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
18,855 Blog Posts

Fly Buy: RKH

I bought 2,000 [[RKH]] @ $82.50.

Disclaimer: If you buy RKH because of this post, Cramer will jinx this rally, with another ‘bottom’ call. And, you may lose money.

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Fly Buy: UYG

I bought 15,000 [[UYG]] @ $15.77.

Disclaimer: If you buy UYG because of this post, the NL will never win an All-Star game again. And, you may lose money.

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The Market Must Rally Today

[[VLY]] posted decent numbers. As a result, “The Fly” is an early morning recipient of a claw hammer to the cranium. People get overzealous, buying shit like it’s going out of style.

Look at the [[CLF]] for [[ANR]] deal. That doesn’t prove the materials sector is undervalued. Instead, it displays the stupidity of the CLF management team.

On the [[WFC]] news, banks are trying to rally here. I am always skeptical. However, today I believe they will go up. As a result, I bought a quick 10,000 shares of [[UYG]] at the open. As you know, this is an average down for me.

With oil weak, banks stocks posting good earnings and a few deals getting done, the bulls MUST rally this market. If it cannot run up 200+ points today, they’re fucking doomed.

If you are heavily short stock, I strongly recommend you hedge your bets with some double upside etf’s, like UYG or [[ROM]]

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Late Night Thought

National League=Bank Stocks.

UPDATE: Mr. Mortgage on the wonderful world of housing.

[youtube:http://www.youtube.com/watch?v=VNo6n_Z7z1c 450 300]

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Laugh at the Rally

Do not trade the rally, laugh at it. Remember, the Fed is bailing themselves out, via supporting [[FNM]] and [[FRE]]. They (the Fed) are now in possession of 100’s of billions of dollars worth of GSE’s, thanks to their retarded shit for treasury ‘lending facility’ with the investment banks. So, by putting a backstop on the GSE’s, the Fed, essentially, is supporting their new/fucktarded holdings.

The fact that Paulson refused to elaborate on how much this “bailout” of Fannie/Freddie will cost speaks volumes. It is likely to cost American tax payers 100’s of billions.

With my money, I might nibble at some shorts here or buy some more [[FXP]]. However, beware of a sharp rally, led by gay men in florescent jumpsuits, calling another “bottom.”

A bunch of homo bottom lovers, they are.

Once again, just to reiterate logic and reason: [[RIG]] goes higher and so does gold. My favorite way to play gold is [[DGP]]. If you really, really hate the dollar, long [[DGP]] and long [[UDN]] is for you.

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