Happy Mother’s Day to the 3 women who read my blog. As for the rest of you, be sure to treat your wives and your mothers well this weekend. Quit being a dick; go grab your own beers this Sunday and try not to ask her to ‘whip you up something’ for dinner. Take her out to eat, you absolute faggot.
Stocks melted up into the bell. The SPY is up ~2% over the past week. My quant portfolio was up 2.1% and my active strategies are in a world of stupidity, buried in SOXS and DUST positions. At least I got some of it back today. I look forward to another fun filled week of extreme nothingness next week, only interrupted by the occasional snooze fest.
It’s Friday and the weather is glorious. I’ll be spending the balance of my day at the gym, in shopping malls, driving to and fro, avoiding the riff- raff at all expenses.
In case you’re out of gift ideas for Mom, I highly recommend getting her my books; they’re real crowd pleasers and the ladies love Le Fly prose. It’s both worldly and magnificent, tales of Wall Street thru the eyes of a true space alien magician (SAM), not one of those frauds who write in fucked up run-on sentences.
At any rate, it’s hard to not be pleased with life — as there are so many things to explore and enjoy. You don’t need to be rich, might I remind you, to enjoy a dozen briny oysters with a cold bottle of white wine, or read a great book, or listen to some great music, or see an interesting movie, or paint a picture, or go on a long hike, or see something new — experience human creativity and ingenuity. I mean this sincerely, depression is debilitating and can lead to ruin. Often times people get depressed due to repetition in lifestyle, stuck in a routine that is unfulfilling. Do something about you it faggots — you’ll feel better in the morning. Trust me, I am a Dr.
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So next week will be very interesting as I expect one of two things to happen:
1) The market drops, likely getting close to or completing the Downward Triangle formation and setting up for an epic fall. Notice how it conveniently was stopped at the upper Triangle trend line formed by the January and March highs.
2) The market will go up, and the VIX will drop to the 10 handle again.
Now some of you simpletons will be saying, “Wow, so the market will either go up or down, big deal.” However, the significance of the VIX should not be understated. A complacent Bull market is just a setup for another epic fail down the road. So the outcome not listed would be both the most bullish, and also the most surprising (to me): a higher market AND higher VIX.
Call your mom this weekend.
Vix altered-path programming came in around 1:10, about an hour before what I noted below. This mini-leg is clearly by design, in line with an overall antic/trick prediction-awareness following the janfeb crack. Of which the logic leans to have been corroborated.
To repeat something cliche, and something 2013ish for me, I don’t buy for a second that the market [the indexes] are just doing things on their own, going where they want to go, where sentiment and the economy and supposed sideline cash would have them go
Btw it’s faux complacency. Manufactured complacency. And the crack was no accident, And that meant game over.
Just sit back and wait for your favorite oversold signal. The upcoming Trump and Kim barbecue and pool party will likely trigger a nice move, which could easily be sell the news.
Either way I think short sellers (other than bonds) are playing with chainsaws.
I’m sure you checked out the the latest cbo report on historic $ inflow… What will be done with it? MOAR killing or homegrown needed shit? Nevertheless, the bull marches on for atleast another 10 years. Have fun show.
I predict the market will either go up or down, or both!
Here here, Fly. Hiding ourselves at home Sunday, complete with Primed Rib, a bonfire and three new drink creations for Mrs Rabbit…
it’s going to be nice enough this weekend for oysters and shrimps and the barbie baby! Good post Fly
SPY did not melt up.
After the forced-surge open there was 3 hrs of slow, natural downdrift, and around 2:10pm as the dow flatlined, there was an instantaneous burst move. Too coincidental. It’s happened Hundreds of times, as some of us have noted…, way too coincidental to be organic or regular running algo. It’s a subroutine. It’s a control-level subroutine. It’s programming.
There was no overly ravenous reason for quick strong out of the gate buying, especially on an early summer friday with the hampton crowd, and in context with the other intradays this week or recently, leans toward confirmation of open-surge programming. The closing-burst reobtains most of that first half-hour attainment, easily interpretable as programming as well
Melt up is false. False interpretation of the post lehman stock market. Synthetic.
