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
23,009 Blog Posts

Retest the Lows

When I was long, I’d hate when people would say “we need to retest the lows.” However, now that I’m bearish, I welcome such fucktarded commentary.

In all fairness, the recent low was nothing more than a blip, due to the fact that we reversed hard off of it. We need to sit at those lows and wallow—causing immense stress and angst amongst asshole dip buyers like Dennis Kneale.

Currently, this is that way I’m playing the downside:

[[SKF]] [[FXP]] [[REW]] [[SMN]] [[TWM]] [[EFU]] [[DCR]] [[DUG]]

Short [[LEH]]

Short [[DECK]]

Short [[EWG]] If you enjoy the content at iBankCoin, please follow us on Twitter

42 comments

  1. calvino

    That is outright bearish.

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  2. CubsRock

    No wallowing here, we will prob hit the lows and bounce again. Only to head back down farther.

    BTW whats up with Danny dissing all the posters on this blog? The Fly and others are prob responsible for turning him bearish and enabling him to back coin. If this were my blog I’d toss his ass in with Juices salad.

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  3. The Fly

    Cubs:

    I agree with your Danny sentiments. Yesterday, I instructed Jeremy to place Danny’s column UNDER my Presidential banner, on the front page. However, he must’ve forgot.

    I’ll see to it that his insolence go punished.

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  4. Juice

    I am still looking for a reversal today. It may be a one day affair but I think another tradable low will be at hand towards wed-thurs next week. One worth playing.

    Ok, enough of my fucktarded calls.

    Now I go back to my hole.

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  5. The Fly

    We can reverse; but who cares?

    Any spike should be faded.

    I’m just not that short term.

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  6. BOOMER

    My spidey senses are tingling. I bet we sell and sell and sell again. 500 down day on the Dow? 100 down on the Naz. Me thinks so.

    Update: Did I say that? Oh well. That’s why i need a break.

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  7. The Fly

    boom:

    Not happening. Go back to sleep.

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  8. mv_john

    Fly, please change that asshat saying on your website “I have seen the future… and it has higher stock prices in it.” If you do not, I will demand a refund.

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  9. Vince Lombardi

    I am seeing too much strength at the open. ๐Ÿ™

    I thought me and my skf would party some more.

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  10. calvino

    added a little skf and srs

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  11. Vince Lombardi

    Just bought some mar 90 puts in cmg

    One thing I hate about CMO: It trades alongside with the financials. Rarely does it go up when the market goes down. I am this close to cutting it off.

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  12. calvino

    crm thinks its the 80’s again.. 2007 anyway

    update.. some must find it enjoyable to get their testcles bitten.. in a bad way that is

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  13. wow

    Fucking beautiful continued meltdown on the gay solars… fuck solar, fuck Beanie for continually pumping them, LOVE IT!

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  14. Vince Lombardi

    This market is extremely volatile. Completely bearish.

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  15. Gunners

    Hey Fly, are you doing anything with CMO ahead of earnings tonight?

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  16. yankmydoodleitzadandy
    yankmydoodleitzadandy

    Re: CMO

    The underwriters who were probably shorting it last week when they did their secondary (and I’m sure it was the underwriters since it took a big dive the day before the secondary was announced) have probably been holding it down so they can cover prior to earnings tonight; saw the same action with NLY. Most boneheads do not realize secondarys add to book value with REITs.

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  17. JakeGint

    Good time to add to the Skiffles.

    Fly, you see that Greenrush piece?

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  18. Alvari40

    Adding to my UWM and XLF position here. Also, will add to JBLU on any weak volume pullbacks during the day.

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  19. JakeGint

    Lung sac,

    Let me get you straight… you are going LONG XLF, here?

    ___________

    Make sure you point that watergun directly at the center of the supernova. I imagine that’s your best chance of “putting it out” before it consumes you.

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  20. jeff -

    that was a great rally, now back to the short side of life

    As always:

    go fuck yourself

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  21. alphadawgg

    Triple bottom breakdown developing on the Dow if we break 12,100 intra day on the P&F charts.

    Maybe today….y’all have fun and make it a good day.

    Be well (bears).

    There’s horseflys and gadflys, but is there such a thing as a “Bear Fly”?

    Just akxsing [sic]……

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  22. Dennis Kneale

    Fly,

    I am going long on Deck, REW, CSCO and buy your cheap ass home with your OWN money…EVERYBODY BUY BUY BUY!!!

