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
23,474 Blog Posts

Slow, Tedious, Bleed Out

The markets are behaving much worse than the indices let on. There is a slew of carnage out there today, matching the horseshit we saw yesterday. If it wasn’t for my catalyst driven positions, I’d sell into this weakness and find a hedge.

I started off the day with a big win in EL, with most of my positions standing firm. I couldn’t find a stock to buy, after the sale of EL, and now I know why. We are heading the fuck lower.

I made a big mistake yesterday by not selling out of CTRP when it was +1. Now look at it: typical chinese burrito garbagio.

My largest position is EXK and I can’t see myself selling it with a 7 handle. After that, I own MRVL, VHC, CTRP, DECK and TEA–all cheap enough to keep me interested into a sell off.

The truth is, sometimes enduring losses is part of the game, a process in which amateurs loathe because they don’t like to lose. I am not a long term investor, by any stretch. However, I like to give my stocks breathing room to trade, without me harping on every tick. The result is going through draw-downs when the market is weak–so fucking be it.

I don’t short sell anymore because the game is rigged. I much rather wait for stocks to come down, then buy the blood.

Into the bell, I am 25% cash, the rest invested in about 12 stocks; but I am a seller into strength with a very strong desire to be on the sidelines going into September.

 

 

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73 comments

  1. moolahheaven

    TOUGH mkt to trade; and here comes the end of the trading day buyers in the last minutes! The robots are in charge…

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  2. jimmy_two_times

    think we’ll rally into Jackson Hole?

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  3. republicat

    Waiting for dead bloody mice
    or maybe mice without tails.

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  4. 4fl3x

    Informative, Thanks Master Fly.

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  5. Dr. No

    Hahaha….I bought loads of SP futures on the pull back….I’m going to make money hand over fist tonight/tomorrow. OBAMA!! I plan on owning a brand new 911 Turbo by next Monday Morning to celebrate!!! …..in all seriousness tho….. could it be this simple?

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  6. heaterman

    This summer started early……like in March. Methinks September is starting early too.

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  7. Dr Funk

    Im a volatility tool

    UVXY

    Bouncy Bouncy

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  8. Jenkins

    4,821 LONGS, 4,822 SHORTS

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  9. TeahouseOnTheTracks

    Reagan’s Director of OMB weighs in on Romney/Ryan budget plans:

    “Thirty years of Republican apostasy — a once grand party’s embrace of the welfare state, the warfare state and the Wall Street-coddling bailout state — have crippled the engines of capitalism and buried us in debt. Mr. Ryan’s sonorous campaign rhetoric about shrinking Big Government and giving tax cuts to “job creators” (read: the top 2 percent) will do nothing to reverse the nation’s economic decline and arrest its fiscal collapse. ”

    “… the Romney-Ryan version of shrinking Big Government is to increase our already outlandish warfare-state budget and risk even more spending by saber-rattling at a benighted but irrelevant Iran. ”

    “Similarly, there can be no hope of a return to vibrant capitalism unless there is a sweeping housecleaning at the Federal Reserve and a thorough renunciation of its interest-rate fixing, bond buying and recurring bailouts of Wall Street speculators. The Greenspan-Bernanke campaigns to repress interest rates have crushed savers, mocked thrift and fueled enormous overconsumption and trade deficits. ”

    ” … giant Wall Street banks remain dangerous quasi-wards of the state and are inexorably prone to speculative abuse of taxpayer-insured deposits and the Fed’s cheap money. Forget about “too big to fail.” These banks are too big to exist — too big to manage internally and to regulate externally. They need to be broken up by regulatory decree. Instead, the Romney-Ryan ticket attacks the pointless Dodd-Frank regulatory overhaul, when what’s needed is a restoration of Glass-Steagall, the Depression-era legislation that separated commercial and investment banking. ”

    ” Mr. Ryan showed his conservative mettle in 2008 when he folded like a lawn chair on the auto bailout and the Wall Street bailout. But the greater hypocrisy is his phony “plan” to solve the entitlements mess by deferring changes to social insurance by at least a decade.

    A true agenda to reform the welfare state would require a sweeping, income-based eligibility test, which would reduce or eliminate social insurance benefits for millions of affluent retirees. Without it, there is no math that can avoid giant tax increases or vast new borrowing. Yet the supposedly courageous Ryan plan would not cut one dime over the next decade from the $1.3 trillion-per-year cost of Social Security and Medicare.

