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
16,862 Blog Posts

Morning Poppers (Copper Has Exploded Edition)

Good morning lads and lassies. It looks like copper has exploded to the upside, further entrenching the notion that new environmental laws in China are starting to crimp supply, causing prices to rise. We saw this on Friday with iron ore and steel, and now this morning with copper.

Copper is higher by 2.8% n early trade. WTI, also notable, higher by 1.3%.

Stocks are flat in Europe, with the Eurostoxx50 down by 0.06%. We’re expecting a slightly higher open here — with Nasdaq futs +12.

Over in China, the morons are holding a once every 5 years meeting to choose new communist bastard leaders. This will likely lead to stronger than expected growth out of the dog eating nation — due to thieves lying and cheating to make themselves look good in an effort to make a lasting first impression.

This from CNBC:

In short, it’s a meeting to vote on the leadership of the Communist Party of China. Held every five years, the event’s duration is not officially reported, but the last Congress ran over eight days.

About 370 full and alternate members of the party’s elite Central Committee will be elected at the Congress. Full members have voting rights and they all come from a pre-selected pool of candidates.

They are chosen by 2,287 delegates from diverse backgrounds and groups. Among them are farmers, professionals and academics.

Those participants have been pre-screened and are deemed to have “unshakable belief,” “correct political stance” and “good moral quality,” among others, according to state-owned China Daily. The Chinese Communist Party boasts a membership of 89 million.

At its first session, the new Central Committee will elect about 25 members of the powerful Politburo

The Politburo will then choose members of its Standing Committee, China’s top leaders. The group — now headed by President Xi Jinping, who is general secretary of the Communist Party — will be unveiled a day after the first Central Committee session.

Here are some other headlines that caught my attention.

VHC: VirnetX Holding +11% in early trading after reportedly being awarded $344 mln from Apple (AAPL) dispute
AAPL: Apple upgraded to Overweight from Sector Weight at Pacific Crest; tgt $187
ADBE: Adobe Systems downgraded to Hold from Buy at Deutsche Bank
C: Citigroup downgraded to Sell from Hold at Societe Generale
BAC: Bank of America target raised to $28 at RBC Capital Mkts

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Here Are the Top Ranked Stocks in Exodus

Based purely on technicals, sorting through and ranking data comprising of accumulation/distribution, price performance, relative strength, volatility and volume, here are our top 10 stocks as of Friday.

HLG
ARDM
UGP
KEM
BP
STO
VLO
HUN
SQM
CB

Looks like oil is boolish.

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Former Japanese Convicted Criminal Launches New Foray into Beef Industry Dubbed “Wagyumafia”

There’s nothing unusual about this, just a former convicted criminal from Japan trying to jimmy his way into the world of fine dining by way of wagyu beef.

Takafumi Horie served 21 months in prison for securities fraud after manipulating the share price of his companies subsidiary, and now he’s going to manipulate the price of your steaks — because he wants to hack the world.

“I’m always thinking how to hack the world,” Horie said. “With Wagyu, I’ll make my name known to the world.”

Japanese beef has been soaring in demand in recent years, thanks to the special sort of fatty meat their cattle produces. Their black, brown, shorthorn and polled breeds of cattle, after viciously killed, make very soft and delicious meat, juicy with a rich varietal of blood and marbling that has a much higher percentage of non-artery clogging unsaturated fat, which some people propose is entirely healthy for the human species to consume is large quantities, even heavily salted with minerals that jack up blood pressure levels that every so often, and quietly, kill people dead via stroke.

It’s the world’s most expensive beef, fetching for $180 per steak, and the rich want to eat it, over and over again.

“While Wagyu is as scarce as good Burgundy, it has been sold cheaply by JA,” said Horie, referring to Japan Agricultural Cooperatives, the nation’s largest farmers’ group. “I’m confident that the beef can be sold at much higher prices in global markets.”

Indeed.

