HAPPY BIRTHDAY iBANKCOIN

Tomorrow is the 4th birthday for iBankCoin. For those of you who are new here, the journey originated from the time when I was blogging on some bullshit blogspot site.

Here was the introduction video crafted by Spydercrusher aka “Danny.”

It all started when “Jeremy the IT guy”, and Co-founder of iBankCoin, emailed me for some good book tips. Jeremy was in college and was interested in learning more about stocks. After a few months of back and forth and firing him from guest blogging on FOWS for posting gangster rap bullshit (that was my thing back then, hiring bloggers for the weekends and firing them on Sunday night), I proposed we mock TheStreet.com with a site that looked just like theirs, only orange.

After some back and forth, Jeremy agreed.

As far as compensation went, he was given a choice: 1. get paid by the hour for work done on iBC. 2. get paid nothing, but get a significant share of the newly formed company. He chose the latter and it was a wise decision.

But we’re just getting started here, as the site expands into different aspects of content delivery, specifically seen in The Blogger Network and The Financial News Network.

Through the years, the site has undergone numerous design changes and content as well. We started off with just me, Woodshedder and Danny. Then Ragin’ Cajun came onboard. Shortly after him, Jakegint decided to convert himself from prolific commenter to tabbed blogger. We held elections to replace departing blogger “Gunners” and Alphadawg won. However, truth be told, we were forced to hack that poll for him due to the insidious manipulation of our polling system by none other BEAS.

Other bloggers who have donned the iBC armor include: Chart Addict, Coach Coffee, Henry Fool, Chuck Bennett, Gio and The Analyst Bomber. I may have missed one or two.

I brought Scott Bleier onboard after having lunch with him at The Four Seasons. I remember seeing Scott on the teevee when I was a young punk in the brokerage business. When we bumped into each other on Twitter, I knew he had to write for the site.

ChessnWine won his tab by defeating Caine Thaler in an election. Both Chess and Caine defeated all other contestants on iBC. The final vote was held inside The PPT and Chess won.

Caine won The King of the Peanut Gallery award more than anyone else in iBC history, due to his supreme command of the English language. Eventually, I offered Caine a tab because I knew he had earned one.

Cronkite used to blog under another name “GW.” And he used to post news under a different format. But it wasn’t successful, so I canceled it. After I launched The Financial News Network, it made perfect sense to put him in charge of it. He has done a terrific job.

Running a site is not easy. There are always #TECHISSUES and people are dicks. Personalities clash and I am not an easy person to deal with. Plus, so many of you out there are assholes. To date, we’ve banned over 1,100 fuckfaces who have disrespected the house that is iBankCoin. I ban people because they are dishonorable. Remember, iBC is my home. When you walk into my home by commenting, you are my guest. Should you choose to disrespect me in my home, I am going to pick you up by the collar and kick you out.

At any rate, I am very happy with the progress of the site, with traffic up 10 fold since 2007. We are on the cusp of launching a new site soon, which has nothing to do with content, however. Jeremy has come along way in developing his skills. He is an incredible programmer. Oh, I’d also like to thank Gappingandyapping for helping us with our servers. We could not have moved over to the cloud without him. He is a true friend of the site and is cordially invited to next years annual iBC dinner.

In closing, I intend to destroy all of the other financial sites out there. I know who you fucking are and your content is shit. Your advice is garbage and your grammar is atrocious.

Be well.

Did you know? Aside from the original staff of Woodshedder and Danny, iBC had another blogger named Mr. Bilderberg. He lasted only two weeks. His name was HOWARD LINDZON.

I started a position in OMX and added to both LULU and EXK.

If you are short and crying in a shower now, cheer up. The market is a Brazen Bull and everyone gets beat down. The Italian yield story is over. The ECB has intervened and CRUSHED the bears, sending yields back down to 6.44%. This is hard for you to accept, mainly because it seems to plausible that the world should end now. Unfortunately, it is not.

The Turkey Gods have spoken and they favour higher equity prices, going into the celebratory day.

Gold and Silver is my theme. But in addition to that, I am very much interested in names like LULU, BZH and of course refiners.

If you don’t have the decency inside of you to know right from wrong, I will be your moral compass.

Most young people are so self enamored they are unable to understand what life is all about. Sometimes these young people grow old on the outside; but on the inside, they are still children.

