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
16,392 Blog Posts

Fly Sell: LEH

I sold short 2,500 [[LEH]] @ $61.

Disclaimer: If you sell short LEH because of this post, your portfolio will follow the dollar to zero. Odd, no?

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Classic Reversal

Everyone thought the market was going lower; so it spiked higher. Frankly, I’m not a bit surprised and welcome a fucking huge rally, in order to redouble my shorts.

Thus far, I am looking to sell more [[LEH]] above $60.

The reversal in [[CSCO]] is very impressive, which tells me there is significant support in the low 20’s. However, the headwind of a weak CSCO will hurt many other companies who are dependent on them, such as [[NETL]] or [[BRCM]].

Being short the semiconductors, via [[SSG]], is not a bad idea.

On the long side, I like the reversal in [[RIMM]] and stubborn action of [[BWLD]]. Wouldn’t that be something if BWLD smoked numbers?

Finally, the banks have support at these levels. I would not add to [[SKF]] above $100. Let it come in.

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Retest the Lows

When I was long, I’d hate when people would say “we need to retest the lows.” However, now that I’m bearish, I welcome such fucktarded commentary.

In all fairness, the recent low was nothing more than a blip, due to the fact that we reversed hard off of it. We need to sit at those lows and wallow—causing immense stress and angst amongst asshole dip buyers like Dennis Kneale.

Currently, this is that way I’m playing the downside:

[[SKF]] [[FXP]] [[REW]] [[SMN]] [[TWM]] [[EFU]] [[DCR]] [[DUG]]

Short [[LEH]]

Short [[DECK]]

Short [[EWG]]

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No Leadership

I made another 1.5% today, on the backs of the fucktarded bank stocks going lower. I’m sure you are upset to see “The Fly” making so much money, in such a short time frame—while you book egregious short term losses. However, I’ll have you know, I’m not done yet. By the end of the year, “The Fly” will be so rich, he will buy all of the houses on his block, bulldoze them, then proceed to build low-end housing developments, much to the chagrin of my neighbor’s.

By the way, I hate the assholes over at [[RIMM]] and [[AAPL]].

There is no leadership.

Just today, we has significant breakdowns in [[BIDU]], [[DECK]], [[SOHU]], [[DWSN]], [[CME]], [[RIMM]], [[AAPL]], [[BID]], [[NOV]], [[AMZN]], [[PCLN]], [[ICE]], [[IHP]], [[CMG]], [[HAR]], [[SIGM]], [[CRM]] and [[GS]].

Where are the leaders, jackass?

[[RL]]? [[MFLX]]? [[IIG]]? or [[NFLX]]?

Good luck with that.

At the end of the day, I’m all about banking coin, while throwing old men into oncoming traffic. At this point, nothing can get in “The Fly’s” way of greatness, not even Mother Market.

UPDATE: [[CSCO]] is fucking doomed.

Flashback UPDATE: “The Fly” predicted CSCO’s fuckedness, when coked out bald guys said to “buy, buy, buy.”

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Position Updates: DECK

…significant breakdown in the great provider of furry boots [[DECK]].

…feel free to get drunk and short more.

…”The Fly” wins again.

Developing…

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Quick Alert: Mysterious Foreign Bankers Pulling Out of BSC Deal?

As you know, Cramer told the world, via Mad Money, that foreign bankers were secretly in a fucking bidding war for the worthless assets of [[BSC]]—10 bucks higher.

Question: Now that BSC is unraveling like a Bronx whore in a high end eatery, does this mean the deal is off?

Just trying to get some clarity on this future matter.

NOTE: Fuck  BSC.

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Europe is Especially Screwed

It’s amazing to see”professional money managers” on CNBC exclaim we are at or near a bottom and brag about being fully invested. Mutual funds do not have to be 100% in stock. What’s wrong with having a 10-15% cash position?

I mean, really, if you are bullish and insist on being long stocks, dollar cost average into your favorite positions—from now until summer. Upon doing so, I’m sure you “bottle fuckers” will only be down 20%, instead of 40%, by the 4th of July.

As for Europe:

I want to sell short the entire country of Germany. In 2008, earnings are expected to be down 18%, as slow growth, coupled with a weak dollar, knee caps their exports. The whole world is fighting for the Asian consumer. The one advantage us Americans have over the Euro whores is our incredibly shrinking dollar. It’s killing them.

My guess, German markets will double whatever egregious losses that come out of the U.S., effectively sending the DAX below 6,000.

Oh, and another thing: quit excluding financials from your fucking earnings estimates for the S&P 500. That’s as stupid as the fucktards who exclude food and energy from the inflation data.

Thanks.

Finally, with my money, I want to add to [[SMN]], [[DUG]] and [[LEH]] short. Also, without doubt, oil has significant downside here, which will benefit [[DCR]].

As of right now, my largest position is [[SKF]].

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