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
22,274 Blog Posts

The Bulls Are in a Figure Four Leg Lock

When “The Fly” was young, he always tried to apply the “figure four leg lock” on his friends, but had zero success. Frankly, I think wrestling was lying about that too. That shit doesn’t hurt.

Nonetheless, it sounds ominous and the bulls are in a tough spot today, with soft GDP numbers and weak employment data.

As you know, in an amazing twist of events, just yesterday “The Fly” aka “Senor Tropicana” was ready to throw in the towel—right at the top of the range. However, after a few shots of espresso and some “talking to” he regained his financial manhood and towed the line.

With regards to today’s trading:

Things look bleak, with massive losses in [[TMA]] and a variety of bank stocks—with notable exceptions to [[FNM]] and [[FRE]]. As you know, both Fannie and Freddie are operating flawlessly— combined losing more than 6 billion over the last 3 months. Well done.

Within the DOW, [[GM]], [[AIG]] and [[JPM]] are underperforming.

And, let’s not forget about my bagel dilemma, which seems to be affecting the shares of [[BAGL]].

On the bright side, energy stocks look ok, with nice gains in [[EOG]] and [[RRC]]. [[WNR]] posted a ridiculously bad set of numbers—giving new meaning to their ticker symbol annunciation.

Finally, shares of [[AAPL]] are on the rise, due to positive guidance at a Goldman Sachs conference yesterday. And, [[S]] is gapped lower on horrendous quarterly results and elimination of their stupid dividend.

All in all, it looks like a good day to be long [[GLD]], [[UDN]], [[SKF]] and [[SRS]].

NOTE: Go check out Gunners’ post on [[VNO]]. Great stuff.

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16 comments

  1. Joey BagofDefaults
    Joey BagofDefaults

    Shit man I went in to the local Angelwide Financial yesterday and got declined for another increase on my equityline. They actually wanted me to document my ass and income AND not owe more than my house is worth.

    Fuckers!

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  2. whatmeworry

    Listening to our fucktarded el prezidente on bubblevision now.

    I can hardly believe what is coming out of the most powerful man on the planets mouth.

    He has got to be the dumbest, least intelligent president in history. What an embarrassment. Its now wonder the world hates us & we’re in an economic black hole.

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  3. Big Mike

    Why the fuck is DECK up!?

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  4. Steve

    I think we’re still headed to 1400 in the short term. You should cover your short positions in this dip.

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  5. whatmeworry

    Steve is probably right, crazy as it feels right now.

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  6. Pudfucker

    Green by noon. 1625 by year end.

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  7. BOOMER

    Fly – you see my second fav, HURC?

    http://biz.yahoo.com/pz/080228/137227.html

    BOOM is going to do the same thing. March 6.

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  8. Woodshedder

    Why the hell is my QID down?

    And funny…MBRK is up 3%…Fly???

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  9. nncoco

    My portfolio is totally positioned for higher inflation a weak dollar and a recessionary economy.

    I feel conflicted on days like today when things are going to shit and I am personally making money. Do I want success or failure?

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  10. jeff

    Fly – I await the day that you buy me a 2.5″ ribeye.

    nncucu –
    Bud: How much is enough? Gekko: It’s not a question of enough, pal. It’s a zero sum game, somebody wins, somebody loses. Money itself isn’t lost or gained its simple transferred from one perception to another.

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  11. big snacks

    so fly.. is the bear market on or off? make up your fucking mind.

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  12. ottnott

    big snacks – looks to me like you are asking Fly to make up your mind.

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  13. JakeGint

    However, after a few shots of espresso and some “talking to” he regained his financial manhood and towed the line.

    Your welcome.

    Btw — I don’t know if you ever actually wrestled in high school or college, but the “figure four leglock” is not supposed to hurt. It’s a “hold” move for immobilizing your opponent’s lower trunk so you can more easily pin him.

    If you are talking about that fake bullshit on teevee, forget I said anything.

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  14. The Fly

    Of course I’m talking WWF.

    Only fucktards wrestle in HS, in real life.

    I used to punch those kids in the nose and take their lunch boxes, back in Brooklyn.

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  15. JakeGint

    That’s only because the kids in the Brooklyn HS’s couldn’t wrestle their way out of a wet paper bag.

    That’s why we’d commence shaking down the remainder of your school (X) shortly after taking your “team” off by over 100 pts.

    Of course, we were from the Island, where all the “good genetic stock” from Crooklyn had embarked to some 50 years prior, so it wasn’t a fair match.

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  16. nncoco

    JeFF,

    If I was a FT trader I would not care at all. My income grows with a good economy so I feel like I lose when I am right and when I am wrong by being short and hedged against inflation and a weak dollar.

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