Fly Buy: FCX

I started a new position in FCX.

Today’s early trade offered a triple fake out, where sellers accumulated at the open, only to be trashed and flushed down toilets inside of 60 minutes. Although I started a small position in TZA for my personal, I am still “all in” in managed accounts and I am heavily leveraged long in my personal.

I do think we are due for a minor correction, which is why I am somewhat cautious here. However, valuations keep me buying and long. I love CLF here, up to $106. And, of course, I think the refiners are the single best investment ideas out there right now.

Yesterday I picked up some PFCB and NXPI. I like the restaurants, especially with lower oil. And, I believe tech names have been oversold. Names like BRCM, DIOD, CY and SWKS should be bought.

This is where the shorts tap out due to max pain. This is where you can press them in names with large short positions.

Be quick, smart and don’t forget to book profits.

UPDATE: I bought FAS and BAC.

I added to my CLF position.

UPDATE: I bought WNR.

I bought TZA in my personal, for a hedge.

I took profits on TZOO and UCO.

Barring a “sell the news” reversal post successful Greek austerity vote, this trade set up was incredibly amateurish and easy. If you were betting the Greeks would deny austerity and pave the way for EU failure, you’re fucking nuts. Always remember, the ruling class wins all the time, especially when they appear to be losing badly.

The ruling class chose a path of action back in 2008. That’s the blueprint you need to follow, going forward. Quit being a lazy goat fucker, thinking history is going to repeat itself. As much as you would like this to be 2008, it’s not. This is 2011 and the BEARDED CLAM is manning the printing presses with great vigor and tenacity.

None of what I am saying is actually “good” for the world economy. However, this course of action is enough to delay default and skew investor sentiment towards inflation versus deflation. Where we end up 5 years from now is anyone’s guess. I suspect, by then, I will be a neighborhood Warlord, in charge of grain provisions and setting up barricades around my local fort.

Right now, I will be raising cash into the maelstrom of sweet austerity.

It’s tragedy, then joy. It’s tumultuous sadness, then frenzied elation.

It’s drinks on the beach, then FUCKING GAS MASK AND GOGGLES ON WHILE BROADCASTING LIVE ON CNBC.

Asshat!

I will be raising cash soon.

Whew, that double dip threat was real scary. I recall about 1 week ago, a small amount of perspiration began to accumulate near my right eyebrow. Upon seeing this, “The Fly” quickly jumped into the shower, then went for a swim and forgot all about it.

It’s time to eat grapes and beluga caviar again, while “feeling bad” for the unemployed. Everything is grand and life could not be better for the haves. If you are not in the club yet (net worth over $1 million), try harder and quit letting your brain get in the way of a good decision or two.

A few threads ago, a reader took great offense to my barrage of insults towards your person. You mustn’t take what I say personally, unless of course you are well deserving of it. After all, I single out no one; therefore, I offend no one. There is a certain art when drumming the heads of my enemies to dust. They come to iBankCoin everyday with great hopes that I will decline and drown in a baby pool filled with piss water. Howsoever, just when you think “The Fly” is losing, BAM, he fucking wins. It’s important that you understand EXACTLY what is transpiring here, as I am documenting the world’s greatest trader for present and future generations. Books will be written using my posts.

Nevertheless, you are part of history, as I climb the tall ladders of winship. As you readily know, I am in possession of the only time machine available for retail usage. And might I point out, it was right, yet again. Do not covet what is not yours and never whine, it sets bad precedent and you make yourself look weak in front of your wife and kids.

On the backs of UCO, WNR, CLF, TZOO, EXK, TKLC, NXPI, BGC as well as others, I pushed forward by 3% today.

Off to abduct farmers in Iowa.