    Instead, it shreds the measly means-tested safety net for the vulnerable: the roughly $100 billion per year for food stamps and cash assistance for needy families and the $300 billion budget for Medicaid, the health insurance program for the poor and disabled. Shifting more Medicaid costs to the states will be mere make-believe if federal financing is drastically cut. ”

    “Like his new boss, Mr. Ryan has no serious plan to create jobs. America has some of the highest labor costs in the world, and saddles workers and businesses with $1 trillion per year in job-destroying payroll taxes. We need a national sales tax — a consumption tax, like the dreaded but efficient value-added tax — but Mr. Romney and Mr. Ryan don’t have the gumption to support it. ”

    “The Ryan Plan boils down to a fetish for cutting the top marginal income-tax rate for “job creators” — i.e. the superwealthy — to 25 percent and paying for it with an as-yet-undisclosed plan to broaden the tax base. Of the $1 trillion in so-called tax expenditures that the plan would attack, the vast majority would come from slashing popular tax breaks for employer-provided health insurance, mortgage interest, 401(k) accounts, state and local taxes, charitable giving and the like, not to mention low rates on capital gains and dividends. The crony capitalists of K Street already own more than enough Republican votes to stop that train before it leaves the station. ”

    “In short, Mr. Ryan’s plan is devoid of credible math or hard policy choices. And it couldn’t pass even if Republicans were to take the presidency and both houses of Congress. Mr. Romney and Mr. Ryan have no plan to take on Wall Street, the Fed, the military-industrial complex, social insurance or the nation’s fiscal calamity and no plan to revive capitalist prosperity — just empty sermons. ”

    A couple more empty suits … move along, nothing new here. Same ole, same ole ….

    http://www.nytimes.com/2012/08/14/opinion/paul-ryans-fairy-tale-budget-plan.html

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    • riggedgame

      Amen, bro.

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      • JakeGint

        Yes, Amen! More Obama/Biden Success ! Four more years of this and we should be SET!

        ________

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        • TeahouseOnTheTracks

          The article isn’t about Obama … the alternative you would have us swallow is just more poison … with a new label.

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          • JakeGint

            Wrong, the article written is poison, trying to save four more years of Obama failure.

            Let not the perfect be the enemy of the good. David Stockman has been the enemy of the good for many, many years.

            _________

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        • riggedgame

          You don’t like a stock market that has DOUBLED under Obama, with 30 months of positive economic growth?

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          • TeahouseOnTheTracks

            No, he’s longing to go short for ideology’s sake … Jeesh!

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          • JakeGint

            ROFL. The stock market halved when he was elected.

            It’s back to where it was right before the financial crisis, with another in the hustings.

            Do I like shitty 1.5% European level GDP growth, 8.5% unemployment, 16% real unemployment, $1.5 trillion annual deficits, doubled national debt figures, looming long term liability entitlement collapses, nationalization of major industries, destruction of the best healthcare system in the world, rampant corruption and crony payoffs for fake “green energy” jobs that do no materialize, non-shovel ready trillion dollar stimulus payoffs, federally backed union thuggery, etc., etc, etc?

            No I do not like that.
            ________

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          • winning

            You people need to find to go talk on politico.com. I’m here to make money and talk stocks. It doesn’t matter who is elected nothing will change the path is set.

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          • Raise Taxes, Raise Spending
            Raise Taxes, Raise Spending

            It used to be government for the people but now it is government for the rich. The billions of dollars they pay for lobbying/advertising has completely corrupted the system.
            The national debt skyrockets under the Republicans because their economic policies are bullshit.
            And by the way, it is not the best healthcare system in the world, just the most expensive. Just ask the millions of people every year whose lives are destroyed by health problems.

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          • Dorkler

            Talk about “drinking the koolaid”! How did the country get into the mess before Obama got into office?

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    • Cascadian

      Keep on spending $1.3Trillion more than revenues. Fix it by raising taxes on the rich. (supposedly) Lay all this debt on our kids and grandkids. It’s immoral and has to be stopped. Obama has us on a track to national bankruptcy. How beneficial would that be to our people? No more borrowing by the gov’t perhaps it would be good.

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      • 'merica

        Let’s not forget how we got ourselves into this mess – government mandated subprime mortgages via the Community Reinvestment Act, all in the name of “fairness” (how fucking backwards).

        I’d look up the definition of fairness in Merriam-Webster but I have no trust in it given the recent additions of “sexting” and “f-bomb”.

        Regarding fairness, you get what you put in. The backwards view of the lazy hippies of the left is that everybody deserves the same fruits regardless of what you put in. That view does not foster growth.

        And screw you assholes backing the mayor of Chicago. How incredibly hypocritical. You want your views to be accepted yet you won’t accept the views of others. Sit and spin.

        I’m talking like I just got back from fountain bleu, but truth is I’m sitting in front of my stupid computer (no aapl) drinking Budweisers. I’m enjoying what little bit of freedom I have left as I am getting married this Saturday. Post ceremony I will be traveling to Europe to slap hot slices of pizzas on unsuspecting locals faces.

