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
23,473 Blog Posts

Here Comes the Magik

Here comes the Treasury and their bag of market tricks. Do not trust the cheese makers, for they will rip out your soul and force you to mine coal in western Pennsylvania.

All of a sudden, the banks are willing to work out mortgages, in order to stem the foreclosure tide. However, all of these efforts will fall on their face, once the home owner is out of work.

This is what you need to know:

The market is severely oversold, but appears to be unable to snap out of its state of fuckery.

Oil gapping lower like this is incredibly bearish for oil service companies, more specifically rig/parts makers. Also, expect to hear of many canceled exploration projects, due to it “not being worth it” anymore.

As an investor, you have a choice to make, which is: go long and hope that the market bounces until turkey day. Or, follow the downward momentum lower and believe that the worst case scenario will come to fruition. Or, you can coward out and go to cash.

Personally, I want to be optimistic; but it’s hard. Every time I get all giddy and shit about kicking old men down open manholes, the market reverses course and poleaxes my long positions. At the present, I have little in the way of long positions, but a lot of cash.

Emphatically, I believe [[FXP]] , [[EEV]] and [[DUG]] are going higher. However, at the same time, the banks are way oversold here.

At the end of the day, it’s all about managing risk and making sure big losses don’t get big and taking profits, when you can. For now, I believe there is still more risk to the downside than getting squeezed out of my shorts, due to an egregious turkey day rally.

UPDATE: I bought 2,000 [[DUG]] @ $38.35 and 1,000 [[EEV]] @ $86.45.

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97 comments

  1. I'm firsty

    Ahhh.

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  2. Mr. EB

    I’ll be the coward that covered his 100% net short at 9:52am and that is up 6.2% month to date.

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  3. OWF

    It is the power of the Outidiot Wave Forecast

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  4. Henry Fool

    FLY:

    I pounding the table on FDO here. Please post the PPT #’s on it.

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  5. Donny

    Let’s see … they’ll assist you with a mortgage modification if you’re presently in deFault! What the fuck is matter with these fucking idiots!

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  6. The Fly

    FDO:

    Debt/Equity 5
    PEG Ratio 5
    Price/Book 3
    Price/Sales 5
    Profit Margin 3
    Sub Rosa 0.2
    Final Score 4.50
    PPT Recommendation: Strong Buy
    Accumulation Distribution 5
    Price Performance 4
    Relative Strength 3
    Volatility 1
    Volume 1
    Sub Rosa 0
    Final Score 3.25
    PPT Recommendation: Buy
    3.82
    Buy

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  7. The Fly

    Water stocks doing well: CWT, WTR, etc.

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  8. 2008 may surpass 1931 as the worst year for the market. Any rally here is a place to sell more. There was definitely some kind of virus lurking here.

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  9. TraderCaddy

    Second login here for the day. I logged in earlier this AM and my software picked up a virus and a trojan. Anybody else?

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  10. The Fly

    Water utilities:

    1 CWT 3.9 4.4 4.13 9.84%
    2 WTR 3.25 3.6 3.41 38.62%
    3 SJW 3 3.65 3.29 14.24%
    4 AWR 2 4.5 3.13 0%
    5 AWK 1.85 2.6 2.19 6.83%
    6 SWWC 1.05 2.8 1.84 0%

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  11. Gwar

    How does a stock score a 5 for PEG? <1 ?

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  12. The Fly

    Trader:

    We got rid of malicious code. I believe TIM did it.

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  13. charlie

    You’re right Fly, there’s too much fuckery going on for the market to jump significantly higher in the near future. The iETFs are atm machines about to spew buckets of cash at us.

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  14. TraderCaddy

    Isn’t ther a water etf?

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  15. The Fly

    Gwar:

    Never question a Stock God.

    You’ve been warned.

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  16. 4fl3x

    Did the party start yet?

    http://www.youtube.com/watch?v=I4s0nzsU1Wg

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  17. Steph

    The market is severely oversold

    No, it’s not. It’s the illusion again. It’s not even close to being oversold. The daily RSI is around 45.

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  18. DEVILDOG

    Good the gap is closed and don’t need to be looking over my BEAR shoulder for that. Back to the BIG DOWN to new lows by 11/19. The US government stinks, stupid cows that can’t pay their mortgages stink and the foreclosure bailout will not work. Just one more reason for the eventual violent overthrow of our democratic…err socialist government, capitalistic…err government controlled economy. Too funny. I can’t wait for the shit to hit the fan for the next several years.

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  19. TraderCaddy

    Hank Paulson is sub rosa.

