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
23,468 Blog Posts

Here Come the Lemmings

Remember when I warned you not to listen to people talking shit on the teevee and the internets, declaring the end of the markets are near? Well, those people are inside of an inferno funhouse right now, struggling to keep their skin in the game. However, on the other side of the spectrum are clowns shooting themselves out from carnival cannons, always bullish, often wrong.

Despite what many of you believe, especially newly minted readers, “The Fly” is not a permabull. As a matter of fact, on occasion, HORATIO CLAWHAMMER makes an appearance and he enjoys to see the world burn, if only for a short period of time. Having said that, I am not bullish here. It’s time for a breather. If you do not allow yourself to chill the fuck out, you’re gonna die.

Go bake in the sun, drink yourself retarded.

I’ve taken this respite to go to cash (60%) and hedge my personal accounts with TZA call orders, specifically the Sept 40’s. I will buy them in 10 contract increments until the market breaks. I suspect we have 200-300 points of near term downside and I have little interest in losing money on fresh longs.

Like I said before, there are plenty of stocks tempting me. I will share my buy list inside of The PPT this evening. However, I am always careful when markets tempt me, always a trap of sorts to saw my legs off and hack away at my scrotum.

No thanks!

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77 comments

  1. Deez Nutz

    Why are futures tanking after hours? TZA 40.80.

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  2. MOTV8

    Leg sawing! Scrotum hackery!

    As always Sir, lmao at your gift of vivid imagery. Scaled into some TZA near close as well, tyvm.

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  3. Lemming King

    200-300 points on the S&P? My thoughts exactly. Our time is now.

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  4. panamaorange

    Intraday, this market is a meat grinder slot machine, until after labor day

    Best to lock in some swings ( especially long EEM/EDC sector) , and come back tuesday morning.
    In the meantime, you’ll have better odds playing blackjack. Volume is just too low.

    You can overanalyze whipsaw all day, but all you’ll see is a sailboat

    http://www.youtube.com/watch?v=G_f8ayQQx4I

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  5. The (Fake) Trading Nymph
    The (Fake) Trading Nymph

    The Clam did it to me…again…but one year later.. only down 16%…Pomo..is for Homo…Eurass/USD to weaken…especially tonight when figures for iron ore stockpile… is released…6 more months of bank trouble…and my FAZ will be even going back to Sept…the Bearded Clam to visit China next week… and will beg for forgiveness…watch Shanghai copper tonight…copper being stolen for rafts down the big race down…Yangtze River

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  6. Mr. President

    What’s your target for WNR?

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  7. ....

    I think it will be this Thursday when we have a decent down day with the ISM report under 50.

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  8. Deez Nutz

    Poll – Thumb up if you think The Fly can bench press 275lbs, thumb down if you don’t.

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    • dumas

      he can probably do it, but he never will. he leaves lifting everything to his assistants, drivers, and movers. that includes free weights. he does keep in shape though, but with space alien magic that is not understood.

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    • The Fly

      i will save you the trouble, i cannot

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    • go2mars

      Thumbs up if you think JakeGint can bench 275.

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    • jimmy_two_times

      Glad you can though. You wont have a problem moving his new sub zero in the house for him.

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  9. Hartwell

    If I buy a year of PPT tonight will I have access tonight?

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    • Bullish

      No, you will be subject to the ten day waiting period. Access is subject to a complete background check, urine sample and a 5 page essay on how you think the PPT can help you.

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    • dumas

      … but more seriously, your account will be activated as soon as your net worth is validated.

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  10. Bullish

    I hate permabulls.

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  11. Hugh Hendry

    Yup, just remember August, Le Fly. Your abandoned your intuition and chose not to do the Hugh Hendry, much to my chagrin, and yours too.

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  12. carsony

    Besides yourself. What swing trader do you respect more than any other fly ?

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  13. Yikes!

