A Few Internal iBankCoin Matters

Before we embark on another fun filled week of roller coastering equity prices, I wanted to remind the public, the seemingly endless hordes of read class personnel visiting this site, of a few important matters.

For one, the new Exodus movie is out. I hope to see this ad running just before the kick off in this year’s super’d bowl.

Secondly, the iBC online conference of brilliant minds begins tomorrow evening. This is your last chance to sign up.

Lastly, at the end of next week, I hope to expand the new Peanut Gallery beyond the existing 6 bloggers. If you have an interest in writing for iBC, email me at [email protected]. Be sure to tell me your Twitter handle, as I view that as the most important aspect of your promotional skills. If you emailed me last time around and was denied, please try me again. Persistence is an excellent quality to hone.

World markets are about to get rocked, led by CAC futures, which are down 3% in early trade.

The entirety of Europe is about to enter a cesspool of vagrancy, down anywhere between 1.2-2%.

The Hang Seng will be hung tonight and gold will become a respite for panickers everywhere. Oil is marginally higher by 0.3%.

S&P futures, following the dialogue of extreme fuckery, are lower by 0.64% early going.

BEHOLD: Our latest Exodus commercial

The Paris attacks will certainly hurt European economies, as tourism is sure to suffer. I’m not sure if the Fed bakes that into their model. They’ve cited the global economy as a concern of theirs numerous times. Nevertheless, one of their so called mandates was to target an inflation rate of 2%.

Let’s see how they’ve managed that, so far.

source: USinflationcalculator.com

Pretty fucking bad, actually.  From a layman’s point of view, one might say the exact opposite of their mandate is occurring, a Costanza trade in the making.

CPI data is due out on Tuesday, which are almost assuredly going to be laughably horrendous. Then we get the fucking Fed minutes on Tuesday, and get to hear all of those imbeciles chatter boxing with one another about how awesome it’d be to jack up rates inside of the deflationary vortex.

In case the chart above doesn’t do it for you, here are America’s historical CPI numbers–dating back to 1999.

NOTE: This is your last chance to sign up to the iBC Conference Online version. OA will be doing a live 5 day mini boot camp. Don’t miss it.

Just when you thought drug companies couldn’t stoop any lower; they come out with claims that their liver disease drug can, in fact, cure intravenous drug use too. I am sure this has nothing to do with that fact that Medicaid is saying “fuck you” to MRK for their $1,000 per day treatment, for the benefit of drug addicts, who aren’t normally covered. Studies show that HALF of intravenous drug users have hep c.

Many states require people with hepatitis C to prove that they abstain from drug use before getting covered through Medicaid, the U.S.’s state-run health program for the poor. In Merck’s study of 301 intravenous drug users, 95 percent of patients treated in the trial were cured of the virus, Merck said Saturday in a statement. In addition, 97 percent of patients took at least 95 percent of their hepatitis C drugs. Patients in the trail were also taking daily medicine to treat opioid addiction.

Intravenous drug users are the “hot core” of people with hepatitis C, according to Eliav Barr, head of infectious diseases at Merck, and few large studies have looked at the effectiveness of new oral therapies in treating them. A U.S. government study found that nearly half of young people who have ever injected narcotics like prescription painkillers or heroin have the virus, which spreads easily through needles.

“These are not-out-of control folks who are strung out on the street,” Barr said by phone on Wednesday. “They’re much more emblematic of people who are IV drug users who are trying to kick the habit.”

State Medicaid programs have in many cases put restrictions on new hepatitis C treatments made by Gilead Sciences Inc. and AbbVie Inc. While the treatments are highly effective, governments have balked at list prices that can exceed $1,000 a day.

In a study published in June examining coverage policies in 42 Medicaid programs, about half required a period of drug abstinence before they’d cover treatment, and 64 percent required urine tests for drugs. Earlier this month the federal government warned states that they may be violating the law if they fail to provide people on Medicaid with the drugs they need for hepatitis C.

