Fool Me Twice, Shame on Me

Fuck this fiesta, I am heading for a siesta. I am booking profits, losses and everything else in between.

I sold out of EJ, FORM, CAAS, HEAT, CFSG, SNIC and CRK.

It’s real fun being long those names during cocaine induced rallies. I imagine they would not be so cool should reality begin to sink in.

I am still holding the entirety of my FTK, CGA, GMXR, C, TEVA, WNR and WFR positions. My cash position is now 55%.

UPDATE: I bought 10,000 SCO

As The PPT and newly furnished 12631 deal with debilitating server issues, “The Fly” is eating foods fit for a fat King. Just so you know, “The Fly” is not fat and holds a good amount of contempt for those of you who are a bit portly. It’s not the fact that fat people are inherently lazy, but selfish. They want all the food to themselves and their gluttonous ways causes them to murder themselves vis a vis clogged arteries. How selfish of them!

With regards to this market: I am a bit distracted right now, due to the overwhelming response to 12631. It has effectively crippled a few servers and is now threatening the very life of our server guy, “Vincenzo.” You see, prior to launch, Vincenzo had placed his oversized barrels of extra virgin olive oil on top of “the iBC server farm,” inside the cold room. Once 12631 launched, the servers got so busy, so fast, that they began to shake, almost as if an earthquake was tossed down from the heavens into Vincenzo’s office. Because of all of the rattling, the olive oil fell to the ground, effectively drenching all of the iBC servers and ruining Vincenzo’s custom made sweater from Milan. As we speak, he is cleaning up the mess and will be working all weekend to make sure things are up to speed on Monday.

This market looks plain old bad. It has all of the hallmarks of the beginning of a down turn. The only thing that keeps me from selling everything and going to cash is recent history. Each minor blip has been met with pornographic buying sprees, by Wall Street’s degenerate money managers. Let’s give those fucking perverts some more time to get their cocks in order.

We dipped, then we recovered. Now we’re dipping again. After looking at CSCO’s numbers, one thing is abundantly clear: we’re gonna need more money, Uncle Ben. Please crank up the presses and send states like NJ and IL more money, so that they can buy more CSCO shit. Plus anyway, the market has been rather lackluster as of late. As a tax paying citizen, this is unacceptable. I expect to make money in the market EVERY SINGLE FUCKING DAY OF MY LIFE, mainly because I’m American and entitled.

As for my positions: I may be forced to raise some cash, due to my knee-jerk feelings towards all things to do with QE2. As you know, I fucking despise it.

At any rate, I am a bit busy right now. I will check back in later, or not.

UPDATE: I sold out of the SCOK.

Tomorrow marks iBankCoin’s 3rd year anniversary. It should come to no surprise, to any of you, that my largest position exploded to the upside, just one day prior to this joyous event. All of these things happen for a reason, as I am blessed by the stock Gods. I am built to win and I do so repeatedly. However, I am not exempting myself from future losses. In an oddball way, real life losses hit “The Fly” all the time, whether it comes in the form of idiotic neighbor seeking revenge or by egregiously poor service from my local barber. At the end of the day, the Gods bless me with stock market splendour [sic]. To this day, Mrs. Fly is puzzled by the whole ordeal. She really has no explanation as to why or how I do what I do, repeatedly, over the years. We’ve been from basement broke to penthouse rich, back to “hey, you might lose it all again” to God status, all in a decade. Yet here I am bowling on you fucking misfits.

I am not posting this to remind you how awesome Senor Tropicana is through meaningless words, relayed in a grammatical way that is almost morse code for the senses. No, instead, I am here to say Happy Anniversary to iBankCoin, staff and readers alike.

On this joyous day, I am happy to launch 12631 for Ragin’ Cajun and chessNwine, two solid/honorable and loyal people that I am happy to be in business with. At the end of the day, like all things in life, business is about relationships—the ebb and flow between people. I know RC from the old days on Flyonwallstreet.blogspot.com. Through the years, he and Jeremy (aka Vincenzo the IT guy) has helped me every step of the way to build iBC to where it is today. More importantly, he has some sort of space alien magician like gift for picking stocks, often times better than me.

When I was younger, I’d go for the quick kills, like RC. But, to be honest, my comfort zone is for more longer term oriented ideas, built around a general thesis. However, Ragin Cajun’ is simply talented, the best you will find, for identifying imminent breakouts. Couple that with Chess’s innate ability to pick stocks and excellent habits for risk management, I am confident they will provide a top notch service for all subscribers, for many years to come.

