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
21,398 Blog Posts

Perfectly Weak

GDP came in at 3.2%, just below consensus. Remember, the market is NOT going up based upon robust global growth. It’s going up based upon the Fed’s monopoly money. Bernanke is dropping cocaine all over the exchange and you fuckers are sniffing it all up. We should be down today. But, there is a strong likelihood we will trade up. If you are short, this sort of tape is frustrating, as you can sense the pressure building. The news isn’t bringing stocks down, so what will?

Nothing.

Any consolidation serves as a powder keg for future gains.

I got blind sided today, long ROVI into a downgrade. KLAC posted strong earnings, which should buoy the entire chip sector. The cloud sector is bouncing today, thanks to strong earnings from RVBD. And, precious metal stocks are BOING, despite Jakegin hating on them. I must admit, Jake is a curious chap. As you know, I like EXK/AGQ.

Top picks: BORN (Chinese whiskey into Chinese New Years, hello!), PH

UPDATE
: I sold out of my TEX position.

UPDATE II:
I sold out of ROVI

UPDATE III: Sold out of AGQ

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26 comments

  1. The_Real_Hmmm

    Good thing I gave everyone the almost exact earnings release before they said anything after the close. CYT beat and remains optimistic for the commercial aerospace industry going forward in 2011. Stock popped 13% on the open and calls are up 130% overnight. Call starts at 11AM EST.

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  2. J

    Revisions for GDP have been up in the recent past. You can write this up as a 3.6% when it’s revised next month. If that’s the case we’re going to see GDP acceleration above 4% in the first 1/2. That will be rocker fuel for stocks.

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  3. J

    I’m surprised just how strong silver is in light of gold weakness. That cross (Gold /silver) is too low at 48. It ought to be trading somewhere around 58 me thinks.

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    • WTF

      Can it be explained by industrial demand? Just a conjecture, have no figures of consumption volumes.

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      • J

        Perhaps.. dunno, but the best indicator of shortish term moves are like this , when sliver is doing the opposite of gold.

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    • 30's Style

      I heard that the historical g/s ratio is 20ish. Is that true?

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      • checklist

        Not that low of an average, or close, since the ratio was legally fixed

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        • teapotdome

          Yes the US fixed gold and silver at 1:16 during the 1800’s, and even before then the ratio has been below 20 going back to ancient roman times.

          In modern times it is common for the ratio to bounce between 1:80 and 1:40. (last time it was at 1:16 was when the Hunt brothers cornered the silver market in early 1980’s)

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          • go2mars

            The ratio found as found in nature is close to 1:17.5. But from 1:48, I expect an overshoot the other way. Like 1:12 or 1:14. I won’t sell until I see that at least 1:15 be it 2 years or 10.

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          • JakeGint

            Yeah, 40:1 is aggressive.

            I expect it to get into the 30’s at the peak, however.

            _____

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  4. Robin Hood

    Sir Jake has been right about metals. They have received the HH in the last fortnight. Tally Ho

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  5. azulgrana

    you took my visual and ran with it – youve got currency green stain all over your face. just dont do too much of your own product

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  6. TheV.King

    Hey DMG…I sold 20,000 @ 7.25ish…
    30,000 left

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  7. Cascadian

    A slow growth is a healthy growth.

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  8. drummerboy

    weak. just sittin there like jabba the hut. if he farts, it might roll over

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  9. drummerboy

    dougie kass just tweeted”one of his gnomes” are giving him reports that the riots, may try to close the suez canal, chicago sean,he just mentioned, the day of flash crash also was on a day of rioting in towel land. maybe jabba just farted.

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  10. Doug Kass

    Bullish calls the top in the market yesterday with his post….

    Have I told you before?…we’ve seen the highs for the year.

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  11. Quint

    Amazing how just as our military starts winding down operations in Iraq and then Afghanistan, and everyone starts talking about defense budget cuts, a new hot bed erupts in Egypt…coincidence?

    Ike new what he was talking about when he warned us.

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  12. Quint

    Might be time for a little TLT trade?

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  13. Erin Burnett's Booty Call
    Erin Burnett's Booty Call

    Fly, your call on Silver the other day prompted me to lock in some gains on my short. Thank you, good sir.

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  14. rookie

    double top fake out squeeze in oil today. bought 10,000 UCO 10.90…

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