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  20. The Fly

    Holy shit Dog:

    You are a jinx. If you love money, for Dear life, quit talking shit. I have never seen anything like it.

    Cap sucks his own cock, thanks to his jinx. And, you just keep making the market go higher.

    Some magical shit going on on this message board.

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  21. 4fl3x

    Steph, how about hourly or weekly 🙂

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  22. The Fly

    Sub Rosa is a latin term.

    Steph:

    I did not say the market was CHEAP. I said it was oversold. Understand the difference, then get back to me, pal.

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  23. Employee8

    No problem here with Firefox, Vista and router …

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  24. Bottom Is Here DUMFUKS
    Bottom Is Here DUMFUKS

    Fly wrote:

    “At the present, I have little in the way of long positions, but a lot of cash
    .
    Exactly WHEN did you get rid of your $1.2 mill
    long position in BEAV, where you have a 15% loss?

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  25. Donny

    DD-

    You bring bad karma to this site. You come here spewing your ultra-bullshit, and the market reverses on most of us & the blog gets hacked.

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  26. The Fly

    Bottom:

    Read yesterday’s posts. I sold it yesterday.

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  27. Mr. Market's boner
    Mr. Market's boner

    That orgasm WAS magical…now I’m going limp. Got a cigarette, MO?

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  28. TraderCaddy

    Latin for below the rose?

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  29. Gwar

    I am going to subscribe to the PPT… but Im not following scores without knowing the ranking process… Even if it is just the basics… Members will want to know where 5 scores come from

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  30. Bottom Is Here DUMFUKS
    Bottom Is Here DUMFUKS

    Steph Said in reply to “The market is severely oversold”

    “No, it’s not. It’s the illusion again. It’s not even close to being oversold. The daily RSI is around 45.”

    It might not be oversold, Staph, but it is at a fuckin’ GENERATIONAL LOW BUYING OPPORTUNITY
    where the ONLY sane position is to buy beaten-down stocks and HOLD THEM LONG TERM.

    Going short, or waiting for “more down” when stocks like X are down 90% from six months ago is moronic Dumfukery.

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  31. Henry Fool

    Egregious load on FDO @ 27.65

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  32. The Fly

    Gwar:

    And i am sure Mcdonalds will tell you their secret Cancer burger recipe.

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  33. T MOE

    Buy and hold is for pikers like you bottom. Go back to sucking bull cock.

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  34. DEVILDOG

    Donny, it’s you stupid cow herd bulltards that keep believing in how America is supposed to be versus what it really is that keep fucking things up. Don’t worry even the stupid cows and sheepeoples will get it one of these days. It just takes 40 times longer than it should. The gene pool for the human race is still pretty fucked up. I predict about another 2000 years before the average IQ allows true progress.

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  35. Henry Kravis

    McD’s uses monsanto meat.

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  36. Eye No Stuff

    Thank Jeff Gendell for this bullshit selling in the past week. The fucker lost 83%, then shut his doors and dumped the rest, at any cost. The fucker finished his selling this afternoon. May he rest in hell for his fuckery.

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  37. DEVILDOG

    Well I see GENERATIONAL Bottom has finally gotten out of the bathroom. How’s it going retard. Did you buy and hold GM back in 1943? You’re an idiot. Please hold all your GENERATIONAL Bottom longs thru next week. What is your favorite brand of dog food you old fart?

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  38. Mr. Market's ex-boner
    Mr. Market's ex-boner

    Can someone $TICKle my balls or give me some viagra?

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  39. Bottom Is Here DUMFUKS
    Bottom Is Here DUMFUKS

    I smoke pole.

    NO POLITICS ALLOWED.

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  40. OWF

    DD is a homo – Going for a new world record trying to outidiot the entire planet.

    btw DD – margin and greed combined is usually fatal.

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  41. charlie

    Dog, shut up so the market can close at new lows. Understand, many of us are heavily short just like you, but not in idiotic iETFs like SDP.

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  42. gappingandyapping

    Wow everyone is so bearish. No bulls left around the internets or the floors. I just got back from the CBOT and there were so many long faces, fuck that. Oh well I think I will take down some UYG in size and see where it gets me, with a tip toward 7.00 for pulling the ripcord ofcourse. Guess we will see.

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  43. Damon

    This market sucks hind tit.

    That “loan save package” reminded me of back in the day when you needed a small loan from the bank, only to get the loan, you needed to have proof of savings (money) as collateral.

    The government needs to get some hot chick spokespeople to deliver these “news” items.