    If a thumbs up is a high five and a thumbs down is a punch in the face in the real world; I wonder what most of you assfuck ratings hacks would really be like in person? I would love to meet some of you vaginas……..Not so bold face to face are ya? But hiding behind your Macinlaptop Dateline child molestor virtual chat room- you’re the fucking man aren’t ya!
    I’ve read some douchebag commentary on this site with thumbs up and some great writing here with thumbs down and it makes me wonder what kind of autistic fuck is punching the keyboard? …. till we meet on the street fuckface!

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    • Calgary G

      Your handle is apt.

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    • Name other than Anon
      Name other than Anon

      Sometimes I rate down good comments just to be a douche. (especially when they express their dislike of thumbs-downs as part of their comment)

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    • drummerboy

      i grew up in the streets mother fucker. so whats the fucking problem.dont you know jagoff’s come in all shapes and sizes..wtf i consider my self a prince, and i spell prince…PRICK,prince… when this dick head realizes that thumbs up and thumbs down is for fucking dildo’s, he’lll get a fucking clue.in the meantime stfu

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      • flyaway18

        Hey drummer, how are you? Funny how the comment button is taken so seriously here when it is really just a form of entertainment. Instead of ranking the comments section, the blogs should be rated.

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      • Anon

        I have no idea what you just said.

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  14. alf44

    .

    Tomorrow … We Dine In HELL !!!

    .

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  15. Yikes!

    Holy shit! a Eureka moment….Fly’s title of this post really does say it all.

    I get it now…I just didn’t realize how many of you are out there! Holy shit- It must suck to be you.

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    • Ultramarine

      Yikes!, thank you, good sir, for reminding us that the internet is serious business, and that internet tough guys like you will help keep order for all inhabitants of the world-wide series of tubes.

      If there was an internet Jedi council then you should rightfully sit on it: just promise to keep that anger in check (you know, the Dark Side, and all that…).

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  16. The Fly

    We have investigated the thumbs down culprit
    And will be disclosing said addresses to the gentleman Yikes.

    As you were.

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    • Bullish

      Fine! I admit it… The pressure is too much.

      I admit to “thumbs downing” almost everyone of Razor’s posts.

      Oh, and Trading Nymph gets a fair amount too.

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  17. JTU

    Sitting at 22% cash wishing it were a lot more!

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    • flyaway18

      You can make it more anytime you want, just put orders in to sell your stock, it’s pretty easy. When I want more cash, I sell.

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      • JTU

        Selling at a loss is not what I had in mind!
        Thanks though!

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        • flyaway18

          Your welcome. You can take that loss in one position and make it a gain in another. or prevent further downside. You already know this as I’ve read your posts.

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  18. dave

    Dick Cheney and all the Republicans should burn in hell. The 10% that control 90% of the wealth of this country should be stripped of said wealth.

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  19. inloworbit

    Fly, hope the wine cellar is secure. Any nice purchases lately?

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  20. Testicules

    nobody even wished Worn out Buffet a hapless brithday

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  21. Rejuvination

    Lemmings…. tripping over themselves

    Flydude…. You will be no good with peg legs and Madam Fly has no interest in a man that would hack away his scrotum. Patience and being loyal to the PPT seems to work fine for me. Let the breather begin……..
    After all these years of being a member, I have always pondered if Mrs. Fly ever looks at the blog…. Does she?

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  22. JakeGint

    Bring the gold fuggers, It’s Leprechaun Tyme!

    ___________

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  23. The Fly

    Mrs Fly never, ever reads.

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    • drummerboy

      i bet her girlfriends do. and their spouses’, rof

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    • JakeGint

      Pretty funny. My wife never does either. Even when I ask her to look at something for me.

      It’s like she’d rather not know. She doesn’t take any interest in the account statements either.

      Never has.

      _____

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  24. Green Machine

    I am 35% CM, so I expect to win today.

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  25. Bruce

    Boy! Futures don’t seem to be indicating Overbought!

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