Classic Reversal, part II

Well, that was fun. The intra-day reversal is over. May lower prices infect your portfolio’s.

As you know, our banking system is a complete mess. We have fiat currency, jerkoff CEO’s and an alarming lack of liquidity.

In other words, we may get spikes along the way to 11,000 DOW. However, every single spike should be faded, due to the longer term trend, which is down.

I understand the temptation to “catch a bottom” and make buckets of coin, effectively allowing you to replace your bullshit Staples chair for a real one. The problem you will have, each and everyday, is headline risk.

Being a bull is like being pinned down in a WWI trench, as 50 mm machine guns buzz past your ears. Before going long, just know, that asshole with the 50 mm gun is aiming for your head and will continue to give you bad news.

Aside from that, our politicians are hell bent on raising taxes, while socializing healthcare.

Should the cap gains tax be raised to 28% or higher, kiss your 401k plans goodbye.

I sold short 2,500 [[LEH]] @ $61.

Disclaimer: If you sell short LEH because of this post, your portfolio will follow the dollar to zero. Odd, no?

Everyone thought the market was going lower; so it spiked higher. Frankly, I’m not a bit surprised and welcome a fucking huge rally, in order to redouble my shorts.

Thus far, I am looking to sell more [[LEH]] above $60.

The reversal in [[CSCO]] is very impressive, which tells me there is significant support in the low 20’s. However, the headwind of a weak CSCO will hurt many other companies who are dependent on them, such as [[NETL]] or [[BRCM]].

Being short the semiconductors, via [[SSG]], is not a bad idea.

On the long side, I like the reversal in [[RIMM]] and stubborn action of [[BWLD]]. Wouldn’t that be something if BWLD smoked numbers?

Finally, the banks have support at these levels. I would not add to [[SKF]] above $100. Let it come in.

When I was long, I’d hate when people would say “we need to retest the lows.” However, now that I’m bearish, I welcome such fucktarded commentary.

In all fairness, the recent low was nothing more than a blip, due to the fact that we reversed hard off of it. We need to sit at those lows and wallow—causing immense stress and angst amongst asshole dip buyers like Dennis Kneale.

Currently, this is that way I’m playing the downside:

Short [[LEH]]

Short [[DECK]]

Short [[EWG]]

[youtube:http://www.youtube.com/watch?v=KWgHRhBHcyM 450 300]

See you in the morning, fuckers.

NOTE: How’s that [[BSC]] bidding war going?

[youtube:http://www.youtube.com/watch?v=aNgQr_FdZvE&feature=related 450 300]

I made another 1.5% today, on the backs of the fucktarded bank stocks going lower. I’m sure you are upset to see “The Fly” making so much money, in such a short time frame—while you book egregious short term losses. However, I’ll have you know, I’m not done yet. By the end of the year, “The Fly” will be so rich, he will buy all of the houses on his block, bulldoze them, then proceed to build low-end housing developments, much to the chagrin of my neighbor’s.

By the way, I hate the assholes over at [[RIMM]] and [[AAPL]].

There is no leadership.

Just today, we has significant breakdowns in [[BIDU]], [[DECK]], [[SOHU]], [[DWSN]], [[CME]], [[RIMM]], [[AAPL]], [[BID]], [[NOV]], [[AMZN]], [[PCLN]], [[ICE]], [[IHP]], [[CMG]], [[HAR]], [[SIGM]], [[CRM]] and [[GS]].

Where are the leaders, jackass?

Good luck with that.

At the end of the day, I’m all about banking coin, while throwing old men into oncoming traffic. At this point, nothing can get in “The Fly’s” way of greatness, not even Mother Market.

UPDATE: [[CSCO]] is fucking doomed.

Flashback UPDATE: “The Fly” predicted CSCO’s fuckedness, when coked out bald guys said to “buy, buy, buy.”

…significant breakdown in the great provider of furry boots [[DECK]].

…feel free to get drunk and short more.

…”The Fly” wins again.

Developing…

As you know, Cramer told the world, via Mad Money, that foreign bankers were secretly in a fucking bidding war for the worthless assets of [[BSC]]—10 bucks higher.

Question: Now that BSC is unraveling like a Bronx whore in a high end eatery, does this mean the deal is off?

Just trying to get some clarity on this future matter.

NOTE: Fuck  BSC.

[youtube:http://www.youtube.com/watch?v=0C2SIZ5qsSQ 450 300]