While the bears were inexorably punished today by way of a “Goldman Sachs Slap,” yours truly was busy entertaining men of great substance, who were addled with woefully little etiquette, in a most grotesque NYC neighborhood. I am pleased to report, the stock market has, once again, caught up to my way of thinking. Despite being stuck inside of a Vietnamese curry eatery for most of the day, I was updated often and thoroughly, throughout the entire trading session.
If you are in the camp that believes the market is about to be destroyed, for the second time in so many years, you are dumber than a bag of doorknobs. Truth be told, this new leg up will reinvigorate my people against yours. It is a fact, the machines, operated under the direct supervision of none only Goldman Sachs, are out to kill you and strip your house bare, for the copper piping, of course.
With my money, unafraid, I am leaning entirely to one side, long. Old legacy hedges, such as [[SRS]] and [[FAZ]] , are of no consequence and do not have any relevancy in my portfolios, nor do they belong in yours. Unfortunately, your mind is not as finely tuned as Senor Tropicana’s, via nature and nurture deficiencies. However, you are wise enough to know when the game has been lost.
You stand outside of your office defeated, as dark clouds amass up above, sabre rattling with terrifying thunder and menacing lightning. Just when you thought “The Fly” lost, a win came out of nowhere to humble you, yet again.
Top picks: Corning Incorporated [[GLW]] , OmniVision Technologies, Inc. [[OVTI]] , [[ERX]]
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Options story about GS
Goldman Sachs is recently up $7.48 to $149.36. GS is scheduled to report Q2 EPS before the open on July 14. GS call option volume of 135,067 contracts compares to put volume of 91,551 contracts. GS July 150 straddle is priced at $8.30, August 150 straddle is priced at $17.45. GS July option implied volatility is at 59, August is at 45; below its 26-week average of 66, according to Track Data, suggesting decreasing price movement.
I smell FAZ tomorrow or day after depending how things open
MotherfuckEEEER…
And to hink I used to like Meredith Whitney!
ugggh…
Take-Two reduces guidance for Q3, FY09
Take-Two Interactive lowered its FY09 outlook to reflect “several factors, most significant of which is the movement of the launch of BioShock 2 from the fourth quarter of fiscal 2009 to fiscal 2010, in order to provide additional development time for the title.” The company expects Q3 EPS (65c)-(75C) vs. consensus of (54c) and sales $120M-$130M vs. consensus of $162.23M. Take Two guides FY09 EPS (80c)-(95c) vs. consensus of 7c and sales $960M-$1B vs. consensus of $1.12B
Take-Two sees Q4 EPS 30c-40c vs. consensus of $1.15
Sees Q4 sales $350M-$400M vs. consensus of $471.14M. The company lowered its Q3, Q4 and FY09 guidance due to “the movement of the launch of BioShock 2 from the fourth quarter of fiscal 2009 to fiscal 2010” and “reduced sales of catalog products and lower than anticipated initial retailer orders of new releases.”
Sucks to be one of those conviction less fuckers who sold Friday and got short. Get long and stay for a long time fuckers.
you don’t know if you’re coming or going.
i know you are going. I also know I’ve been long for two months and counting, without deviating.
great call j. on BAC at 9:33am this morning buying it long…….. you gotta love the days of just printing money in the back room.
Those f@cktarded machines even bot LEN.
Short oil / long banks was the obvious play, too obvious. Full blown reversal 2morrow.
Full blown reversal 2morrow
———————————
nope, more upside
Are you expecting a breakout above 950?
all depends on how “good” the gs earnings are. If they are great we hit 930 tomorrow, 950 on wed
That would be impressive indeud.
i’ve seen action like this in ERX/DIG before, and it marked the beginning of a nice lift. i’m going to reevaluate tomorrow.
You stand outside of your office defeated, as dark clouds amass up above, sabre rattling with terrifying thunder and menacing lightning.
Holy crap that wasn’t a mixed metaphor… it was a stillborn mutation.
_________
I told you clowns last week to get long for Option Expiration week. Gad its great to be so smart!
dear fly,
I don’t visit your wonderful site to keep score on how well you are or are not doing with your interim day and swing trading or calling out the shorts when you’re long or vice versa. Frankly I don’t care one way or the other. It’s fun to hear you take on the challengers with your schtick but your take on the broader themes of the market is why I come..you are very good at “sensing” what’s going on and exposing agendas and the ugly under belly of the markets and the bad boys that play in that space……..an astute talent that I very much appreciate – mrsbuttons
I sold my short term open August SPY calls into the close today with 23% profit. There could be upside but similar to Fly’s theme of carrying smaller crumbs, am taking quicker profits. However unlike his belief in the start of a new bull rally, I believe that for the intermediate time frame, the chopfest has just started and it is going to get intense. The choppiness could last so long that all the idiots who come here are either gonna get exhausted and cry for your mommies or going to file for bankruptcies. That is the path of maximum frustration and that is what the markets should do.
