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
15,825 Blog Posts

No Bottom in Sight

We’re in free-fall mode, as high beta/return stocks get beat down like a homeless man taking a piss on a police car.

I am selling where I can to reduce exposure, now at +70% long exposure, with about 15% of cash on hand. Yes, it’s true, I’ve been selling some VHC to help finance my longevity. It doesn’t help that my late day, reactionary, short sale–AG– is up today. It’s a good thing the feces company, CCL, is heading lower–else I would have nothing to cheer me up this morning.

Between WNC, BX, BZH and USG, I want to stick my head inside of a howitzer and fire away. I’ve seen these types of sell offs before. But for some reason, I can’t get used to them, or grow accustomed to their devilish ways.

It’s a down elevator with a broken elevator cable.

Proceed with caution.

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24 comments

  1. boo

    chiken little?

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  2. Marc David

    It is getting close to “summer” but April is not yet here and nobody wants a big fat crash before tax day.

    Congress and the rest of those ship of fools will get back next week (they have more days off) and agree some short term b.s. package to get past this next crisis.

    Until that time, it will look and feel ugly but rest assured, they’ll save us after the bell once again because frankly they don’t have much of a choice.

    Everybody wants and needs to be re-elected.

    My guess is it gets ugly but by Friday of next week or Monday, the crisis will be averted and we’ll see the President saying how they worked together for the American People to do the right thing.

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    • Joedafish

      No, they won’t. This time they are going to let it sail over the brink. The media have been preparing the masses. Obama has grown balls on this issue and the GOP thinks they are correct. At best a partial deal will be saved to spare some military jobs. The apocalypse i a slow moving beast, not a clash of thunder and hellfire.

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  3. Steve Place

    I see your strategy.

    You write bearish blog posts, knowing that as soon as you do the market will bottom-tick and rally hard, therefore buoying your positions.

    Golf Clap.

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  4. Flyleech

    It stopped. By the end of the day the DOW will be positive.

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  5. flyaway18

    I started a position in the homebuilders ETF today. It has your holdings in it, too.

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    • flyaway18

      Also, I’ll wait for RIG to report in March before I decide to add and I’m still long DECK, SHLD into earnings. Trimmed some Sears on Friday though. Also, want to buy more GE.

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      • flyaway18

        We haven’t discussed this in a while, but my trading partner, Mr. Partridge, used to consider JNK a tell re: market direction. I noticed Keith McCullough was short JNK. It has not dropped that much and in fact looks like it filled a small gap on the last dip it took.

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        • razorsedge

          you always seen to be stable mind in a sea of troubled waters.

          ?

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        • razorsedge

          you always seem to be stable mind in a sea of troubled waters.

          ?

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          • flyaway18

            I’m not trading big positions and taking on so much risk that I get nervous. I’m involved in other business, family and personal activities which keep me from overtrading and that is a good thing. I still love the market but it’s not as integral in the big picture as it used to be in the past.

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  6. Brushfyah

    As I said yesterday, your AG short is gonna burn you like the clap. Its COMEX OPEX Monday, and any metals trader will tell you OPEX is the stuff of short term bottoms.

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  7. jtizzle

    Days like today and yesterday I just close out all my shit and look at 9gag or some stupid shit along the same level to ease my brain.

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  8. Mr. President

    Still think CCL sees $30?

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  9. eagle

    $JCP $FDO

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    • The Eye-Talian Stallion
      The Eye-Talian Stallion

      Coupons are back, JCP is back, the idiot CEO can take a fuggin hike after trashing the company. AAPL twerp.

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  10. Cascadian

    PMI numbers sucked, Europe shat the bed (no Elvis) , we may be taking a step backwards.

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  11. Vertigo

    I’ll take a block of $WNC here at 9.39

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  12. Vertigo

    and $CREE a hair under 44

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