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
23,417 Blog Posts

Classic Reversal, part II

Well, that was fun. The intra-day reversal is over. May lower prices infect your portfolio’s.

As you know, our banking system is a complete mess. We have fiat currency, jerkoff CEO’s and an alarming lack of liquidity.

In other words, we may get spikes along the way to 11,000 DOW. However, every single spike should be faded, due to the longer term trend, which is down.

I understand the temptation to “catch a bottom” and make buckets of coin, effectively allowing you to replace your bullshit Staples chair for a real one. The problem you will have, each and everyday, is headline risk.

Being a bull is like being pinned down in a WWI trench, as 50 mm machine guns buzz past your ears. Before going long, just know, that asshole with the 50 mm gun is aiming for your head and will continue to give you bad news.

Aside from that, our politicians are hell bent on raising taxes, while socializing healthcare.

Should the cap gains tax be raised to 28% or higher, kiss your 401k plans goodbye.

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26 comments

  1. Van

    Lovely. I was so close to buying AAPL calls when it broke through $122 again… being chicken-shit is a good thing sometimes. Now watch it go to $135 by option expiration next week. Bleh.

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  2. jeff -

    Always stay on the short side of life

    watch your sky
    http://www.rense.com/general80/inside.htm

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  3. Wimpy

    Nah!

    I disagree. This is just bold money repositioning for overnight.

    The smart money is still on the sidelines. There has yet been no convincing pain or euphoria. Hence expect the market to tumble along feeding bones to day traders.

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  4. tehdrunky

    what short etfs would you add here?

    i did reduce position in dug skf and smn today

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  5. Gunners

    part III??

    why is cajun still on the top ranked peanuts list? isn’t he a full timer now?

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  6. calvino

    The treasury aauction was a fucking failure, to put it plainly. Up 20 poiints on the yield, wohoooo, buy buy buy. The helicpoter just caught a flat, or flak, from some AP 50mm rounds, since you want to go there McFly. Let’s even throw in some incendiary AP’s – the bearded rat’s helicpoter ass is on fire. The french shower bags do not get it yet – but the needle fiesta is fucking over. The french shower bag top tickers who were bidding the Diamonds at 1 today are already enjoying the taste of dried out turd. Good luck Helicpoter, we’ll meet again.

    update.. I fucking said this Treasury shit was gonna back up in a big shitball last week..

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  7. JakeGint

    And here …. comes…. the mustard gas!!

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  8. ottnott

    Jeebus, who the hell is driving this market? He/she needs to whack a few of his/her excess personalities.

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  9. calvino

    short crm and deck before this shit closes.. tomorrow the piper comes for his money

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  10. JakeGint

    What’s driving it at this exact moment is a desperate attempt to close in the green.

    Pathetic mofo’s.

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  11. Helicopter Ben

    Ummm…50mm machine guns?

    Planes have 20mm cannons. I think you mean .50 caliber machine guns.

    Retard.

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  12. alphadawgg

    50 mm “machine guns” is bigger than the A-10 WartHog ammo (30 mm)

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  13. Helicopter Ben

    That’s not a machine gun, Fly.

    BTW, this is the largest machine gun ever made (30 mm):

    http://video.google.co.uk/videoplay?docid=-3241416591651781452&q=gau-8+avenger

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  14. alphadawgg

    Helicopter Ben and I think alike. Odd, no?

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  15. Helicopter Ben

    The bald bearded one knows his guns. What do you think he loads his gunship with?

    Kudos, alphadawgg.

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  16. alphadawgg

    Chopper Ben, you ex-military?

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  17. JakeGint

    Guns are not allowed in NYC, cut “the Fly” a break.

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  18. alphadawgg

    Guns not allowed?…then the criminals have the guns. You guys are defenseless. Sad.

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  19. Helicopter Ben

    Never got past ROTC…apparently you can’t smoke pot and drop acid and be in the Army. Who knew?

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  20. George Bush

    I knew.

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  21. Helicopter Ben

    Yeah, George…apparently it was OK to be a cokehead and still fly planes for the ANG.

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  22. calvino

    12.8mm = .50 cal.. fucking bearded bald rat genius.

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  23. ottnott

    Fly gets half credit for posting a pic of a 25 mm machine gun and calling it 50 mm.

    Helicopter Ben takes a penalty round in the beard for saying that it wasn’t a machine gun.

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  24. Dr T

    I see everyone so bearish. Market’s going up tomorrow, suckers.

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  25. JAFO

    The Fly always tries to get half credit for everything…

    He has some longs so he can say he was right when the market goes up…and he has some shorts so he can gloats the market tanks. To give half credit for the machine gun fuckup is very generous of you folks…clearly it shows he is just as much of an asshat as everyone else he trashes…bottom line: the “Fly” knows as much about markets as he knows about machine guns. Pathetic.

    “JAFO”

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