  29. JakeGint

    At least Obama is intelligent and well educated. Palin has the ability to look pretty and regurgitate snappy right wing catch phrases and that’s about it.

    Big fucking deal. Carter was one of the smartest guys in his class at Annapolis — a nuke boat captain.

    He was a liberal asstard, and that was his undoing.

    In the meantime, Palin stared down her own party AND Big Oil in a $40 billion gas pipeline deal that banked egregious coin for Alaskan taxpayers.

    Obama’s never backed down anything, in fact he’s backed corrupt regimes like the Daley Machine in Chicago, rather than take a principled stand against them.

    Give me real accomplishments and real executive experience over ephemeral locution and corrupt Chicago Machine politics any day.

    _

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  30. Big Mike

    How funny would it be the FLY on CNBC?

    FABER: Mr. Fly, what do you think of this market?
    FLY: FUCK MAIN STREET! Bunch of blue collar retards…

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  31. boca

    No way Fly, 6 billion people in the world all of a sudden no longer need electricity? I doubt that. Americans would riot in the streets if there was no more electricity for our TV’s, Wii’s, Guitar Hero, stereos ad nauseam.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  32. boca

    TC, why is Erin B and Argentina your buy signal???

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  33. TraderCaddy

    C to 23 in hour.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  34. BOOMER

    Please, enough politics. Making my head hurt. We have enough to talk about with the bank failures, bail outs, and fuggin threshold of hell trade that is out there. Let’s bank a little and keep each other sane.

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

    NO POLITICS.

    WTF is wrong with you people? The market is over her making people famous and you are debating dem vs gop?

    Give it a rest.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  36. FuckBailouts

    “The profits in C and UYG are about 5 times greater than my WB loss; but it still stings. ”

    Yeah. RIGGGHT.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  37. alphadawgg

    BOOMER, be quick and nimble on that long AAPL trade.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  38. JakeGint

    So why is gold only 892 bucks at the moment, Jake? What you know the rest of the market doesn’t?

    The “rest of the market” knows too.

    Please, short gold here.

    “It’s all dingo semen,” these days, anyway, haven’t you heard?

    ___

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

    Mr. Fuckbailouts

    My Citi position was from 15.50 over 100,000 shares long. Check the archives then go fuck yourself.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  40. Bob the Slob

    I’m getting (a little) longer here. Fly, why are you selling into a weak morning?

    Two hours from now, the market will be flat. Then you can sell.

    You even said it yourself on Friday. You just have morning jitters. What changed?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  41. TraderCaddy

    About 40 minutes ago I heard her chanting Argentina which I assume was a reference that the USA was going to go the way of Argintina in a number of years ago when it’s banking annd political system was in trouble.
    We ain’t Argintina.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  42. JakeGint

    WTF is wrong with you people? The market is over her making people famous and you are debating dem vs gop?

    Amazingly, I’m also walking and chewing gum at the same time in my office.

    Odd, no?

    BTW — those RBS preferred’s (t’s) are down to $7.65 bid again, if you want a ride on the magical mystery tour I took last week.

    Rollllll uuuuuuuuuuuuuuuuupppp! Roll up for the mystery tour!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  43. BOOMER

    SLD 1000 AAPL 109.5. Prolly too early, but I am scared and trading like a loony bird.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  44. Akebono

    Boy, $VIX is back up to almost 40.

    Previous high was up around 42.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  45. TraderCaddy

    Erin B. is too emotional and a good contrary signal.
    Apologies to women everywhere re: my comment about “emotional”.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  46. j

    I did short on friday and bought back today Jake. I just shorted again at 898ish with a 905.50 stop. The increased swap lines just shows how much deflationary pressure there is and I Short only for the very short term

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

    I would love to see one more washout here, perhaps ~ SPX 1135.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  48. boca

    OK, I get it now about Argentina, hadn’t heard the remark. You’re making sense TC, agree with you about the CNBC cheerleaders as a contrary signal. They’ve been spinning positive for so long, they’re in a state of shock right now I imagine.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  49. BOOMER

    I have this feeling that we are gonna get a massive washout today into the close. My bad juju twitch is back.

    Which means we will go straight up from here.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  50. JakeGint

    Citi being “frogmarched to $25.”

    Don’t be surprised.

    __

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  51. sniper6

    next leg down, all aboard!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  52. JakeGint

    FED being “perp-walked to zero.”

    __

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  53. Jason

    Aside from the financials and commodities…

    What do you think Erin B would be like in bed.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  54. JakeGint

    Dingo milker… hope you got your decimals right this time.

    __

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

    Bob Slob

    Just taking out my banks.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  56. wtf?

    not that anyone cares, but this will go down as my worst month ever.

    however, my Fantasy Football team is kicking ass!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  57. Scott

    Fly,

    Thanks for tip. Yip. Make one mistake not two. What is your take an averaging in a little here? (again from 6-12 month perspective)?