For those of you who are interested in signing up to 12631 (remember, you must be a PPT sub first) stay tuned for I might launch it tonight.

Here is an old video that Spyder Crusher aka Danny made, back in the old days, introducing iBankCoin.

Enjoy.

UPDATE
12631 is now available to PPT subscribers. (Note: You must already be logged into The PPT before you can register for 12631. Also, since your 12631 acct. is separate from your PPT account, you’ll want to go ahead and re-register.)

Big day for Plutonium Petey, up more than 5%. I cut losses on FUQI and bought BORN, WFR and WNR. All in all, today was a “space alien magician” day, as my accounts all hit 52 week highs.

Off to drink single malt Scotch.

I bought 10,000 WNR @ $8.58.

Disclaimer: POMO, QE2, QE3, Clams, Beard and Turkey.

You didn’t think I’d let today go by without chiding you little bastard trollops, did you? How many times did you ingrates mock me for owning FTK, my own bloggers included? You made schoolhouse nicknames, disparaging my position. You mocked my million dollar paper loss, as you bought your stupid girlfriend new boots. You declared: “Fly is getting FTK’d in FTK.” Har, har, har.

He who laughs last, laughs with the greatest sense of entitlement.

You Sir are NOT better than me. You Sir can only wish to win while losing. You just lose, all the time, because that’s what you do.

As the stock declined, over the past two years, I did my research and figured out what the numbers might look like, providing US rig count spiked. What I didn’t account for is big new business in Turkey and Saudi Arabia. This adds a whole new dimension to the possible upside of FTK. With a cost basis of $2.07, I am now up more than 25% on the position. Even more importantly, as said inside of The PPT, following my personal TZA drawback, I went “all in” on FTK, for personal aggressive accounts, in the $1.50 range. Needless to say, said accounts are at all time highs.

My managed accounts, for the day, are up 3.6%, near all time highs, or +40% year to date.

In summary: bet against “The Fly”  and lose your fucking house, wife, and kids— due to foreclosure proceedings.

Despite the worrisome action in California munis, I sense another turn is coming in the market. Using the new PPT breadth tools by industry, I can tell you that auto parts stores, dairy, restaurants and refiners are holding up well in this tape. I can also tell you that despite CSCO and the little chum fish that feed off her, today’s tape is not all that bad. Granted, I am taking a drubbing in HEAT (sold half yesterday), SNIC and FUQI. However, I am making lots of clams in FTK and EJ (#1 and #2 positions by size), putting me +1.76% for the day. You have no idea how big my FTK position has become. Nonetheless, I am ardently convinced it will trade up to $3, AND MORE, by year end.

Aside from CRK and BORN, I nibbled on some WFR down here. I played this stock, back in the day, from $9 to $90. It was one of my biggest winners ever. With RC giving it the green light and earnings behind the company, I have no problem buying it sub $15.

Aside from that, I like the action in FORM, especially considering its bountiful cash position.

Bottom line: The Gilded Era of POMO/QE2 nirvana is upon us. Do not let a little CSCO or soon to be bailed out Ireland get in the way of a perfectly good party.

I added to both CRK and BORN positions this morning.

UPDATE: I bought WFR too.

Disclaimer: California munis are getting hammered again and the leprechauns in Ireland have no pot of gold. Therefore, buying stocks now, especially the ones mentioned above, is sheer madness.

Let me be the first to go on record saying ” I will not be fooled by these tricks, as I do not believe my own eyes.”

The difference between yesterday’s bullshit sell off and today’s is time. Time is the only thing that separates the Bearded Clam from his destiny. Who am I to doubt what The Clam is doing? After all, does he come into my house, telling me how to vacuum my rugs or how feed my pet lobsters?

Absolutely not!

Therefore, I will not sit here, doubting him, as this market dives lower.

In other news, FTK wants to go to $3. I hope you understand by now, the company is in full recovery mode. Go read their earnings press release and listen to the conference call. Growth is back with a vengeance and it will continue. They gave guidance, alluding to October sales trends, which places company revenue at 45 mill for Q4. If that’s the case, expect the company to make a profit of .05.

As per the terms of their financing, should the stock close above $3.02 for 20 consecutive days, the company has the right to force conversion on millions of warrants, which would serve as a major windfall for the companies balance sheet. With the stock at $2.40 and climbing, it’s only a matter of time until this happens.

Aside from that and my second largest position, EJ, everything sucks.