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

DETONATION

First, WNR sold that fucking albatross of a refinery at Yorktown and another pipeline for $220 million. On paper, it’s a $450 mill loss. However, that loss has been factored into the share price for years. They made a bad acquisition and now it is over. For their troubles, $220 mill falls onto their balance sheet, not a bad thing. The problem with the refiners is the price of gasoline. It is compressing as the price of crude rises. This has squeezed margins and the trend is lower. Buying here is a dice-roll, betting that margins will expand going forward. While I believe WNR is cheap, I am not so sure about gasoline demand and as a result would avoid making WNR a top 5 position. Should 321 cracks start to trend up again, I will add to the shares.

Now for the cocksucking LULU. Nothing good comes from Canada. First there was RIMM, now LULU. Many of you warned me about LULU; but I chose to ignore your sagely advice. As a result of my blindness to this high multiple piece of offal, I stand to take losses on LULU today. This really hurts, following the revival I enjoyed yesterday. It is not a small position and this downtick into the depths of hell fucking hurts. The only logical thing to do is cut the arm off before the gangrene spreads to my fucking face.

With the proceeds, I will leave in cash until I have an actionable trade.

Don’t expect the market to take off from here. There are bearshitters everywhere, talking down prices. BEWARE and avoid gambling on homosexual retailers.

If you enjoy the content at iBankCoin, please follow us on Twitter

50 comments

  1. JB

    Nothing good from Canada? What about the Maple Syrup??

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. @crazyfasteddy

    $110 yoga pants for dudes was your tell on $lulu…

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. coin

    holy handgranade

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. muktukchuck

    Canuck Bacon — come on!!!!!!!!!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. TraderCaddy

    If anyone is interested I just spoke with the Barclays investor center about the new Gartman ETNs (ONN,OFF) and they confirmed it will be taxed like a normal etf with a 1099 and not a partnership with a K-1.
    I simply will not trade the etfs like USO, etc. that send out K-1s. They are confusing and usually amended after 4/15 (after your return is filed).

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  6. Yoda

    Don’t forget about Justin Bieber. F’in Canada.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. TraderCaddy

    Have to chuckle that CHRS is up about 13% and LULU is tanking.
    It pays to invest in fat people this AM.
    And in Romanian plus size women- see CWTR (up for a change).

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  8. dk

    Jon Stewart too I believe. Hate their Geese.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • SUBCOMANDANTE CHINCHINILLA!!!
      SUBCOMANDANTE CHINCHINILLA!!!

      JS is yours but LULU is the Devil’s whore and a MILF cult.

      PROTECT YOUR CASH ‘N BALLS!!!

      • 0
      • 0
      • 0 Deem this to be "Fake News"
    • Matt

      Heresy! Jon Stewart (aka Jonathan Leibowitz) was born in NYC.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  9. Raul3

    I feel like LULU was signaling it was a dog yesterday with its relative weakness. Fuckers.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  10. language dork

    Michael Buble, Avril Lavin? hmmmmmmm
    William Shatner?
    Bre-X?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  11. BDUBZ

    I wonder Fly… why LULU when you can buy explosive upside exposure like EXK, SLW, AG, and all those beautiful miners you own? LULU seems like a lot of added risk with high multiple in these crazy times, no? Obviously easier said after the fact. Add it to the NFLX, GMCR, etc. bin of high multiple dissapointments…

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • ALLPROz

      Hasn’t he already owned up to it?

      I would put CMG (Chipotle) up there with high multiple stocks.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  12. drummerboy

    now you know you gotta slap yourself with a slice of pizza,it helps with the gangrene sometimes.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  13. Woodshedder

    Isn’t ALF44 from Canada?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  14. tw

    Anything that “enhances” a fat chicks ass into a crime against humanity is NOT good.

    …especially at the grocery store.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  15. Edwin

    We will consolidate until early next week. When ppl don’t trust a rally, it will grind higher.