    Thanks,
    Scott

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  58. j

    I can’t believe there was the fucking greek idiot on the ECB talking about fighting inflation. The ECB is fucked. Those fuckin idiots are still fighting WW1. Hope that shit hole goes hell in a hand basket.

    Shut up jake and focus on the market for a change.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  59. Dinosaur Trader

    I blew out of FCX for a nasty loss. And I was feeling bad, until I took a look at SWC, sub $6.

    Somewhere, JJ the robot is in greater pain than I am.

    -DT

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  60. TraderCaddy

    Bob P. says it’s the end of the world. The last time I heard him so negative was 10/20/87 when he did the real estate report for FNN (Financial News Network).

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

    SMN hit $54, Pot hit $132.

    The Fly is God.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  62. Contrary N. Dicator
    Contrary N. Dicator

    Caddy,

    You got that right. God, she’d be a lousy trader.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  63. JakeGint

    From Bruce, the fake libertarian, not so closeted Obie fan:

    Jake .. as usual, your head is the one exploding.

    (No argument, just ad homenum. Where is his rebuttal? We can wait.)

    …the twisted logic you attempt to impose on those that disagree with your opinions is self-serving, to put it mildly , and the very essence of self-centeredness.

    (And the example of “twisted logic” is where, exactly? That’s about what I thought. My “opinions” are self-serving? What in my prior post was “opinion?” All I did was point out Bruce’s elephant-sized logical misstep in attacking Palin for inexperience. “Facts are stubborn things.” The other ad hom at the end, to put it mildly, is “the lady doth protest too much” -ish).

    you will not bring me over to your point of view no matter if you point a gun at my head.

    Who’s trying to convert a hardened Obama fan? I might as well try to convert V.I. Lenin.

    All I’m doing is not allowing your silly and hilariously illogical propaganda to stand, and having some fun while I’m about it.

    Convert you? Please.

    __

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  64. Bob the Slob

    Fly, you just made an emotional decision. It’s the opposite of a “gut decision”.

    Getting long C in the first place was a “gut call”. But your decisions this morning was purly emotional… The WB trade just rattled you a little. And you paniced.

    Forget pride and the fear, do the right thing. Trust your gut. Was your gut saying to sell?

    Look how negative everybody is here and on TV and on the street. What does THAT tell you? Crash? I doubt it.

    So head over to the bathroom, go have yourself a good puke, and start buying. Government always does the right thing WAY too late.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  65. Akebono

    C now up 4.5%

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  66. j

    slob

    There’s a bank failure every coupla days, doesn’t that make you more than a little worried? seriously. The street may not just be negative, it is shitting itself scared.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  67. TraderCaddy

    Done with my Erin B. KRE (+2%) XLF (+.9%) daytrade.
    Gotta get ready for Leave It To Beaver.
    It’s all about priorities.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  68. sniper6

    There’s a lot of people who’ll never put their money in stocks again, what they have left of it.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  69. Juice

    Jake – not that I need to state this again … McCain sucks balls … Palin is a moron .. Obama sucks but he has some potential & he sucks less than McCain … Biden, who cares

    Since the title of this post was ‘hubris’, I pointed out the rather obvious hubris of Palin

    She is about as qualified to be President (as she & McCain have said – absolutely!) or Vice President, as I am to be an astronaut because I can see the stars at night.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  70. Ol' Jack Burton

    Palin is providing SNL with their best material in years.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  71. Juice

    true o-jack … she does have her redeeming qualities .. even Jake does

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  72. JakeGint

    But where is the true hubris, Bruce? Palin was asked to be a Veep and she said sure. She was the governor of an oil state that fought corruption in her own party. A pretty woman, state executive, big family, conservative, corruption fighter, deal broker … and regular people love her. What’s hubristic about that person taking the Veep nomination?

    In comparison, your guy is completely unqualified, completely without resume, without accomplishment, without even executive experience at any level … and he wants to be the President of the United States.

    This is what I mean when I say “enough cognitive dissonance to blot out the sun.”

    You liberals are a fascinating study.

    ________

    Ol’ Jack… you are right there. The libs hate Palin and want to destroy her more than they have any pol since Robert Bork or Clarence Thomas.

    Note Bruce’s and Dino Commie’s bizarre and over-the-top obsession with her here. What’s positve, is that the MSM has thrown away any semblance of objectivity (SNL aside, I’m talking “real” news here) that they every possessed.

    People notice stuff like that, and that’s good for the country in the long run.

    ___

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  73. Juice

    Like i said, her hubris was her unqualified ‘absolutely’ response about being president. She’s not even qualified to be VP much less P but she was asked, so good for her. Which brings up McCains judgement in choosing her. She’s fine, where she was. Thats all this country needs is more morons running the show.

    I believe I did say that Obams sucks … true, no exp for him either… however he sucks less than McCain imo and he is younger & far more intelligent than the two of them combined, imo again. You have a different one. C’est la vie.

    No need for libs to destroy Palin. She is doing that all by herself.

    They should change the name of this country. There is no “United” in this country.

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