iBankCoin
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.
Joined Nov 10, 2007
23,376 Blog Posts

Waiting For My Prize

The other day, Josh Brown from Reformed Broker was quickly dismissed by a vagabond on CNBC for recommending AAPL, down at these levels. The vagabond said something along the lines of “I only buy stocks that go up”, when confronted with Brown’s idea to buy AAPL. When it comes to buying beaten down stocks in an up tape, I think we can all agree that AAPL is exceptional and should be bought by those who believe in the long term story.

Slowly but surely, AAPL is turning the corner. Have a look at some correlation statistics, pitting AAPL versus the SPY.

AAPL

I own AAPL, alongside some of my other long term positions, and will be averaging down next week.

Essentially, as is always the case, “The Fly” waits for his prize.

He waits for it in the rain. He waits for it in crane.

He waits for it in the dark. He waits for it in a park.

He waits for it all the time. He even says so in a rhyme.

After the waiting is over, he watches his profits soar.

To celebrate the occasion, he kicks one or two homeless men into the calm waters, by the seashore.
Baby Fly- 1980

I was flat for the day, up 23% for the year.

http://www.youtube.com/watch?v=_ynnWAVc_9A

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I HAVE A GOOD BANKRUPTCY PLAY!

The shippers are on fire. Perhaps it’s a play on exporting stupidity out of Cyprus.

Shares of EXM, EGLE, and DSX are ripping, not to mention my absolute favorite stock in the world, bankruptcy protected OSGIQ.

But now it’s time for a new play, a company that can file for bankruptcy and protect its stock holders at the same time. Instead of hitting bondholders and wiping out equity, I propose we start taking money out of the checking accounts of the employees to settle debts. After all, they’ve been milking companies dry for centuries. It’s about time they start paying their fair share, eating peas–so to say.

It’s the Cyprus way and I think it will work!

I did two things today.

I bought ZAGG, hoping that fraud can cause this stock to go higher. Desperate people do desperate things.

And, most importantly, I bought FRO on the hopes and dreams that they will file for bankruptcy protection soon and siphon funds out from the accounts of their employees. On that news, like Fannie, Freddie, OSG, AMR and Ambac, I expect shares to rise.

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Get Ready For The Global Coordinated Response

The Fed will extend swap lines to Cyprus and the ECB will concoct some ingenious plan, all to be revealed on Sunday night. I’m starting to believe these people aren’t stupid after all. They feign dumb, self-inflict crises, then drop the hammer on anyone who sold short.

What better way to win the hearts and minds of the people than destroying the opposition?

Over the past 5 years, there’s been a coordinated and very organized effort to hurt short sellers, or people who just want to get 2-3% in a savings account.

This economy favors risk, speculators, people like you and I willing to buy FRO because they are heading for bankruptcy, not because their earnings, or lack thereof, are any good.

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We’re Getting Close to the Top

Boy do I regret not selling more yesterday and keeping the cash safe. Although, let it be noted, I bought CTRP, YOKU and HIG yesterday, all outperformers today. My big loser was USG, which is to be expected on a day like today. As such, I shed about 1.2% for the session, amidst comedy and pornographic laughter, seeing bankrupt stock prices trade higher.

I literally bought FRO, hoping they’d declare bankruptcy soon, so that the shares can run higher, just like OSGIQ.

Since when are equity holders afforded protection in bankruptcy? People have no idea what they’re doing. These companies will simply yank their shares off the market and leave trails of zeroes in moronic brokerage accounts across the continent. This street, being Wall, is strewn with overzealous greed-mongers, which is the number one sign of froth. Froth, as is always the case, is the number one symptom of a market that is too high, bound to fail.

The cure is lower prices, much lower I’m afraid.

I’m not ringing alarms just yet, even though AMBAC traded up by 30% today (ABKFQ) on 27 million shares traded. But we’re getting close and we all need to hunker down and prepare for the event.

I was preparing for an expeditious exit from the market in early April, just before our tax bills are due. However, seeing all of these bankrupt companies doing so well in the stock market, I might have to reconvene and move the date up a bit.

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Bill Ackman is Betting the Ranch on this Costume

Get Joe Fresh NOW! at your local JCP.

joe-fresh1

I don’t care what the analysts are saying about Joe Fresh. This is doomed to fail, just like CWTR and the fat mountain dogs who shopped there.

Disclosure: I am short JCP.

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Bankruptcy Never Felt This Good

Remember old OSG? Well, apparently, equity holders fair much better during bankruptcy proceedings than when the company was still solvent.

OSGIQ

Every company under pressure should file for bankruptcy protection, in order to see their shares rise.

If we aren’t close to the end of the bull run, gravity does not exist.

This is the end of the bull run. I might have to sell earlier than expected, as the market is filled with roaming idiots, bidding up stocks that will vanish from the market at any given moment. I did not see this coming.

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IT’S A BANKRUPTCY PARTY

The new business model in America is to file bankruptcy and see your stock rise over 500%, homeless man lottery style!
fnma

fmckj

fmcc

amr

ambac

This isn’t a bubble, but a renaissance.

UPDATE: iBankCoin just filed for bankruptcy protection and has attracted dozens of buyout offers, as a result.

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BEHOLD FOR THE GRANDE FINALE

If you’ve been following me since January, you should be up more than 20% year to date. With my small book of business, I am plus 24% and counting, levered long at 110%. At times, I’ve been 150% long–cannibal in a locker filled with weak bankers style. Do you know why?

Answer: because I can.

Since I’ve been blogging on the internets, I’ve never been levered this long. Back in 2008, I was 200% short, many, many times. My confidence was not caused by chemical imbalances or because I am a “perma-bull.” Quite the contrary, as I prefer everything to burn down. I am perma-banking-coin. Let’s leave it at that.

I went long and stayed long because I was supported by central banks and history. I know my stock market history; therefore, I am never doomed to repeat failures, aside from the occasional December blow up.

POMO.

With today’s gains, the SPY is up 2.7% for the month, stretching its winning streak to 5 consecutive months. This has been the easiest market in the world if you obeyed two things.

1. The overarching trend.
2. Stayed within the parameters of popular stocks.

Often times people try to outsmart the market by buying outlier stocks, in stupid jackass fashion.

Listen to me very closely, the market is a great whore who intends to suckle you. Do not take her to the movies and attempt to woo her with flowers and gifts of chocolate and persimmons. She will do it for free.

Why try to plant onions in the cold dirt, when there are sweet potatoes on the table to eat?

Ask yourselves that question when you see to your sins and redress your immorality.

The grande finale is upon us. We are on a fixed course higher until April and I intend to milk this cow for every last drop, then kill it for its meat!

http://www.youtube.com/watch?v=OqAlMItkV44

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