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
23,449 Blog Posts

THE CEMENT HEAD LIVES!!!

Just when you thought gold was dead, it climbs out of its grave and runs throughout town eating the brains of its inhabitants.

Every single time I think to myself “Jakegint must be dead”, gold and silver bottoms. It’s amazing, frankly. But the bounce in gold has been nothing less than stellar. I’ve missed out on it, but there is a lesson in this.

The lesson is, with reference to this particular market:

NOTHING stays down. Certain stocks might “go away”; but rarely do we see entire sectors/industries stuck in a bear market for the long term. Had you bought gold miners when I was saying “they are going to zero”, you would’ve made 50-100% on your money. I shouldn’t be slighted for having this position. I am merely a reflection of the market and I don’t have strong feelings for the miners. For me, saying “miners suck” is as natural as a person from Fredericksburg to lament “yankee invaders” from dining at their truck-stop eateries.

Down sectors that have catapulted higher include: shippers, alternative energy, refiners, nuclear, solar, chinese burritos etc.

The moral of the story is, buy the blood and be patient.

As for this market, it looks awful, which probably means it’s going to bounce soon–and hard.

Look, if you’re biased long, this is what you want, down stocks and stupid money. This is a process and I hope you were smart enough to raise some cash when things were good. Be patient with the average ins and you’ll end up a winner. Buy quality.

My purchase of YELP was a loser today, but I will buy it all the way down if I have to. Do you know why?

Conviction.

I’ve concluded that I need to be long a certain sector and a select group of stocks, and I will do exactly just that. If I lose money in the short term, that is perfectly fine with me, as long as I don’t “Bill Ackman” myself into a fag-box.

 

http://www.youtube.com/watch?v=wZjms7rRAQw

 

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31 comments

  1. kevin

    Fly – speaking of beaten down sectors…what do you think about steel and the materials sector?

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    • lol

      Fertilizers are… “shit”, maybe try scooping the poop there?

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      • The Fly

        Yeah, the ferts are a prime example of buying into a hated sector. Monster corn crop makes everyone hate them now. But what about next year?

        Big drought comes and voila, in play again.

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    • The Fly

      I really hate steel, which is why it might be good to go.

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  2. JTU

    Yesterday I bought the blood! I picked up BIOL @ $1.28. The stock was driven down based on some nonsensicle SA article entitled “Biolase plunges on solvency concerns”.
    Today the stock closed at $1.89 up 57.5%!
    Shares today also are picking up support from Pignatelli saying BIOL is expecting its DaVinci Imaging division – until now, a consistent money-lower for the firm – to begin making a profit and contributing positively to the company’s net income for the rest of the year.
    BIOL also announced a 1/2% dividend today quashing any theories about solvency concerns!
    I believe this stock can get back to $3.00 quite easily!

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  3. JTU

    “money-lower” s/b “money-loser”

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  4. gatorsun

    ALJ how low will it go? any refiner players?

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  5. Gordie Lachance

    Random question: is the “fag-box” a movie reference of some sort or simply a place where one figuratively gets poked in the anus?

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    • The Fly

      Fag box is an inside joke and is where a fag is seemingly placed, with nothing sexual in nature intended, other than the prisoners unfortunate orientation.

      And I mean unfortunate in the literal sense, since I find the aroma of a woman to be intoxicating, whereas men are hairy assholes (pun intended).

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      • Gordie Lachance

        You’re never one to disappoint, Fly. A special thanks for the visual references.

        Wishing I had written that last comment under the Gabourey Sidibe pseudonym so I could offer to sit on your face.

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      • Mister Jinx

        This shit is hilarious. I like the serious, considered response.

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      • gatorsun

        I concur

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  6. wilmer

    Lenny’s out of jail now Fly. He’s likely barred from ever talking about anything financially related again, but what are the chances he could get a weekly guest tab and do a Q&A, or tell a story or two. You could call it Wednesdays with Lenny, or something. Think about the traffic it would drive. He’s a despicable excuse for a human being, so you may not want to have your site associated with him. But still, it would be hilarious, and entertaining.

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    • Jakegint

      Maybe he could do a “Men of Style” column with that unfortunate “Jason” fellow.

      Or is he still confined to the fag-box?

      _________

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    • Dr. Fly

      I’d name the site From Gretzky House to Buttfuck Prison cell, starring Lenny.

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  7. Jakegint

    BTW — I am billing Jeremy for stealing my graphic.

    ________

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  8. JTU

    Fly, are you still holding AMBA and how do you think this news is going to affect the stock? I was thinking of adding but is this going to dilute the stock? Any thoughts?
    Ambarella Inc Files S-1 Registration Statement For Initial Public Offering

    Ambarella Inc announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed initial public offering of its ordinary shares. The number of shares to be offered and the price range for the offering have not yet been determined. Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc. are acting as the joint book-running managers for the offering. Stifel, Nicolaus & Company, Incorporated and Needham & Company, LLC are acting as co-managers for the offering.

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    • The Fly

      Everything is going to zero. Jump overboard. The ship is sinking.

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      • JTU

        On August 2, 2013 you added to your AMBA position, I didn’t see that you sold any, so are you still holding?

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        • The Fly

          Of course I still own it. If it goes down tomorrow, so what?

          Should we only make money everyday and never deal with adversity?

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          • JTU

            Oh shit! Never mind! That news had a date beside it of August 10, 2013 but it looks like it was actually news regarding the original IPO from a year ago. Sorry!

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  9. razorsedge

    wow, ya still dont get it. i come like a thief in the night.

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  10. fake amish

    With the zero socialist utopia blowing the fuck up in the polls is there any chance the healthcare space will tank?

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    • higusurf

      On reading The Fly’s comment above, I slapped the desk so hard I might have bruised a bone in my hand. IOW, we Boomers are breaking down. My call, FWIW, is stick with health care and health care data.

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  11. gatorsun

    Z for the 100 roll

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  12. gatorsun

    and of course YELP

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  13. ?????? ???

    ?????? ??????????????|??????????????????????????? ????????????????? ??????????? ?? ??????????????????????????????????|

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