Fly Buy: CY

I bought 30,000 CY @ $5.50.

Disclaimer: If you buy CY because of this post, someone will piss in your tea. And, you may lose money.

Forget about all of the rhetoric. Let’s trade the market that is in front of us, shall we?

I like short euro, via DRR. And, I think XOM will be “ape raped” shortly. I cannot express my sincere enthusiasm for DUG/ERY enough. May the stocks Gods come down to Earth and strike those who are long crude, with thunderous lightning bolts and fierce waves of supersonic punches to the nose.

I blew out of my SWHC position, north of $3.90. Finally, I am done with it. Other than that, I have not traded anything. I’m sitting here, in my glorious throne, trying to decipher the market.

On the long side, I like GLW and WNR. On the short side, I still like ESS/FRT. However, I will not add to them just yet. Look you, the market should be getting raped right now, but it isn’t. So, instead of being stubborn about it, I will use my good fortune of being up year to date, and in possession of a large cash position, to play the obvious upward bias.

More on this later.

Obama’s budget represents outright socialism or worse. It is the most radical piece of shit to hit our shores, just shy of German U-Boats. Frankly, I almost can’t believe it. I mean, he is talking about taxing corporate earnings held overseas (fucking GE in the process), higher taxes and massive government central planning.

This bill will fuck you, Comrade, in ways you cannot imagine.

As an aside, I have an announcement to make.

ALL PRIVATE CAPITAL, THERE IS NO NEED FOR YOU TO PUT YOUR MONEY AT RISK ANY LONGER. THE GOVERNMENT IS IN CONTROL.

That’s right, fuckfaces. What this Citi deal represents is fuckery on a very high level. All of this talk, by asshole cocksuckers in Congress and at the Fed, regarding “drawing in private capital,” is a bunch of horse shit. Who in their right mind would want to invest in a bank, after seeing the government change the rules whenever the want and wipe out shareholders?

Answer me!

On top of that, in case you missed it, Goldman Ball Sachs lowered their estimates for the S&P to 650 for ’09 yesterday. In my opinion, they are being very generous. After all, how does one price in communism?

Here in America, we are all about taxing and spending. Let’s take the money away from those who have earned it and give it the homeless guy in Manhattan, so that he can buy a fork and knife, in order to scoop out the fucking gray matter from your skull.

Top Pick: Long DUG/ERY in size.

You can’t make this shit up.

Aside from Nevada, both Texas and California are enduring droughts of biblical proportions, which in turn will ruin the California fruit and nut business (no pun intended).

This whole “comedy crisis” that we are going through now is so funny I want to vomit on my mailman. Aside from the fun stuff, like droughts and wars, “The Fly” is into shorting commercial real estate stocks, particularly those originating from Texas.

Those fucking assholes are gonna get a giant cow whip to their chins in 2009. With Obama set to tax the shit out of oil/gas companies (no more LIFO accounting), coupled with sub $50 crude, the state of Texas is in for a very rude awakening.

Last week, I penned a rather in depth analysis, exclusive to PPT, regarding how fucked Texas is. In short, here are a few names to shoot at:

WRI, STC, CPT, ACC, iBOC and CiA.

More good news for you good news lovers:

[youtube:http://www.youtube.com/watch?v=I5Ei3W6wYE4 450 300]

You know damn well the market is set to make a decisive move, significantly lower or higher, soon. I must say, as much as I would like to see us reflate like a motherfucker, it looks like we’re about to enter “vaporlock” mode, if there is such a thing.

We have no leadership on Wall Street. None of our executives have the balls to go to Congress and say “Assholes, you need us to finance your bullshit.” Because of this vacuum of leadership, stocks are subject to all sorts of fuckery.

Nonetheless, I am TRYING to give the long side another whirl here, via long GLW/WNR. However, in all fairness, my WNR position is more of a hedge against my big DUG/ERY positions, if anything.

I am still short ESS and FRT and will initiate new cre shorts soon. I was waiting for a bounce, prior to doing so. However, much to my chagrin, it does not look like the market has the stones to go up.

With my money, I like short oil, short commercial Re, long refiners and lots of cash.

With oil up 5% and gasoline up nearly 10%, there is a nice crack spread situation to exploit, good Sirs. As you know, I stepped in this morning, buying a few blocks of WNR, south of $11.70. Aside from being a PPT standout, I like the fact that there is a large short position in the name. Going into the driving season, with oil under $50, expect the refiners to catch fire, at least temporarily.

Other refiners work a look include HES, TSO, DK and of course VLO.

Aside from that, I am still loving my “fuck gold position,” via DZZ. And, I’m long GLW until $11.

In short, this market is boring as hell. Never short a boring market and never bet against HORATIO CLAWHAMMER.

Finally, I might buy a little more DUG/ERY towards the end of trade, based upon my fervent hatred against XOM.

UPDATE: I sold out of LNN, south of $24.75. And, I sold out of DZZ, in order to raise cash, north of $21.25

I bought 35,000 WNR, between $11.60-11.70.

Disclaimer: If you buy WNR because of this post, you will be “chemically castrated.” And, you may lose money.

Take your trades and move the fuck on. I just sold out of most of my SWHC, north of $3.95 trade and all of my RGR, north of $8.80, for a handsome profit. For now, I will let the proceeds linger in some stupid money market account.

I still like GLW here. I will not marry the name. However, I am pretty sure the stock will go to $11, short term.

Oil is up, as stupid people, who eat peppermint patties for breakfast, buy oil stocks, as if crude was $100. Fuck that.

I still like my gold short, via DZZ. And, I like LNN down here, up to $30.

If you haven’t figured it out by now, the market is buoyed by yen weakness. Take a look at the FXY. That cocksucker has been rocked this week to the tune of 8%. It’s obvious, with exports in the shitter, The Bank of Japan is intervening with the currency trade, making the yen weaker.

For now, I think the rally can survive, if only for another day. I will be looking around for a new name to accumulate, within the hour.

[youtube:http://www.youtube.com/watch?v=h3rpSByoC6g&feature=subscription 450 300]

UPDATE: Banking guru caught on tape.