    Those bald headed farts that come out, can’t get past their tongues, and sound retarded and could possibly be homos, too.

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  44. Shorty

    Just shorted CHRW at $52.60 with a small position. That thing looks juicy. How does the PPT rank it Fly?

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  45. Jakegint

    Here’s more bearish.

    Just got back from a meeting. Apparently, Atlanta, as a financial entity largely comprised of mortgage loaning stick house building fucktards, is arcing towards “El Implodo” land.

    ___________

    Go long, egregiously.

    _______

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  46. The Fly

    CHRW:

    Debt/Equity 5
    PEG Ratio 3
    Price/Book 2
    Price/Sales 5
    Profit Margin 3
    Sub Rosa 0.2
    Final Score 3.75
    PPT Recommendation: Buy
    Accumulation Distribution 1
    Price Performance 1
    Relative Strength 2
    Volatility 1
    Volume 1
    Sub Rosa 0.1
    Final Score 1.35
    PPT Recommendation: Strong Sell

    Hybrid
    2.43
    Sell

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  47. DEVILDOG

    charlie, when SDP makes new highs next week we’ll see who made the most $$$s. Cow herd fuckers that can’t think for themselves like you always have marginal gains. MOOOOOO!!!

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  48. Shorty

    Thanks. Will add to my position on strength. Fundamentals mean NOTHING in this market.

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  49. Thunderpup

    Jake: Atlanta the city is going bankrupt?

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  50. Jakegint

    Holy shit, is anyone watching GOOG today?

    It’s trying harder to find a bottom than Barney Fwank in a Detroit disco.

    _____

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  51. Steph

    Fly: I don’t know if the market is cheap or not, I’m just saying it isn’t “oversold”. It isn’t. It’s beaten the fuck up, yes, but due to the previous rally, the oversold condition has been worked off. So we’re in no man’s land right now. Worse, some metrics (not mine)are showing it as…overbought.

    I pretty much have no idea what to do longer-termish at this point so I’m just trading in and out and staying flat.

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  52. Henry Fool

    I bought AVAV down a buck this morn. It’s working nicely!

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  53. TraderCaddy

    Buckhead in HotAtlanta is yuppie city.

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  54. Eye No Stuff

    The mkt’s down triple digits, but DevilEgg’s beloved SDP is deeply red. Funny, no?

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  55. The Fly

    GOOG is putting viruses into their adsense ads. Fuck them.

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  56. TraderCaddy

    Forgot to add I was mugged at Underground Atlanta about 30 years ago. The city blows and everytime I pass Jimmy Carter Blvd. I have to make sure may windows are rolled up.

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  57. The Fly

    And also, odd, no?

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  58. Henry Fool

    Friedman, Billing & Ramsey issued the following share price target changes on Monday:

    INCREASE:
    AeroVironment AVAV $41.00

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  59. charlie

    Dog, your puny upcoming SDP gains are no match for the might of my iETFs.

    Jake, are you long anything besides CBL right now?

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  60. TraderCaddy

    GOOG seriously? Is that why it is under performing? I bet YHOO did it to them.

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  61. Henry Kravis

    Jake – CBL is becoming longer term with every tick. Good god, man. The pain. Make it stop.

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  62. Contrary Indicator
    Contrary Indicator

    Is this loser seriously in SDP? Why?

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  63. The Fly

    DRYS HAS to be docking ships here.

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  64. The Fly

    I never said buy CBL. Is this Senor Jake’s blog, or Senor Tropicana’s?

    QED

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  65. Francesco

    I do not like the ppt , I will downgrade your site .

    On the other hand you should post your operations realtime

    but your’ a pro I’m an ass , so jmh ass o

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  66. DEVILDOG

    eye no nothing, I’m deeply green on SDP. And will more than double my SDP investment by 11/19. Keep watching and learning and maybe some day you’ll be a BIG DOG too. How ever you’ll never be a DEVILDOG. There are only a few of us compared to the cowardly cow herd masses.

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  67. Francesco

    making subscription and newsletter is gay and you know it better then me so why .

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  68. Donny

    I’m telling you, it’s Voodoo shit from Africa.

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  69. Shorty

    Deviled eggs are yummy.

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  70. The Fly

    Francesco:

    Go play catch the meatballs with Vincenzo.

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  71. Grandpa

    Fly, if banks are oversold are you looking to add UYG?

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  72. Jakegint

    Jake: Atlanta the city is going bankrupt?

    I can’t speak to that, specifically. But let’s just say it’ll probably have a lot fewer banks in 18 months.