CIT popping…anyone know why? Still long from 1.19
I Thought you werent gonna hold overnight?
Night isn’t over yet…couldn’t get my fill by the close 1.45 so I was going to punt in AH and take a quick dime. Instead I get a 40%+ return and will hold overnight.
CIT said to be getting bail-out action possibly FDIC backing … add another one onto the backs of the taxpayers …
Its on a tear AH, complete reversal to Thursday’s close, I would watch out for a big pre market or opening dip.
I will likely sell into gap open above 1.90. tried selling in AH for 1.84 but stock languished in 1.70’s for balance of evening.
The trading day is not over until 8PM where I come from — especially during earnings season.
Giddyup
“Today’s rally helped to confirm the count we noted over the weekend. This push over SPX 888 looks like Minute wave 2 of Minor wave 3. The first leg down from the SPX 956 high to 889, was retraced by about 61.8%. This next leg down appears to be doing something similar. Downside momentum will resume when the SPX drops below 888 again.”
(932-869) X .618 = 38.9 > that would get us to about 908 or the resistance level at 912
Look for and intra-day high tomorrow around 910 followed by a reversal or flat close. Maintaining a sell the rally and add to shorts philosophy except for special situations … to borrow a line from docsparks, “I smell bearshit”
E8 — is this you?
kidstock:
Treasury said it might backstop CIT debt.
“Vietnamese curry” — WTF?
GS’s main sources of positive surprise earnings come from debt issuance and trading profits (correct me if I am wrong!). It is not the upside but the degree of the upside that could reverse the surge or continue it. We are already used to mammoth surprises from GS on the upside like the off-late legendary trading returns. So as far as the earnings go, isn’t the risk more to the downside than the upside? – Especially given the fact that GS has had a reasonable run up into the earnings?
The Fly flip flops more than Senator Kerry. When the market is down, the fly bemoans not going short the day before, swears he’ll never do it again – he’ll hedge. Then a little up day and he goes ape-shit long again. Sounds like every other CNBC/MarketWatch/Nightly News talking-head which all failed to see the drops and grasps on the up days like their mother’s tit. Oh please take me away PPT!
pay attention to what i do, not just my rants
Back from the beach. Anything happen while I was out? 🙂
MW told n a few simple words dont F short the banks massive liquidity and WRITE UPS about to come………
My newest favorite timewaster: http://www.pingwire.com
DP – I think it wins the “Best All Time Time Waster Award”. (I wish I had thought of it.)
Didn’t waste much of my time… it quickly began giving me a headache and I had to switch it off.
____
I see MUCH good health in future for the Fly!
___________
Looks like DAN might be picking up AXL’s slack.
Apparently DK was amused at the thought of Woodshedder showing up at the studio with a cat.
Two words on the iBC homepage Mackie/CNBC YouTube video clip…
“Cocaine” and “Paranoia”, not a pleasant combination.
Perhaps a hairpiece will save that S.O.B.
The sad part is….it’s a lot worse than THEY think it is.
Kneale goes after woodshedder this time
http://www.cnbc.com/id/15840232?video=1181729017&play=1
Wow:
This is great. CNBC vs Ibank coin.
And Ibankcoin wins even before the bell… if you know what I mean.
Dennis’s rug/hair is really perched up today.
In the words of Ashley, the used BMW cardealer…….This isn’t a game anymore, Dennis. This isn’t a fucking game anymore, you loser.
What a poor representation of our generation.
Denis (sic) is the guy you went to high school that never got laid and went to his first drinking party during the last weeks of his senior year. The kind of fag that drank wine coolers and wore his collar up trying to be cool like the other preps.
I wonder if the clown has ever traded a stock.
Go fuck a goat Denis — I know you’re reading this!
Gotta love the fact you are getting some free press outta all this 🙂
The sad part is that there really hasn’t been a noticeable uptick in hits/page views. Speaks volumes about how many people actually might watch his “teevee show”.
Well the truth is out. Dennis Kneale is suffering an obsession with ibankcoin and wants to fondle the Fly.
If you made this kneel [sic] stuff up no one would believe it. Incredible…
O.K. Fly…..here’s the deal, I want one of the first run of the limited edition t-shirt of the Dennis verses iBankCoin blog wars.
top grade pre shrunk cotton, in L.
thanks in advance,
carry on…
Denis Kneale “the real deal” is here – you guys suck! I am telling you for a while now the recession is over but you pinheads did not beleive me. Well you stupid internet bloggers look what market is telling you by rocketing up 2% in a day. When you gonna learn to not f*ck with the Kneale “the real deal”? Just watch my show and learn, or better follow me on twitter!
lol…This actually sounds like Kneale.