Horie has introduced a membership program, which has resulted in scores of affluent Japanese businessmen and women clamoring to get a piece of the action. Memberships have skyrocketed from just 300 to over 1,000 carnivores since September. For those of you interested in tasting his chops, there will be tastings in San Francisco, Paris and New York later on this year. Be sure to reserve your private jet and attend these once in a lifetime events.

The former convicted criminal explains his rationale for naming his company after what’s traditionally known as a crime syndicate.

“By mafia we mean a syndicate of ex-IT entrepreneurs,” said Hamada, 40, former publisher of an online movie magazine.

“Our project is to deliver Wagyu produced by selected farmers directly to global buyers, bypassing middlemen and without advertising. We find customers via social media and pop-up” events.

“Our cows have maintained a pure lineage over the past 2,000 years because they are kept in an isolated area surrounded by mountains,” Tanaka said in an interview in Tokyo. “Their purity is the biggest difference from other types of Wagyu.” His 40-month cow was selected as the champion in the Wagyu contest of Hyogo prerefecture last year, and sold for 200,000 yen a kilogram.

Their cows are simply better. Case closed.

“It’s incredible. There is nothing like this,” said American percussionist Lenny Castro after tasting Tanaka’s beef at a Wagyumafia restaurant opening in September. “It’s totally different from other beef.”

Such deliciousness is surely to fetch larger sums of dollars for Horie.

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These Are the Very Best of Times

I was at dinner last night at a very fashionable sushi restaurant, in an area that is almost rural. The line was long and the wait even longer. It took 45 minutes to be seated, so I went to the bar and ordered a few martinis. The bartender took her shaker tin and liberally spilled a cartoonish amount of premium vodka in it, nearly ruining an otherwise simple drink.

The restaurant was expansive and looked out of place in the neighborhood I was visiting. Gray and white marble draped nearly every inch of the walls and rustic black slate blanketed the floors — running through what must’ve been 10,000 square feet. River stones and tiny pebbles trimmed the marble and gigantic whorehouse mirrors festooned the walls downstairs next to the bathrooms. It was an elaborate and expensive set up, something I’d expect to see in Philly or NYC, but not 2 minutes outside pastoral rolling hills and working farms of central New Jersey.

Markets reach new highs highs on a daily basis and a new form of wealth has emerged with cryptocurrencies, now amounting to $175 billion in market cap, aka real money. There’s no denying that future generations will reflect upon these times and equate them with the decadence displayed during the roaring 20s. It’s always hard to appraise in real time, without the benefit of hindsight. But can anyone deny the fact that wealth is at record highs, alongside record levels of debt, alongside record levels of uncertainty for the future?

I’ve witnessed several boom to bust cycles in my lifetime and I’ve never seen such glibness, nonchalant superficiality, like I see now. One of my favorite follows on Twitter is @RampCapitalLLC, who spends his days discussing the fertile lands of Wall Street and the fruit he intends to devour thanks to it. He is unapologetic in his pursuit of Dow 1 million, bathing himself in the nectar of extreme extravagance and ornamenting himself with his very own wheeled chair, in spite of being well and able bodied enough to run marathons.

We are living through the most interesting of times. The phrases BOMB N. KOREA and BOMB IRAN produce praise on Twitter — because they’re a hateful group of people who get in the way of our dreams. We’re invincible, a generation of do nothing wastrels presiding over a broken ATM machine that keeps spitting out $100 bills. We don’t even call bubbles bubbles anymore, instead unicorns, because it rolls off the tongue better and reminds us of childhood fairytales that made us sleep better at night.

We can’t lose. We’re asleep and reality is someone else’s problem, maybe an unfortunate in Puerto Rico, Syria or Iraq, which we’ll gladly help out with catch phrases and $5 donations through one of the many apps on our $700 phones.

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CEO of Moviepass Tells CNBC How His Company Will Make Money

On Friday the CEO of Moviepass discussed his business prospects with CNBC, laying out how his company will make money. Essentially, he intends to burn through cash until he can gain leverage over theaters and force them to share concession revenues. Also, he’s going to sell your data and recommend “preferred theaters” to his members.

