That Was Hard

You have no idea how hard it was to do nothing today. I spent a few hours watching the old classic “State of Grace”, starring Jakegint’s favorite actor– Sean Penn. After that, I believe I fell asleep. But I am not sure. The end result is a wasted day, as stocks reversed course and impaled shorts to the fucking wall. Two former large positions of mine, EXK and CTRP, both screamed higher. Yet, I remained calm, in the face of undeniable tomfoolery and accomplished nothing.

Bravo (golf clap).

This much is certain: I am buying more DMND tomorrow. That fucker has $21-23 written all over it. Also, LCC is my favorite non-position, which is at the top of the watch list too.

Bottom line: TLT blasted higher and no one gave a shit. The junior traders running the turrets must’ve been busy eating doritos or some shit because stocks closed the session looking good, save YELP of course.

Because I have 50% of my book in cash, I am tempted to buy everything. Most of you pikers can’t hold cash in your accounts because, well, you’re pikers. But I have a mindset of a champion and heart of a lion when it comes to these sort of things.

Early this morning, the bitches JVA and JMBA tried to lure me into their whore house. I said “no thank you M’am (sp?) I am happily married, so fuck off.” Then that Weinstein guy left a comment about DMND trading down 30 cents on less than 100k shares traded. Again, I was tempted to double the trading volume and answer his stupidity with a 75 cent spike in the stock, but I refrained. BZH, KKD, LCC and NFLX offered me their wares; again, I said no.

I drew a line in the sand and said “as long as TLT is up, I will remain sidelined.” It’s fairly straight forward and easy to follow. TLT represents “de-risk”, a harbinger of doom and gloom for the boom in stocks. When money pours into bonds, you should be alerted. Plus anyway, no one wants to fuck around with heavy equity positions heading into the fall. Quit fooling yourselves, fucking jackasses.

“The Fly” is to finance blogging what Picasso was to canvas.

Off to eat those sandwiches: turning off my computer.

I love YELP. Anyone reading this site for more than a month knows I’ve been a huge supporter of the company, having been a shareholder–enduring the whipsaw roller coaster of the fucktard. However, after seeing the Thiel situation and the unbelievable catastrophes in ZNGA, GRPN and ANGI, I am done with the sector. If we’ve learned anything in recent weeks, insiders of these social media plays, the Vulture Capitalists, will not hold stock. They are sellers at any price.

Well, YELP’s lock-up period expires on 8/28. Both Seminole Capital Management and Cupps owns a combined 20%+ of YELP. I doubt those dicksuckers will resist the temptation of hitting the bid, whenever given the opportunity. After all, it is “their job” to do so.

The entire social media sector is a mess and I wouldn’t consider touching any of them until valuations compressed to 5 times sales. That’s another 50% drop for Facebook, just in case you home gamers aren’t paying attention.

Moving on, I think stocks will trade lower today. Europe is weak and we’re due for a little consolidation. I am not a buyer heading into September, even though the problems of the world appear to be “solved.” Nevertheless, this still is a long only tape, as I feel betting against the central banks is a suckers bet.

The stock of Facebook should not be bought and Thiel’s reputation is a dunk shot short sale.

Cramer goes in on Thiel again, nailing it here big time.

Well, I picked the right day to sell. I kept a few stocks around to entertain me during the slow, melancholy, days of summer. I had a plan and followed through on it. There is no looking back now.

The PPT nailed the miners, once again– allowing me to book an 8%+ profit in EXK. All in all, the summer of 2012 turned out to be a delightful (no homo) one for me, bucking the seasonal trends in the face of alarming grotesquery.

Now I wouldn’t go short here for a very specific reason. Bonds have been sold, without regard for the retards who own them. Although TLT reversed higher today and is being bought up by miscreants clad in burlap undergarments, the trend is lower. If you look back in time, you will notice that when TLT drops more than 5% in a month, it tends to follow through to the downside the very next month. If that’s the case, stocks will move higher again, ignoring cat calls from the unwashed to sell into the elections.

In my professional opinion, the best course of action is to go to cash, but keep some longs around for sport and leisure.

I intend to press the envelope in my DMND long and will buy more, but only on dips. I am waiting for the Weinsteins of the world to capitulate and fess their unbridled ignorance. At that moment in time, I will sell my DMND position and dance on their fucking graves.