So true. Same logic.
Denis….nobody watches your lame ass show.
You might be right about the bull side of the market but your arguments reflect just how far you are from reality.
Why is ‘the real deal’s” show not mentioned on the CNBC TV home page? You’re one of the few that does not have his gay face plastered on the page.
Go fuck a goat…
But you made the cats cry. I’m not down with that.
Oh, and you misspelt [sic] believe.
it can’t be Kneale:
he was a journo major at UoF and knows how to spell BELIEVE.
Carry on.
Scum, is it your face or your twat in that photo?
On a more serious note, I actually think it is possible to not to go any lower than the previous lows as long as no terrible news comes up.
hey scum bucket just be carefull around appliances – your butt may catch fire.
for stock market to go lower than prev lows the SP must essentially have 0 or close to it earnings. Which means no-one producing anything and no-one buying anything. Chances of that are very slim. i am sure roofers will stil buy milk and farmers need new roofs, you get my point.
Zero S&P Earnings can be had by companies in aggregate taking losses more than their earnings if enough bad debt assets implode. People could buy everything and produce everything and the index STILL have net negative earnings. I don’t think we will see that, but your reasons for your assertion are flawed.
Stick around amongst the honourable gentlemen of iBC, including Mr. “The South will rise again” Woodshedder, and you may learn something and bring some value to your viewer(s?). Or continue with pancake makeup and your Jerry Springer spin-off. Whatever.
It would take much less than that. However, not breaking new lows isn’t the same thing as we are going up from now on.
need a new banner up in here. “as lurked by dennis kneale.” the embodiment of asshat, just beating the F5 key like it stole something.
Kneale,
This battle into which you are engaging yourself is much deeper than some blogger McCarthyism. Bloggers, as represented by Sam the Eagle (Karl), Wood, and Fly, are drawing upon the larger conclusion that CNBC manipulates market information either knowingly or somehow with haphazard and ignorance. The professional and retail money managers/traders on this site watch the market tick by tick and see how short term investors react to breaking news delivered by reporters on CNBC. I think you would do us some benefit to tell us exactly what CNBC says YOU can and cannot say on air, or at least point us to where “on air” talent policy resides. How is information disseminated within the network? Call it media transparency.
that’s one bullshit answer BRO. you’ve been swaying in the wind too, so don’t fuck with us.
you can’t make this up
http://blogs.abcnews.com/politicalpunch/2009/07/if-a-teleprompter-falls-in-the-white-house-does-it-make-a-sound.html
the teleprompter president
CIT will be a wild ride tomorrow.
This guy makes a case for a bullish market based on misunderstanding what the GDP is.
http://seekingalpha.com/article/142051-inflation-is-key-for-u-s-to-manufacture-positive-gdp
Dave:
Actually the dude doesn’t know what he’s talking about from my brief read of his comment. GDP is shown both in nominal terms and also in real terms with the “inflation” removed by the “deflator” factor that’s applied to bring the nominal rate back to the real GDP.
Markets: The bull is loose. Prepare for more squeezing on the short side, epic surges in price, and further “recovery”, though perhaps not as insanely bullish as the last season. I’d buy anything with short-squeeze potential, banks, tech, and start positions in oil/gas names.
Kneel[sic]: He has no qualifications to be involved in finance, he is only good at being a generally obnoxious, argumentative Irishman. Let him go work at MSNBC, reporting on cool technology with Morning Joe. The CNBC Reports timeslot is so shitty that they’d better have a fucking Carl Quintanilla Spongetech infomercial in its place. Nursing homes want their damn Kudlow, let them have it.
Wow, I got way off track.
Oh yeah? You think Meredith and GS can rally the entire market through several resistance levels and bad economic data? Haha ok there pot leaf.
Despite being an idiot, Dennis is the best guy on the CNBC. I know that’s skulking around at the bottom of the barrel.
Perhaps we should go easier on him as he doesn’t seem to understand the give and take that happens on blogs.
You might be right j.
GS rocks the quarter…..hahahahahah…never bet against the slime’s at GS..they were probably short CIT..
Fuck me.
GS owns the world and assassinated Bobby Kennedy. Anyone short of FAZ here? DevilDog, what about you?
selling down some winners today and tomorrow morn and then I’m off to GreyFox Bluegrass fest.
something is up with the site Fly…..it is jamming on my end as if something is bogging it down.
Out of CIT @ 1.81 for a tidy 50% gain.
I think it is the anti-bot program added to the comments section. It is slower than dead goats.
I don’t care for the anti-bot thing then…..
dead goats are really slow.
sold my CREE @ 27.60
AGEN..breaking out…
MRNA close…
Margaret Brennan showing her ample assets over on Bloomberg tv right now. Magnificent.