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
21,396 Blog Posts

Dirt For Thanksgiving

This is just wonderful.

I’m over here, saddled with about 90 long positions, and some of you heroin addicts want me to “keep the faith” or “man-up, get bullish.”

Fuck you, I’m losing my sense of direction with this market. I feel like going to the grocery store, buying 100 turkey’s, then proceed to throw them at the NYSE.

Cocksuckers.

I’ve got high growth Chinese stocks trading under book, namely XFML.

I’ve had a half dozen stocks trade down $10, after reporting earnings.

I have big investors questioning the very foundation of this market, due to Enron, part II.

Why would the average Joe, with 100k at E-Trade, ever come back to this market?

Time after time, our CEO’s have demonstrated incompetence on a massive scale. When it’s all said and done, the “sub-prime meltdown” of 2007-2008 will be viewed as one of the biggest fuck-ups in the history of modern banking, riddled with fraudulent activites.

Wait until the regulators step in.

In short, I’m sure the market will rally off today’s lows. The sentiment is so bearish; we have to rally big, soon.

However, after the rally, there will be real economic problems to deal with, such as 1.5% GDP growth, while oil is $100.

As for today’s trading:

If I was betting on a bounce, I’d buy AAPL or RIMM here.

Is there any reason to buy anything else?

I mean, AAPL and RIMM is where the bulls have planted their flags. Providing the market rallies, both stocks will catapult higher.

TSL is getting de-balled. Chinese Solar Burrito stocks are bullshit. Stay away.

In order to get this market moving again, we need a catalyst or a wash-out.

Either we get some news of a Gov’t sponsored bail out of the sub-primers, Fed rate cut, buyout of a bank— or we go down another 1,000 points and rebuild from there.

Happy Thnksgiving [sic].

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56 comments

  1. Bison Burger

    The cultists will continue to wait for a faith-based reversal.

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  2. BOOMER

    I know some southerners who are waiting for a race-based reversal.

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  3. Juice

    here here

    just wanted to say that .. never did before

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  4. Bison Burger

    Time for Uncle Ben to get his hands on the printing press.

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  5. Bison Burger

    Let’s start a Southern race-based reversal for BZH.

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  6. BOOMER

    Juice, you’re not referring to my post are you? I was being

    http://dictionary.reference.com/browse/facetious

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  7. Woodshedder

    WTF? When will the longs just give the fuck up? Don’t they know that after they give up, the bottom will be just around the corner? As it stands, they are going to stretch this out through December!

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  8. BOOMER

    Please visit http://www.erace.com/

    The E.R.A.C.E Foundation is a non-profit that I support with my time and money. It was founded and managed by two fellows I go to church with.

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  9. Woodshedder

    Sorry Fly. No offense.

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  10. Juice

    no Boomer, that was for Flys post

    Shed … no bottom before x-mas

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  11. Bison Burger

    Ni99a be dancin’…

    http://www.youtube.com/watch?v=KDQ5rW3u5Ho

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  12. The Fly

    Wood:

    So, using your logic, I should sell all of my positions, in order to help the market bottom.

    In other words, sell low–then buy higher.

    Sounds like a suckers play to me.

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  13. Juice

    Brian Gilmartin on realmoney, who runs money & is supposedely a fundamental investor is talking technicals & basing decisions on charts …. what a douche

    and I am a chart trader … because wtf do I know but this is a guy running OPM

    douche du jour

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  14. Razorback

    Broker, you still green for the year?

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  15. The Fly

    yes.

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  16. Woodshedder

    Well, that’s not exactly what I mean. That would be fucktarded. Don’t get me wrong, your ability to sit on your hands through this and not make a bunch of dumb rookie mistakes speaks to your professional judgment, and I’m not blowing smoke up your ass.

    What I’m concerned with is all the asshole dip buyers who keep propping this up with pickup sticks. So when I said longs, I should have said “asshole dip buyers.”

    At some point, there will be a flush out (there always is, isn’t there?) and that will at least mark an intermediate term bottom. If the dip buyers quit trying to catch falling knives, this will come sooner than later.

    Finally, I’m not making any money here. So, it is easy to assign a value to my patents.

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  17. Woodshedder

    There goes GOOG.

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  18. The Fly

    Wood:

    In reality, you are probably correct in wanting no part of the “buy the dip” game.

    Many of you traders can just sell it all and watch; I can’t do that.

    So, where I am fucking up is not shorting. I should be shorting stocks, but refuse to because of a “pending bounce.”

    However, the more I think about it, the market is under serious distribution and may not bounce for a long time.

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  19. steve

    PPT or whatever you want to call them will step in today just like they did yesterday. This market is bottoming. Some guy on the internet named steve says so.

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  20. Juice

    thats right … no bounce … no way out … no exit

    when the bulls score a few points, they think its game back on … stupid fucks … bears have been roasted for 5 years … its time for revenge

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  21. Juju bear

    Fed will need to cut rates another 100 bps just to manage the current environment, which they are already late to the game on.

    The market environment is messed up. How do you get a rally in 30 year treasuries with $100 oil?

    Something is rotten in Romania.

