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
23,443 Blog Posts

No Reason to Panic

If you choose the path of risk aversion, there is nothing wrong with raising cash here. We’ve had a nice run over the past week and a pullback is expected. However, if you’re like me, against any and all bearshitters, you look at this and say “PFFFFFFFFFFFFFFFFFFF”, we’re going the fuck higher.

I have every reason to believe the Dow can decline by 100-250 points from here. Moreover, I expect to give back 5% of my recent gains. But, again, fellow plebs of the interworld, this is part of the game. Losses must be absorbed in order to achieve supreme winship.

As the clowns fire themselves out from carnivale cannons, “The Fly” will remain calm and collected and impose his will on the markets, whenever the opportunity presents itself. For example: GSVC.

Remember, the basis of the panic stemmed from Italian and Spanish 10yr yields. When the market started dropping, fuckers started making up rumors and outright lying and/or guessing about things, begetting more panic. Human emotion is ridiculous, especially when trying to make rational decisions in the stock market. However, eventually, the good guys win.

UPDATE: I bought KBH.

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70 comments

  1. clegger_2000

    How is the vacation treating you?

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  2. Ruben the Cuban

    All cash except for my DNDN shares I picked up a few days ago, which are en fuego! Enjoy a fine Cuban cigar while in the Caribbean!!

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  3. Bullish

    “PFFFFFFFFFFFFFFFFFFF”, we’re going the fuck higher!!!!

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  4. rookie

    i can see why your trading evolved into buy and hold for longer periods. i’m finding this day trading daily trends is a waste of time/commissions. we are going higher, just not in a straight line.

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  5. Pete

    how do I make a post in the peanut gallery?

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  6. Mrs. Dr. Fly

    WE are on vacation. Put down that iPhone right now or else I will fly to the nearest Whole Foods and charge the limit.
    Get one of your underlings to take over- like that cute Jake Gint or that Woodshedder person (not bad looking either).

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  7. fixxxer

    looks like GSVC made a $4 million dollar investment tied to the value of Zynga

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  8. riggedgame

    A benchmark reference on any decline will be the NYSE one-year new lows.
    This reached 1292 on August 8, and if this is not exceeded on the next decline,
    the longer term outlook will be bullish.

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    • razorsedge

      so do you think we’ll retest?

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      • riggedgame

        Yes I do. In 2008 the first retest of the October 10 low was 6 weeks later,
        about November 22. The market went lower but the number of new lows did not.

        That same schedule would put a retest of the recent Aug 8 low at between
        September 15 and September 22. It might be wise to buy some
        September or October puts shortly after Labor Day.

        And then on the selling climax, go in heavy long stocks.

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  9. razorsedge

    rollin down,,,

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  10. razorsedge

    buyin lng ,

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  11. Heaterman

    Enjoy some warm sand between your toes and crystal clear water on your skin my good man. Eat well and smoke a fine cigar or three You have earned it and more and you know as well as any that it’ll be back to the trenches sooner rather than later.

    You make a valid point that the sell off was emotionally driven. I would concur there is treuth (sp) in that statement. The corollary to that premise of course is that in an economy supported by fiat money, emotion is really all that matters when it comes down to it. Investor sentiment can makes things blow up higher or crash and burn. The machines monitor the activities of humans and are therefore to be viewed as being somewhat subject to the same emotional buying.

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  12. TeahouseOnTheTracks
    TeahouseOnTheTracks

    Fly … you still in DVR?

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    • razorsedge

      hey, hes on vacation. give it a rest, his wife will hunt u down, take your cash, and give u what for.

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  13. TraderCaddy

    Don’t bother coming back Fly. France and Germany want a financial transactions tax (read stock trading) which means Obama won’t be far behind.
    Get a nice cottage (hurricane proof), a couple of hammocks, some coconut trees, and just hang out.
    Tell Mrs. Fly she can fly into Miami once in awhile and hit Aventura Mall.

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  14. futures

    These politicians are so stupid that they would implement a financial transaction tax and completely tank the markets.

    We need to CTRL+ALT+DELETE all politicians

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  15. Trading_Nymph

    The Clam next week is the only remaining Viagra for the Bulls, fwiw.

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    • TraderRick

      WTF?

