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.
Of course ALJ had its best day in months, one day removed from “The Fly” booking a 12% loss. Nevermind that, for we are forging on, fixed on better ideas with less uncertainty.
On Jupiter’s Stone, BALT will trade $7 and RBCN $15. Just like GOGO, I know these things will happen. The only question is: will I get in my own way?
I am working on a few new ideas. However, I am hesitant to initiate positions ahead of earnings. I’d rather own names that have reported, this way the potential for disaster is mitigated.
I was up 3% for the day, wiping out Friday’s decline. Nonetheless, I have another 17% to go, in order to get back to my annual highs.
I’ll post some of my top new ideas later on tonight.
Of course ALJ caught an upgrade this morning. “They” were waiting for me to sell. Even still, I have no regrets selling the stock, as it disappointed me and fell beyond my threshold for acceptable risk.
I doubled down in RBCN this morning and wanted to buy MU, MS, SCTY and YELP, but held back. The way I figure, this market is going to surge higher for as long as I live. There isn’t a reason to jump in right away, after a bruising. It’s best that I hit a few doubles, before the fences.
GOGO is bonkers to the upside. Who told you about it first?
BALT is heading higher and I am up 2% for the day, waiting for an opportunity to allocate funds back into the market.
There isn’t going to be any vacations in the rubble of Romania this time around. Now that I’ve demonstrated mediocrity and fallibility, I shall demonstrate resilience, tenacity, and above all–excellence.
I shall not partake in parlor tricks or ploys to make you believe that I am winning, while I am actually losing. The very essence of iBankCoin, born on 11/12/07, is excellence through transparency. The struggle that we endure, on a day to day basis, is too taxing to be done alone, which is why we provide top grade services throughout the trading day with 12631 and The PPT.
While losses may affect our psyche in the near term, it’s important to limit them so that we may remain players in the game. The game is over when you’ve been eliminated. Sometimes it’s necessary to take 10% losses, in order to avoid the catastrophic varietal.
I’ve dedicated myself to this place of good fortune and rectitude, despite the personal sacrifices of a monetary nature. Truth be told, the majority of my money is earned elsewhere, yet my true passion lies in what I am going to do here, from now until year end.
The playing field has been leveled and I am in a 30% cash position, maybe more. I’ve pared down my positions down the skeleton so that I might shape a new person from the ground up. That process will be done here, as always, and the results will be nothing less than stellar.
I sold out of my largest position, ALJ, for a mammoth loss (-12%) and will now head towards the green hills of Romania to raise yaks and wander the mountainside naked. I am done for the year. I don’t feel like investing any more money for as long as I live.
Once high off the hog, now low like a peasant. There aren’t any words of encouragement that you might, carelessly, toss my way. This is not a debate, but an announcement.
I leave for the slums of Romanian nature with BALT, NSTG, RBCN, AAPL, FB and several other old man stocks in tow. I do not feel like selling them. I stress the word “feel” because I am obviously basing my decisions off emotion instead of logic.
Why buy stocks that suck?
Why buy something that no one else wants, all the while the streets are being paved with gold?
In the end, people get what they deserve, sometimes more. In this case, my blatherskite ways, calling readers catamites and the like, have finally caught up with me.
Over the past two years, I’ve been forced to watch myself, almost like an outer-body experience, blunder away 30% gains into saw-dust. I came into 2013 a humble man, a mere pie eater at the local coffee shop partaking in small talk. However, I let success defeat me.
Since I hit +60% for the year, I’ve been skating lower ever since. With this week’s -10% drubbing, I am barely up 40% for the year, a peasants showing amongst men of stature. The issue that I have today is not so much the horrifying specter of locking in a +40% return for 2013, but the assured likelihood that I will squander that too if given the chance.
Therefore, with absolute authoritarian tenacity, I declare myself “unfit for duty” and shall live out the rest of my days amidst the scenic rubble that litters the open fields of Romania.
Carl owns 90% of the shares, by the way. I am sure this frothy run higher does wonders for his Forbes 400 standing. I am trying to understand what people are thinking, gunning this stock from $36 to $120 over the past 12 months. Granted, Carl is the man. I love him and wish to enjoy a morsel of his success during my lifetime. However, all things that are hot turn cold.
Case in point: me.
They’re trading Carl like some sort of social media internet stock on steroids.
Nevertheless, I wish Carl the best and hope IEP goes to $1,000, making him the richest man in the world.
As predicted by The PPT, the market is bouncing. It’s bouncing because it reached a stress point that has resulted in past success. HOWEVER, as it pertains to me, previous success is not indicative of future performance. Hence, as such, I am being dismantled.
Observe how this is playing out; it’s quite sublime.
I sold out of TRLA and JAZZ yesterday and both are sharply higher today. Instead of putting the money to work, I opted for cash.
My largest position is down 9.5%, with hardly anything to hedge it since my longs are tepid. BALT and RBCN are up, but barely. NSTG is up, but on low volume.
Now I can go out there and do two things.
1. cut my losses on ALJ. This seems like a reasonable course of action. However, it is very possible that the lows have been seen in this stock and it might go sharply higher in the coming months, as spreads improve.
2. Start new positions to try to make back current losses. This is the traditional course of action, one that has preceded many losers throughout the generations.
As I am presently situated, do I really want to do this?
As I write this, the market is up and I am down 2.2% for the day, making this week a -10% showing for me.
The Fed is going to announce QE forever, vis a vis setting conditions for tapering at 6% unemployment, down from 6.5%. On this news, the market will go haywire. Clowns will parade down Wall, shooting themselves out from carnival cannons and everyone will spit on Rick Santelli.
The Twitter IPO wreaked havoc on the rest of the social media space today, giving a gift to the annointed. I sold TRLA because I’d rather own YELP. I justify taking losses and raising cash with the fact that ideal stocks are now discounted and ripe for the picking. I will exercise my best judgement to buy into this blood, knowing that Mr. Bernanke is going to give Wall Street the finale of a lifetime, before he tips his hat goodbye.
Let the market come in. Bring your shovels to the match–because we’re gonna bury those fear mongrels once and for all.
Twitter is going lower and fear is in the air; but so is the marijuana blunt smoke from a man waiting in the cut, savoring the moment to bring forth his penis guillotines.