I am long HMNY and will never sell it.

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Here’s Why Friday’s Steel Breakout Was Significant

The iron/steel trade has always been predicated on Chinese demand. Late Thursday, China reported record imports of 102 million metric tonnes in September — eclipsing an old record set in 2015. Last year September, China recorded imports of 93 million.

Year to date, imports are up 7.1% to 817 million tonnes, partly thanks to China’s shuddering local mines in an effort to improve their air quality.

Some remain pessimistically inclined.

Source: Bloomberg

“High-grade ore is certainly gaining popularity,” Dang Man, an analyst at brokerage Maike Futures Co., said via text message. “Seasonally, September is a strong month for imports as mills tend to stock up before winter. We think purchases will drop significantly in October as steelmakers cut output.”

During the month of September, Chinese steel exports dropped by 5.1% — the lowest since 2014, in addition to a 370,000 tonne in aluminum cargoes.

It’s important to note that iron ore spot prices have been mired in a miserable slump all year long. But on Friday, iron/steel stocks came to life, with more than a handful of stocks higher by more than 5%.

“Chinese iron ore production has collapsed through the summer,” Macquarie said in a report on Oct. 10, citing a government-led clampdown on small, private and high-cost mines. Separately, the China Metallurgical Mines’ Association said in September the crackdown on small, polluting mines may gradually force the cancellation of more than 1,000 licences.

Thanks to China’s concern for their environment, foreign ore exporters are benefitting, especially those who mine high quality ore. If this trend continues, further share price gains in the sector is a foregone conclusion.

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Jamie Dimon Chimps Out Over Bitcoin Again, Says It’s a Great Vehicle for Venezuelans and Criminals

A broken limbed Jamie Dimon went on a 3 minute screed today about bitcoin, telling the world how much he doesn’t care about it — boasting about the amount of legal tender he moves around on a daily basis. He dismissed bitcoin as some trivial shit currency designed for mountebanks, hustlers and criminals.

Meanwhile, ETH is higher by 14% and BTC is hitting record highs, ballooning the cryptocurrency sector to over $170 billion.

“I could care less about bitcoin. I don’t know why I said anything about it. The blockchain is a technology which is a good technology. We actually use it. It will be useful in a lot of different things. Gold bless the blockchain. Cryptocurrencies, digital currencies, I think are also fine. JPMorgan moves $6 trillion around the world every day, and we don’t do it in cash, it’s done digitally. If it can be done digitally with the blockchain, so be it. But it will still be a dollar cryptocurrency. What I have an issue with is a non-fiat cryptocurrency. So crypto sterling, euro, yen, they are all fine. I don’t personally understand the value of something that has no actual value. You all can do whatever you want and I don’t care.

“I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you’re stupid enough to buy it, you’ll pay the price for it one day. I’ve also told people that it can trade at $100,000 before it trades to zero. Tulip bulbs traded for $75,000 or something like that.

“The only value of bitcoin is what the other guy’ll pay for it. Honestly I think there’s a good chance a lot of the buyers out there are out there jazzing it up every day so that maybe you’ll buy it too, and take them out.

“I quite mean that by the way. People are very good at manipulating the press these days and getting news out. Every day, you have CNBC, nonstop bitcoin — Who cares about bitcoin? The world economy’s so big, JPMorgan alone, $6 trillion, we move all this money, and bitcoin in total, all these currencies, $50 billion dollars, maybe a billion dollars trades a day.

“The other thing I’ve always [said] about bitcoin, governments — and this is not a technological statement — governments are going to crush it one day. Governments like to know where the money is, who has it and what you’re doing with it, in case you haven’t noticed. Right?

“And governments like to control their currency, like to control their own economy. So China’s already put curbs on it. Japan, they say Japan accepted bitcoin. No they didn’t. What I gather Japan did was they call it J-coin. It’s a yen cryptocurrency. It’s not a non-fiat [digital currency].