    _____________

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  73. Henry Kravis

    Anyone stepping in front of DRYS here?

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  74. ALLPROz

    If SPX closes under 900….next 850 and DJIA $8000…that’s some broad ass head and shoulders if longs are lucky.

    GOOG drawing line in the sand at nice psychological round number $300.

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  75. Jakegint

    Friedman, Billing & Ramsey issued the following share price target changes on Monday:

    Holy shit, are those near-criminal fucktards still in business?

    Gotta love the name of their head of capital markets:

    “Rock Tonkel.”

    No shit.

    _______

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  76. Jakegint

    Jake, are you long anything besides CBL right now?

    GOOG, NOV, CHK, RBS pfd (R).

    Some other long terms stuff.

    Fly, you looking at any of these AMGN 2011 converts?

    Fuckers PRINTED at 1/8 of a point, originally, now over 4% yield. Strike 75.

    0.125% interest? Why the fuck even bother??

    _____

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  77. Jakegint

    Jake – CBL is becoming longer term with every tick. Good god, man. The pain. Make it stop.

    Yes, it certainly is “bleeding out” isn’t it.

    Multiple gunshot wounds will do that do a stock.

    More yield for you, and you, and yoooooo!

    Seriously, it’s not a trading stock.

    _______

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  78. Employee8

    Fly … what’s the PPT say about TYC?

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  79. Thunderpup

    Market ends this jackoff session one way or the other tomorrow.

    http://www.youtube.com/watch?v=QXlF6waTUKE&NR=1

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  80. The Fly

    TYC

    Debt/Equity 5
    PEG Ratio 1
    Price/Book 5
    Price/Sales 5
    Profit Margin 3
    Sub Rosa 0.2
    Final Score 3.60
    PPT Recommendation: Buy
    Accumulation Distribution 1
    Price Performance 1
    Relative Strength 1
    Volatility 3
    Volume 1
    Sub Rosa 0
    Final Score 1.10
    PPT Recommendation: Strong Sell

    Hybrid
    2.23
    Sell

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  81. Big Mike

    Hmmm…Anybody going for BAC at the year lows here at 18.50?

    I might create a pair trade with long BAC and long FXP.

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  82. ALLPROz

    GS at highs of the day…I’m SO confused………..

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  83. gappingandyapping

    GOOGLE REPORTS FLU SEARCHES TO FEDS – Guess that answers your viruses in their Adsense!!!

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  84. ALLPROz

    In BAC at 19.05….I’ll get more if you do……

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  85. gappingandyapping

    http://www.google.org/flutrends/

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  86. Tim's broken heart
    Tim's broken heart

    Will Tim get an “I am sorry”, highly doubtful.

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  87. Big Mike

    We HAVE to finish about 900 SP500 to have any hope of a short-term rally….

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  88. 4fl3x

    TYC is the old and broken, you want the new Tyco TEL 🙂

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  89. Employee8

    or COV the TYC healthcare spinoff …

    TYC may be in vogue soon with their security systems and fire prevention when the riots start , no?

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  90. 4fl3x

    Thanks anon, great read.

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  91. Kuck Fudlow

    As an Atlantan, I can testify that new condos have been built like crazy for the past 3 or 4 years and, despite all the asshat flippers losing their lunch money, developers are still building them like crazy. I look at the new high rises at night and see maybe 25% of the units have lights on. Doesn’t take a genius to see that a lot of people and, ultimately, the banks are going to be screwed.

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  92. scum bucket

    Thanx to the cat-like reflexes of my watertight as a frog’s ass anti-virus software I was able to stave off multiple cyber attacks from this here blog this morning. egad.

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  93. Grandpa

    It’s so gay your IBC is one year old.
    http://www.youtube.com/watch?v=VpfX_2G9i6w&feature=related

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  94. PPT question

    PPT stock descriptions above each have two “final” scores per Fly entry and two recommendations. i am confused

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  95. Jakegint

    One’s technical, the other’s fundamental. The “hybrid” score is a mix of the two, along with a little “sub rosa” magick.

    ____

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  96. Calidude

    Fly…im a newbie here but this site is sweet..I can tell obnoxious aholes to fuck off and not get booted..

    Question: I think this bump in oil back to 59 or maybe low 60’s would be a perfect time to buy DTO and ride it back to 50? I bought it at 61 when Oil popped up to 71 not long ago and rode tha tbastard to 87 before getting stopped out… bu thinking I may be able to buy it soon for about 82 and ride it to 95 + – ..

    thoughts?

    Calidude

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