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
22,162 Blog Posts

Be Careful of the Trap

The new CNBC rumor that the [[ABK]] deal “hit a snag” is a fucking lie. The cocksucking banks have already committed the capital and will be finalizing the deal, shortly. Over the last two weeks, with the friendly help of Gasparino, the consortium successfully propped up the share prices of both ABK and [[MBI]], through a myriad of leaks.

However, since the news became stale, I believe they disseminated some misinformation today, in order to surprise everyone later. In other words, in order to have a maximum effect on the market, they need the element of surprise.

Now that people are somewhat worried about the deal getting done, once it’s announced, they will be “Santa Claus happy” and run the shares higher. If you look closely, smart money sees through this charade, with ABK‘s shares higher on the day.

Also, big bad Warren Buffett will be on CNBC for 3 hours on Monday.

If you have decent profits on new short positions, it may be wise to pare them down a little, in order to give yourself some capital reserves—should we gap higher on old news.

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16 comments

  1. kd

    are you serious or are you being sarcastic?

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  2. The Fly

    serious.

    Personally, I’m man enough to hold my shorts through all this. But, many of you pikers are day trading fools.

    Just be aware of a possibility.

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  3. Q4

    My thoughts exactly. Berry nice, however I think the “surprise” element will not be so dramatic. Moody’s stated today that ABK is still under review for a possible downgrade. Odd, no?

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  4. TraderCaddy

    So when is the SEC (and I don’t mean the Southeastern Conference) going to investigate?

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  5. The Fly

    The SEC is never proactive.

    Once this whole mess blows up in people’s faces, the SEC will “take action.”

    Q4:

    I agree. I think the response will be somewhat muted. However, you never know. Lots of dumbass traders out there.

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  6. Day Trading Fool

    A chimichanga formation has now developed with a rare doji on top of the 15 minute hammajamma. This was followed by a black crow dropping a green candle. Thus, higher prices are in the future.

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  7. kd

    I just wish this fucking market would just drop 600 pints in 1 day and get it out of its system. There has to be a day where it just scares the crap out of every one and then we can start moving back higher.

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  8. Jason

    Look for more than 600 then.

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  9. calvino

    Covered LEH MS and BSC – the Douchebag of Omaha scares the crap out of me. You know that fucking fossil loaded up on 100,000 spy contracts in preaparation for whatever shit he is going to pull on Monday.

    update.. calvino sell five hsares of jrjc

    update .. calvino buy 2 shares of fslr to cover

    update.. I’m with you there KD.. I wanna see a halt called on the floor. When is your next album coming out?

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  10. Q4

    Today, several Fed officials basically said we’re fucked due to the credit crunch. Really? Now the writing is on the wall for all the dumbass traders to read.

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  11. CubsRock

    Can’t decide if I should lighten up or dump all of my DUG :/ Seems like oil wants to run.

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  12. PleaseKillMe

    “…should we gap higher on old news”

    Now you’re just fucking with me.

    What I like about you Fly is that you don’t confuse once or twice. But sometimes four times, and that clears my head because I just say “fuck it” and pull the trigger.

    But days like this where the funds are scared shitless and pull money from every stock they own, are the true viagra highs.

    I don’t have any brent crude positions, but I say $105 by end of March.

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  13. jeff

    Here is what the Fly looks like today.

    http://allaboutirish.com/graphics/leppotgold200s.jpg

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  14. run dmc

    don’t believe the hype!
    … don’t belive dont dont believe dont dont believe the hype!

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  15. DanB

    Jeff that leprechaun looks like he’s done with life.

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  16. Hong Kong Bull

    “Day Trading Fool Says:

    A chimichanga formation has now developed with a rare doji on top of the 15 minute hammajamma. This was followed by a black crow dropping a green candle. Thus, higher prices are in the future.”

    Funniest thing I’ve read all day! (Ok, it’s only 7:50am here, but funny as shit anyway, karma point added)

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