A great man once said “Never fuck with the guy in the time machine or space capsule.” I strongly advise you to learn the lessons of others who’ve made such egregious errors and trade accordingly.

I am 50% cash, looking for opportunity, as always.

I am not interested in debating whether or not Peter Thiel is a huckster scum-bucket or not. I know he is and that is my opinion. I am entitled to that.

Moving on, I sold out of CTRP, EXK and TEA today, upping my cash position to 50%, even after earlier purchases of NFLX and MRVL. I am now up 26% for the year, my best since 2010. My plan has been to wind down operations going into September. I cannot think of a better tape to sell into than now.

Remaining stocks on the sheets include: DMND, VHC, CHD, PEP, WM, KMB, FB (very small piece from low $30’s), RS, GLW and MRVL.

Current cash position stands at 50%, ready and willing to step into a trade or two. However, for now, I am adhering to the disciplines of the stock Gods, listening to the whispers of my urinal shadows.

So Mr. Thiel turned $500,000 into a billion, long Facebook. That’s terrific and I am very impressed by his investing “style.”

When I told you “Vulture Capitalists” are the lowest form of human being, you scoffed at me and proceeded to eat chocolate pudding with whipped cream, like the fat fucks that you are. Well, with Facebook at new lows and Pete selling out of the majority of his shares DOWN AT THESE LEVELS, do you believe me now? Do I have your attention?

Good.

There is nothing wrong with selling stock and taking profit. However, I have a serious issue with the way Morgan Stanley and the Vulture Capitalists, like Thiel, marketed Facebook to the retail investor, propping up the valuation to unbelievable levels, and now bear witness to insiders abandoning ship after just 1 quarter of earnings.

Something is dreadfully wrong with this picture.

First of all, Zuckerberg needs to assert himself and oust Thiel from the board, immediately, like right fucking now. Second of all, Thiel, and the other VC’s, should go fuck themselves. None of these men are with top hat. They are the very worst in finance, totally devoid of comportment and decorum, slapping investors with their dirty hands and vexing people like me with their fucking faces!

Sell all social media stocks. Do not participate in the scam called IPO’s anymore. None of these men deserve exits after what they did with ZNGA, GRPN, FB, ANGI, etc. The list goes on and on and on.

SHAMEFUL!

I am grateful to have eaten this chinese burrito and make 15% in the process.

I am out of CTRP.

I started a new position in NFLX and did a small average down in MRVL.

I started finance blogging back in 2006, at FlyonWallStreet, where I earned the name “The Fly.” Back then, I had a lot of shit to say, particularly with four letter words. There weren’t any finance bloggers who talked like me back then because bloggers were pussies. In the real world, people who manage money have disgusting, filthy, mouths, cussing at old ladies in wheeled chairs and spitting at the homeless. But somehow, someway, when these charlatans made it online, their salesmen hats went on and they became very prim and proper, coming across as bland, rigid, checkered pants republicans (no Savage).

I revolutionized this blog game, spawning off dozens of copy cats and countless others who mimic me on Twitter.

The reason for the redesign.

The previous web design was beautiful. I loved the black, glassy, look, with background images to match. I liked the format, but quickly despised it for a specific reason. My crew, the elite tabbed blogger apparatus, the all-star squad of staff writers, drowned under the volume of the purblind. Since it was sorted by chronological order, more than ninety percent of the content published under the old design was indeud penned by gorillas with half eaten bananas on their desks, and NOT my staff writers.

At the annual iBC dinner, their discontent was aired and I have responded in kind.

Effective immediately, we are now in the year 2006 and you are enjoying the new design, whether you like it or not. Although you never imagined that orange was for you, it is now your favorite color–next to white and wheat. I am sensitive to no one and will not bend, with regards to living in the past. Back then, things were simpler. Twitter wasn’t even around and Facebook was having its dick cut off by Myspace.

However, if the white is too harsh on your old man eyes, I can have VINCENZO ILLUMINATI (world famous IT specialist) tone it down a little.

As an aside, I am up more than 2% this morning, led by fantastic gains in CTRP, DMND and EXK.

Old school.

NOTE: If you were too lazy to click on the link above, this is what the old site looked like. Odd, no? VIZ.