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  22. Juice

    not covering any shorts .. why bother with my longs going down just as fast

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  23. brian

    no floor here see ya at 12000

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  24. Juice

    GS getting ripped a new one .. no quicksand bottom till they get shot

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  25. steve

    S&P still hasn’t retested the August lows and you guys are crying like little bitches. Get a grip.

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  26. Juice

    I’m placing buy orders

    I’m bidding zero for everything

    I figure I get filled by EOD

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  27. The Fly

    Steve:

    Who said the August lows felt good, fuckface?

    FCX at $68 anyone?

    Get a grip?

    I’d like to drop a piano on your head.

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  28. Bison Burger

    When $COMP falls below 2000, the Fed will remember how they fucked it up last summer.

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  29. JJ2000426

    The FLY:

    You are just stubburn! Why do you stick with XFML that loser? Why you have a whole bag of losers?

    SWC/PAL is holding well while other metal stocks are being punished. Mean while, although you made a contrarian call on SPF too early, today at $2.10 I saw it was the right call. Bought some. But I bought more WCI at $2.88. Incredibly light volume and incredibly huge short squeeze potential. If Fed Cuts WCI can triple from here at least.

    The margin requirement of WCI is incredibly low.

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  30. Juju bear

    I’ve covered some of my short positions and sold some QID. The internet bears are getting a little too overconfident. It’s too easy a trade to be short right now.

    Maybe I’m covering a little early, but I figure that I’ll leave a few scraps on the table for some others to fight over.

    Holiday cheers. There is much to be thankful for.

    ——————————
    FYI…
    My bond trader friend says everyone on the desk is at work today. Unusually heavy volume in treasuries for an early close, pre-holiday session.

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  31. JJ2000426

    The FLY:

    Buy some SWC. It will change your fortune for better.

    Or at least buy some tellurium. You like my Seeking Alpha article? “Dark Future Ahead for First Solar”! Wow I feel great!

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  32. mrkcbill

    Took my medicine on BWLD. What a filthy stock.

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  33. Razorback

    If I had an internet laser beam, I’d zap JJ and do the whole world a Thanksgiving favor.

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  34. gramps

    The trannies have already broke the August low.

    Industrials are next to go, then we start a bear market.

    Happy Thanksgiving.

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  35. steve

    Dow Theory is for old men.

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  36. gramps

    Steve, there are lots of old men that subscribe to the Dow Theory, men with more money than you. It becomes a self-fullfilling prophecy.

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  37. steve

    Yeah just like candlestick charting. heh. You’re going to be kicked down a flight of stairs soon enough, fucker.

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  38. The Fly

    CNBC is celebrating $100 oil.

    Very nice.

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  39. The Fly

    Nothing wrong with Dow theory.

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  40. Juice

    JJ, who let you out today?

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  41. brian

    SELL EVERYTHING NOW!!!!!!!! So you can watch it go back up in 3-6 mo. I just sold my car because it was losing value and gas is squeezing my margins. I am taking my bike to my grandmothers house this T day. It’s only 350 miles.

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  42. CubsRock

    I think BWLD has been pretty strong after their conference call fiasco.

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  43. gramps

    Background on the Dow Theory for the uninformed.

    http://ww2.dowtheoryletters.com/DTLOL.nsf/htmlmedia/body_the_history_of_the_dow_theory.html

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  44. Bison Burger

    The Wikipedian wicked point of view:
    http://en.wikipedia.org/wiki/Dow_Theory

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  45. Bison Burger

    The Blair Witch Project:
    http://www.dowtheoryproject.com

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  46. Bison Burger

    The Wikipedians on the Blair Witch Project:
    http://en.wikipedia.org/wiki/The_Blair_Witch_Project

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  47. Juice

    fm real money … I think I’ll short this one … why not? Its got to go to zero some day

    Michael Comeau
    FactSet: The Next Great Financial Short?
    11/21/2007 10:53 AM EST
    I’d be very careful with FactSet (FDS) here. If we see big layoffs at banks and a significant slowdown in deal activity, FactSet could be a great short. On the company’s next call, if management even hints at some weakness on the part of customers, the stock will most likely get killed because there would simply be a crush in sentiment that would outweigh the actual fundamentals.

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  48. TraderRenn

    Why isn’t everyone on vacation this week? Traditionally this is a light volume week… yesterday’s volume was the highest since the drop in Aug. What gives?

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  49. Bison Burger

    Me is doing Amtrak this afternoon.

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  50. Juice

    ya know how the market usually levitates during light trading weeks like thanksgiving & x-mas? it will do the costanza opposite bizarro sink this year

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  51. Wang Hung Lo

    Mahket actibity bery high tooday becowse of flucktalded tladers an’ dair brackbelly debices. Put tlades in while in cah, tlain, prane, etc, etc, etc.

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  52. SaNTa

    LOL @ Wang Hung Lo

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  53. mrkcbill

    wang is honest man.
    you need make own website. amelicans think vewy funny.

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  54. JJ2000426

    My call on SPF was proven right on the spot and I missed the bottom by just one penny. My call on WCI will be correct tomorrow.

    http://www.ibankcoin.com/flyblog/index.php/2007/11/21/dirt-for-thanksgiving/#comment-1868

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  55. Crawford

    My call on SPF 15 was all wrong and I got burned. Shoulda listened to JJ and used SPF 30.

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