Anyone defending Joe Paterno, the 84 year old cocksucker who didn’t want to inconvenience himself with child rape a decade ago, should be arrested and executed with the degenerate bastard who abused those kids. There are no free passes. This is not a parking violation or some accidental burglary by one of your best friends. I have zero tolerance with abuses against women, children, the disabled and the elderly. The very basic function of being a strong person is to defend others who aren’t able to.

I am sick of all of the weakness that permeates this society. I see men destroying their families because they wanted to bang a hooker or have an affair with a hamburger. The core problem with people is they lack honor and dignity. They sit around the fucking teevee all day watching sports, wasting their lives without ever enjoying the finer things in life.

Instead of watching some loser sitcom, read Don Quioxte. Are you interested in expanding your dog brains beyond Mad Magazine? Go read Tolstoy.

I didn’t enjoy today’s rally because silver traded lower. However, I timed my NFLX sale perfectly and saved myself almost 5 points by doing so. With half of the NFLX proceeds, I bought LULU, down about .75 from purchase. Compared to what I saved in NFLX, I did good.

With the rest of the NFLX money, I intend to buy more DK and EXK next week.

Frantic price action, coupled with obscene amounts of unprecedented news flow, will kill off many investors. It’s very hard to keep a moving average when stocks are moving in 7% daily increments. Although I am guilty of moving in and out of contrary positions, such as today’s failed attempt at ERY, I always keep those trades small.

The market is a form of gambling, if used to trade frequently. Like gambling, people tend to get caught up in the emotions and the digits, forgetting there is real money at stake. Just because the money is in an account, dressed with cool fonts and fancy looking graphs, don’t lose focus of what you are trying to accomplish.

Get rich?

Maybe. But I think trying to get rich in stocks is an easy way to crush yourself. Unless you are 99 years old and have been diagnosed with stage 4 cancer, you have time to see your money grow over time.

I know this site is all about gunning for the markets, while killing people with clawhammers. But, that’s for me. You wouldn’t suggest a newly licensed driver participate in a NASCAR race, would you?

Before you crap all over your profit and loss sheets, figure out what your theme is. After you figure it out, initiate a plan to buy or sell said stocks with the understanding that you will be wrong on your initial purchases. Once you’ve taken the hubris out of executions, you won’t get pissed off when your new buy drops a buck for no reason. If you have a strategy to buy or sell, stick to it and adhere to those disciplines.

As for me, I have a theme: long silver/gold/refiners, with a blend of high beta gambling stocks. I just replaced NFLX with LULU, after booking 8 points in the former. I am not worried about EXK/AG/RGLD dropping because I intend to buy more if and when they dip.

Even though GSVC was looking mighty fine (southern accent) at $17, it looks even better at $14. I was never going to sell it at $17, so it’s pointless to get mad at shit like that. I intend to see it through, watching the development of their holdings in Facebook, Twitter, Zynga and others.

Lastly, I hope you have other streams of income. If not, try to get one. The stock market is on especially tenuous grounds and it can disappear one morning, Merlin style. You will wake up and turn on CNBC and Steve Liesman will tell you “in an unprecedented move, the Federal government has halted all trading in equities and bonds, indefinitely.” And that will be that. Poof, no more bullshit Italian yields because there will be no such thing.

At that point, “The Fly” will wander off into junkyards and finance local militias to secure grain.

I bought LULU and DK.

And, I ditched ERY.

Don’t look now but French 10 year yields are blowing out today, +6% to 3.4%. When they break 3.5%, people will discuss. I don’t know what is going on, just reporting the small nuances that is the stock market.

I sold out of NFLX to raise cash. I am now about 22% cash and intend to raise more.

Gold and silver are being liquidated. It is always a painful and arduous trade. But, more often than not, buying the dips turns out to be profitable.

I am not buying here and sense a lot of weakness, sans the trannies.

Bottom line: we’re not out of the hot water and stocks should be viewed with a skeptical eye.

UPDATE: I bought ERY.

Remember when MSFT and DELL were the hottest stocks around? Many of you young punks were in diapers when MSFT and DELL were ripping higher 4 points per day. Or how about when INTC had separately traded warrants INTCW? I made a fucking killing in those.

