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
23,446 Blog Posts

Still Not Buying

Well, that was fast, wasn’t it? I didn’t think we’d retest the lows immediately. I figured it would take a week or two. Listen, while France CDS are blowing out and SocGen is imploding, you cannot buy stocks. This is a worst case scenario, one that crushes investor sentiment, grinds it into dust and throws it into a fan pointed towards the ocean.

Having said that, I haven’t sold anything either. I am in a holding pattern, with more than 30% cash. I’ve had the same positions since last week Friday and have no plans to make adjustments.

When the dust settles and the black smoke dissipates, I will be buying refiners in size, namely HFC, DK and more WNR.

For now, I’m watching the shit storm, in amazement, and waiting for an opportunity to dollar cost average into some of my under water positions.

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51 comments

  1. ronbo811

    thougt you were less than 5% cash?

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    • The Fly

      That’s for my personal acct. I am mostly long GSVC and WNR there. For managed, it is 30%. Read the post again and you will see.

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  2. Prospectus

    WNR and GSVC standing strong in a burlap tape. Taste the rainbow

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  3. Frog playing a colorful accordion with emotional fortitude
    Frog playing a colorful accordion with emotional fortitude

    I am trading my convictions. I am absolutely convinced that I have no idea WHAT this squirrely market is going to do next, so I remain in cash. I wish the best to anyone who has whatever it takes to trade this psycho market.

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  4. The_Real_Hmmm

    My small lotto tix bet paid off. BORN common is up 11% from my purchase and options are up 100%, overnight. Holding for now.

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    • bravo

      100%? Well done. When will you sell?

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      • The_Real_Hmmm

        Not sure yet. We might get some decent tailwinds from the overall market. If the market tanks, I’m out. I have little faith in Chinese ADRs but they can act like the end of a whip on broad based global buying.

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  5. TraderCaddy

    I spoke with Chuck Bennett this AM and he told me the bottom is in for some of the chip equipment companies.
    For those who are interested in Chuck Bennett bottoms his private number is 212-228-1409.

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    • TraderCaddy

      OOPS.
      Sorry.
      That was the number for Ben’s Deli in the East Village.
      Apparently that was Saul the waiter I spoke with this AM.
      At least the pastrami sandwich they delivered was pretty good.

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    • Quint

      @Trader – there are risks everywhere not just in this market…I got lucky again, there was shooting at my former golf club this week!

      http://www.nj.com/news/index.ssf/2011/08/somerset_county_prosecutor_ide.html

      I left last year because the conditions of the golf course went to shit…I guess I’m not the only one that wasn’t happy.

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      • Cheesefries

        TC,
        Walked 36 at Old Head,Waterville,Tralee, and Ballybunion over the last 4 days.
        A bit of good new.. The Guinness count is in the triple digits.

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        • TraderCaddy

          Never been to Ireland. Hopefully the weather was decent for you.
          Is Pinehurst No.2 in good summer shape?

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      • TraderCaddy

        Plus I bet all of your stimpmeter readings were wrong.
        The Estate will probably sue the Golf Club for Pesticide inhalation.

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  6. Frog playing a colorful accordion with emotional fortitude
    Frog playing a colorful accordion with emotional fortitude

    I love your creative way of reporting on what’s happening in the markets, Fly.

    ” Listen, while France CDS are blowing out and SocGen is imploding, you cannot buy stocks. This is a worst case scenario, one that crushes investors sentiment, grinds it into dust and throws it into a fan pointed towards the ocean.” Great stuff.

    When you get old and retire from trading, you should write some books. They’d sell a lot of copies and entertain people a lot. Maybe someone would make a movie out of some of them.

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    • Mike

      Fans pointed toward the ocean… Honestly, how do you come up with this shit?!

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    • ruggyup

      Meanwhile, you know squadoosh about what you are writing not to mention that of Fly.

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    • T-Bird

      Who do you think Gordon Gekko was based on?

      ‘When I get a hold of the son of a bitch who leaked this, I’m gonna tear his eyeballs out and I’m gonna suck his fucking skull. ‘

      Has a familiar tone to it, doesnt it?