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    • Cascadian

      Stockman has been discredited for 25 years. NYT likes him because he attacks the conservatives.

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      • theedge111

        Your smokin dope if you think Romney/Ryan is the answer. I was a Republican but now I hate them all.

        A true conservative would never roll out the idiotic “Ryan Plan”. They are all empty suits.

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  10. JakeGint

    Yawn, that douchenagle’s been playing for the other side since the Clinton years, when he inveighed against the same budget scaling attempts made by Newt Gingrich. Attempts that worked, btw.

    But he gives his whole house of lie away by saying that “too big too fail” is a problem while decrying an attempt to dissassemble the corrupt Dodd Frank Bill, which only cements too big to fail into place.

    A hinge-tongued pompous inside the Beltway asshat. Sorry Dave, Fail Again.

    ___________

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    • TeahouseOnTheTracks

      The man has much more credibility than some blogger named Jake … get your head out of your party’s ass and take a whiff.

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      • Sur Platonic Plateau Du Tecnocrats, B.R.A., D.J.D. upon Rookness.

        It’s funny, statements such as that at 4:44 remind me, it’s difficult in my vocabulary –

        Democrat or Demagogue.

        If my chess pieces are properly placed, I can foretell the insult retort if it occurs.

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        • JakeGint

          He’s got about as much credibility as any Beltway cocktail party diletttante. If he was worth half a shit, he wouldn’t be carping from the outside. He wouldn’t back Obama in a million years, and yet his words are used by Obama acolytes like yourself to try to torch any possibility of saving the Republic from the Big Mistake.

          I know you will latch onto anything to save your guy, Teahouse, but Chapman is a crank, plain and simple. Like any fishwife with no value added, he’d rather snipe from the outside than roll up his sleeves and become part of the solution.

          About as relevant as Joe Biden.

          ________

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          • TeahouseOnTheTracks

            again, 0 is not my guy … I’m an Independent and backed Mitt in MA and may have backed him again until this snafu designed to bring his base back in line at the expense of the Independents … Thanks Mitt, but no thanks!

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          • TeahouseOnTheTracks

            PS: Wasn’t aware that David had done the Reagan Flip-flop and changed parties … got a link?

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          • JakeGint

            He didn’t change parties, he hates Obama more than he hates anyone else.

            He’s looking for perfection, which won’t be found in this world.

            He’s an asshat, and used by you libs to discredit everything that’s not pristine pure…

            _________

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          • TeahouseOnTheTracks

            Hahaha … So he’s speaking out against his own party … except it isn’t his party any more (Teaparty Rules) and the newbies won’t listen to him …

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          • fake amish

            Tea, you only post 0 talking points. Always. Obviously the 0 is your guy. Why lie about it?

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          • TeahouseOnTheTracks

            Lie about what? I’ve been a GOPer all my life save for Clinton and 0Bama. I prefer Clinton over 0 any day but that’s not an option … neither is Mitten with a bottle of hooch tucked in.

            I’ve seen the damage the GOP has done over my lifetime despite their tough fiscal talk … it’s all BS. Do as I say not as I do voodoo …

            The new GOP party is only concerned about self preservation … they could care less about the middle class, the poor, elderly & children.

            When you gain wisdom with experience and age, you begin to see the light and wake up to all your naive political beliefs/followings …

            Austerity isn’t the answer … but “deficits don’t matter” isn’t true either. The pols are incapable of paying down the deficit during growth periods as they prefer to spend their “political capital” under the veil of a voter mandate. Instead we should rent HFT programmers (or if you’re a true blue capitalist … outsource) to assure that a guaranteed % of revenue is committed to deficit reduction in periods of economic growth and accept deficit spending only in serious periods of recession/depression.

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          • edit

            [all politicians are] only concerned about self preservation … they could care less about the middle class, the poor, elderly & children.

            [they keep sending 97% of the budget to pay interest to the central banks to keep the banks happy so they can keep selling their debt so they can pay themselves a nice fat salary with a nice golden parachute]

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        • TeahouseOnTheTracks

          You should go back to your old moniker … Blind Red [sic] Ant … It was so appropriate. And while you’re at it, this is America, learn how to speak English or stay in school forever with the rest of your idiot Ivy Snobbers …

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      • Dorkler

        That was good!!!

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  11. Erin Burnett's Booty Call
    Erin Burnett's Booty Call

    I keep telling myself I’ll never buy VXX again but I want to buy some right now…

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  12. Marc David

    TLT to $200!

