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
23,325 Blog Posts

I Spit on Equities

If “The Fly” was “big middle east money,” he’d do a hostile takeover on BSC, CFC, MER, MS, LEH and WM, then proceed to fire everyone, in order to make room for oil barrel storage.

Sure, I’m making back some money today, as “big middle east money” saves the day.

Oh the irony.

Thus far, I haven’t done anything but talk on the phone, while crunching on pickles.

Should the market rally again, tomorrow, I will probably sell some more.

If you enjoy the content at iBankCoin, please follow us on Twitter

30 comments

  1. Alvari40

    Fly,

    What’s that sound? Ding, ding, ding…….

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. ME

    I hope you’re not crunching on your trader/servant’s pickle!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. Dinosaur Trader

    Sweet! I’ve been looking for a place to pick up a nice masonic ring…

    -DT

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. newequity

    I buy equities, this correction is almost over. I am turning bullish again guys.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. TOO FUNNY

    ME…that was too funny….. “chrunching your trader/servant’s pickle!” ….. I was on the floor laughing.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  6. riverrat

    Newquity, the odds say no. I would sure wait – this is the first day of real buying we have seen since November 13th. Way to early to think otherwise …

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. BOOMER

    Fly – this seems like a pretty decent close. Still feel that this is a fucktard trap? BOOMER

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  8. Alvari40

    Takes a foreign investor to instill confidence in our own markets. Odd no?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  9. Steve

    We exchange worthless paper for energy to drive our economy then we get it right back in the form of investment into our economy.

    Not a bad deal actually.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  10. Crawford

    Karma

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  11. Frosty

    Steve..please explain that in simple terms to Wood… dummie it down a little so he get’s it 🙂

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  12. Juju bear

    This correction is not over. This rally is temporary.

    Wait until a big blow-off day, e.g., Dow down over 500 points before it is over.

    Long stock positions are for asshats.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  13. Woodshedder

    Frosty, before this is over, Abu Dhabi will feel like a terrorist imprisoned in Abu Ghirab.

    They’ll be all like, “I knew I was getting 11%, but no one told me I would be wearing panties on my head for 2 years.”

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  14. cheesefried

    Short squeeze coming soon to an exchange near you.
    Sleep well Bear shitters.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  15. Bison Burger

    Was Schiff on FOX earlier?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  16. Alvari40

    Juju,

    Everyone and the fucking mother is looking for that scenario to play out. It’s the quiet confidence provided by foreign money that will rape the bears from here. All those sitting on the sidelines with their buckets-o-money will wonder “whahappen” when the market screams away from them, thus fueling the last great leg of this bull market as the end of year Fed news comes out positive, GDP leaves those dumb fuck crystal ball gazers scratching their heads, and retail sends the final signal that the consumer, while a bit negative due to all of this sub prime droning, never actually stopped spending. 2008, an election year, is the year for bulls to stuff their cheecks with coin.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  17. Steve

    Alvari knows.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  18. ME

    TOO FUNNY:

    I’m sure Fly will beg to differ, lol!!!
    As for the mkts, lets see if we have any follow thru tomorrow.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  19. Woodshedder

    Alvari- find me one market correction that didn’t have at least 2 legs down.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  20. Alvari40

    Too easy – October 1987. Week of 10/2 Close 328, Week of 10/23 low 216 (S&P). Thirty four percent tumble down grandmas stairs. No second leg. Took me 5 minutes to find it.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  21. Woodshedder

    So Alvari, you wanna know why I didn’t exclude that from my request? Because to present that as an example, your premise must become that either the market will go straight down from here, or that it will go straight up from here.

    Which one is it?

    You see, there is no fair comparison to be made between this correction and 1987. At least not yet. But I don’t think there will be, either.

    Finally, that move down was actually the 2nd leg. But whose counting.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  22. Woodshedder

    Correction- not “straight up from here,” but instead, languish near its lows for months.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  23. Woodshedder

    I’ll have another chart up soon that will likely be a more fair comparison.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  24. Alvari40

    Nope, that was the first and only leg. Probably would be best if you disclosed what you define as a “leg”. Your request was a simple technical exercise not clouded by fundamental gibberish of why this was different than that. Nice try. Next time, be clear with your request or I will talk to your supervisor.

    Let’s try week of 7/24/98 to week of 8/04/98 – 20% drop, no second leg. Second leg defined as a weekly close above the high of the low week on the first leg. Also, the 2nd leg needs to close lower than the low of the first leg – duh.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  25. Woodshedder

    Alvari, an operational definition is needed. I don’t think a time period will work as some bounces/consolidation last a day or two while others last for a week or more.

    I see 3 legs down during the 98 time period. In fact, I posted that chart on my blog.

    http://www.ibankcoin.com/woodshedderblog/index.php/2007/11/25/examining-market-tops/

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  26. Alvari40

    Shedder,

    Yes indeed, the time period difference (weekly vs. daily) does make a difference. Moving to the daily, I still say that that “3rd” leg is a just a peg leg, not a true 3rd leg down as that is to be determined by the close, which was not lower than the low of the second. A double bottom if you will – not a leg per se. In fact, it is that test/reject that should get technical traders giddy with joy looking for nice upside moves when that happens. I know that the 00-02 move is a bear market rather than a correction, but the formation on the weekly chart makes the point perfectly. Three well defined legs down that popped above the low bar of each leg and closed below the low bar of each leg. You point is well taken if one is using daily charts to define the moves. The legs just become more a matter of subjective eye scrunching on the daily charts. Let’s say you are correct and that history shows that corrections need to have at least two legs down. Let’s also say that the August move was Leg 1, and we are currently waiting for Leg 2 to be defined (by my definition, which is a CLOSE below the August low – not a test/rejection). Wouldn’t it be one fucking wild outlier if we never do push down to the lows? Everyone sitting there on their thumbs waiting and waiting and BAM up we go. Something that even Neiderhoffer would appreciate. Expect the unexpected – just don’t do it with your mortage payment. Nice read on your blog – thx for the link.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  27. Woodshedder

    Alvari, I see the August move as a correction in its own right, with 2 distinct legs.

    This is fun though. It is helpful to understand how others perceive the same things as I see.

    It would be frigging wild if we never do push down to the lows. With everyone expecting it, it does make it suspect.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  28. Doodee

    Thanks for sharing

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  29. gailionge

    I’d prefer reading in my native language, because my knowledge of your languange is no so well. But it was interesting! Look for some my links:

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  30. gailionge

    I’d prefer reading in my native language, because my knowledge of your languange is no so well.

    • 0
    • 0
    • 0 Deem this to be "Fake News"