I bought Citigroup Inc. [[C]] back in the old days of 2009, when the stock was on the verge of a “burlap coffin.” Clients wanted it, due to its illustrious name and “idiotic share price.” Through all of the ups and downs, I’ve held the stock, mainly because it is my hail Mary play. Most people who are bullish on the name think it’s worth more than $5, minimum. All I know, the biggest turds in the history of the United States have gone up 10 fold, like Ford Motor Company [[F]] , yet Citigroup Inc. [[C]] is stuck on the side of the road begging for bacon sandwiches.
All of these things, AND MORE, lead back to the road of Flotek Industries, Inc. [[FTK]] , believe it or not. Most of you ponder “why the fuck is he still in FTK, why, why ,why?” Well, I am in denial, folks. It’s just one of those things that I cannot accept, sort of like a gay son or cheating wife. I bought Flotek Industries, Inc. [[FTK]] at the bottom of the market in 2009, based upon my belief that commodity prices were OVERSOLD and credit conditions were due for a sharp recovery. All of those things happened, yet FTK is still sucking dick.
It’s funny to see volatility drown here, via [[VXX]] . As you know, I’ve been tempted to go long for more than two weeks, but have done nothing. During the 2+ weeks of my cash/treasury position, the best trade that I made was doing nothing. Rationale behind such madness: Well, I easily could have taken down a few short positions, as the market rolled past me. But, this time around, I didn’t let my ego fuck me sideways, via making wrong-headed trades. At the end of the day, my holdings have increased by another 3.5% over the last 2 weeks. Granted, that’s not so great, considering the market is handing out free 10% winners daily. But I am still kicking old guys down sinkholes, via outperforming all indices (+13.5%)—so far.
Nevertheless, I remain steadfast in my belief that we are considerably OVERBOUGHT here. Right now, I will stick with my defensive allocation of 55% cash, 15% treasuries, 30% equities.
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Does anyone else but me think that the xlf at these levels is insane and Cramer is a nut! If not for accounting tricks I think half these banks would be insolvent. It appears to me that housing is getting worse, am I completely wrong here. Financials seem so overbought a correction has to happen.
Would love some honest answers.
Thanks.
Yes.
But the market does not care what I or you think what it should be trading at.
Opinions are meaningless in the short term.
Buy it if it goes up and short it as it goes down.
The market will always overshoot up and down.
Forgot to add that housing is getting worse here and they just announced this AM Florida Unemployment rate has climbed to 11.9% in January and that doesn’t count the underemployed which is getting close to 20%.
We are FTKd.
TC
There were millions and millions of people in the US who owed their jobs to the bloated real estate market. Florida was a focus of that along with Cal and Vegas etc. Those jobs are never coming back. That’s why Florida has such a high unemployment number. People realize that which is why the US will have a high jobless rate for the next 7 years or so as these people get absorbed into other sectors which takes time.
fig
Monsieur Le Fly:
There’s nothing I disagree with what you’ve said, “if I may be so bold”. however I think one thing. We’re getting to the end of quarter. If the banksters show a decent report card for the the first three months, good market or bad market we’re going to 1250 on the S&P no matter how the other shit performed in terms of 1st quarter results.And if Shittybank performed well we’re going to 1250 in April.
The V.King is coming…
http://www.youtube.com/watch?v=IyCParQTtnE
Does C count as part of the 15% treasuries? Isn’t the gubbermint going to start selling a shitpot full of those shares soon? That said, it will probably be $5-7 soon and going higher.
Very funny. No.
Don’ t cry little Fly. Yea, sure, C isn’t doing well. Surprised? Of course not… C has a shitty sheet because they gave credit cards, mortgages and car loans to anyone and everyone who wanted to buy pajamas for their cats, air stream trailers to park next to their winnebagos and demon possessed Prius’… Aside from bringing down other big names, there really is nothing to worry about, Fly, the gov isn’t going to allow C to fail. The reason? Arab men who wear riding pants and do interviews from horse stables own C and they won’t allow an upset to subterrainian mineral equilibriums. These equestrian types can easily turn off large stadium sized spigots that spew go go juice needed to power leaf blowers and sleighs used at Christmas time. C is shit and shit is bad whether on the bottom of your shoe or in your portfolio. The Germans are now top bank and are planning to open up Polish and Russian branches at local grocery stores. Are you really surprised that the Germans now are the best bankers in the world and C owns nothin of true value, other than ATMs at low rent convenience stores? Got to hand it to the Germans. They always come out on top. They build the best cars in the world, brew the best beer, design the best human sized oven (for all of your baking needs) and now are the best money changers. Kudos my Medwins! Kudos! Too bad Florida killed all of the tomatoes. I would like a slice to add to my bacon sandwich.
yea, the gobinment is going to sell. Those fuckers are stupid but not that dumb. They’re not trading with sacred money and will sell when every fucker wants to buy itno shitty because people think it turned the corner and they’re buying into a great deal.
