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
23,445 Blog Posts

Still Going

You cannot stop a gay market, for it thinks not. Do not walk in front of a “loose trains,” for they were made to run you over. Never feed a goat through an electric fence.

The rally is continuing because men in burlap hoodies and velcro pants have lost their marbles. It’s Friday and everyone is scared and stupid. What else did you expect, reason?

PFFFFFFFFFFFFFFFFFFFFFFF

This planet is so stupid, we’re liable to move 1,000 points up and down today, inside the amount of time it takes for me to make a sandwich.  We are likely nearing the top end of the trading range. However, runaway markets tend to, ummm, runaway. So, do not expect tops and bottoms to be hashed out cleanly and without killing a few bad investors in the process.

I need to run along now, as I have meetings scheduled this afternoon. Into hurricane season, I’m a big fan of the refiners, specifically TSO, DK and SUN.

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39 comments

  1. The Zombie

    12631

    The Fly is God.

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  2. robert(rob_pvb)

    you are a sycophant of the worst sort. you made your ass-kissing point long ago. you ugly dumb bastard.

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  3. TURD

    this market is begging for a homohammering.

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  4. Le Fly

    Apologize at once!

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  5. TheArtist

    we should go up a tad more before any roll over, but, I do believe we will roll over soon, we may have 100 more points upside in DJIA. Then —- elevator shaft.

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  6. steak

    Its all over once the messiah speaks today

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  7. HuggieBear

    It is going to kill me to go long this market if this fucker closes flat to up today. But thats what I am going to have to do. The system demands it.

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  8. Fly Leech

    This is interesting:

    “General Motors Co plans to file its registration for an initial public offering during the week of Aug. 16, just after the expected date for its second quarter results, according to two people with direct knowledge of the preparations. A GM filing with the U.S. Securities and Exchange Commission would be the first step toward an IPO to reduce the U.S. government’s ownership in the automaker after a $50 billion bailout in 2009. By filing with the SEC in August, GM is aiming to complete its IPO before the November U.S. elections, according to the sources, who asked not to be named because the closed-door preparations remain confidential.”

    So, Big Government is pushing the hand of its Big Business to influence the election? Expect a cyclical bull into November.

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  9. mrkcbill

    Sell The news fuckers

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  10. weirdo jay

    Ben Bernanke omits the factor that human emotions and behavior will occur and lower rates may just instead give investment banks a reason not to lend. They’d rather just speculate on derivatives (thanks to glass steagle repealment) knowing that if massive inflation does occur, they aren’t trapped in a 30 year deal. Additionally, if they instead borrow money at 1% to buy US treasuries, they can at least sell those if need be. What incentive to savers have to help bolster the feds balance sheet by saving with interest rates this low?

    What’s the point of having your money in the bank at all anymore? I mean FDIC won’t give you money immediately. If banks close, by the time they open in hyperinflation scenario your money’s worth less when you get it. If banks close in deflationary scenario the FDIC can only borrow from healthy banks to supply money to the weaker banks. But if mass deflation every bank is fucked and FDIC is broke. Meanwhile FDIC puts lenders and savers in false sense of security so the situation gets worse. Oh don’t worry, fanniemae and freddie mac, your loans are insured! Everything’s fine. Subprime loans? no problem, they’re insured! Option ARMS? You have insurance! Still concerned? Buy some derivatives to hedge!
    lol, it’s just comical at this point.

    I hate to suggest people run on the bank and get cash out because if everyone did it, it’s dangerous, but if it’s possible for a few people to suggest moving money to physical cash to cause a crash do you really want your money their anyways for 1% interest? Best case scenario, status quo returns and you get your money and lose value via the real rate of inflation and only have slightly more than you started with anyways. Worst case scenario you can’t get your cash when you need it, and/or you can’t convert it to goods in massive inflationary scenario until it’s too late. Only danger with having all your cash at home other than 1% interest missed opportunity, is whether or not you can keep it safe from crooks and robbers.

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  11. Mr. President

    Bet we crash hard into the close.

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  12. weirdo jay

    wall street 1 airs tonight! sell!

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    • weirdo jay

      just kidding. I’m going to go eat a sandwhich (which in my case is toasted pizza rolls and jalepeno hot dogs)

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  13. jg

    speaking of flix

    ‘croupier’ tops me list.

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    • lol

      I just got netflix, I’ll check it out when I get the chance… What’s the over under on the number of seasons of 24 I can watch before I fall asleep? Being that there’s no commercials, I think I can do 3.

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  14. panamaorange

    Market profile volume charts still say we chop. Good support in Russell2k and Nasdaq here, but too much resistance in the SPX and Dow futures, volume wise.

    http://chart.ly/byxwxw

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  15. Jerry Lewis

    I sense a heartbeat coming from vxx

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  16. noodle

    hmmm… 1875 unlikely.

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    • noodle

      cool… well looks like someone just flooded the market with money.

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