Before DELL won the PC battle, Gateway computer, ticker GTW, was just as hot. They had that cow shit going on and people loved GTW. Anyone remember when U.S. Robotix was independently traded? The ticker was USRX.

Into the dot com bubble, naturally American Online, ticker AMER, was supreme. Then the idea of high speed internet access resonated, sending shares of At Home, ticker ATHM, through the roof. I made a million in that stock. All of the network plays were on fire and the big theme was “B to B” stocks or Business to Business internet names.

Remember when QCOM split at $1,000 per share?

To get stock quotes, sometimes I called up an automated service provided by Charles Schwab from a subway payphone.

One of my largest positions in 1999 was a little telecom company called Global Light Telecom. I rode it from $7 to $20. Eventually it went to zero, like most stocks back then. But before the bubble era, during the 1990’s, there was stock market nirvana. Set aside the fucktarded LTCM and Asian contagion crisis, it was smooth sailing.

OZ Email (OZEMY) or Infoseek (SEEK) anyone?

One day I will take a picture of one of my old posting pages. Back then, at the end of each day my sales assistance would log every trade into a ledger. It was a big black book, sorted in alphabetical order, and every broker cherished it. Today everything is automated, but some retarded brokers still maintain a book. Anyway, during one of my hot streaks, I remember going 30 for 30 in successfully profitable trades. Clients were mesmerized by the percentage gains and would send money in, even when I wasn’t asking for it. I was so young and making so much money, ignorant to the world around me.

Nothing was hotter than CSCO.

Fast forward to today, I am older and much angrier. I don’t have an interest in booking day trades anymore. Back then, I was the king of day trades.

Futures are up big and Italian yields are cratering. I am guessing the ECB is stepping in here, supporting Italy. However, don’t look now, but French yields are up 4%+ to 3.35%. If it breaks 3.5%, the people on the teevee will talk about it.

Bottom line: this is fucking bullshit. None of what you see makes any sense and it is one giant clusterfuck. I am making arrangements to travel back in time, as we speak, to re-trade the bull market of the 1990’s when oil was at $10 per barrel.

Much props to David Einhorn for nailing the GMCR short. His timing was sublime.

Stocks like GMCR, ROVI and NILE should pose as a serious warning to all investors: do not stay long companies with high expectations into earnings. It is a recipe for cataclysm.

My target names for purchase is very small and I am most interested in gold and silver, despite today’s carnage.

But let’s be clear (no Obama), we are at the point of no return. The ECB will step in and buy incredible amounts of Italian debt when the crisis is at its apex. Why?

Answer: to make money.

Why should they buy Italian debt @ $95 when they can wait it out and buy it for $75? This is where the crisis is heading. Things will seem so incredulous, so unbelievable, then BAM: the ECB will pull a Puma Punku on the world and flood the bond markets with cheap money while socializing with high priced hookers.

Truth be told, I am so fucking sick of this roller coaster. I want to kill the people who do this to me but I don’t know where they live. Can you help me with that?

Thanks in advance.

I’m not afraid of the whole deck of cards being burned to dust. Despite my positioning, I am as bearish as can be. As a matter of fact, inside of my soul, I make the psychopath from Zerohedge look like Mother Theresa.

It’s all coming to a head now, isn’t it? This is the main event. The side shows of Ireland, Portugal and Greece are over. Welcome to the death match, starring Italy and France. After we are done with Europe, the contagion will spread to South America, then Asia and eventually America. But the policy response will be the same: more free money.

Do not think for a second they will allow for sanity to take hold after years of propping up this dead system. We know who pays the penalty and it’s not people with money. Everyone else gets taxed through artificial inflation, doubled with wage deflation. It’s the worst of all worlds for the middle class bus driver trying to put his kids through college. This, mind you, is not the message of the fucktards down at Occupy Wall Street–because they’re not part of the system.

VXX and FAZ are ripping higher, yet oil is flat. Banks like DB, ING, BCS, JEF and MS are in the heart of this current mess. Any sell off will hit those stocks hardest. On the flip side, any upside reversal will send shares soaring just as quick as the dropped.

I can’t add to any non-precious metal names here, with Italian yields so high. And, I can’t short stocks, based upon the laws of Turkey. For now, I am obligated to sit here and take my lumps, like a man, while accumulating gold and silver like a greedier version of Senator Gint, if at all possible.