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
21,506 Blog Posts

Charging into the Close

There is no need to panic or make quick decisions, for Ben Bernanke has this shit under control. I’d like to take this opportunity to thank the Fed for delaying the depression and allowing The House of Fly to build up reserves, which will help me buy distressed assets of great quality when the shit hits the fan. That’s right, “The Fly” is playing chess not checkers, always miles ahead of his competition, planning for their dissolution.

Today’s gains were moderate, a tad over 1.7%, getting me within striking distance of new all time highs for assets under management. My personal account is up about 45%, over the past 3 business days—thanks to well placed trades and a lot of leverage.

As the Mississippi river spills the fuck over, washing out rednecks along the banks, refinery stocks will surge. The coming floods will knock supply offline, leading to higher margins. These things, AND MORE, are inevitable. They are not opinions, but “future facts.” Go ahead, bet against the guy in the time machine, see where it gets you.

Aside from silver and oil, I like tech here. Two of my positions, TER and FORM, are behaving nicely. I have a few others on my watch list, but find myself unable to buy, due to maximum market exposure. In other words, Le Fly is “all in” yet again.

NOTE: The first person to call me a fucking contrarian indicator is getting clapped.

NOTE II: I booked profits on PSLV

[youtube:http://www.youtube.com/watch?v=e8ejqE3ktFU&feature=related 616 500] If you enjoy the content at iBankCoin, please follow us on Twitter

51 comments

  1. Bud Tender

    fucking contrarian

    (i was compelled to say it – or – the devil made me do it)

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. MOTV8

    I humbly beg forgiveness in advance for my stupidity. /genuflect

    Did ALJ lag today on profit taking or concerns about Krotz? What’s your take on ALJ and the flood?

    Thx!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • Gulf Coast Refining
      Gulf Coast Refining

      the Krotz Springs refinery was mentioned in several pieces about potential shut downs (which probably will happen). However, the shutdowns will only cause the crack to go higher. Not a big deal in the long run for $ALJ as its only making $3 a barrel in KS. but it will make more money in Big Springs. I sold out of ALJ today waiting for a pullback on the news that it has to shut down its KS refinery. Then on the dip, but it back and make COIN.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  3. Redneck holding his WNR waiting for flood waters
    Redneck holding his WNR waiting for flood waters

    Will they be getting clapped?? or getting the clap??

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. panamaorange

    Were beyond the seasonal window for major crashes. Most big players have left for vacation. A grind downward in the market is possible. But, ONLY if UGA breaks last months highs.
    There is a technical problem with oil here, however. Oil is printing a vivid bear flag on daily and hourly timeframes of USO . Steep decline in volume, for most of this bounce,is confirming it. If oil can continue sideways , or down.That should be good for XRT and XLY sectors to keep grinding higher. And I still think AIG has a 10 to 15% reversal upward, sometime soon.

    I don’t mean to be contrarian on oil. And, im not looking forward to contracting the Fly’s penalty case of the clap. But, I have a large supply of antibiotics as a hedge.

    http://www.youtube.com/watch?v=lj9FVlEtknU

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • Castor

      They are going to hit oil next IMO. Already have one CL future margin hike of 25% going into effect overnight. More are likely coming.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  5. J. Livermore

    Little piece from Motley Fuck on $WNR (positive)

    http://www.fool.com/investing/general/2011/05/10/western-refinings-management-is-creating-value.aspx

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • drummerboy

      now they turned tide from last week when they got it wrong. i read that piece,and if you read it right,some entities such as they that write these noise articles who also trade, missed out on some of these moves. its too bad. they know how the game is played, good grace that mother nature side swiped false bias.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  6. Trading Nymph

    The Depression would be a lot easier to handle if the Clam didn’t try to stop it by throwing good money after bad. That goes for you too, EMU (european monetary union)…just take the pain and be done with it…this delaying the pain is just making it a whole lot worst.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. shipwrecked&alone
    shipwrecked&alone

    anyone know how long ot will take for the Miss river to crest in Louisiana where the key refineries are?
    Cresting now in Memphis…how long to get to La.? WNR will move higher until that time.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  8. razorsedge

    also off topic, i went to a local establishment. living in a resort community has its bennifits, there were many bronze beauities clad w/naked breasts. its called bar tenders week, however the number of participants r greatly reduced from last year. it seems the players have run out of money. they dont buy copper or oil futures. they just r lookin for a good time. so in the small picture my local economy is suffering. what does this mean for the greater economy, NO im not sayin the sky is falling just a little part of it.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  9. Carsony

    Has anyone noticed home are being built again…
    2-3 years ago you stop a complete stop…I don’t know
    What is going on in your area but here in the Midwest
    Housing is on fire.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • discoordinated
      discoordinated

      Home builders are not good timing mechanisms. just a thought.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
      • razorsedge

        housing just posted another downturn, biggest in the mid-west?

        • 0
        • 0
        • 0 Deem this to be "Fake News"
    • bradfordplip

      I’ve been thinking the same thing. Here in the Detroit burbs we were decimated by the property market with nothing new built since 08… but the past couple of months, houses are starting to go up again.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
      • Carsony

        I know. I have sold nearly 100 million in real estate….
        Things are turning just wondering when to dive into
        some of those plays on a turn around.

        • 0
        • 0
        • 0 Deem this to be "Fake News"
        • Carsony

          I don’t believe any of this double dip stuff…If you know anyone working
          during 06-09 doing large volume in real estate, or banking they will tell you
          things are much better… Price are stable and inventory is low. Buyers want a new
          house. The killer to the economy is gas price, interest rates, groceries, utilities. You can have a few
          that move high.. If they all do, you have a recession that will return.

