Trading With Honour

I’d be remiss if I did not call you out for being a soulless ghoul of a trader, always shifty with the eyes and quick with the tongue. Is it so bad to endure a few down days, in order to stick to a thesis?

Watching traders, particularly on the internets, reminds me how fucked up American culture is today. You want to eat your cake and you want it now. If, for some odd reason, your serving of cake is delayed, tantrums ensue. While it’s true, some people are motivated by fear, which makes them pursue pussified positions, both in life and trading. It is a fact, most people are just plain greedy, to a degree that it clouds their judgment.

Maybe I am wrong about my short term bullish thesis. Perhaps the market internals will decay, effectively fucking my open positions with clown-like ferocity. But at least I stand for something, unlike most of you.

Today’s dip is a bit disconcerting, especially following yesterday’s 4% thumping. Nonetheless, I have put together a buy list and will begin nibbling shortly.

For starters, I like ERX in the low $30’s, OVTI in the low $10’s, GLW in the low $15’s and CIEN in the high $9’s.

Thank you for “talking to the pipe,” while I was away. It appears the market is ignoring the crude/dollar relationship and selling off for the fuck of it.

Naturally, this is some sort of Twilight Zone trading, where the slave attempts to whip the master. Woe on the investor who trades against logic and reason.

I can tell, just by reading your comments, the majority of you are not descendants of ancient Greek or Roman civilizations. Most of you are crude in behavior and slavish with money. If I was forced to guess, I’d venture off and say most of you descend from nomadic middle Asian tribes, where mutton was served at room temperature and sheep’s milk was an acceptable form of currency.

Back to trading this stupid market:

It is not ready for my coin just yet. There are some excesses that need to be flushed out and pikers to be punted. Regardless, the market will rebound today, due to the subservient ways of money managers and their crude oil Gods. As for me, I might nibble at a little OVTI or GLW. But, for the most part, I am not ready to place any new bets, unless of course the market spikes into the bell.

More on this later.

[youtube:http://www.youtube.com/watch?v=6wuwvngkZD8 616 450]

Be careful with your stupid stop losses. If the volatility ratchets up again, you will get “fished” out of your favorite positions, only to see them go higher again.

I contend: the market is not ready to swan dive, just yet.

Into the bell, I filled standing orders in GLW and slapped one of my colleagues— in the face— with a wet piece of turkey.

Do not fret down days, asshole. Instead, use them to line the trunks of your cars, which will be used to house dead bears in the not too distant future.

In short, “The Fly” lost nearly 4% today, partly buttressed by a surging UNG position. Howsoever, he intends to make up for all lost coin quickly, while thoroughly punishing those who continue to defy him.

I bought 25,000 GLW, just north of $15.70.

Disclaimer: If you buy GLW because of this post, your only son will support socialized medicine. And, you may lose money.

You must be patient, if you intend to make a career out of this stock game. The battle for market dominance will not be decided today. Hell, it may take a week or more of jarring volatility to iron out all of the excesses and establish a new leg higher.

Sitting here, under the lavish settings of The iBC Axiom, I am down more than 3.5% intra-day aka a punch in the cock. If I sold now and walked away, I’d lock in year to date gains of more than 70%.

However, only pussies make moves like that.

Instead, “The Fly” has decided to rest in the tall grass, waiting to bite the heads off of numerous piker brokers. I will pick and choose my next moves carefully, for they might determine my fate.

As of now, I am opting to do nothing, just sort of waiting out the correction with ample supplies of sword fish steaks and some African coffee bean beverage. Just know, I do not mix the sword fish steaks in with the coffee: that would be disgusting. Personally, I like to dip the fish into the coffee, then proceed to throw it at people in the streets.

Anyway, there is more downside left in today’s tape, as commercial Re and banks, amongst everything else, gets lit up like a bar mitzvah party in the middle of Baghdad. Be patient and prepare to serve your dish of revenge very, very cold.

Dollar strength is just an excuse to sell stocks. It is a symptom, not a cause. The real reason why stocks are selling off is because of “profit taking” and fear that world growth is not rebounding. There are many who believe that the sharp increases in commodities are due to the restocking of inventory, instead of real demand.

While it’s true, it’s too early to tell if world growth is back; it’s also true that there is no way of disproving it, at least not yet. I suspect we will know the answers to these wonderful questions and more, going into September.

With regards to this sell off: buying opportunity.

I know it is a ballsy move. But, until there is hard evidence that can prove China is storing rusted metals in some egregious warehouse, the dips will be bought.

Look you, it’s not time for you to die yet. Chill out, go eat some peanuts and listen to the NY Mets lose another game, in epic fashion.

As for me, I will use the 10%+ cash that I have to buy some of my favorite names, on the cheap. Right here, I like FTK, ARD and ERX, providing they go a little bit lower. In addition, I will keep my eyes open for other market disconnects, by starting new positions—if needed.

NOTE: Despite today’s meltdown, UNG is sprinting higher. I will accumulate UNG into the hurricane season and will not sell it before August.

Early reports indicate the vampires at Goldman Sachs are readying to suck the life force out of the world and transfeur it to its moonbase, which by the way was built USING TARP FUNDS!?! Here at iBC, we’ve documented, over and over again, Goldman’s obvious intent to mush the faces of lower class American tax payers with lumpy mashed potatoes, by way of “heavy duty” short selling, specifically in “401k favorites.”

It is a well known fact, the vampires at Goldman are in fact making markets in stocks. On top of that, some people have actually seen some of their fat faced traders execute short sales. Folks of middle America and of the bible variety: DO NOT LET SUCH TRANSGRESSIONS GO UNCHECKED!!!

We at iBC have done our part in documenting Goldman’s fuckery, via the fuckers who told us they got fucked by the caped vampires over at “The Sachs.” Let it be known, true Americans shall not stand for this type of bastardization any longer. We shall rise up and take our money out of banks, in exchange for large gold coins or heavy silver bricks. We will buy ice cream, from ice cream trucks, using bouillon; it is the future, indeed.

We will cancel our telephone service, in exchange for “The Magic Jack.” Folks, do the math: you’ve been raped by Verizon 20 ways till Holy Sunday.

Good cross kissing folks of the confederate, let us all sing a prayer for a successful nuclear detonation, by our good friends in N. Korea, on American topsoil, so that we may rid ourselves from such “illegal” banking executives. Post nuclear holocaust, we will all become friendly farmers, who pick beans and readily chop each others legs off— with pitch forks and shovels— in order to settle territorial skirmishes, fighting one another over idle bags of Scott’s Miracle grow. That shit makes your carrots grow cartoon big.

In short: Fuck your banks; I’ll see you next time.

Sorry folks, this post is for closers only (and Distinguished Gentlemen, which most of you are not!)