    Remember stocks for the long run!

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  23. Danny

    Maybe I missed it…but when did I talk shit..about the bloggers here? Never.

    Fly, Rage, Shed, and Duc are on point.

    I owe The Fly big for rescuing me from an asinine existence where I don’t get to talk to all of you. See, he really does care.

    Read that twice to discern if I am being sarcastic.

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  24. JakeGint

    Danny, I think they are talking about your post about your blogging angst. I didn’t take it as “talking shit” either.

    However, I do have some truck with your choice of toothpaste (see comments).

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  25. Dinosaur Trader

    Fly,

    What do you think about those videos that Jakey posted in the PG?

    -DT

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  26. BenB

    Fly,

    Beware…your bearish outlook will have you eating oatmeal soon enough.

    Developing…

    “BenB”

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  27. calvino

    It is time for the dipshit dip buyers to jog their pitifully shallow collective memories.

    http://www.youtube.com/watch?v=PISjq4UTG-E

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  28. Danny

    Jake, Yeah I figured that.

    Your comment was funny…next invention…spell checker that recognizes if a key next to another key forms the wrong word. Gleam, glean, ok so I have nice teeth, wanna fight about it?

    still though, I am not above a good scolding when mistakenly using the wrong word.

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  29. JakeGint

    Yes, it’s unfortunate that “gleam” is actually a real word, although it probably should be chucked from the lexicon for lack of use.

    That’s the problem with English, they never thrown any words away.

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  30. calvino

    Oh, say can you see by the dawn’s early light
    What so proudly we hailed at the twilight’s last gleaming?

    That’s what you want to exclude from my English?

    I should have known with you voting the Manchurian candidates.

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  31. Alvari40

    Jake,

    Yes – long XLF and UWM. Have been since Monday afternoon. I covered my shorts then and went long. I am also long JBLU – nice move today, APA, AAPL, SBUX and JCOM. It all adds up to no more than 25% of my holdings – combined. I am not retarded, but I am playing contrarian side of things here for a trade. Otherwise, I would be sleeping like Boomer, or would need to crawl back into my hole like Juice.

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  32. Danny

    like this website.

    Jake I watched those videos…I agree with DT…it sounds terrible, but what do we do? I mean, it sounds cataclysmic.

    Also, not like I know or could do better, but that analysis seemed cursory. How has no one noticed this asset anomaly besides him? I assume others have. What’s their take?

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  33. TraderCaddy

    The market is as exciting as watching Fly change the spark plugs in his time machine.

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  34. Alvari40

    The Fly’s Time Machine uses spark plugs? I thought his Time Machine was a bong.

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  35. TraderCaddy

    It’s a bong with spark plugs. Electronic ignition.

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  36. JakeGint

    Dooc,

    It was a joke. I am in love with the English language and it’s variations.

    Note Calvin’s proving my point by providing an early nineteenth century usage of the word I stated was “outdated.”

    If he weren’t such a Huckleberry, he’d understand the meaning of “irony.”

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  37. JakeGint

    Danny,

    Bookmarked, thanks.

    As for the Greenrush piece, I dunno, but it strikes me as significant that for the first time in almost 50 years the banks are significantly underreserved to the tune of a negative number.

    What to do with it? Buy more SKF, I’d say.

    And stay the hell away from XLF.

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  38. Anyone see this last night on Fast Money?

    http://www.cnbc.com/id/23031631

    Chart: S&P 500, 1993-2008, with 20-month moving average.

    Editorial: It looks as if we’re in the midst of a structural sell-off, Yamada says the likes of which we haven’t seen since 2000. We could be in for an extended bear market period รขโ‚ฌโ€œ and it could be global. Sell any rally, she counsels.

    Chart: Monthly Relative Performance of S&P Financials, 1996-2008.

    Editorial: This chart suggests that financials are falling apart, observes Yamada, and that they could continue to deteriorate. Sell the strength.

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  39. Mushroom Stamp

    These reverse ETF guys are getting rich off you asshats.

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  40. Alvari40

    Tradercaddy,

    Dude!

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  41. TraderCaddy

    Yamada also said several weeks ago to buy BRCM as it was going to breakout to new highs. Then again, she may have had the chart upside down.
    Those chartists engage in witchcraft with their tools of the trade.

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