Wednesday, December 7, 2016
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
14,858 Blog Posts

This Afternoon I Was Corrected

It’s the stupidest lesson  never learned. Each and every time I float about the office in ancient Roman costume, burning sage in fire pits, slapping people with my leather sandals, I get corrected. I get corrected when I focus more on spending my money than earning it.

I get corrected when I push the limits of reason to the extreme, begging for something bad to happen, daring it to happen.

Over and over again, I exhibit periods of brilliance, only to be foreshadowed by irrational emotion.

I had to reduce my exposure today due to the severity of my drubbing, off by an appalling 5.2%–cutting my year to date returns down by a third. My overall net exposure, after my AG and CCL shorts, is 90% long. Shorting AG was purely reactionary, an act of destitute desperation, as my face melted off into the bell.

As luck would have it, yours truly was escorted out from his office into a large truck to “pick up a couch” from a store. The insanity of Mrs. Fly has no bounds, as she cuts corners on furniture delivery, only to attempt to bankrupt me with persian rug purchases.

The market is either going to trade up or down in the immediate term. How’s that for a predictions. I can’t lose.

Like I said yesterday, only the Fed can bring the market down, and that’s exactly what happened today. Some of the beardless members at the Fed are calling into question QE-infiitum. They don’t have the balls or the facial hair to challenge Mr. Bernanke and shall be vanquished, dispatched, in short order.

Young folks out there, the reader class, you have nothing to fear–whatsoever– but yourselves. Only you can crush your brokerage accounts by making poor decisions. Move up the market cap ladder and avoid taking on leverage after 12 up weeks in a row.

I feel like punching a grandfather clock in the face–losing all of this money in one afternoon–humbled and corrected.

Listen to the brooding melodies of Glass, symphony 8, mvt II, as it embodies my mood perfectly.

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  1. Stupidest

    is not a word.

  2. Cascadian

    When you can materialize money out of thin air, why not? Everyone can be hired on as a ‘first responder’. We can all be heroes and wealthy.

  3. pusha T

    I love you he wholly sells $MOS with a 2 day RSI of 3, AND after writing a lengthy diatribe about its virtues–none of which have actually been shown to be wrong by today’s PLUNGE.

  4. Dr Fly

    I had to sell something–might as well be MOS.

  5. flyaway18

    You like to push the envelope; I was thinking, sometimes your posts have a slight manic behavior to them.

  6. Juice

    losing wads of coin or getting debanked, as it were, brings out the best in monsieur le flea’s writing & candor, something his world famous uncle author could roll over in his grave about

  7. buylo

    Why oh why didn’t you listen to Tim Knight?

  8. The Eye-Talian Stallion
    The Eye-Talian Stallion

    AAPL, with the help of Art, the jeans wearing, penny loafer, oxford button down shirt open at the collar chairman, will continue his quest to see how much lower he can take the company.

  9. Heaterman

    We all should have slathered up with some VIX.


      Thats why I bought a coiple TVIX shares earlier. It was cheaper than your mother, and it was bound to breakout at somepoint. No big gains but SOME EXTRA CASH NO IMSAYIN

  10. widespread panik

    Fly no offense but some BIG HFT group has your PPT trade log as I doubled up on VHC yesterday. TOOOO many times you sell and the stock rips a tit off after. Will sell it soon based off your recent excellent thesis. What happened to using more 2x or 3xETF’s this year? Option spreads are the wave bro!! Been long IWM/SPY call spreads since 12/30 and Friday slapped on a heavy 158/155 SPY put spread and a 96/93 IWM put spread. Left the deep call spreads wide OPEN. Making $$ both ways fine sir!! Top hat spinning. Trading stocks and individual names around earnings reports is for the BIRDS!

  11. Mr. Partridge

    It’s time to have some cash and may be some inverse ETFs.
    Today picks for not so mature trader: BZQ RUSS EDZ FXP, more to come.. also short canadian mining index on TSX: (2x leveraged) … looking at EPV to add tomorrow

  12. The Fly

    I’ll be reviewing blogs tomorrow. Not in the mood to give any positive feedback.

  13. Mr. President

    Tis but a brief recess in perpetual winship. Chin up.

  14. Brushfyah

    COMEX OPEX is Monday for the metals. You would be wise to cover your AG short by then. We are VERY oversold here in the metals, and positive divergences abound, if you know where to looks for em.

  15. Catboots

    Market could be down for a few days. It’s looking for a breather, and with Congress not doing anything about the auto cuts coming up next week, I expect we’ll be in a sideway or down market. Luckily I sold almost everything yesturday.

  16. xxxHuggieBearxxx

    A wonderful missive. This is the type of journal update that just makes my soul sing.

    ‘Twas indeed a drubbing. The likes of which folks had almost forgotten.

    All i can says is, i’m glad things are about to get interesting again. We have not entered a new era of permanent low volatility. Twas but a dream.

  17. Steak

    Down 7.8% on the day. Shit happens. I’ll make it back, and then some. Anyone not willing to endure this sort of day, following the recent run-up, is completely irrational. This had been a long time coming. Still bullish moving forward.

  18. razorsedge

    brilliance is that feeling you get went you have an excellent idea, and just before you figure out whats wrong with it.

  19. heaterman

    Do the math.
    Sequester+end of QE+ fragile economy+ creeping interest rates = ?

    Looks like 4 strikes to me. We are out plus being in the hole one for the next round.