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  7. yoursisterspanties
    yoursisterspanties

    any ideas why GSVC popped 25% yesterday?

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  8. Andy

    Sitting and waiting. 65% cash with some $TZA. My bullish heart is broken. I don’t think the bottom is here despite bot buying and bulls looking (praying) for a bottom.

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  9. High Frequency Trader

    Is S&P going to yell fire in a crowded theater again? If they wanted to, they could H-bomb the EUROs here by downgrading the Frenchies.

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  10. Iron

    About 45% cash here, down from 55% before the beginning of our slide.
    When a stock hits my target price I start to nibble. Market direction is beyond my control.
    Over many years I have found that if I buy right………everything tends to work out over the long pull. Good luck to all, regardless of approach or method.

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  11. SUBCOMANDANTE CHINCHILLLLLA!!!
    SUBCOMANDANTE CHINCHILLLLLA!!!

    Is oil holding on the assumption of dollar death or is it beginning to price in WWIII, Middle East edition?

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  12. drummerboy

    this is a good day. ppt has me in all green, on a shit bloodbath day like today. i’m in awe. and still cant believe it

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  13. Mike

    who gives a shit about oil…..look at the crack spreads available to the refiners..jesus christ…its 35.22..these guys ought to be wearing masks…WNR LONG AND STRONG..up in a down market…maybe the markets are realizing the potential……..

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  14. Futures

    markets trying to hammer out a higher low today

    only 3 hours to go which in todays market terms is like years

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  15. weirdo jay

    If It’s 2008 all over again, which company is Lehman? Which is Bear Sterns?

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    • Frog playing a colorful accordion with emotional fortitude
      Frog playing a colorful accordion with emotional fortitude

      BAC is one of those.

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      • Frog playing a colorful accordion with emotional fortitude
        Frog playing a colorful accordion with emotional fortitude

        LOL, I see we have 2 people here who either are long BAC or who have their checking accounts there. Don’t worry. When the FDIC takes over a bank, or has another bank take it over, everything keeps functioning as usual, except for Sat. They walk in Fri. evening, and everything is rolling again, under a different bank name, by Monday.

        OTOH, if you are long the stock, you’re playing with fire.

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        • drummerboy

          i wouldnt own that with devildawgs’ money.on the other hand, a truck load of puts wouldnt be out of the question

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    • razorsedge

      lehman, US…bear stern, the rest of the world…but on the brite side we r all in it together so it isnt as bad as it seems. i hope

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  16. razorsedge

    any ideas on yge?

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  17. JTU

    Sold BLTI today at $3.84 stock is up 38% on earnings report!
    Tanks Fly! You gave me that one!

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  18. TraderCaddy

    Out LRCX 37.08 and half SMH for 1.5 -2%+ gains.
    Going to sell out other half SMH as it climbs.
    What he said. Higher lows.

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  19. mutabaruka

    The PPPPTTT said we are oversold. I am going all in with leveregeas.loading some of these Direxions. Fuck you only die once. Scared money does not make money.

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  20. rookie

    hey fly, this feels like a bottom to me. i’m following you into WNR, thanks for the recommend. f*ck europe.

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  21. Vee King

    CAUTION: Fly sold my email address to spammers!

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    • The Fly

      Are you fucking nuts? Sold your email address? I wouldn’t know how to do it even if I tried.

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    • drummerboy

      why,is the fly “broke”. rofl

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    • The Fly

      Mr Wells,

      I can see who is posting here. I’ve warned you once before about fucking with me. Keep it up, see where it gets you.

      This is the guy who had the moniker “Monkey playing with my balls…”

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  22. Big Wee Wee

    Those who have listened to me have profited.
    Buy VXX and TZA on any rallies.
    This market is free money.

    B.W.W.

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  23. dave

    Moynihan says his entire net-worth is in BAC stock options and that CH 11 is not off the table.

    I can’t believe all his eggs are in the BAC basket.

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    • Frog playing a colorful accordion with emotional fortitude
      Frog playing a colorful accordion with emotional fortitude

      Interesting that some people use corporate insiders’ behavior to trade stocks. No wonder it doesn’t work any better than a coin flip.

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  24. razorsedge

    up 4%, go figure

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