Right before the crack in jan-feb there was an “amazing” “breathtaking” run
Right now is right before a damning govt report or middle east flare hits
There is precedent, that an all-clear “amazing” run, is just bullshit
Decided to start writing coherent thoughts and almost complete sentences? Nice change of pace although you still fail to answer the question – even if it is programming and designed to go up, why would it stop?
Plus 1 million.
Rich post Le Fly – thanks. Gym and shopping malls, huh? I’m still kicking myself for not taking that stupid assed $PLNT ipo.
Anyone watch Cobra Kai yet? It’s all about working out in strip malls like Fly. Anyway if you’ve ever tried to do a Crane Kick you owe it to yourself to watch season one.
Wax on, wax off motherfucker
Serious question – if cryptocurrencies start to be used for legitimate purchases, won’t that cause catastrophic inflation?
Let the Federal dot plots guide your way
It is hard to be pleased with life right now if you are employed, or formerly employed, by Fidelity Investments. Have any of you guys read on the Witch Hunt going on over there? It seems to not being accurately reported by any media outlets yet. Check out this message board with employees up in arms: https://www.thelayoff.com/t/SUABhNe
Here is a recent post of an employee asking for help from journalists. Fly, your a journalist, right?! Fidelity seems to be blanket firing over 300 employees for some BS.
“All you journalists out there, you went school to be great at what you do just like all of us. Imagine you woke up one day with a lifestyle you were comfortable with, you get to work and out of nowhere you are fired from your job because of a piece of gym equipment or a computer you exchanged WHERE THERE IS NO POLICY ON HOW TO HANDLE THESE TRANSACTIONS (FROM 5 YEARS AGO!). But not only that, you are fired in a way that no other legitimate media outlet will even consider you for any type of employment. Even if you switch industries, it comes up in a background check. How are you going to provide for your family? Want to remove the scarlet fraud marking on license, cough up $25k for a chance of having it removed battling Fidelity in arbitration. Ask yourself, how would you feel? Do you think the WSJ piece is real journalism? I think not, write the real story, make people believe in the press again as not being “owned” by advertisers and “fake”. I believe in you guys. Do the right thing!”
here’s the story…
Everything started with a rep in Jacksonville – he helped others get the reimbursement and they split the profit (abusing the system). Certainly some discipline is warranted for that. He was ultimately caught and fired. But he threatened to sue for being singled out and being the only one let go…scared of a legitimate suit, Fidelity starts the audits.
There’s a small group discovered who all submitted the same receipt. Clearly ill intent and again, discipline is warranted. But Fidelity has to cover its a– and the audits continue. Suddenly everything must be looked at…and it’s not about trying to catch “fraud” anymore. It’s simply about finding anyone who no longer has the computer/device listed on the original receipt submitted for reimbursement.
Did you buy something and then later take it back and exchange for something else? And you didn’t send back the reimbursement money, redo the paperwork, and collect the reimbursement again? You are now guilty. You have violated the (unwritten) policy and you will now be punished.
Real Example: An employee bought a computer and got the reimbursement. Five years later (2018) he gets questioned about his purchase. “Do you have this specific computer still (specific computer and serial number listed on original receipt)?” asks the investigator. Rep answers, “No because I ended up exchanging it for an upgraded model a week after I bought it.” Investigator (somehow) has the return receipt of the original computer. Rep submits verifiable evidence that he did in fact return and exchange for an upgraded model like he said he did (cost more than original purchase). Does it matter? Not at all. He had no chance – once you’re called for questioning you are done. Rep asks employee relations why he was fired. They say, “Did you buy a computer, get a reimbursement, return the device, and not refund the reimbursement to Fidelity?” “Yes but I bought something a little more expensive, I even submitted verifiable proof! And I don’t remember there being any reimbursement procedure for a return/exchange.” Employee relations answer – “You returned the device. That is against the policy. Therefore, we decided to let you go.”
