5% Day, Friendo

I just got back from a celebratory lunch, tasting menu with wine pairs, at once of Princeton’s finest eateries. I hope you can appreciate the good fortune that I’ve experienced today with FRO. Being able to sell 500,000 shares into an upswing, fully liquid, is a gift, one that I couldn’t look in the face and ignore.

With part of the proceeds, I went long YGE; the rest  is in cash.

My largest positions are IMMR, YELP and AMBA. I know the market will trade up, so I am not too worried about booking profits.

The market looked dicey for awhile, but roared back like the lion that is is. I am almost fully invested and will be looking for another fresh idea this evening. I like NILE, but the shares are too thinly traded. BX and APO are good, but offer limited upside returns. The reason why I went heavy into YGE is for the upside potential. Since I am up so much, I can afford to take risk.

I was up 5% for the day, plastic manning my way to +32% for the year. Despite all of the tests, Le Fly is pissing on his competition from atop a summit, defecating on those who try to sneak up from behind (no homo).

And that’s exactly what I intend to do, friendo.

I am up more than 5% today, setting new records, new annual highs in the process– up 32% for the year.  I sold more than 500,000 shares of FRO today because I needed to divest a little. I will hold another 700,000 shares until my prophecies come to fruition.

With the market soaring ahead of the Fed, I think it’s fair to assume “tapering” isn’t part of the Bernanke playbook. We should continue to make new highs, unless of course earnings, or lack thereof, derail us. I did not like the news out of TEX today.

With today’s gains in the SPY, we are about flat for the month of June. There isn’t anything wrong with selling to take profits. But just know, better men than you are 100% long, strong, unafraid of the horrors that may or may not hang in the balance.

Your gender is suspect.

Solar is where it’s at because of fundamentals. These companies are smashing earnings expectations and guiding higher. Plus, it has the attention of the degenerate momentum crowd. I love YGE up to $4.

“The Fly’ is all about winning and has decided to continue to do so for the duration of 2013.

Off to go buy 20 diamond encrusted gold chains and 200 pairs of Air Jordan’s with my FRO winnings.

I started a good sized position in YGE.

It looks like my FRO is getting a serious blow out today. Apparently, the other Frontline, the one that trades in Oslo, was up more than 20% today. I can only surmise good news was released.

Still checking.

UPDATE: I sold 300,000 shares of FRO. I am still holding another 900,000.

I am not sure if Ben has children or had enough social skills to “acquire” a wife by now. Nonetheless, I’d like to wish him a very warm father’s day from the House of iBankCoin, for his selfless, yet domineering, position as “Daddy to All”–as far as money and economic stimulus is concerned.

Thanks to “Father Ben”, us Wall Streeters enjoy many fruits from his laborious labors. Just today I was able to purchase the very latest LED-LCD teevee on the market, along with a state of the art sound system, thanks to Benjamin Bernanke.

Thanks Dad!

Next week I am having 10 trees removed, stumps removed too, from my property and having a few oaks planted, along with 10 mature boxwood bushes.

Thanks Dad!

Finally, next week Mrs. Fly intends to purchase some new hardwood flooring for a few rooms upstairs, along with some base moulding.

Once again, thank you Father Ben.

http://www.youtube.com/watch?v=Q29YR5-t3gg

I hate when the market gets fixated on one thing and pins its hopes to it. Remember when the market couldn’t go up without AAPL? Or how about the price of oil and copper? Whenever commodities went down, we died. Or how about the dollar and the euro?

Need I remind you about Italian/Spanish yields or Greek tragedies?

The panic button for the moment is the Japanese yen. We can’t do anything without first looking at the exchange rates of the yen. Try being a professional money manager, then telling your clients how stupid everyone else is for behaving in such a manner. After a while, it starts to sound like mental illness, psychotic behavior coming from an ego-maniac.

These days I just go along with the flow,  acknowledging the ‘great risks’ to the system without even a hint of cynicism.

As it so happens, I am flat for the day, thanks to AMBA, YELP and FRO. I know IMMR is cheap, so I am not concerned about today’s decline. The world is ending, after all, what do you expect to happen to your stocks?

I suggest reading iBankCoin over the weekend. The Option Addict, Chess, Rc, Myself and others will have a lot of things to say about the current state of things. Naturally, everything hinges on the economic experiment being conducted in Tokyo.

Make sure to watch the teevee on sunday night and monitor asian trade. If Japan brushes it off and trades up, we are going to punch scrotums into the open of trade on monday.

This one will be auctioned at Sotheby’s next Saturday.

Starting bid: $99,999,999.00

There is a wall of worry to climb and I know just the institution that intends to do it.

We aren’t going to sell off because that’s not what we do. There is a lot of anti-American rhetoric going on these days. You must admit, we’ve never been more powerful. The American dynasty is at its pinnacle of power, evidenced by our superfluous stock exchange.

I’m still talking my book. Today’s favorite positions are YELP, IMMR and AMBA. HOV looks good too.

First the gimp, now the crotch gun.

I hate to poke fun at short sellers. It’s like making fun of people in wheeled chairs for not being able to skip. The fact of the matter is, there was never a reason to sell, which is why I didn’t. Hopefully, my stocks participate in the rally to come. I am up 2% today, making up all of yesterday’s losses and MORE. I feel Asian markets will be explosive tonight and I really like the long WETF, MTU and NMR trade.

For now, AMBA isn’t working. They posted much better than expected results, just last week. Give it some time; people will get around to walking this player up.

I’m not searching for new ideas now, so I am all about talking my book. If you want new ideas, on a real time basis, join us inside the 12631 trading room and The PPT.

Here is my PPT post from this morning– a sublime harmony of mathematical precision (SHOMP).

I remember being short into days like this, witnessing Asian and European markets get clobbered, along with US futs, only to see our incredible markets buck the trend and kill my position. If you are an active participant in these markets, you should know by now, never bet against the Fed.

I am not claiming victory here, as I have only made back half of yesterday’s losses and the day is young. But the worst case scenario didn’t materialize today and I’m happy about that.

I am 100% invested, so I am not looking for new ideas. I’ve switched from research to management. Along these lines, I’ve developed exit strategies for some of my names and calculated holding periods for each of my positions.

My two favorite names are IMMR and AMBA. Both have momentum and should trade up with the tape. WETF is a half sized position. I am waiting for the Japanese markets to stabilize before making it a full position.

FRO is with me for a long time and will continue to be a long term holding.

HOV and USG are both cheap and great plays for US housing. And, lastly, YELP and MTU are both buys here, for different reasons, but buys nonetheless.

Within social networking, there are a handful of names worth holding for the long term. Here are my favs: ANGI, TRIP, YELP, Z and maybe OPEN. I do not like LNKD.

ANFI is my laggard, an illiquid play on rice. It is a small position, so I will exhibit some patience to see if they can get their act together.

Overall, I am very bullish on this market, due to the nature of today’s appetite for risk.