          • 0
          • 0
          • 0 Deem this to be "Fake News"
      • MX2101

        In a distant suburb of Washington DC, local builders have been putting up speculative houses since 2008, maybe all along. They are a little more modest now, but still poorly built and priced for suckers, in my opinion.

        No doubt their spending adds up, but from a decision making perspective, consumers are stupid. The malls are packed, people are driving like maniacs wasting gas, and no one seems to be thinking about anything other than spending, using a credit card of course.

        • 0
        • 0
        • 0 Deem this to be "Fake News"
        • flyaway18

          There’s nothing wrong with going out and having a good time, for crying out loud.
          What the heck is your money for anyway?
          You divide the paycheck up and budget your money, at least that’s what I do.
          Pay the credit card off at the end of each month so you don’t accrue interest charges.
          You make it sound like people who are out spending money are irresponsible.
          Some of us are not and still manage to enjoy life – travel, party, help pay college tuition.
          Live a little, man, as fas as I know this is my only chance at a lifetime, right now.

          • 0
          • 0
          • 0 Deem this to be "Fake News"
        • Carsony

          Pay cash or don’t buy it is my policy.

          • 0
          • 0
          • 0 Deem this to be "Fake News"
          • drummerboy

            you all sound like a bunch of zero hedgers

            • 0
            • 0
            • 0 Deem this to be "Fake News"
          • 401ker

            Why pay cash when you get 1-5% back with a credit card. Make money while spending money!

            • 0
            • 0
            • 0 Deem this to be "Fake News"
    • Bullish

      I’m in the process as we speak. Indeed.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
    • the scam is rigged
      the scam is rigged

      A builder is a guy who (used to) declare BK every 7 yrs.
      Everything will be great for them until the music stops. Then every contractor, sub-contractor & supplier will feel the blade.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  10. HalfBloodPope

    Bought ALJ today. I am cursed by refiners much like I am cursed by SINA. Keep in mind I played baseball and thus I live my life through superstitions.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • HalfBloodPope

      Also I was called out of work 1 hour prior to going in. Entire golf day ruined.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
      • flyaway18

        I was a sports writer and covered baseball for many years in the 1980s and 90s.
        What superstition was involved in your buying SINA and ALJ?
        BTW, your last statement makes you sound like Yogi Berra.

        • 0
        • 0
        • 0 Deem this to be "Fake News"
        • HalfBloodPope

          @flyaway. Every time I re-bought sina or a refiner it went down. Therefore they are bad luck and I will never try my hand again. Keep in mind I am completely drunk and mean nothing i say.

          • 0
          • 0
          • 0 Deem this to be "Fake News"
          • flyaway18

            They used to have beer on tap in the clubhouses of the pro teams and unlimited bubble gum and sunflower seeds. When I traveled with the team in Triple-A, they had cases of beer on the bus rides between cities, say from Louisville to Indianapolis or Richmond to Norfolk. It was nuts. I think a lot of guys’ careers were ruined by alcohol and some guys did nutty things, like try and baptize other ballplayers in the hotel swimming pool.

            • 0
            • 0
            • 0 Deem this to be "Fake News"
  11. shipwrecked&alone
    shipwrecked&alone

    http://www.wdsu.com/r/27834793/detail.html

    Louisiana will crest next week. Big news in the prison.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  12. TraderCaddy

    I have offered sand bagging or anything else services to my Son’s in laws in the Delta area near Rolling Fork, MS and if they need my help I will be sure to tell the “rednecks” Fly says Hi.
    And of course I will visit the home of Muddy Waters if I am there.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  13. gumby

    YA !! HAPPY B-DAY ! GUYS ON IT !!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  14. theedge111

    POMO+easy money=Algo heaven.

    Crude is now hitting $104 as I type…..We’ll see how long the above lasts……

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  15. 401ker

    Fly,

    Do you ever do trailing stops or stop loss? I’ve was also tempted to bank coin on PSLV having bought some at the low, but opted for a stop loss instead as I think there is still some upside. In your opinion are those types of trades too risky in this market when prices can plumment dramatically in minutes or you just are enamored with your WNR and trying to engorge it with more funds?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  16. Ferrari321

    test

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  17. Ferrari321

    anyone else using chrome having problems posting here?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  18. Food Advertising

    Ive to convey my respect for your kindness for all those that need guidance on this one field. Your unique commitment to passing the answer up and down has been extremely functional and has continually empowered a lot of people just like me to accomplish their dreams.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  19. Renton Chiropractor

    I genuinely got into this post. I located it to be fascinating and loaded with exclusive points of interest. I like to read material that makes me believe. Thank you for writing this great content material.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  20. 1000 loans

    I ought to say, as a whole lot as I enjoyed reading what you had to say, I couldnt help but shed track of time soon after a whilst.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  21. Ipad firsttime

    You have got a way of writing compelling info that sparks much interest.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  22. kitag kino luzern

    Today, with all the fast life-style that everyone is having, credit cards have a big demand throughout the economy. Persons from every arena are using the credit card and people who are not using the credit card have made up their minds to apply for one in particular. Thanks for giving your ideas about credit cards.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  23. buffalo payday

    Thanks for your write-up on the traveling industry. I’d personally also like to add that if your senior taking into account traveling, it really is absolutely essential that you buy traveling insurance for older persons. When traveling, seniors are at biggest risk being in need of a health-related emergency. Obtaining right insurance package in your age group can protect your health and provide peace of mind.

    • 0
    • 0
    • 0 Deem this to be "Fake News"