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
23,419 Blog Posts

New Plan

I sold a plethora of stocks and will not look back. I’ve decided it’s too risky to wait and see if the Europeans can get their shit together over the weekend. Therefore, I went to a 70% cash position. The losses are in the millions, wiping out all of my gains year to date. But that’s okay.

With a clean slate and safe bank account, I intend to rally around three names: WNR, DECK and EMN. The story for WNR is alive and well and it makes no sense seeing the stock trade at such low valuations. I loved it at $19, I am fucking possessed with it at $14.

I am buying more and in size.

UPDATE: I bought size in EMN and WNR. Cash down to 40%.

UPDATE: I bought a shitload of DECK. Cash down to 30%.

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40 comments

  1. dave

    You are even. Be thankful for that.

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    • Richard Inya

      Dicksuckers are everywhere

      now that’s gay to the fullest milk titty

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  2. bravo

    While you’re at it, feel free to place a call to the CFO and kindly rip him a new unhedged asshole. Yes, do that for me. Your megaphone is much louder than my tin cans and string.

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  3. Quint

    Right now, stock selection does not matter…if the market rallies,everything rallies, if the market falls, everything falls.

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  4. Cato

    Fuck me volatility… was that our washout?? Held my SSO and DDM through this morning.. hoping against all hope that the EuroTards can hash out some semblance of a plan to get their shit in order.

    All else rests on them forgetting how lazy and useless they usually are.

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  5. j

    sorry to hear that fly.

    Interesting what came out of the ECB just what I read now. IT looks like Trichet’s comments yesterday were a play to get Italy to work harder on getting a plan up and going. IT sounds like they will arrange some deal for Shittaly to make other tough reforms this weekend and they will announce some plan at the same time to buy their bonds at the same time.

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  6. Quint

    Balanced Budget Amendments in Italy – aka The Tea Party European Vacaton…starring Chevy Chase.

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  7. Johnny2time

    An old Fly classic!

    http://www.youtube.com/watch?v=ytc0U2WAz4s

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  8. Aris

    this is great. i feel like it’s 2008 all over again.

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  9. ALLPROz

    No one is immune from the markets mind-fucked gyrations. Keep your eye on BAC the next few weeks…LOW also at great valuation.

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  10. Apocalypse Now

    Some politician in a back room just said “uncle” and capitulated to their demands.

    Smells like more free money. 40 S&P points in less than an hour looks like amateur hour. At least try to make it look like a market and not two computers round tripping and setting price.

    They should investigate who is making all the loot on the options, there we should find the manipulators.

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  11. riggedgame

    Fly, if you have yet AGAIN changed your opinion of the market (for the fifth time in 2 days)
    you should be buying something leveraged like TNA, not individual strocks.

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  12. ALLPROz

    Can you say capit capitu capitula capitulation?

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  13. kwonk03

    Fly, you mention rallying on 3 names, yet only mention 2.

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  14. jmmpangaea

    I don’t even believe these intraday swings. Brutal.

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    • The_Real_Hmmm

      I know. It’s fucking outrageous. Fucking daytraders, algos, program traders, and the ilk. I like when stocks go on sale, but not for 30 minute windows.

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  15. TeahouseOnTheTracks
    TeahouseOnTheTracks

    Fly is a river boat gambler …. Woo Hoo, put it all on black!

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  16. panamaorange

    REMX rare earth sector making a nice double bottom on the daily chart.

    Should go up with the coming MINIMUM 20% rally in EEM emerging markets. Certainly looks safer than buying GLD up here.

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  17. the man

    it is now gambling plain and simple. don’t wait for the eurotards to get their shit together because there is no shit to get together

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  18. Mr. President

    You’ve relapsed on the bean, haven’t you?

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  19. TeahouseOnTheTracks
    TeahouseOnTheTracks

    QE1 for Europe indeud!

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  20. yoursisterspanties
    yoursisterspanties

    FLY, thoughts on GSVC? you sold?

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  21. ALLPROz

    Ok…i get it….I am humbled to my core. Looking forward to being cocky again….one day….venting

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  22. TraderCaddy

    Back from the pool.
    This ain’t over yet.
    If we head down into the close (margin call time) prepare for a Monday AM decapitation, 10/19/87 redux.
    And then a turnaround Tues.

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    • Quint

      Agree 100%…and I’m afraid they popped the market a little too early on this ECB news…most traders aren’t going to hold out for the weekend.

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      • ALLPROz

        Yeah…this new released over the weekend would of have a bigger impact.

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      • TraderCaddy

        Yeah we old guys laughed at the Asian Contagion Friday in ’98 (or was it ’99) when at 3:15 the markets tanked- with the DJIA down about 600 points or so.
        We recall 1987 when it was down almost 30% at one point and even the program traders were frozen.

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  23. weirdo jay

    When are people going to figure out that the governments are going to bankrupt themselves, not the companies.. Well obviously the market stays irrational for a very long time, and at some point in the next several years they will figure it out.

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  24. The Fly

    This deal is a game changer. I believe going long here is the right call.

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  25. SkyTrader

    Internals kinda looking like people are buying this now..

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  26. Ron Paul is back
    Ron Paul is back

    WOW Fly I can’t believe u did that!

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  27. SkyTrader

    Fly what are your favorite squeeze candidates here?

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  28. schizo1688

    LONG WNR TODAY !!!!! for the first time HAHAHAHAHAHAHA

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  29. Ron Paul is back
    Ron Paul is back

    yesterday’s 500 down day will b of memory only! my hat goes out to those who sold. U have completely gave in to the market forces

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  30. bhupi

    I think Fly needs to get back on caffeine and booze. It seems since doing the detox some of his market edge has vanished. I do think that he will be back, in spades.

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