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
20,422 Blog Posts

Whoa, That Was Easy

Thanks in large part to the beard of Bernanke, we averted a stock market crash.

It’s funny how sentiment changes. Now, all of a sudden, banks and retailers are rallying— crazy man style.

[[ABK]] and [[MBI]] are screaming higher, while [[SHLD]] is kicking some serious low-end ass.

Are people fucking retarded, thinking the credit crisis is over?

I mean, we have yet to see quarterly earnings reports or a really bad employment number.

However, in the short term, none of that matters. The only thing that counts is the delicate balance of fear and greed. Right now, thanks to the vix topping out at $37, after the opening plunge, investors are getting greedy for a “short term bottom” short squeeze.

With my money, I rather take the easy path and bet against oil. There isn’t much bottom fishing being done in oil, especially since lower oil prices bodes well for a stronger economy.

Bottom line, if you were lucky enough to scalp a few trades off the bottom, take profits, else see them vanish—like tanning oil in Angelo Mozilo’s “tropical room.”

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

45 comments

  1. jeff

    They have to justify another rate cut, so down we go boys.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. George Bush

    All Hail Helicopter Ben!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. Gunners

    Fly. can you give some buy/hold/sell recommendations on our favorite ETFs? FXP, SKF, DUG, SMN

    thanks in advance, if my internet fucktardness deserves your answer

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

    I’m getting kicked in the balls by some twit with UGly boots (DECK) on! What gives?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. RickH (formerly, and still, TamandEm)
    RickH (formerly, and still, TamandEm)

    that did not seem like capitulation…. more like manufactured capitulation, like a bunch of smarties who feel like they timed the bottom. i’m still in cash, like a decision-less wank, so i’m not one to talk.

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

    The financials and retailers leading this bullshit is self referentially, bullshit. No fucking way.

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

    I’m out of all my inverse ETFs. Preparing to buy more QLD. Lots of QLD.

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

    Come on Barbarella cavegirl bitch, that’s not a boot, that’s a tampon.

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

    Fly,

    What is the best retailer to buy:

    a) Apple bottom jeans

    b) Boots with fur

    ???

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

    Looks like we might have a weak close.

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

    Neither:

    UA – Baggy sweatpants
    GCO – Reeboks with the straps

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

    AAPL and RIMM up nicely, I sure hope no one was suckered out of them this morning.

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

    So, what happens if AAPL disappoints tonight?

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

    I broke out my iPod, and it is talking. Seems undecided:

    A Matter of Minutes: Shawn Colvin
    Time and Good Fortune: Duncan Sheik
    Too Soon To Tell: Bonnie Raitt
    You May Be Right: Billy Joel
    Mysterious Ways: U2
    Where Will I Be: Emmylou Harris

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  15. TraderCaddy

    How about the House of the Rising Sun by Eric Burdon and The Animals? It was my dorms favorite while protesting.

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

    im buying aapl puts

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

    It will be very tempting to grab some AAPL AH if it tanks. However, The Fly brainwashed me into thinking we go lower next Friday 🙁

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

    Added another 250 long AAPL shares. Riding 500 shares long into earnings. Ride that horse until she tosses you. I have made money on the downside the past month, but have not totally bought into the market’s demise. Another words, I believe something like a bullish report and outlook from someone like APPL could bounce this market enough for profits to be made. It’s not necessarily all down from here.

    I like this edit button – you can respond to someone that posted after you.

    Alphadawgg – what if there is no “wash out”? Then all those waiting become the “wall of worry” that just serves to propel the market up, up and away.

    Tradercaddy – that would be something if TXN mentions a stock buyback. That, on top of a positive AAPL report, would be an ass kicking for those that are beginning to be set in their bearish ways.

    Gapping – no. Dont buy DCR, it’s a dog.

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

    We still need to see that “wash out” day before I’ll even think about a trade to the long side. Doesn’t look like today will be the day. We need to take the ass kicking like a man and move on. This Fed bullshit just prolongs the inevitable.

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

    TXN also reports in AH. It will move the chips. It has slower revenue built into the price, but I suspect they may ramp up their share buyback which would be positive for the price. It’s a crap shoot.

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

    Fly is DCR still a buy?

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

    I agree a wash out is needed.

    However, can’t deny the bullishness of the day, either.

    Went long CPHD and VVUS.

