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
18,961 Blog Posts

Bulls Win Again

What a fucking turnaround, once again. It goes to show you, when things look most dire, it is time to buy.

Kudos to Cramer and Kass for calling the bottom in financials, much to my chagrin.

This is what I did:

I sold all my my inverse etf’s, with the exception of [[SKF]] and [[EFU]]. Additionally, stubbornly, I continue to hold my [[DECK]] and [[LEH]] shorts.

My largest position, by far, is cash.

Look, I realize a bailout of [[MBI]] and [[ABK]] will do wonders for the banks. I’m not oblivious. However, it does not mean the banks will be back to business. There is still significant pressures within lending.

In short, I am prepared to ride SKF down another 20 points, before buying more. I will not average down here.

With today’s rally, the DOW is barely down 7%, year to date—hardly a painful decline.

When buying stocks, keep in mind, Joey Bag-o-Donuts is still one poor motherfucker, unable to buy that third plasma tv.

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Sell the Banks!

No way those fuckers keep their gains, in the face of this blade (bear raid) on the markets neck.

While it’s true, many of you hatfuckers are waiting for a “bounce,” it’s not happening today.

The ECB is still fighting inflation. That’s right, those fuckers are living in a world of wonder, as the planet burns.

At the same time, all of the talking heads on CNBC are telling you (internet leech) to go long stocks, for a “tradeable bottom.”

Fuck that.

If you’re in cash, stay put. If you’re short the market, press your bets son; things are about to get sporty.

With Europe down 4% and Asian stocks getting the “knife to the stomach” treatment, my guess we will decline 3% today.

With my money, I am taking advantage of the unseemly dip in [[SKF]], thanks to asshole bank dip buyers. On the next leg down, expect the SKF to touch $140.

Finally, the Fed will not cut by 50bps next week. If so, I’ll eat my website.

NOTE: I’m buying [[EFU]] here too. Fuck Asia.

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Fly Buy: REW

I bought 3,000 [[REW]] @ $76.50.

Disclaimer: If you buy REW because of this post, the next time the market crashes, your discount house account will be frozen, due to technical difficulties. And, you may lose money.

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Fly Sell: DECK

I sold short 2,000 [[DECK]] @ $123.

UPDATE: I sold short 1,000 @ $115.

Disclaimer: If you sell short DECK because of this post, President Bush will be seen wearing Uggs. And, you may lose money.

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Fly Buy: SKF

I bought 10,000 shares of [[SKF]] @ $118.

Disclaimer: If you buy SKF because of this post, Bernanake will fall out of his helicopter. And, you may lose money.

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Here Comes the Homo-Hammer

No fucking way we escape the “homo-hammer” today. Frankly, if we’re not down 3%+ today, I will be appalled.

However, since the market is down, it is possible “helicopter Ben” will swing by for another 25 bps cut or two.

Seriously, if you’re bottom fishing in this tape, you need to have your head examined. Perhaps you’d be safer eating breakfast at your local mental institution, than at work—buying stocks.

Just a thought.

Real quick, I will sell short more [[DECK]], while bulking up on [[SKF]].

Also, considering the consumer made a comeback yesterday, I want to sell her short, via [[SCC]].

Essentially, the game plan is to prepare for sudden death in the market today.

Developing…

UPDATE: I’m also buying [[REW]], on that [[AAPL]] mess.

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