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

MARKET PLUNGES INTO HELL: DOW CLOWN-RAPED BY 528

Prepare to overshoot to the downside.

The fundamentals do not matter now, only emotion and forced selling by catamites who are now below maintenance. I did not buy today because I do not gamble. “The Fly” bets on sure things and partakes in ideas emanating from the stock gods, found inside and around his urinal shadows.

This is the worst two day drop since 2008. We are now off by more than 10%, marking an official correction, first time since 2011. More than 66% of stocks are down 10% or more and 25% are off by 20%, aka bear market territory.

The fears of China slowing are feeding upon itself and is causing people to reexamine everything. Bear in mind, this entire run higher has been based upon global growth. The civilized world has been stymied for quite some time and we’ve been relying upon savages in the far east to buy our wares.

Bottom line: we plunge lower, through the fucking floor boards, on Monday. Asian markets will get clobbered and disappear into thin air, as if they never existed. This is a very unique and special situation. I truly want you, as a novice investor, to appreciate the novela styled drama of all this. Take it in and learn from your idiotic mistakes.

As an aside, “The Fly” has been in a 50% (now 60%+) cash position for almost two weeks, having sold his largest position in GG yesterday. I stand before you a mountain amongst a field of pebbles. I endeavor to buy all of the blood and opportunistically bid for quality names, which I will outline in a special weekend blog inside Exodus this weekend, into the teeth of this monumental and memorable market calamity.

Good day and God speed.

 

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53 comments

  1. zombie

    FIG

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  2. gappingandyapping
    gappingandyapping

    We go straight to zero! FINISH HIM STYLE!

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  3. The Equalizer

    “Professor, without knowing precisely what the danger is, would you say it’s time for our viewers to crack each other’s heads open and feast on the goo inside?”
    “Yes I would, Kent.”

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  4. vandamme

    Gap up Monday on China easing – just to mess with us.

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  5. Marc David

    I miss the Chicago tweets about nighty incidents

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  6. rigged game

    My short at 133+ of that piece of shit APPL Is looking real good.

    Next stop 103-105, then 95 on the way to 60.

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    • woj

      Rigged you think AAPL is going to trade at a $340bil market cap when they have over $200bil in cash?

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      • heaterman

        Come Monday evening, the government will take Apples cash. Yours also. And mine. And that belonging to Le Fly.

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  7. bood

    imo is the “Mc Clellan condrum” selloff ..imo will be short lived

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  8. dewey dortmunder
    dewey dortmunder

    “The Fly” bets on sure things and partakes in ideas emanating from the stock gods, found inside and around his urinal shadows.” Congrats on a truly funny sentence and idea.

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  9. it is showtime

    Ha ha now you got september to deal with

    “such a confluence of economic, political and spiritual events coming together during the second half of 2015. So is all of this leading up to something? Is our world about to change in a fundamental way?”

    They may have started slightly early
    Happy bubble blowing to you

    http://www.zerohedge.com/news/2015-06-12/7-key-events-are-going-happen-end-september

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  10. razorsedge

    Can you say shmita?

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    • sethster99

      Indeed I can… and everyone will be saying it in 3 weeks. Markets will sell off daily until Rosh Hashana. Will start buying weekly out of the money puts on Monday, and will be rolling them

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  11. 99 lead balloons
    99 lead balloons

    Congratulations on predictions extroidinaire

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  12. razorsedge

    In case it’s not the end, I’m looking at energy stocks, will buy went Saudi cries uncle, or israel attacks iran

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  13. Quality Control Inferno
    Quality Control Inferno

    I need a reflex bounce to short the fuck out of.

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  14. braveflaps

    Dodge Viper seen heading west on the George Washington!!!

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  15. joyous_ending

    And you chumps laughed when I said this felt like the summer of 2007.
    The market knows things we don’t, something weird (non-financial) is on the horizon.

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  16. Marc David

    Worse than DOW 6500 and huge foreclosure from 2009? Naw. Life goes on. The market is not reality for most people. Nor are they aware or care about China growth stories. Thus is just a game to ensure the Feds do not raise rates. China slowdown is not news. And global growth in certain sectors is only beginning. Keep that buy list handy!

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    • sethster99

      How wrong you are, Marc. But you will understand in a few short weeks!

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    • og

      Mother in law just asked me if Korea is why the market cratered the last 2 days.

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  17. formergeek

    Damn Greeks even found a way to screw a goldminer in this that’s skill

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  18. gravestonedoji

    Catamites. Now I haven’t heard that word used for quite some time. I havent said it in a while but…FIG.

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  19. Po Pimp

    I’m a young ghetto boy, that’s why I act this way.

    Rollin’ in the candy car leanin’ sippin’ sideway

    https://www.youtube.com/watch?v=MImqZ-mKCuc

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  20. Po Pimp

    I wish you fuckers would quit trying to shake me out.

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  21. frog

    Since McClellan is said to have predicted this decline, whatever he says next is likely to be dead wrong, so perhaps one might make money fading his next move.

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  22. rahagar

    zero’dHedge reportsthe China dog-munchers tested a new super-nuke weapon. I assume that will be unleashed on their markets Sunday night Amerikan time.

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  23. mtpennybags

    What do you know, Looks like a Bear Market is imminent.. Recommend going short GPRO 😉

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  24. ironbird

    The “sharing economy” horseshit finally hit the fan.

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    • The Equalizer

      Interesting hypothetical: at what multiple of revenue would UBER be trading on an open market? Would it ever have come close to the $50B valuation brought on by the mutual circle-jerk that is the VC community?

      I keed, I keed. But only because the guy that ran the company I used to work for was more interested in the customers and employees than in making money. Admire him personally for integrity, but given the valuations of former company’s industry peers, I wish he’d had an exit strategy instead.

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  25. alf44

    .

    As I mentioned last night (or, was it night before) …

    … whatever, I mentioned it …

    ——-

    Time to be “Shorter than Troyer !!!”

    ——-

    All in my humble opinion !!!

    .

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  26. alf44

    .

    I used to think that Rick Perry was the most laughable most moronic buffoon on the “public stage” !!!

    So you know … I live in Texas … so for anyone to overtake Rick Perry … for that dubious “honor” takes a true fuckin’ moron !

    —–

    ENTER DONALD TRUMP … LORD OF THE MORONS !!!

    .

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  27. juice

    Mongo-dicked gains for the VIX – 3rd biggest 1 day spike, ever!

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  28. sloop

    I’ve been 100% cash since Tuesday I hope everyone is OK here

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  29. mx2101

    Fortunately, I MET my wife on Ashley Madison. No, no just kidding.

    as you were…

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  30. rigged game

    Decline will not be over until we have 1200 or more NYSE yearly lows.

    Could be in a few days or a few weeks. Friday there were 888.

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  31. blahblahblah

    second chance to buy on the September retest. not as good as the pending washout but better than nothing

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  32. zheeeem

    Finally some action. Time to make money soon. VIX 40?

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