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
STT dropped 8 bucks in 2 minutes. WHAT THE FUCK?
Hubris, you say?
hmmm?? …
Journalist: Do you think you’re ready to be President?
Sweet Sarah Palindrone: Abso-fucking-lootley !
This is how the crash of our time began….See you in Hell.
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?
___
DJIA to 9600
How’s that RIMM but treating you?
Sorry, that should read “140 day Senator.”
Where’s the damn edit function??
________
Fly, if you want to press bets, press FED here.
_______
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.
anyone buying aapl?
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.
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.
Fly, great post.
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.
_________
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.
Hubris will not get me. Oh, no. It will not get me. I guaran-fucking-tee it.
Jake,
I’m upping my reserves of gold bricks.
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.
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
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?
Mr. Mortgage on CNBC right now.
Oh buy stock based on internet Fly stock shock bloger…My My you need a broker my boy…..
Mr. Mortgage baby!!!!!!!!!!
Fly,
Is this coordinated central bank action the signal to jump in long on GLD?
BOT 1000 AAPL at 107.78 for a trade
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.
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
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).
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.
_
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…
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.
TC, why is Erin B and Argentina your buy signal???
C to 23 in hour.
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.
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.
“The profits in C and UYG are about 5 times greater than my WB loss; but it still stings. ”
Yeah. RIGGGHT.
BOOMER, be quick and nimble on that long AAPL trade.
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?
___
Mr. Fuckbailouts
My Citi position was from 15.50 over 100,000 shares long. Check the archives then go fuck yourself.
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?
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.
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!
SLD 1000 AAPL 109.5. Prolly too early, but I am scared and trading like a loony bird.
Boy, $VIX is back up to almost 40.
Previous high was up around 42.
Erin B. is too emotional and a good contrary signal.
Apologies to women everywhere re: my comment about “emotional”.
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
I would love to see one more washout here, perhaps ~ SPX 1135.
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.
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.
Citi being “frogmarched to $25.”
Don’t be surprised.
__
next leg down, all aboard!
FED being “perp-walked to zero.”
__
Aside from the financials and commodities…
What do you think Erin B would be like in bed.
Dingo milker… hope you got your decimals right this time.
__
Bob Slob
Just taking out my banks.
not that anyone cares, but this will go down as my worst month ever.
however, my Fantasy Football team is kicking ass!
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
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.
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
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).
SMN hit $54, Pot hit $132.
The Fly is God.
Caddy,
You got that right. God, she’d be a lousy trader.
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.
__
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.
C now up 4.5%
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.
Done with my Erin B. KRE (+2%) XLF (+.9%) daytrade.
Gotta get ready for Leave It To Beaver.
It’s all about priorities.
There’s a lot of people who’ll never put their money in stocks again, what they have left of it.
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.
Palin is providing SNL with their best material in years.
true o-jack … she does have her redeeming qualities .. even Jake does
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.
___
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.