    Fly, remember you said AAPL, RIMM, et. al. would kill VVUS on a bounce?

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

    Wood, I would call this ‘bullishness’ short covering. Fannie and Freddie leading the rally with Ambaac and shld??? Heck no!

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

    Wood,

    Why the call on VVUS?

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

    Wow…bought SHLD calls this morning on a whim (remembered some headline from the weekend about restructuring) and some technical backing (bounce off bottom of downward-trending channel), but mostly because I hated to sit idle, and BAM! 15 points in the bank!

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

    If we are just beginning the our Bear Market, it will be quite a while before capitulation.

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

    Carter Fucking Worthless

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

    Alvari- relative strength and technical breakout for VVUS.

    Calvino- I don’t disagree with you. A retest of lows would not surprise me. However, these types of days, throughout history, typically signal at least a small upside follow-through.

    Don’t worry, I’m like 8% long. I’ll have a better feel for things this evening after reviewing the charts and looking at the internals.

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

    Big block buys on AAPL

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

    fuck this shit. i really wanted a down 500 day.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  31. alphadawgg

    Wood-

    VVUS?

    “MUSE (alprostadil) is a medicated pellet that is placed in the urinary opening using a disposable plastic applicator.” [Who wants to stick a suppository in there? Fuck that.]

    “MUSE should not be used by men with….abnormal penile anatomy.” [So they’re saying that because I have a big three pound swinging dick, I shouldn’t use it? (not that I would want to anyway)]

    “You should avoid activities such as driving or other hazardous tasks within one hour of using MUSE because you may become light-headed, dizzy or faint.” [So, will I still be able to “get it on?”]

    “Side effects can include penile pain.”

    ‘Nuff said.

    No offense. I just thought the descriptions were painful and funny at the same time.

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

    Also, I went long VVUS just to piss Fly off.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  33. jeff

    Fly, you staying short?

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

    Sorry for the daytrading banter, but anyone else seeing the bullish H&S on the 2 min DOW chart? Head was the open this morning. Neckline about to be broken to the upside. If a true H&S, then we may have 500 pts to the upside. I am going to nibble to the long side with EWZ and UWM. Of course, will not take the position until the break of the neckline is confirmed.

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

    Alpha- its their treatment for female sexual dysfunction that is the killer.

    Do some research. There is no treatment/cure for loss of desire in women.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  36. gappingandyapping
    gappingandyapping

    All clear back to 14,000+. Come on in kiddies its warm inside.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  37. gappingandyapping
    gappingandyapping

    Please note I am getting messages from some friends wondering if the recession is over since we didn’t go any lower. LOL

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  38. Employee8

    but they have a drug for women too

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

    Picked up final 250 block of long AAPL shares (750 tiotal, ave price $155.40). All set for the report and the mini rally over the next week.

    Wood – thx for the info on VVUS

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  40. JakeGint

    Dawg —

    For my part, I always get light headed and dizzy after shoving alien objects into my mushroom cap.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  41. alphadawgg

    I’ll have to do more research on the women’s product. Does it have something to do with putting something inside their “girl parts”?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  42. alphadawgg

    Jake,
    My guess is that the light headedness and dizziness is subsequent to the “Ieeeee….Arrggghhh, Fuck!!!”

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  43. DPeezy

    Ready for Apple earnings!
    Picked up some cheapo calls at the end…low risk, high reward.

    Ps.: Chances are, everybody will be selling the news, good or bad. Still, it’s hard to stay away…

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  44. Employee8

    http://www.fool.com/investing/high-growth/2007/04/30/vivus-revives-investor-interest.aspx

    It’s a mist … not sure what’s happened with the partnership and FDA approval but the obesity drug may have other pursuers/partners coming.

    Sold to K-V Pharma: http://biz.yahoo.com/e/070809/vvus8-k.html

    Seems the obesity drug is where the excitement is coming from ….

    http://www.thestreet.com/_yahoo/newsanalysis/biotech/10380134_3.html

    >> Qnexa is a combination of unspecified low doses of two currently approved drugs, Topomax (topiramate) and phentermine formed into a single capsule. The idea to combine these two drugs to help people shed pounds (the former is an antiseizure drug, the latter an appetite suppressant) comes from a West Coast diet doctor who claims to have used it for years with great success. <<

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