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
23,474 Blog Posts

Let the Blood Flow

I am completely immune to the market here, as I am on fucking fire. With the market down almost 200, I am down less than 0.4%. I am heavily positioned in CLF, WNR and cash. I own decent amounts of BGC, TZOO, CY and EXK too. However, for the most part, I am all CLF and WNR.

I bought EXK today, knowing I am early. I am tempted to get long oil too, via UCO. But I’d rather buy it after another flush to the high $80’s. The release of oil is a complete joke; you need to understand that. It’s purely political and has zero ramifications on the demand/supply relationship of crude. The amount released is equal to 1.5 days of consumption, so there.

My preferred long oil vessel is UCO. I am no longer bullish on oil equities; it’s too hard. I’d rather play the commodity itself.

Keep in mind, I am not particularly bullish right now, despite my demeanor. However, I am very much interested in buying dips and selling rips.

[youtube:http://www.youtube.com/watch?v=4LLylhgR3uM 616 500]

At the moment, my cash position is 11%.

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20 comments

  1. cheesefries

    The powers that be want oil shot and killed.
    A strong dollar is the only way.

    Oil was first, gold and silver will be next.

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    • drummerboy

      next, inflate our way out? gold and silver will still go up,just for the,”i dont trust anyone,including the clam and politicos’. reasons. dont look at next week or next year,think in 20 yrs when you walk your kid down the isle time frame.

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  2. drummerboy

    not even 9 hours worth.it’s a joke.trying to make up for libya being off line. and rein in pump inflation. or they know that euro crashes, hence the buck going up. too bad alpha isnt posting.would like his take on euo for the play.

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  3. theedge111

    Been in EUO for awhile now and it’s been a roller coaster. I still think it moves much higher. The Euro is toast and the markets are finally starting to figure it out.

    Currencies have been volatile tho so its a tough trade because all of them are worthless. Currency traders are trying to find the best horse in the glue factory and it seems the news flow of the day dictates how the USD trades versus the Euro.

    I will stick with the macro view here and stay long EUO because in the end the Euro will break down before the dollar as a result of debtloads that are now impossible to ignore.

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    • Random

      EUO and UUP in tandem?

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      • drummerboy

        thats the pair i have been thinking about. in tandem yes

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        • panamaorange

          Fundamentally and technically,

          the best currency pair trade is FXC long vs FXF short.

          http://tinyurl.com/6ayyu7a

          Canada in great position, with their rapid oil expansion. Swiss franc at record highs. The gap between those 2 has to narrow.

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          • go2mars

            +1

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          • Bind Dead Aphid

            Interesting ideas, never really considered those kinds of trades, a hedge of sorts (it sounds like).

            The exotic currencies can be lots of fun as no one ever talks about them: EUR/TRY and USD/MXN. It’s, usually, all about the EUR/USD or their futures trade.

            Some of these currency pairs play out like stealing candy from the bankster’s kids. You just gotta follow the trend’s “religiously” and find the “sweet spots” to their ‘time-signature” rhythm and crank the cash register “Ca-Ching.”

            BTW: $DFS has been a complete disappointment on earnings; however, at least it’s not tanking after the Senor Clam swayed and weighed in, white collar style, with his recent edict ex cathedra.

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  4. noodle

    My prediction is Friday is a down day.
    then u buy um back bitches

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    • noodle

      or i get blown the fck out

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      • Frog playing a colorful accordion in a small Italian village
        Frog playing a colorful accordion in a small Italian village

        Good call so far, Noodle, to short on Wednes. and buy back on Friday. Congrats!

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  5. dishobgyn

    I am up 5 percent just because of MOTR and TZOO

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  6. Memonbhaa

    Your new blog is bouncing off,
    Im lost

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  7. riggedgame

    What’s with all the TNA you had, Mr. Fly?

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  8. No One

    Get ready for “Hammer to the face” formation for shorts

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  9. Moolahheaven

    Just went long oil on Flys reco, Fly is ON FIRE and makin me moolah! Fly is back ya’ll, non believers will be punished!

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  10. Cloris Leechman

    A good read of the markets, as usual.
    Still hate the ETFs in general but like the UCO strategy vs. oil equities.
    Point of fact: 60M bbls is equal to a little over 16 hours’ of global liquids demand, or 19 hours’ of global crude+condensate demand. BTMFD.

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  11. Repressed Suburban Father
    Repressed Suburban Father

    I ground a princely sum of my wife’s inheritance to dust:

    http://qkme.me/460u

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