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  13. TMoe

    Still holding on to my WNR and loving it (no homo)

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  14. dave

    Ryan is a career politician/douche-nozzle.

    We are so far down the debt slope, it is almost impossible to climb out, short of defaulting.

    Anyone who tells the truth could never be elected and I guess Ryan knows this. No one can even call far a spending freeze, because the liberals would call that a cut as federal budgets have built in yearly increases.

    The can kicking will continue until the system implodes. Who knows how long that will take?

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  15. noodleboy

    its happening just a little bit later than last year perhaps

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  16. Nef Rap

    so like i got big positions in SXL some reits do i really give a fuck about O vs RR? no, i don’t

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  17. Nef Rap

    give me the money yeah that’s right fuck em all i want to bank coin. it’s a choice between cancer and leprosy and i really don’t care. (btw) “the children are the future” whose future?? I was a child once, am I the future? All Politicians Can Kiss B0th
    sides of my ass.!

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  18. Nef Rap

    Props to Rhino.. you are on the path

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  19. W.K.L.

    rhymes keep bleedin’ out..

    Inspiration’s here.
    Fueling a nation’s fear,
    Shaping our mind’s hemisphere,
    What exactly’s goin’ on right here?
    What did you say, my dear?
    What’d i think I hear?
    coming in my ear,
    you’re for me? You queer?
    Is the stream not clear?
    Cuz I’m saying, inspiration’s here,
    Not all of us can hear,
    The frequency, so clear,
    But there is no doubt or fear,
    For those who strive to steer
    Their ride,
    into the clear,
    Inspiration’s here,
    It’s what you do with it, the only guide, I hear,
    The fly is on my wall,
    Sayin’ he smells your fear,
    Says he knows my mind,
    Inside and out so clear,
    Inspiration’s here,
    Flowing to and fro,
    It goes where we do not know,
    Inspiration’s here,
    Are we gonna hold onto it this time, or sell it down the line?

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  20. W.K.L.

    is ryan gonna do the dirty work? get rid of the fed for us, pry ideas from minds about big-gov dependency? for those fed up with central government, who prefer moving our investment margins into local, micro economic futures. either way, i wouldn’t say. Cuz if the fed is gone, so is our dear handsome vp. does it matter to him? I dunno, but it don’t to me.

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  21. Nef Rap

    ummm that” handsome tag” is debatable. (no homo) not that’s there’s anything wrong with that (no seinfeld)

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  22. Nef Rap

    Please.. somebody stop me before I ( ) again.

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  23. W.K.L.

    and honestly, I haven’t met one person lately, who’d stoop to cast a vote for either of the two main presidential candidacies. i’m not worried

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  24. W.K.L.

    i just have to think, if ya’ll can play the markets, then why wouldn’t one play the political system too? never can tell, just sayin, at least consider the game. destroy it later, if need be. fear is a stupid barrier, the future’s ours, if he’s on board fine, if not, he’ll be left behind. seriously, why be worried, we always sell the end, low or high. i’m not worried, like i said.

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  25. flyaway18

    http://slopeofhope.com/2012/08/tlt-correcting.html

    Here’s Timmy’s take FWIW

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  26. Ward and June Cleaver
    Ward and June Cleaver

    We are working hard to get Eisenhower/Nixon elected. He will bring something called an Interstate by Mayfield and this will bring jobs for Eddie and Lumpy.

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  27. dave

    Any investor should vote for Obama.
    The market as a whole has more or less doubled from from it’s lows since he has been in office.

    Stick with the the tried and true. Obama makes Wall-Street money. Nobody has to worry about going jail if they get caught. They only have to pay a fine that is a fraction of what they made through malfeasance.

    That is the kind of government traders need.

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  28. Cheesefries

    Fly-
    Why no mention of Biden?
    You never hesitated to blast Palin’s idiocy?

    Typical Lib

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    • W.K.L.

      Biden makes the new vp insurrection look like a savvy intellectual. But pointing out idiocy and calling every adversary stupid and lame is the same game from rush limbaugh on. What’s the point? Better to try to see what they’re really about, how much clout, and if ego’s their drive, what they’re really about. Just something new, advice for dull-drum punditry.

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    • Dr Fly

      since when am I a lib?

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  29. Rob T

    So, given that every mainstream pundit is screaming deficit reduction at the top of their lungs, may I ask a question: given that the Fed controls the entirety of the yield curve (don’t agree, bet against them… with leverage), what exactly is the end game of our deficit spending when the transfer mechanism (the middle class) is broken? Also, exactly what happens when we eliminate the deficit? Do we finally own our country? … since I guess we don’t own it now…

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  30. mariofats

    Anybody stupid enough to vote these fuckin dicks in again has got to have their head examined.

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