“This is going to be that ‘no excuses’ moment — you cannot keep denying people with substance-abuse histories or even active substance abuse access to effective treatment,” Daniel Raymond, policy director for the advocacy group Harm Reduction Coalition, said by phone on Wednesday. “This kind of data is what we’ve been waiting for to say that processes that prohibit coverage of treatment for active drug users is de facto discriminatory.”

 

The fuck out of here. MRK is trying to steal some of GILD and ABBV thunder with this wild eyed claim. Sometimes I wonder if the execs who ordered this ridiculuous study know how fucking retarded they’d look right now.

I wonder why all of these lads don’t go the other direction to Saudi Arabia, or UAE? They have lots of money and also practice the same religion.

Poland’s new government won’t accept migrant quotas imposed by the European Union, as the terror attacks in France have exposed the weakness in the bloc, the nation’s future minister for European affairs said.

“In the wake of the tragic events in Paris, Poland doesn’t see the political possibilities to implement a decision on the relocation of refugees,” Konrad Szymanski was quoted as saying on Wpolityce.pl website on Saturday. “The attacks mean there’s a need for an even deeper revision of the European policy regarding the migrant crisis.”

Another option, of course, is for them to swing a right and head on over to Mother Russia. Vlad Putin is waiting with open arms and a big cold bowl of disgusting borscht for all new migrants.

I was going to review a French film, having seen a few, in solidarity with the French people. But then I changed my mind about discussing some sappy, sad, movie and opted for one that better fit my mood.

Mission Impossible–Rogue Nation was a terrific action film. This is what a James Bond film should look like, with amazing stunts, fantastic dialogue, and great plot twists. Trust me, watch this movie; you will not be disappointed.

This is probably the best action movie, for me, since Batman Dark Knight Rises, which is one of my favorites of all time.

French President said all of the terrorists who were holed up in the concert hall are dead.

4 gunmen have been killed, 1 arrested.

1,500 soldiers in French streets, patrolling.

Online chatter on ISIS websites are saying Rome, London and DC are next.

French President Hollande said at the Bataclan tonight: “We are going to lead a war, it will be pitiless” against the terrorists.

Via Guardian:

UPDATE: 5 terrorists are dead, according to Fox News.

UPDATE: Nasdaq futs -0.9%

UPDATE: French President’s full speech, transcribed.

“My dear compatriots,

As I speak, terrorist attacks of unprecedented proportions are underway in the Paris area. There are dozens killed, there are many injured. It is a horror.

We have, on my decision, mobilized all forces possible to neutralize the terrorists and make all concerned areas safe. I have also asked for military reinforcements.

They are currently in the Paris area, to ensure that no new attack can take place. I have also called a cabinet meeting that will be held in a few minutes.

Two decisions will be taken: A state of emergency will be declared, which means that some places will be closed, traffic may be banned, and there will also be searches which may be decided throughout Ile de France (greater Paris). The state of emergency will be proclaimed throughout the territory (of France).

The second decision I have made is to close the borders. We must ensure that no one enters to commit any crimes and that those who have committed the crimes that we have unfortunately seen can also be arrested if they should leave the territory.

This is a terrible ordeal which once again assails us. We know where it comes from, who these criminals are, who these terrorists are.

In these difficult moments, we must — and I’m thinking of the many victims, their families and the injured — show compassion and solidarity. But we must also show unity and calm.

Faced with terror, France must be strong, it must be great and the state authorities must be firm. We will be.

We must also call on everyone to be responsible.

What the terrorists want is to scare us and fill us with dread. There is indeed reason to be afraid. There is dread, but in the face of this dread, there is a nation that knows how to defend itself, that knows how to mobilise its forces and, once again, will defeat the terrorists.

French citizens, we have not completed the operations. There are still some that are extremely difficult. It’s at this moment that the security forces are staging an assault, especially in a place in Paris.

I ask you to keep all your trust in what we can do with the security forces to protect our nation from terrorist acts.

Long live the Republic and long live France.”

UPDATE: 8 attackers dead, including 7 suicide vests.

Gunfire and bombs are being reported in a Parisian theatre, leaving more than 60 dead. This is an ongoing crisis with French police positioning to breach the theatre, who reportedly, have hostages and are indiscriminately killing people.