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      • Trading_Nymph

        TraderRick…Last night I made a comment about how the Bulls shot their Wad yesterday (that was based on my following of NYSE A-D volume)..someone pointed out that there could be a lot more Viagra to keep it up…then the German GDP data came out, ouch….anyway, that is why the Viagra theme. Core CPI should be higher then estimates, so all the bulls have is that “Hole” thing next week.

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        • go2mars

          A a pulsing viagra infused dickhead like Bernanke knows how to maximize use of “that hole thing”.

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    • razorsedge

      we r waiting on the unknown

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  16. TraderRick

    I would expect the sell-off to accelerate. The Euro Banksters were hoping for more money from France and Germany instead they are being treated to a transaction tax.

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  17. Good Shepherd

    clowns and cannons made my day

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  18. Ron Paul is back
    Ron Paul is back

    September rally and QE3 are on the way, buyy everything except crap companies.

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    • bar_code42000

      hasn’t QE3 already been announced in the form of keeping interest rates low till ’13? If not, what’s the difference?

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  19. futures

    SPY needs to fill yesterday’s gap around 118 in the next 3 hours and then we can talk

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  20. razorsedge

    should of shorted parker bros, they own the monopoly game right? they’ll be a run on there bank next…

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  21. TraderRick

    Next strong support level SPX 1173!

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  22. Ron Paul is back
    Ron Paul is back

    short the Euro QE1 is starting in Europe. buy EUO call options and the stock itself and short the currency. Some trades are just too easy and obvious. i.e. GOLD, SILVER, SHORT BONDS, SHORT DOLLAR, SHORT EURO,

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  23. checklist

    we need government intervention to avoid, probably not another 2008, but a worldwide recession. weakness in europe and the us increases the odds of china imploding.

    its all up to the clam now, I guess, as Europe seems to have chosen to sit there and suffer.

    I am not completely sure that it isn’t a good time to panic, lol

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    • TraderRick

      I think the market volitility we are witnesing is due to past government intervention which has proped up failures and prevented true price discovery. Until the stimulus stops and the markets correct I can trade this bullshit but will not invest.

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      • razorsedge

        TR u r right

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      • checklist

        They shouldn’t have encouraged housing, ran such low rates ten tears ago, run the clinton surpluses, etc… but today they should be running fiscal stimulus.

        Your view is both easily more in the majority and more impassioned, and that’s my biggest market trepidation right now.

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

          What was wrong with the Clinton surpluses in your view? Keynes said to run surpluses in good times so that you have money in the bank to use to have fiscal stimulus in bad times. Actually a good idea if you ask me. Almost everyone on financial sites on the web seems to hold the Von Mises and Hayek economic ideology religiously, and so believes Keynes had no good ideas. But that’s not so.

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

            The belief seems to be that everything that government does or could do is bad 100% of the time, and that everything that huge multi-national corporations and their lobbyists do or could do, is good % of the time. The lobbyists and propaganda experts are jumping for joy about having sold that bill of goods so easily to the public.

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

            meant to type 100%

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          • mark

            there was NEVER a surplus..they simply spent less money than they had originally borrowed from the social security fund – similar to how these idiots now are calling a reduced rate of spending increases ” spending cuts”…the clinton surplus was a complete media/accounting gimmick…don’t fall for the b.s.

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    • dave

      Yeah! Let’s send every family a check for $100K . Instant recovery.

      See this for results…..

      http://www.comedycentral.com/videos/index.jhtml?videoId=24406

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      • drummerboy

        with everything they have delved out,pffft.they could have given everyone 50 k and still not rack up the tab. to big to fail my ass

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  24. CLF diver

    in CLF now 75.46 for swing trade

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  25. TraderRick

    European markets were closed when the Mercozy dog and pony show aired and have not had a chance to show there displeasure. Barring positive news Europe will open red which will put downward pressure on U.S. Markets.

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  26. Testicules

    whenever I see the thumbs down here?..I know I’m on the right track……thanks fellas

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

    U R welcome, LOL.

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  28. Testicules

    ready for this?
    we close positive

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  29. razorsedge

    buyin more lng

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  30. kinz

    fly remember motricity its at $3, is this another ftk

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  31. gclub

    you’re truly a excellent webmaster. The site loading speed is incredible. It sort of feels that you’re doing any unique trick. Furthermore, The contents are masterwork. you’ve done a great task on this topic!

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