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
23,444 Blog Posts

YOU LOSE. TRY AGAIN.

The viciousness of the sell off is something that I hate to bear witness to. I’d love to get all dramatic and say “I haven’t seen this since the panic of 1907.” But the truth is, I’ve see this sort of bid less drek countless times.

It appears we will close at the lows, after sucking in people mid-day, during a brief respite. It was a false rally and now those who got sucked in will dutifully pay for their sins.

Since you’re here to ponder about me and how I am fairing, let me lend a bit of transparency to my holdings. I am a power man, with ETR being my largest holding. After that, I am a rail man, long TRN. My next three positions are CYBR, CLR and WRE. After that is SLCA, HE, LITB, AAPL and GILD. The rest of my holdings are spread across a number of small positions, all resembling Hiroshima, post WW2. As of now, on this day, I am down 1.3%. My losses are accelerating with the crash-like flavor of the tape.

We are all hoping for a bounce. Therefore, we get nothing. I suppose we get to enjoy robots gone wild, hitting bids with reckless abandon. Anyone who is long chips or oils are completely without money now. Today, a new sector joined the ranks of losers: social media stocks.

Regrettably, there aren’t many safe havens, aside from high yield plays and PEP. I implore you to explore utilities and REITs, for we are in a low rate world. For the love of fashionable Hazmat suits, Kazakistan govt bonds are yielding just 4%.

I wish I could be more optimistic, in the face of overwhelming and dire disaster. But everything is rubble now and the run of uninterrupted hedonism, spearheaded by QE, is over.

One can only pray now for a bounce and a little bit of sweet Jesus mercy for next week.

Amen.

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99 comments

  1. bart smith

    I knew we were going to selloff into the close. Now for next week>>>

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  2. frazzledazzle

    Praying and hoping is never a sound investment strategy. We’ll need to wait for actual confirmation of a reversal. As it is now, EVERY up move is being sold into all while we’re in a short term down trend. No need to be a hero and jump in front of this moving train.

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    • Dr. Fly

      I’ve prayed many times and it has worked!

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      • UncleBuccs

        The market gods will require a blood sacrifice.. Plunging a knife into the sethster’s neck is a pleasant thought, but the blood must come from something near & dear…

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        • zombie

          This is where I come in. I’ll take the knife. Just please stay away from the head. Thank you.

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  3. bart smith

    I’ve got Monday and Tuesdays forecast pretty much figured out. Have a good weekend.

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  4. Trent J

    Sir Fly. Will you so kindly take an IOU for my subscription to AHWOA and PPT for November, for I fear my ass will be handed to me by Mr. Mawket further to where my account balance shows $00.00000

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  5. incometrader

    Time for the “You get nothing, you lose, good day Sir” video

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  6. wizard

    Poof!! Your fantasy land rally is gone!

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  7. contrarian

    What a weird fucking tape. My winners today are SBUX and ED.

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  8. nynyny

    Fed will probably announce that they’re going to have another round of QE. Maybe infinite QE.

    Bernanke loved to time these announcement at key levels of support. 1900 is one, 1800 would be the next big one. I don’t think any bounce would be more than short-term but we’ve already seen that short-covering rallies in a bear market can be ferocious.

    If we do get such a rally, it might be a good time for longs to get out.

    Also, whoever said we could crumble into the close when I said we might get squeezed was right. My thought was being short in 2008. Days like today, when the market meandered about on low volume, often seem to have a short-covering rally that appeared out of nowhere, would go absurdly high, and blasted the bears to hell. I’m still a little gunshy. Unfortunately I missed out on a lot of money today because of that.

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  9. sethster99

    I don’t believe y UVXY trade is losing, Sir Fly. Currently up 20+% on the day. I see the VIX heading to 40, which is when I will re-evaluate. That’s another 100% from here on the VIX.

    Good luck sir!

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    • Dr. Fly

      There are zero redeeming qualities about you, if you really sit down and think about it. I mean, what exactly are you saying, other than nonsense?

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      • Cashman

        I don’t know what more you could expect from a guy who’s two parts loon, one part goof.

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  10. xxxhuggiebearxxx

    I am out, with massive losses. I took a shot, flew too close to the sun, and was incinerated into nothingness.

    There will be no second shot. Now i have to regroup, wait for everything to unfold, and hope i can get in 5000 points lower.

    There will be no ribeyes this weekend….only ground chuck.

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  11. Bullish

    This should have been a very VXX Halloween.