Reports of attacks in at least 3 separate places are being reported, as well as hostage taking. The French President has declared a state of emergency and has closed France’s borders to all surrounding countries.

UPDATE: Witnesses are saying gunmen entered building with AK-47s and went on a wild shooting spree, killing anyone in sight. There’s also reports that over 150 hostages have been freed. Upwards of 28 are still trapped.  Police are storming thr building.

UPDATE: France’s President was at the soccer game and was safely evacuated.

UPDATE: Fox is reporting French authorities have confirmed this is an ISIS attack. For the first time since 1944, France has declared curfew.

UPDATE: France says the attack is over. They’ve secured the area.

UPDATE: I found this video on youtube

UPDATE: Reports of ‘jungle’ refugee camp in Calais on fire. Refugees attempting to flee.

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Let’s be perfectly clear about what’s taking place here. There have been 100’s of thousansds of refugees streaming in from war stricken Syria, destined for Europe. The do-gooders screamed at the top of their lungs to help these people, naively thinking every single one was a starving child.

I suppose the Europeans forgot the old tale of the trojan horse. Today’s attack is a direct result of liberal immigration policies that have resulted in scores of dead French citizens.

CNN is speculating this is an ISIS attack, who were likely smuggled in through the refugee swarms.

The market got absolutely poleaxed this weak, led lower by crude and retail stocks. There is a very tangible concern about this holiday season, after seeing numbers out of Macy’s and Nordstrom. Home furnishing stores also took to the bottle, with big ass losses in BBBY, KIRK and PIR.

Both GME and HGG led electronic stores lower. And there were about a dozen or so retail stores with shares down in the double digits.

Oil and gas was a sideshow, but also lower–as crude threatens to trade with a 3 handle. It’s clear to me, as well as many others, that the Fed is causing a problem with markets. Their incessant obsession to begin a series of rate hikes has people running away from anything that isn’t MSFT and FB.

The only sector, out of 200+ inside Exodus, that was higher this week was brewers–because people are getting drunk as fuck.

Europe is being invaded by zombie hordes of savage middle easterners. America is overrun with bad burritos from CMG. And Asia is a giant spiraling toilet bowl waiting to be flushed.

These are hardly times for us to be celebrating the revival of American exceptionalism, something the Fed seems to be doing.

For the week, I shed an enormous amount of gains. Every down day was worse than the previous one.  The Option Addict has been seeing the market with clear eyes and is giving a 5 day mini boot camp to rehash recent events and provide the content that was given during the iBC conference. For those of you who were unable to make it out to NYC this year, make sure you sign up for our online version, which begins next week.

My only point of hope for today is in my PAH position, one that has been sold and sold again, like a fucking whore in the south of Bronx. It looks like Bill Ackman caught his footing in VRX today. As such, his other positions are responding in kind.

Is that where we are now in this market, watching, tick by tick, the stocks of billionaire hedge fund managers to determine whether or not they will make it?

How many points are we down this week? Seeing markets dive like this makes you second guess yourself about the reasons why you became a trader or a money manager in the first place.  Boundaries aren’t being respected and the Fed isn’t putting up a bid for this market anymore. Instead, those fuckers have offers out.

I hate Friday’s in bear markets; they’re always the worst. Back in 2001-2003, I hated going to work, period. Those markets were similar to this, trends shattered inside of two days. If the market did rally, it was done in a very narrow fashion. It got so bad, I had to give up trading NASDAQS and had to rebuild my business around fixed income.

It wasn’t until we saw some real tax cuts and economic stimulus than did we see markets go higher again.

2003 was an epic year for me. It was the rebirth of Le Fly, career wise. At first, my gains were deliberate and moderated. Then I got the gist of it, sort of like riding a bike, and I was off to the races, throwing up huge numbers at my firm–once again.

Bull markets make you do stupid things, just like how I traded stupidly last year, so heavily concentrated in expensive tech into a bad decline. We all have muscle memory for upward surging stocks, thanks to years of unabated gains.

But we’re closing in on two years of rough sledding and I think it’s fair to say the bull market we grew to enjoy from 2009-2014 is over. It has been over for nearly two years.