“People have said legitimately ok, it’s close to gold. Not really. Gold is limited, it’s been around for along time. [People also say bitcoin is] close to a fiat currency. Not really. A fiat currency is when a government says this is your legal tender, you have to give it and accept it.

“And a central bank — of course they can misuse it. The central bank [can also] inflate it. So there is a use case for bitcoin. If you live in Venezuela, North Korea, if you’re a criminal, great product. I mean that. It’s better than cash or deposits in that country. Cuba.

“But this is the last time I’m ever going to answer questions about bitcoin because I really don’t care.

“When I made that ‘stupid statement’ [calling bitcoin a] fraud, my daughter sent me an email saying, ‘Dad, I own two bitcoins.’ My formerly smart daughter.”

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Exodus Quant Crushed $SPY Again; Current Allocation is More Conservative

I made roughly 0.93% in my automated trades the past week, nearly double the return of the SPY. The Exodus Quant trading system has beaten the SPY 75% of the time since we started doing this, about 20 weeks ago. It’s important to note, this week’s allocation is mega cap, with a side order of TLT and GLD.

In other words, we are cautious.

How does that work?

I am chasing alpha, meaning performance. So whenever GLD/TLT outpace SPY for the week, I am forced to allocate 5% each in both. This is done to hedge against a downtrending market. Both GLD and TLT, traditionally, do well when stocks trade lower.

As for the market caps. I am merely buying which market caps perform best, then further filtered using Exodus‘ ranking system. It’s the easiest, most genteel, form of making money I’ve ever done. Join us and you’ll get the weekly alerts and be able to live out the rest of your days with my robots managing your money for you.

For those waiting for my book to come out in paperback, it’s here — a true collectors item with unique art. Buy it and leave me a 5 star review, you god damned wastrels.

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Fly Buy: $HMNY

I actually bought this earlier this morning, but don’t want to appear to be a cunt, bragging about it after the fact. I did a write up on it last night and said I’d buy it. Nevertheless, I’d still buy it up here and will continue to own it.

This is either a 10 bagger or a zero, the ultimate lotto ticket. Everyone in America should own this stock.

Via Maxim.

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Morning Poppers (Friday the 13th in October Edition)

Any of you supreme faggots into numerology? Apparently, it’s a bad omen to be forsaken with a Friday the 13th during the month of October. Satanic shit is about to pop off — Harvey Weinstein — Sonoma is burning style.

WTI is higher by 2% this morning. There is some serious strength in crude as of late. It’s notable.

What’s also notable is the faggot nature of all the bitcoiners, jerking each other off on Twitter. BTC is higher by another 3% to 5,600 and ETH is higher by 7.5%.

European markets are flat and Nasdaq futs are +4.

Here are some of the early movers.

TOPS +60.6%, ITEK +26.8%, EXFO +13.6%, TSE +8%, ZN +6.5%, EFX +2.2%, TWX +2.1%, HPQ +1.1%, NEO +0.8%, REVG +0.7%, BAC +0.5%

ATRS -39.7%, TNDM -27.6%, AAOI -20.9%, ECYT -9.3%, HMNY -7.6%, NANO -5.8%, SGH -4.8%, OPNT -4.5%, NPTN -4.1%, BTX -4%, FNSR -2.6%, ANAB -2.3%, ACIA -2.2%, OCLR -1.9%, SNCR -1.5%, PTEN -1.4%, LITE -1.3%, DISH -1.1%, EXAC -1.1%, AXTI -0.5%

Analyst refuse.

And…Trump killed Obamacare, without congress.

  • The payments reimburse insurers for discounts in health costs offered to low- and middle-income Obamacare customers.
  • Insurers were projected to receive $10 billion in subsidies in 2018.
  • Some premiums for 2018 are already higher because insurers feared the Trump administration would end the payments.

Top of the morning to you.

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