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  12. xxxhuggiebearxxx

    This is the most horrific selloff in a couple of years. I dont care if we are only down 6%, we are going a lot lower.

    – I think Ebola is big trouble
    – I think ISIS is going to assault badgdad
    – I think Europe is fucked
    – I think China is fucked
    – I think free money is over.

    One of the above would be bad, but all four is armegeddon.

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  13. magptrader

    one of the fallacies of mean reversion strategies is you don’t know how long the pain is going to last

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  14. budh

    Fed will be silent of QE. Earnings will be good, having a little correction will be good. We may go down another 5%, I’ve been selling some stuff to raise cash. Get ready to buy good cheap stuff when things get rolling again. The big part of earnings announcements is coming soon and it’s gonna be pretty good.

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    • nynyny

      Based on the price action we’ve seen, this is a bear market. The complete nastiness of the movements is like 2008. Bull markets don’t act like this.

      There is a major macro or systemic related event that’s approaching, some people have figured it out, and they’ve decided to get out in a big way.

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    • sethster99

      Something tells me you went long in October 2008, only to owe your broker money since you took on leverage.

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    • Po Pimp

      Earnings announcements may be good, but that doesn’t matter if forward guidance is shit.

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  15. in your weeds

    right on the 200 day…odds are high that they gap it below and don’t let any stops trigger

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  16. Bullish

    I’m sure the 1% will still be buying their new Tesla D… the rest of will be standing in soup kitchen lines for Christmas.

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  17. Billy Cutting

    Fly, see you at the Tale later? lol

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  18. Trent J

    I’ll be in an Impala driving fast near grocery stores (because I have to steal groceries now) if anyone wants to join…

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  19. tradercaddy

    I was up 3% at best and ended up down .5% on the day as RYDEX allows a trade @10:45 price and then @ eod.
    Either way wouldn’t it be a hoot if the market bottomed on 11/8 when the iBCers are in Vegas listening to Howard.
    A massive rally ensues and Howard can’t figure out why everybody in the room is looking and tapping into their phones and not listening.

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  20. smartestone

    wtf ES fell 10 in past 5 minutes

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  21. bruce keller

    S&P 1869 will probably be the bottom of this initial short term downtrend but maybe we’ll see 1474 before it’s all over (the medium downtrend) in late Dec. #timestamp

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  22. pyromonoxide

    Dang it, I’m running out of quarters for this game. Need to shake down some kids in the parking lot for change.

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    • tradercaddy

      Most people don’t know what pinball is anymore. I used to play for an hour or so at the Student Union @ UF back in day.
      Try grabbing the carts at an Aldi’s before the people can get them back for the quarter.

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      • ironbird

        The Playboy pinball is the best classic. Medieval Madness is the best all time. Then again have not played them all.

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        • tradercaddy

          As an aside, my Dad used to design some of the graphics on pinball machines in Chicago back in the ’50s (he put his Art Institute of Chicago degree to good use).
          He did designs for some of the first bowling ones.

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          • The Equalizer

            If he’s still around, have him check out the Pacific Pinball Museum. There are probably some folks there who would like to hear from him or from others in his line of work.

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  23. bart smith

    Bruce you sure have nice tits!!!!

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    • tradercaddy

      I thought so too at first but upon closer inspection they could be transvestites.

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      • bruce keller

        One is Allison Brie, from Community, definitely not a tranny.

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      • Billy Cutting

        his old avatar may have been the creepiest pic ever, can’t take him seriously

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        • bruce keller

          most that were creeped out have been cleaned out lately, so maybe my talisman powers are working

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        • alf44

          .

          Not a big fan of the “creepy” avatar !

          Just sayin’ !!!

          .

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  24. ironbird

    The bloated pigs have the shits and the dead body just floated. That horseshit downgrade leads to Eurotrash QE.

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  25. rigged game

    The overhyped, overpriced Piece of Shit APPL is scheduled to report earning AFTER the close on Monday Oct. 20.

    Based on how they are trying to keep APPL’s price up, earning may beat the $1.30 consensus.

    In any event, the earning will be PHONY and we know they are phony, since they only have China-made shit to sell, and their new products SUCK.

    The market will recognize this, and we may well see a Market Massacre Day on Oct. 21, as APPLE sinks on its trip to a 75 print before this market decline is over.

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    • Dr. Fly

      150 bill in cash you ignorant bastard

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      • rigged game

        The last number I saw was $38 billion in cash, or $6.33 per share.
        Why the hell is THAT significant on a $100 stock (soon to be $75)?

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        • bruce keller

          Please don’t tell me you don’t look at market cap.

