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
19,909 Blog Posts

Fly Buy: SKF

I bought 4,000 [[SKF]] @ $101.

Disclaimer: If you buy SKF because of this post, Bernanke will cut rates by 100 bps tomorrow. And, you may lose money.

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15 comments

  1. CubsRock

    Nice I grabbed some today also @ 100.55. Go grab some SRS to fund your after party 😛

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  2. bulliSHIT

    Fly, what’s the thought process behind doing this ahead of the Fed? Bank stocks currently priced for best scenario so only downside exists? or upside in your case.

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  3. Dinosaur Trader

    I’m gonna pick this up just so I can complain and widely publicize your idiocy when it moves against me.

    And if it doesn’t I make money.

    DT wins again!

    -DT

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  4. wow

    It’s a good bet…

    “NY Times Deal Book reports “if you thought the fog surrounding the value of debt securities was starting to lift, think again. For a reality check, we would direct you to a brief but illuminating nugget that appeared in Morgan Stanley year-end financial results, which it filed Tuesday with regulators. Deep, deep in the 10-K, the co disclosed that it had “reclassified” about $7 bii in assets to what is known in accounting circles as “Level 3? status… Morgan Stanley’s new Level 3 assets included commercial whole loans — which is potentially disturbing in itself, because these assets are outside the residential-mortgage market when the subprime troubles began — as well as residuals from the securitization of residential mortgages. The reclassification doesn’t necessarily mean that these assets are worth less today than they were yesterday. Morgan Stanley hasn’t taken a charge because of the accounting change. But it does mean that Morgan Stanley feels a lot less confident than it did three months ago about how to put a price tag on those assets. That, in turn, could imply that the debt mkts are becoming more opaque instead of less — which might reasonably raise questions about the accuracy of the recent spate of multibillion-dollar write-downs at Morgan Stanley and other Wall Street cos.”

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  5. bulliSHIT

    i picked some up yest @ 110. i suppose i’ll try and get the cost basis down.

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  6. are we paying attention?
    are we paying attention?

    Bond Insurer Bailout Plan May Be `Too Late,’ CreditSights Says (bloomberg)

    “Given the number of competing interests and levels of commitment of participants involved, we think it is unlikely that an agreement sponsored by Dinallo could be hammered out within the appropriate timeframe,”

    “We are expecting to see a downgrade of FGIC any day now,” CreditSights said.

    FGIC in Stamford, Connecticut may have its ratings cut by as many as four levels to A+, according to Michael Cox, an analyst at Royal Bank of Scotland Group Plc, wrote in a report published today.

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  7. duckbutter

    “Finally, despite being tempted to average down on (SKF: 101.59 -1.51%), I will wait until after tomorrow’s Fed meeting.” ?

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  8. JakeGint

    You missed the Update, Butters.

    Much to your chagrin, Skiffles are in!

    (again!)

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  9. Tung

    Damm Fly.. when did you fix the time machine without letting me know about. Damm you Fly for hired cheap ass Mexican to fix the machine. You already knew the Fed will not cut the rate right?

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  10. Shorticus, Demigod of Financia
    Shorticus, Demigod of Financia

    Children?

    It’s time to short those haggard former glory hole queens of the Fertile Crescent, MOS and MON again.

    Sadly, MON is the better target here.

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  11. Sten

    Tung, where you been, bro?

    Let’s light this joint up!

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  12. Dinosaur Trader

    Hmmm. Vince Farrel just said “financials are the new leaders” in this market and that he’d be buying them ahead of the FED tomorrow because he thinks the market is going to sell off.

    Sounds crazy to me…

    -DT

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  13. Thought he said to buy the financials after the selloff, no?

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  14. along with retail

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  15. Dinosaur Trader

    I could be wrong, but I thought he said that there would be a selloff despite what the FED did and that the way to play it was to be in the leadership stocks.

    Perhaps he meant after the news. That does make more sense…

    -DT

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