Stay in denial Neighbor. Steve, Jr. says Fly, Jr. actually may be gay. He tells me that Fly, Jr. goes around singing It’s Raining Men and Broadway show tunes. Don’t worry. I will take him out to a gun range this weekend and then to a sports bar. I will try to turn his gayness around.
Easy there Steve the neighbor. That sort of talk will get you banned in a flash. The only reason why I am not banning you right now is because of your stupid avatar.
Does this mean no waterpark vacation together this summer? I have a new Speedo.
If the stocks name has changed from Citi to Shitty Bank then shouldn’t the The NY Mets new field also change to Shitty Field or is that a given since the ball club and fans already do that?
the price of sugar is collapsing, SGG
I read about some new chemical product that enables food producers to use half the sugar and still have all the taste. Something like that. Related to the collapse of sugar prices? A disruptive technology?
Yes, but just how much free cancer will it give me? I demand at least three different types.
moral, spiritual, and anal
The truth needs to get out there!
Stock prices have reached what looks like a permanently high plateau.
why does this feel like the beginning of april 09?
The Yogi contrary indicator is functioning normally — Buy and the market goes down, sell and the market melts up. New name will be “Left Behind”.
FLY – please get rid of Blieler from the home page – or at least lower the volume. Jesus H Christ, that f*cker is loud. Pre bell, I really don’t wantto get yelled at, by some balding angry guy. thank you.
stfu
actually its scott that i want to stfu. I guess you misunderstood. Thanks in advance.
Scott rocks. Use your mute button you lazy fuck.
Yes, I’m loud. But if I can help…
hit mute!
and for my “thinning”, I’m still handsome. At least that what my wife tells me…
are you deaf? too many years on the trading floor I guess.
Scott,
Tell the poisonous fuckers to go fuck themselves and don’t any shit from them . You’re doing well. Keep it up.
im not talking about his trading skills or his advice. im talking about his volume. you do understand there is a difference, don’t you?
Volume what? I doesn’t matter if a guy trades 1 share or a billion in a stock. What matter is if he’s right or wrong and if his money management skills are decent, you doofus.
Some of the better traders I’ve seen were smallish.
I would call you a fucking moron, but that would be an insult to fucking morons everywhere.
oh you mean the volume as in the sound… Turn it down your end like I do and STFU, you whiner.
Very good J. Very good. Now go back to your coloring books.
Thanks for being my bodyguard. Let em rant…
yes, I’m loud. turn down the volume and let me help if I can…
If not, then mute. nuf said
No ranting. Maybe less loud would be good. I understand less loud is the new black. Try it out, let me know how it goes. We’ll round back to this later.
ciao.
That’s like asking you to suck less cock. Just can’t be done.
Lower your volume cleatus.
wow that is very clever. did you need a calculator to get past the spam protection?
I had your mom do it on the way back from bringing me a glass of water and a towel.
Agreud
Urinal Shadow says- The next time abcdefg 12345 decides to use the urinal I will be clogged and go into back flow turning his shoes into a mess.
I only piss in public sinks. Its a germ thing.
Financials seem so overbought a correction has to happen.
Would love some honest answers.
Here’s the way I’m looking at things. The last employment data was really quite important. The Regular payroll number showed 36,000 down. However the survey showed 308,000 up. The difference is that the payroll measure large firms and misses small firms as the survey captures all. This to me means that very small firms are hiring and America does what it does best which is to start or breathe through small firms.
The banks are dirt cheap on forward estimates. Take BAC which is the one I follow. They’re expected to take a further hit for the next 4 quarters but by 2011 they will have cleaned up a good part of their balance sheet. Forward earning estimates make them appear dirt fucking cheap as the cost of money is basically going to be close the zero for the next 18 months. Paulson’s estimate of 30 bucks a share this year could become a reality as cheap money and the perception of better earnings into 2011 becomes quite possible.
J – I sort of agree — actually bout 95%. As much as I’ve sold over the past couple of days, I’m holding all of my banks. I’m not so sure about the hiring though. Eventually the numbers will clear as those that are unemployable or too old to be retrained move out of those looking for work, or take other lower paying jobs.
I think your thesis that this is a lot like 1996 is right on the target. I’d like to see us sell off into the election of course so I can load up. I’m hearing more and more people (Brian Westbury was the latest) saying that the deficits really aren’t that bad IF we cap spending increases to about 4% to account for pop growth and inflation, that we can handle the debt by growing our way out of it. Very much like the talk during the 1980’s when people starting freaking about the deficit with the Regan tax cuts. Yes it would be a little painful, but doable. We would need some decent gridlock in Washington to accomplish this though.
1 more thing. Yes, I’m holding the banks until they resume their dividends. They are in the income portfolio.
Good points Yogi. It takes fucking time to find all these out of work people a job and they move around the country in search. It will take time for a real estate broker to realize he or she isn’t going to be hired doing the same shit and then get retrained. Meanwhile the economy will just move along without them not- sprinting, just hobbling along.
the fact of the matter is, no one knows.
the banks are rife with cooked books and no one knows the real story.
but, according to, and adherent to the new FASB rules, I have a 1994 Yukon 2 door 4wd, that is worth $28,000.00, but before the FASB came in I had to value it according to Mark to Market and back then it was only worth 4,500.00…so thank god for the new rule change cause now I can sell it for 28,000.00…….