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        • Dr. Fly

          You people should do some HW. Most of their cash is stashed overseas.

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        • Dr. Fly

          All I am saying Rigged is that there are 4,000 better stocks to short.

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        • og

          And it was even more expensive when it was $600 right? Shit my parents would say…

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        • NON Solo

          You’re forgetting the $126.685B in long term investments on their balance sheet, these are liquid assets such a treasury bonds, corporate bonds, etc.

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  26. alf44

    .

    Are we still in …

    M other
    O f
    A ll
    R eversals

    mode ???

    .

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    • tradercaddy

      You must have some graphic design background (I believe you are an attorney) as you have some nicely designed comments.

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      • alf44

        .

        Engineering background actually !!!

        Always sorta wanted to go the Attorney route though. Alas, I knew pretty early on that law school wasn’t gonna happen !

        .

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        • frazzledazzle

          A real engineer, or just a dude that codes? 😉

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        • alf44

          .

          Actually, I am a renowned Genetic Engineer !

          Perhaps my GREATEST accomplishment was the creation of a “cyborg” with an IQ of over 250 !!!

          To put that into some perspective … Leonardo DaVinci had an IQ of 220 !!!

          The project I worked on was highly classified. TOP SECRET !!!

          Code Name … “FLY” !!!

          Oh wait … nevermind !!!

          .

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  27. it is showtime

    “Now we are spiraling lower again, for reasons unbeknownst to me”

    .
    .
    .

    Someone is controlling the market.
    Like
    I
    Have
    Been
    Saying

    Yesterday:

    http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/10/20141009_satan.jpg

    the machines were just getting revved up for the 1130ET reversal to kick in and lift the market back to VWAP when a curious thing happened… “someone” canceled-and-replaced orders for 666 contracts 26 times in the 1130ET to 1200ET period… and selling accelerated lower, no reversal, to close at the lows on heavy volume.

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  28. Bullish

    Fly, did hear that there are dead ebola zombies walking among the living in an African village?

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  29. bruce keller

    I love that Ebola and Blood Moon became the memes for the decline’s reason lol.

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    • BlueStar: Contrarian Investor
      BlueStar: Contrarian Investor

      Bruce,

      Google Shemitah. It began at dusk on the 24th. look at Bar chart of marke ton the 25th. It is my double probation secret voodoo techncial weapon. use it at your own peril.

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      • bruce keller

        Actually my new twitter av is wheat. I like the theme personally.

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      • bruce keller

        Also i did claim “Ebola Blood Moon” right before the declines Monday I think, when I got PCLN puts that deliciously expired today.

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      • Bullish

        Bluestar,
        I’ve seen many of Jonathan Cahn’s presentations and books.

        You really think this will be the big one?

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  30. bushwacker2

    ROFL. This is all Obama’s fault. I rest my case.

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  31. trader99

    Wow, fourth time in 2 years VIX ended at over 20. First time topped out @ 20.49, second time topped out @ 20.34, third time topped @ 21.44. Today VIX closed @ 21.24…Next week is do or die

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    • bushwacker2

      With VIX elevated, relief rally probability is growing. The next rally will take us higher but far short from the top, setting up a potential head and shoulders pattern and a decline into Q1&Q2 2015, if I were forced to script it out.

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  32. trader99

    Mr. Devil Dog “My target for the Dow Jones Indl Average is zero and thats being rather conservative”…yep those were the good ol’ days

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  33. vegastrader

    PPT has no emotions and feelings. PPT say stocks will bounce on Monday. But probably sold on Tuesday. Don’t be scared. Number 1 pick $BABA. Number 2 pick $AAPL because Carl says it is worth $200.

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  34. frog

    Great Devil Dog video. He must be the one who owns the Zero Hedge web site.

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  35. dewey dortmunder

    As usual, you have inspired me. Thanks and hope you do better next week.

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  36. alf44

    .

    FYI … the bear is back on the front page !

    —-

    And … he’s lookin’ for “pic-a-nic baskets” !!!

    .

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  37. longview

    Wise decision. Bye bye.

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  38. alf44

    .

    … when you decide to come back .. NOT IF … but, when …

    perhaps “roll” with “HELEN” Keller !!!

    That way we all know from tha “git go” …

    you’re Deaf, Dumb & Blind !!!

    Was that too harsh ?

    That was too harsh !!!

    GAWD … now I feel like BAD !!!

    HONEY !!!

    COOK ME UP SOME STEAK-UMMMS !!!

    .

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