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
23,433 Blog Posts

All the King’s Burritos and All the King’s Biotech Hand Grenades Are Out to Get Me

Nothing can stop this perverted market from going higher, not even lunacy. I sold CMGE TEN POINTS LOWER and all of the burritos and all of the biotech hand grenades that looked weak last week are rifling higher.

How long do I seat myself atop this wall, waiting for the shoe to drop?

Well, it’s only September 8th and there is a lot of time left in the month for surprise sex. Naturally of course there is the idea that waiting for disaster, instead of playing it, is entirely a waste of time. I might as well day trade internet stocks, or sell everything, and be done with it–if I am not man enough to sell something short, no?

But you’d be wrong about that, since I’m only cautious with my trading dollars. I still own egregious amounts of stock. I know, I know, I know, it doesn’t matter and I cannot have it both ways.

I’ll tell you what. If this market is still spinning higher 5 days after the BABA ipo, I will sell my utilities, treasuries and invest my cash. It’s as simple as that. I’m not losing money on my defensive positions. Well, maybe today I am; but overall, I am not.

Let me remind you that this sort of perversion, wanton disrespect for the laws of mathematics, is not only immoral, but indicative of a market overheating. Yes, WDAY is a great company–but not for 31x sales (drops mic, walks off stage).

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19 comments

  1. drake sucks

    As bad as your day sounds, Roger Goodell’s is worse.

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  2. blarggh

    Time for some S.H.O.M.P.

    WTF is a BABA? Sounds like a middle eastern dish of eggplant and tahini sauce

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  3. Bart Smith

    Why is WDAY a great company??

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    • Dr. Fly

      Great management team, former PSFT guy, who never missed a qt report. That co was victim of a hostile takeover by ORCL and they started WDAY.

      Solid technology and interested business model. But to answer your question: execution–thanks to legendary management team.

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      • Bart Smith

        Thanks. Lots of great companies but are they too expensive?? Most are.

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  4. matt_bear

    XNET. you were warned well in advance, sir.

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  5. BlueStar

    Bravo!

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  6. blarggh

    If you are looking for a short, consider TSLA. Should get a nice 50 points to the downside over the next 3 months easy.

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    • metalleg

      Weren’t you the guy saying that 50 points ago?

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      • blarggh

        No. I have not been short TSLA for a long time. Stocks don’t go up in a straight line. If I had profits in TSLA, I would be getting out around here. I have a tight stop at the high from 2 days ago. If it goes against me, no big deal.

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  7. joe

    Fly: are you looking at the shippers for a re-entry at some point?

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  8. Cascadian

    90% TLT, 10% wild speculation with OA.

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  9. gorby

    Mr. Fly

    I think your grip is too tight.Loosen up
    a little.

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