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.
I would’ve bet a million dollars that I’d be up today. I did all of the appropriate things, sacrifices, blood, goat heads and such. The dry bilkers bounced, only to be hedged by dramatic losses in the oil and refinery space.
Just a short while ago, yours truly was sitting atop the world, pondering where to place his chips, replete with gains. After the barbarous last two weeks of October, I am here eating scraps off the sewer floors.
Laugh at your own peril.
Naturally, I cannot stay the course and must sell out of something, most likely near the lows, in order to restore normalcy.
I hope you made it over to the other side of October. Even though the SPY was +4.6% for the month, it was an unforgiving and brutal final week. Between my 0.1-1% losses, I almost went mad. Well, that awfulness is behind us now. Let us prepare for The Turkey Gods and throw liberal amounts of mashed potatoes around the dinner table, whenever possible.
Critics declare “America is poor. Her economy is in the tank.” To them I say “let them eat turkey.”
S&P futures are +3.5 this morning and the turkey run has officially begun.
At the stroke of midnight, “The Fly” will be sipping on a cup of earl grey tea (touch of honey, liberal amounts of milk), while reading from one of his books. Coincidentally, at the very same time, the special Halloween free trials will conclude, turning all of those trapped inside into free-loading pumpkins, escorted out from our halls and tossed onto the streets.
This is your last chance to steal a peek at greatness. There’s a reason why iBankCoin has the most successful premium services in all of finance, without the tin roof salesman approach. We’re the real deal.
BALT rebounded, so I’m somewhat content. Although I still see some people unable to grasp the simple concept of addition and multiplication when it comes to the numbers concerning BALT. Remember, they own 5 Handysize, 4 Supramax and 2 Capesieze vessels. Go home and fetch your calculator, then throw a dozens eggs at yourself for not thinking before you speak.
As for me, I will be busy scaring the neighborhood with my decorations + fog machine + strobe light effects. I didn’t dress up in a costume because “The Fly” doesn’t play games. Life is serious and so am I.
With that being said, may your children enjoy pagan Xmas and the dead haunt you tonight while you sleep.
When I was a young lad, growing up in the concrete pastures of Brooklyn, we’d throw D batteries and potatoes at one another, sometimes onions, for fun. Eggs would be catapulted from makeshift machines and we’d vandalize everything with shaving cream, fitted with long rage spray caps, stolen from bug spray bottles. I’d go home victorious every Hallow’s eve, completely drenched in eggs and shaving cream. Some of the clever kids would use nair, in order to afflict baldness upon their victims.
Jesus Christ I am getting lit up in this BALT position, now down more than 15% from my basis. Let me put this to you clearly, as the market seems to be getting this story wrong.
BALT IS NOT RELIANT UPON CAPESIZE RATES.
First, have a look at their fleet. Let it be noted, they bought another Handy last quarter, brining their total to 5. So they own 2 Capes, 4 Supras and 5 Handys.
Got it?
Now let’s look at rates.
Pray tell me, have supramax and handysize rates gone down with the rout in capes, or instead have they gone HIGHER?
Thank you.
I believe this company will be vindicated on earnings date, scheduled for 11/7.
Based upon current rates, POST 60% drop in capesize rates (one must surmise they are close to bottoming), BALT is making about $115,000 per day or $10.6 million per quarter, still sporting quarter over quarter growth of 40%+, hardly a reason to sell a stock that is fully financed–sporting the youngest fleet on the market.
In celebration of hallow’s eve, all iBankCoin premium services will be offered for free until midnight. If you’ve been curious about the power of The PPT engine or effectiveness of the 12631 trading room or the hot hand of After Hours with Option Addict, sign up for the free trial and enjoy it with my compliments.
Futures have firmed up, but so what! My mood is so dour, I am sure we will bottom soon. Nothing is worse than losing a little bit of money, every single day.
Bottom line: The Brent-WTI spread is now $13. The refinery sector is the only place I am happy placing funds. I’d buy more BALT, but I already own too much. I do like JAZZ here too and might consider buying more with some of my AMBC proceeds.
The facebook numbers are a facade, a farce of american accounting standards. Next thing they will tell us there are more users than the entire population of earth. I am sure the millions of dogs and cats who’ve signed up are avid clickers of targeted ads.
I’ve been getting boiled, very slowly, for the past week. Today the carnage sped up a bit, marking yet another 1% drubbing. All the while, markets have been making new highs and the perverts on CNBC have been popping corks of champagne into each other’s faces, in celebration of this magnanimous splendour.
I expect my losses to accelerate tomorrow, led by my god damned boat stock. Even though they only own 2 Capesize vessels, the market is treating them like a debt laden heroin addict sucking the pipe.
No, I’m not happy. It’s my condition to be upset over the smallest things. One time this guy asked me for the time, I ended up using his head as a drum. No matter how much money I make, no matter how many things I buy myself, I have a rage boiling inside of me. It keeps me alive and will bury me.
I will tell you what I should’ve told you last week, what I knew but didn’t allow myself to believe: sell stocks and wait for lower price points. Even if the general markets go up, it’s not worth holding these god damned time bombs into earnings, unless you have an edge (inside information). Yeah, I know, we’re not supposed to admit that it exists. But you know damned well it does.
When I was a rookie broker in the boardroom, back in ’97, my deskmate was escorted out from his chair, by the police, Bud Fox style, for partaking in a ring of derelicts who were trading off inside info. I had no idea. They caught him because he used options. If you ever want to go to prison, just buy large quantities of options before an event that you have knowledge of and I promise you, the SEC will find you and send you to Oz to be butt raped by Adebesi.
It’s never worth it, no matter how much money you might make.
My largest position, ALJ, is trending higher in a weak tape. Despite being a pathetic loser over the past week, wrong the market, losing money, I am content with my choice with ALJ–at least for the day. This should continue and accelerate quickly to the upside, as the idiots who manage your money realize the Brent-WTI spread is wide again.
I swear, sometimes I feel I am fighting a war against acute ignorance. All of my beliefs come true, eventually. They just take time.
Having said that, BALT has severed my penis. I am a eunuch in the city square, offering news and advice to fellow citizens.
This market is a bag of rocks. The slow burn is starting to heat up and I feel as if my entire person is inside of an oven, awaiting to be flamed broiled.
Down another 1% for the day.
By the way, The PPT will be open for FREE trials, starting midnight tonight, and lasting until midnight on tomorrow. Scratch that: we’re giving free trials for ALL iBC services, including 12631 and After Hours with Option Addict.
