Look Beneath the Surface

Don’t look at the indices, my little internet friend. The Dow and the Nasdaq will throw you off. Today’s jump is misdirection at its finest, propping certain sectors up in order to get liquid on your dumb ass.

If you quietly look underneath the surface, you will be frightened. You will see all sorts of hideous things, monsters and goblins posing as equities, if I may be so bold.

“The Fly” has completed his latest research project and the results are maddening.

How could so many banks be doomed, at once?

Answer: because they were all drinking from the same tainted pool, fed to them by the asshats at BSC, [[LEH]], [[MS]], [[MER]], [[C]] and [[GS]].

One might urinate his pants, taking a gander at the regional banks, today.

My list of “Fucked Banks” include:

[[FITB]] hart tip Jake Gint, [[HBAN]], [[CATY]], [[ONB]], [[FTBK]], [[FED]], [[DSL]], [[CORS]], [[FHN]], [[TCB]], [[EWBC]], [[ZION]], [[PACW]], [[RF]], [[BBT]] and [[TRMK]], just to name a few.

My short list includes: FED, DSL, FHN, CORS (The Reverse Four Horsemen), RF, CATY, RF, BBT, PACW and HBAN.

A few others to note are [[PZN]] and [[WB]].

If you’re wondering: “what shall I do now”? I will tell you:

Run far away. As far as your bullshit legs will carry you. Travel to the mountains of Romania, where you can live off the land and drink goats milk, instead of chocolate bars and disgusting oversized burritos aka food for gluttons.

As for me, I will remain here “saving the country” via betting against bullshit banks and using the proceeds to buy up distressed property, where I will build large underground parking lots, to hold the many cars that I intend on collecting in the coming years.

Top pick: short the banks

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[youtube:http://www.youtube.com/watch?v=RjdSCrx6Z8c 450 300]

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All this chatter espousing the “long term” viability of bank stocks is absurd. If you were “wise enough” to invest in [[LEH]], [[MER]], [[MS]] and [[WM]] ten years ago, and held like a good little investor, how’d that work for you?

This notion, spearheaded by old fuckers, like Vince Farrell, is starting to piss me off. As a matter of fact, I threw my trader/servant at the LCD screen today.

As you know, I’m not a rapid fire trader. I like to build positions and hold them for a few months, or years, depending on the share performance. I will tell you this, anyone who is telling you to just “buy and hold” is a fucking moron and should have his/her drivers license revoked, for being mentally impaired.

In other news, Icahn loses again, via [[YHOO]]. Ever since Cramer jumped on the Icahn bandwagon, misfortune has hit the NYC billionaire like a dose of reality at [[TMA]].

Looking at the shares of [[LEH]], I do not think the firm will be independent for much longer. Expect to see some sort of consortium bailout soon.

For the day, I booked a modest loss of 1.2%, partly hedged by gains in short [[AAPL]] and [[FTK]].

By the way, the recent price action in FTK has been sweet.

Lastly, after reading over 100 10-q’s from financial companies, a few common themes are abundant.

1. The [[V]] ipo reliquified many banks. As a matter of fact, I’d guess that 75% of the banks I researched realized a gain from the Visa ipo. If you recall, the V ipo was priced during the peak of the credit crisis. Somewhat suspicious, if you ask me. By the way, gains from V, to the benefit of bullshit banks, were in the billions.

2. They’re all being very conservative with their potential losses. I believe most of these CFO’s are understating the true potential loss.

As a result, I am almost ready to start selling a new set of stocks.

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God willing, of course.

If you’re long stocks, prepare to feel the “hot blade of equity machine gunning.” I’ll have you know, “The Fly” made several moves today, namely shorting [[AAPL]] and buying [[FXP]], [[FTK]] and [[RIG]].

If this reversal in crude doesn’t teach you [[DUG]] lovers a lesson in life, nothing will.

I’m very busy at the moment. Don’t bother me any more.

Kind Regards,

Fly

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[youtube:http://www.youtube.com/watch?v=E1RRu1DRtXg 450 300]

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Let’s just put it on the table, shall we? Howard mentioned it earlier this week.

Is Steve Jobs, CEO of [[AAPL]], sick? We know he had pancreatic cancer, that he hid from shareholders for 9 months. God forbid, but if he is sick again, AAPL will take a severe hit.

After all, Steve is a fucking genius. Without him, Apple is just crapple.

In other news, I just got back from Dunkin’ Donuts. This one had a drivethru. It always amazes me to see the assholes line their cars up, 10-15 deep, in order to get a cup of coffee. At the same time, “The Fly” abruptly rushes into that God forbidden “coffee and donut shop of satan” and gets his large iced coffee, within 2 seconds. In others words, get out of your cars, you lazy fucks. Damn people are fat and lazy in NYC.

Regarding the market, I like AAPL here as a short, thanks to the “Skinny Steve” trade. And, I will add to my [[FXP]] and [[FTK]] positions.

Also, now it a perfect time to do some homework, trying to identify the next [[LEH]] or [[FED]]. You want to sell short these fuckers when they’re up, not spiraling down.

God willing, I will be able to buy [[SKF]], under $115. However, for some reason, I do not think God is that kind.

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I bought 2,000 [[FXP]] @ $78.

Disclaimer: If you buy FXP because of this post, your biggest position will be featured in the infamous iBC fortune cookie. And, you may lose money.

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Wow, the market just about erased yesterday’s losses, within 15 minutes of trading, thanks to nothing.

Come on people, retail sales were up 1%— only because of the government’s “stimulus” checks were spent by shopaholic fucktards, who enjoy to poleax their checking accounts. Why else would they name it “stimulus checks”?

Take the numbers with a large grain of salt.

What’s interesting to note is moderate strength in energy stocks, despite crude being busted out, down more than $3 here. Also, gold is getting a fortune cookie to the head, due to “King Dollar” rallying.

With the ridiculous [[LEH]] news hitting the tape, I would expect the bagholders, who signed up for stock at $28, to back out of the deal. Or, it will be reworked.

I have every intention of fading this rally with stupendous sales. However, I will be sure to check my emotions at the door, while trading. There is a remote possibility the market can sprint another 200 points from here.

With that in mind, I will look to add to my short positions into strength. I like short [[CHL]], above $70 and long [[FXP]] @ $78 or lower.

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The raspy voiced moron, Erin Callan, just got a can of shit thrown at her aka she’s been “reassigned.”

In addition, the COO, Joseph Gregory fell on his plastic sword.

[[LEH]] is done.

UPDATE:

Lehman Brothers: David Faber on CNBC suggests buyers of this week’s offering at $28 per share may be looking at ways to get out of purchase given today’s mgmt changes being considered a material adverse event (23.75 ) -Update-
	Stock is trading at 21.90 in pre-mkt.

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[youtube:http://www.youtube.com/watch?v=20NMcX9UkIU 450 300]

This is Woodshedder, after a successful rsi2 trade.

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