    Seasonality supports this rally into January. Also, don’t fight the master planners but I fully expect the bears would…so they will all have a new drill hole.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  16. Say hey, eh

    A credible argument can be made that the only good thing emanating from the United States in the last ten years has been the road to Canada.

    Good day to you sir.

    🙂

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • alf44

      … and Lady Gaga !

      Come on, man !

      Gotta give us credit for Lady Gaga !

      😀

      .

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  17. ALLPROz

    CLWR (Clearwire) 1.6 billion deal with Sprint next 4 years…

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  18. skogie1

    And don’t forget the beaver. Canada has a lot of beaver.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  19. The OG

    Lulu off the lows but I was caught holding this turd too…

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  20. ALLPROz

    FLy, you might be able to jump LULU at about $46 if this market momo continues…

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  21. Mr. Cain Thaler

    Everything about this Christmas looks eventful.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  22. Mr. Cain Thaler

    Cramer calling a bottom in housing.

    Ballsy.

    Probably at least a year and a half early, but ballsy.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • ALLPROz

      I usually do not agree with Cramer but I think housing bottom is accurate with a 1-2 year margin of error…(sarcasm)

      • 0
      • 0
      • 0 Deem this to be "Fake News"
    • The_Real_Hmmm

      I’ve been keeping my eye on housing. I don’t watch CNBC during the day and haven’t heard Cramer’s thesis but even reading Beige Book stuff yesterday and other housing economic data, it is getting more positive. Atlanta is the under-performer of the districts. Multifamily domiciles have been strong and there is some traction in single family units. I’ve been contemplating whether it is worthwhile to devote time to housing now and I think it’s getting close. The mortgage insurers are potentially huge winners but you have to consider that a large swath of their float is tied to performance of the credit markets and government securities. REITs are worth a look for multifamily strength and their valuations have come in over the past quarter. Builders and materials stocks I think are still a little early but the strength is nice to see.

      I know you performed a study of REITs a while ago, but perhaps it’s worth looking into again.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
      • Mr. Cain Thaler

        The state of family budgets is all good and fine, but there’s no way we get a revival of the housing market while the banking sector is being manhandled by EU debt.

        The only way these people are buying homes is with cash. And they don’t have nearly enough cash saved up yet to do it.

        Now is definitely the time to start peaking at the builders though. I’m avoiding the mortgage insurers like the plague; NLY’s dividend is sweet but the “company” is a slow motion explosion.

        My guess is still: housing recovery in 2014. People should have had enough time to save up some cash then, and if the banking sector can find its ballsack between then and now, we should be able to get some price appreciation.

        • 0
        • 0
        • 0 Deem this to be "Fake News"
        • The_Real_Hmmm

          I think you may be right in regards to the private market, but look at the strength of FHFA lending. It’s a double-edged sword though because the borrowers were getting mortgages leveraged 28.6:1 (3.5% down) amidst falling housing prices.

          I started to research NLY earlier this year (or maybe last year?) but stopped for more interesting prospects. There’s a handful of different moving parts in that company as they own rights to a broker/dealer, through whom they perform internal transactions (left hand meet right hand), which I found brow raising. Not to mention the fact they own all or some of an investment management company named Chimera which is a term that can mean “foolish fantasy.” Anecdotal at the fringe, but complex between the seams.

          • 0
          • 0
          • 0 Deem this to be "Fake News"
  23. Yabollox

    The cold weather from Canada is just beginning.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  24. En1gma

    This might help ease the pain with LULU:

    http://www.youtube.com/watch?v=L-8IPDR4Khc

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  25. RJ

    The women here are second to none. Strippers go no gear. If you’re ever in Montreal check out Chez Paris and get a lapper from Chloé. Thank me later.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  26. David

    Greetings… any ideas for a novice that just got his vision back after 4 plus years… what your L/T view on either WNR or VLO?? HOPING ITS A GOOD OUTLOOK..

    THANKS

    • 0
    • 0
    • 0 Deem this to be "Fake News"