There are many examples like this one. And that “policy?” Yeah, doesn’t exist in writing. But that doesn’t seem to matter. You can ask Fidelity to send you the policy and they say they will but it never comes through. Again, this isn’t about finding those reps who legitimately tried to cheat the system. Fidelity could care less – it’s all about covering their a–. If you made any sort of return then circumstances didn’t matter – you were considered guilty and were terminated.
But here’s the worst part. For those reps terminated, that was only the beginning. After termination Fidelity files the U5 with FINRA and marks “fraud or wrongful taking of property.” Now you have this permanent black mark on your record. Want to get another job in the industry? You’ll have to convince other firms to hire you despite that negative mark (assuming you even get the opportunity to interview and make it that far). But that’s not all. Shortly after the U5 filing, FINRA comes knocking. You are now under investigation. You either comply with their demands and complete the potentially rigorous investigation, or you don’t and will likely be barred from the industry.
So this is what it’s come down to. Hundreds of Fidelity employees – some innocent and some not so innocent – all lumped together and fired with not a care in the world by Fidelity. I’m sure Fidelity has its (selfish) reasons, but one thing is clear – the lives and future careers of the many employees caught up in this (some who’ve given many years at Fidelity and performed extremely well) mean absolutely nothing.
So go find a new role. Happens all them time.
Not if your licensed, they are using fraud under FINRA as a weapon to prevent reps from working at the competition. Other firms won’t even interview these people. They are branding everyone with a fraud scarlet letter for the rest of their lives over things like Fitbit exchanges. How much does that employer value their employees? I think Fly would understand best what they are doing, and should look into and give his 2 cents.
That shit is pretty jacked up.
Fly, what type of roller are you using these days? I always thought they were for weaklings, but…
Fly,
I am no means trying to hijack your thread, but there are current Fidelity employees that are in dire need of someone bringing these atrocities to the light of day. Read this one post from a current employee below. Its a legitimate call for a lifeline…its over $10. Over 200 fired and thousands on edge as a Witch Hunt at Fidelity is ruining great people’s lives and careers. Be the first “real” journalist to step up to the plate:
“I have only seen one quick reference that Amazon was part of this but no one (that I’ve seen) has specifically said that they had a receipt from them. Best Buy and Apple I have seen stories on this forum. Can anyone confirm that they were let go and the investigators had a receipt from Amazon? Or point me to the thread that it was said? Best Buy and Apple you can get the order information and status just from going on their site and acting as a guest but not Amazon.
I bought something from Amazon a while back, returned it and got something from a different store. I have the receipt and item still but sounds like it won’t matter so hoping to understand this. Will still be living in fear based on the stories I read but might ease my mind a little.
I can understand why Fidelity started this mess, the original stuff was absolute fraud but the line they are drawing is just amazingly unfair. Not everyone that returned their fitbit to save $10 on a better deal somewhere else should be getting let go. I have been extremely happy working with Fidelity up until now. Now I am paranoid at all times thinking I am going to get cat-walked out at any moment. I am the sole provider for my family. My wife and kids depend on me. I can’t believe the lie I have been apparently living with how content I was working for them. I guess I need to find a new job with a new company before I get called in and my career ends. Unbelievable…”
Opera much? You have the skills to make ends meet and you know it
Sorry to hear about the situation at Fidelity, Cash Cow. Some employers can be real a**holes. And Trump and company keep making it easier for them to be that way.
This sounds like standard operating procedure in finance. Large firms will 100% throw all reps under bus WITH CAUSE. This is their way of washing their hands and showing FINRA they punish the bad.
After that happens, FINRA will interrogate each rep for an on the record interview for 8 hours. I once was blessed with such an interview and it was a fucking nightmare. My lawyer had to stop the meeting several times to give me some air. They will accuse you of everything but murder and they are not stupid and they purposely seek to catch you in the smallest of lies.
If you are caught lying, expect a fine of at least $5k and possibly suspension. Lucky for me, I did nothing wrong and could not lie. They never contacted me again, but I was always scared of a surprise audit.
This is why you should LEAVE the brokerage biz and become an advisor.