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
21,152 Blog Posts

iBC DECLARES WAR ON CNBC

No, the fate of the market will not be decided by the coked out morons at CNBC. They can replay the same ol’ homo-gay [[ABK]] rumor news, at 3:45, everyday, for the next 10,000 days, for all I care. It will not change a thing.

While it’s true, thanks to the friendly help of the imbeciles at CNBC, the market put in a “faux bottom” yesterday. It’s also true, we have yet to see the 10-k’s.

What is “The Fly” talking about, you gingerly ponder?

Well, I want to see the annual reports of all the usual suspects, including [[C]], [[BAC]], [[IMB]], [[WM]], [[WB]], [[LEH]], [[GS]], [[MER]], [[MS]] etc. The auditors WILL NOT sign off on half measured writedowns. They’ll want the entire kitchen, not just the sink, to be disclosed.

Until we see them, I would not be surprised if the market bounced here, led by ag and basic resources. With my money, I will not chase stocks. Instead, I will use the spikes to sell them.

The real question I have for you is this: How is CNBC permitted to disseminate market jarring news, almost everyday—20 minutes to the close, without an SEC investigation?

It is mind boggling to me, that Gasparino is allowed to get on his pulpit and spread rumors, without anyone raising an eyebrow.

With that being said, [[DECK]] looks good to buckle under $100—sometime soon.

NOTE: Very long [[SRS]]

FDIC ‘very concerned’ about commercial real estate, Chairman says – DJ
  DJ reports the FDIC is increasingly wary of potential bank losses from a downturn in the U.S. commercial real estate market, Chairman Sheila Bair said. “While I hope that the (commercial real estate) market has a soft-landing…we want our insured institutions to be ready and fully prepared to work through a sustained downturn,” Bair said in a speech at the Independent Community Bankers of America conference in Orlando, Fla. Bair said the FDIC is particularly concerned about the potential for the current housing crisis to lead to broader problems in banks’ loan portfolios. The worry is especially acute for community banks, which typically have highly concentrated commercial loan portfolios.

NOTE II: The refiners are in a miserable downturn, all near or at lows, including [[TSO]], [[VLO]], [[HOC]], [[WNR]], [[ALJ]]. I’m wondering, with the driving season right around the corner, are they screaming buys?

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22 comments

  1. Juice

    Listen, as Jake would say, “Commie fuckface”; we here in the USofA & back in the old country, the USSofR; are permitted to do all in our power to support the system (that feeds, clothes, shelters your family) & that means supporting stock prices; when it suits our agenda, no matter the cost, no matter what it takes, which includes tossing LastGasparino meatballs to toss at you, fucktarded investor, who thinks he can outsmart the system.

    btw, the system hates those boots & egregiously recommends shorting shares of the above mentioned company.

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  2. Gunners

    SKF and SRS want to go green, badly

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  3. Juice

    They want to but the PPT has an agenda to get an SPX friday close over 1350.

    Don’t underestimate their power.

    Should they fail, that would suggest quite the undertow.

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  4. The Fly

    I’m sure you believe in the tooth fairy too.

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  5. DOOMER

    Exxon reporting massive refining expansion plans in US and worldwide. Massive oil services spend over next decade. I think those plays, plus refiners might lead the next…eh…last…bull run.

    War Machine!

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  6. boca

    iBC declares war on CNBC…developing. Great stuff! The SEC will not do anything it’s not forced to do (f’ers) and my paranoid suspicion is that Bernanke and Paulson like it that CNBC does this crap and will hold off any heat on CNBC.

    Fly, do you think SMN is a buy here?

    By the way, where is Jake?

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  7. The Fly

    Jake is in Florida.

    Yes, I like SMN here.

    God punished Boomer for breaking his promise of lent. Hence, the stock is somewhat doomed.

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  8. Danny

    where’s GW been? bad batch of brown acid? Moved to ANWR?

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  9. boca

    Thanks.

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  10. DOOMER

    I have made my peace with Him. There is no promise of deliverance, but I still feel tomorrow night that BOOM is gonna rocket. I will lay it out: $68. Lets see if I BOOM or DOOM.

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  11. boca

    GW will be back just as soon as he gets the wireless connection working on his laptop in his treehouse.

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  12. The Fly

    GW is in L.A.

    As you can see, “The Fly” is watching all of you and knows where you are, sort of like Santa Claus.

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  13. Juice

    Is the market now addicted to Gasparino’s last gasps?

    If it doesn’t get that shot of adrenaline, may we see a last 1/2 hour selloff?

    Stay tuned…

    Live by the meatball, die by the meatball.

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  14. DOOMER

    Does my IP show purgatory?

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  15. The Fly

    DOOMER:

    There are bigger things at work here. Just know, He is very close to “The Fly.” Therefore, He will probably make you pay dearly for your lent affront.

    If I were you, I’d see that it’s raining out and avoid going for a walk with a long metal rod in your hand.

    At the very least, protective puts are needed.

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  16. DOOMER

    agreed

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  17. Big MIke

    Actually Fly, There are considerable open interest in shorting the XLB via options(same components as SMN, but via long) with strike prices going as far as 36.00.

    Both 50-200 days moving averages are at 40.38-40.45. We dipped below, but bounced back, after how we learned that bailing out Ambak will surely help Ags stocks.

    I’ll say a good trade will be short SMN, after we break those 50-200 at 40.30’s moving averages and put a stop loss once the XLB reaches 42.50 (just in case), contingent with selling targets at 38.00 and 36.00.

    That’s as good as trade as you can get…besides shorting the greenback.

    Also we did have a support breakdown a few days ago, from the Jan. lows.

    What you all think?

    DDAAAAMMMMNNNN I’mmmm GOOD!!! Can you feel that!!! (Motioning body in hump mode)

    Ohhhhh AMBAC news coming sooner than 3:45pm…AMBAC trading halted…MBI shares shot up!

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  18. gappingandyapping
    gappingandyapping

    ABK halted. Anyone here looking at DCR? Time for Charlie!

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  19. WildWestie

    Crack spread still around 10. Only way gasoline goes to $4.00 is if crack increases–think we’ve hit the near-term top in oil.

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  20. Juice

    If they really wanted to juice the markets, someone should demonstrate the proper use for a taser on Dennis Kneale.

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  21. Dinosaur Trader

    I hope you win your damn war. Fuck CNBC.

    -DT

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