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
20,785 Blog Posts

NYSE Robots are Mentally Ill

That was one fuck of a bullshit trading session. For the most part, everyone but “The Fly” lost, as mental illness infects the trading robots at the NYSE.

At the end of the day, I feel confident that the wheels will fall off that stupid Chinese wagon. It’s nasdaq 5,000 all over again.

In time, the Chinese exchange will have a 3 handle, deservedly so.

Aside from that, the financial bulls got their fucking heads punched off, led by dumb guys at C and WM.

Let’s just say it: WM is going under.

In closing, “The Fly” demands you get market neutral or bearish. Don’t be stubborn with your positions, else you’ll wind up like the tanned one at CFC.

Right now, I will keep big positions in VMI, MVIS, GD, RIMM, AAPL, FXP and SKF. And, I may take out some short positions on both BSC and LEH, tomorrow.

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35 comments

  1. CubsRock

    Here you go Fly, music video for the day. This shit is Bananas! I would have posted in the peanut gall but woo woo’ers don’t get approved :/

    http://www.youtube.com/watch?v=g1C-wJPKiew

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  2. Mr. LIMM

    LIMM?

    You clazy?

    Scare out some at reast, Swea’n’gn!

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  3. The Fly

    No. I’m comfortable riding RIMM down to 85, if need be.

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  4. Bison Burger

    How can people mispronounce McCain as McClain/McCrane sometimes?

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  5. Woodshedder

    Funny, the Fly responds, honestly, to Mr. LIMM.

    Alright, finally, I’ll get some respect around here from the Last Bull In Rome.

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  6. The Fly

    The only thing McCain is good for is french fries.

    Fly for President, 2008

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  7. acropora

    STAGFLATION fuckers

    oil up 4%

    as we’re offloading stupid chinese trinkets, theyre buying oil, wheat, beans, corn preparing for WWIII!

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  8. Juice

    The Fly is acting like a hedge fund manager … go figure ?

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  9. Employee8

    I nibbled on some UNG today with natty due for a bounce given the impending weather …. any takers?

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  10. Employee8

    BIIB getting gored ….

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  11. Kristi Southard

    My husband and myself own 125k shares of MVIS.

    Thanks for the support! We are excited for the future of company. We really enjoy your website! You are hilarious!!!!

    Best Regards

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  12. MarketRaider

    Hey Fly,

    Why short LEH, I put a short position on today and wanted to know what your fly brain was thinking that would make you short that bastard? Is Woodshedder finally getting to you or something?

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  13. CubsRock

    I would trade VMI for VMW, but it looks like you have a dividend coming in VMI. I keep trying to get myself to short some stocks but it just seems too risky with another fed cut coming plus who knows what.

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  14. MarketRaider

    Oh shit tomorrow is LEH earnings I completely brain-farted that. Well, that answers half the question, you still gotta answer the rest…

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  15. The Chad

    I just clicked on that stock trading robot banner ad so that Fly might make some money for XMas.

    That shit is classic! I think we should all pull together to make Fry writch by clicking on the banner whenever you see it.

    I’ll leave you with this quote… I’ve gotta get me one of dose!


    “What’s more by scrutinising the miniscule movements in price of hundreds of stocks… Marl becomes familiar… even intimate… With each individual stock.

    Developing what professional traders call a “sixth sense”. A sort of “feel” for how the stock will behave in any given situation.”

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  16. The Chad

    Shit, I think just following that link redoosed my IQ by 50 bps.

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  17. Brian

    WM BR no way they will be bought by JPM before that happens. Or my names not Brian Hunter.

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  18. newequity

    WaMu is drowning in bad fucking loans.

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  19. Brian

    ok so they go away they have a good banking unit

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  20. cheesefries

    Nymex.com has crude down 5.08 in the aftermarket, WTF?

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  21. ottnott

    Check this out from a recent WaMu presentation to realtors and mortgage prokers in the San SDiego area:
    Countrywide Update

    I went to the Countrywide event yesterday at the La Costa Resort and Spa – for those who haven’t seen the $140 million remodel of the Resort yet, go by and take a look – they did a nice job.

    Today’s presentation was in the new ballroom, and about 250 realtors and mortgage originators were in attendance.

    The main speaker was Brian Hale, President, Consumer Markets Division for Countrywide Home Loans, Inc. Here is his biography:

    http://about.countrywide.com/bios/Biography.aspx?CtlID=22

    He is touring the country, speaking to agents in order to set the record straight, or at least reach out in person to explain the mortgage situation from their perspective. I was glad to see it – at least they are making an effort to defend themselves, and tell their side of the story.

    …Predicts that of the loans funded in his division next year, 15% to 20% will be for purchasing an REO property. It used to be 2%.

    …There were pools of mortgages created in 2006 where 40% of the borrowers didn’t make the first payment – mostly due to fraud.

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  22. ottnott

    One more time, for emphasis:

    There were pools of mortgages created in 2006 where 40% of the borrowers didn’t make the first payment – mostly due to fraud.

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  23. Mr. LIMM

    Ouchie.

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  24. Frosty

    FLY…I was stroking you for your sage advice to call it a year, then I realized that you bank coin…from my seat outside the peanut brain gang, banking coin is not in your future…that is a problem…someone of your IQ should feel great shame…if you fail to book coin you have no value…get a sack.

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  25. Idadime

    MVIS goes down more than a two dollar whore.

    I am still long (about ten fucking years of long term buy and hold) waiting for it to see the light.

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  26. BudH

    “”There were pools of mortgages created in 2006 where 40% of the borrowers didn’t make the first payment “”

    How many pools out of how many pools were like that? Who originated them and who bot them?

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  27. Dr. Phil

    Idadime –
    dude, sometimes you just need to move on.

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  28. ottnott

    No idea, Bud.

    That was a note taken by someone who attended the Countrywide presentation.

    In a situation where buyers could essentially get a call option on a $500+k asset without putting up a penny, it is no wonder that there was a huge a mount of risky speculation.

    Add in the ability to do deals where the seller would pay $50-100k cash back to the buyer, and you have certainty that fraud will become widespread.

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  29. Dinosaur Trader

    I hate robots.

    -DT

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  30. Jakegint

    In a future time.

    Children will get together…

    And make a Giant Cyborg!

    Robot Parade!

    Robot Parade!

    Wave the flags

    That the robots made!

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  31. Dinosaur Trader

    Jake,

    Are those David Bowie lyrics or something?

    -DT

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  32. alphadawgg

    Dr. Suess

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  33. JakeGrinch

    Which ones? The Pixies or mine?

    The Pixies, if I was listening correctly, were talking about a movie from the 1920’s that I saw in a college class. Bizarre. Luis Buneul. Total bugout. Hung out with Dali and the other “dadaists.” Like hippies but not grungy and full of pot.

    Absinthe, though, yes.

    ____________

    My lyrics were from “They Might be Giants”

    Robot Parade.

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  34. JakeGrinch

    DT –

    Have a listen.

    Cute vid, too.

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  35. BudH

    Yeah, well I know the fraud was widespread. I sold houses as a real estate broker for 9 years. The wildest guys were the mortgage brokers. Get anybody a loan with false docs. Then the loan companies package the loans and Wall Street sold them. Everybody makes commissions. I got out of houses 8 years ago and went to commercial. A more straightforward whore business.

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