I just have to find a buyer…hummmmmm?
Artist:
The banks are going to continue to write shit off for the rest of the year. The results this quarter, the next and the next and the one after that will still show pretty big write-offs. That’s for fucking certain. However no one is expecting miracles and the thing everyone will be focused on is if they the provisioning is pointing down. Last quarter showed it was. If the new one suggests a downward arrow these fuckers are going to fly and take the rest of the board with them.
On the macro side, which is equally as important it looks like the ECB will now be running monetary policy to assuage the weaker members. Japan is threatening big licks QE. If japan QE’s big time we’re off to the fucking races. Keep an eye on Euro/Yen and Dollar Yen.
I think Paulson’s estimate of $30 was for the END of 2011.
that’s right. I’m sure he’d be happy if it was sooner 🙂
How does BAC clean? Seriously. If I own a home I bought for $600K on an zero down Pinochio Loan (and and it is now worth at best $270k-which is what the broker can sell it for) and then borrowed (from same bank, BAC) to add a swim pool for $148k (I bought the model with the rain forest option-waterfall and speakers that emit thunder sounds and animal noises), how will BAC handle my write down? Oh, don’t for get the realtor is going to want 6% and closing costs haven’t been farmed out to Spanish speaking Olympic river swimmers. What will BAC do? Answer: Nothing. They will let it sit on the sheet along with thousands of others just like me in perpetuity. My point? There will be no clean up. Housing is going nowhere and will go nowhere until the end of time or 2012 when the Mayans will return in space ships built from schematics drawn with giant characters in wheat fields. At which time they will either print a new calendar or adopt SI’s swimsuit edition.
LMAO @ black sombrero… when the Mayans return… that’s when we’ll get this party started.
I bought 250 of the April 4 calls for .04 on Friday
Still speculating and banking mad coin!
http://ibankcoin.com/henry_fool/2010/03/10/fool-buy-15000-cycc/
Every grind higher is like knife in the heart of the Fly.
Too many expecting a pullback, market doing what it does best, frustrating the majority.
FLy (and Jakey), you missed the move by AIXG!!!
ATTENTION SCOTT B. You are bringing IT!…Don’t sweat these crack pot day trading lice bags.
remember….”To be Big you have to be Big.” V.King 1:01
”To be Big you have to be Big.” V.King 1:01
Thanks Capt. Obvious
http://healthhabits.files.wordpress.com/2008/05/captainobvious.jpg
Fly- is it time to capitulate??..no sell off coming…Look at joke names like World Market CPWM, haven’t made money in years, going up 20%+ everyday
Isn’t that the sign of a top?
10 10 10
http://www.youtube.com/watch?v=IyCParQTtnE
Are you going to be a-part of the Empire?
Stocks are fun!!!
YHOO Jazzercise to $20 (EXCITING? For Christsakes they have an “!” in their name)
Greater fool theory for pricing banks…..one thing you can count on….. U.S.A will be made whole!
Alternative to a higher stock market looks really shitty…..
we run until October Q.E.D.
LARRY KUDLOW IG
Well are you?
Fuckin A…..never quit you.
You also have to promise to play nice this time around! And follow the rules.
Your not on Roids are you KING?
Urinal Shadow says: Short GG,ABX,PAAS
The whole world has gone fucking “Full Retard.”
No way this market ends higher at the end of the year than it started at the beginning. Just remember that. Won’t happen.
Amen, Huggie. Amen
It’s a long way until the end of the year. A lot will happen. /end of snarky obviousness
In all honesty, we need a healthy correction. The market will not be healthy without one.
The more it goes up, the more people are going to run for the hills. No one is being fooled at the moment.
Were you hibernating in late Jan / early Feb? That WAS your correction.
These comments are some of the funniest shit I’ve read in a long time.
Douche bag – turn your volume you down you idiot.
Indeud – We’re at an inflection point and there’s beaucoup coin to bank and db is bitchin’ about the volume.
Urinal Shadow says- Cover the shorts in ABX,GG,PAAS. Go to the john and visit your favorite urinal, turn off the computer, and go spend the money you just made.
Folks, I just created the perfect sandwich (in the entire world and for all time). What you do is: Get your hands on some thinly sliced ham (you want the marble kind) and put two slices of Colby Jack cheese on top. Dont buy the cheap shit. Put this assemblage into a large pan at med to high heat until cheese melts. Then take a Hawaiin King Roll and drop in your bagel toaster (on setting five—no higher dammit), pull that bad boy out and lightly coat it with mayo. Not too much! Put your ham and cheese in between, add some ruffage (I prefer the hydroponics) and T MATE O, lightly salt and pepper and vallah, perfection. YOU ARE WELCOME!
You are a genius. Going to try out tonight when I have the munchies.