I just blew out of my fledgling [[CMO]] position. I am shocked to see the GSE market getting raped. There is a strong possibility I am selling at the bottom. But, in the big scheme of things, it’s such a small position—it’s not worth the headache.
I covered my entire [[DECK]] position, in the low 103’s. The easy money has been made. Time to move on.
For the most part, I am making a “fantastical” amount of coin today, as the credit markets melt away, thereby enriching my [[SRS]] and [[SKF]] positions.
My top pick, by far, is SRS. I want to be long the fucker in the biggest way, in order to pleasantly and profusely sack the bulls who buy REITS.
So, just to recap: We are in meltdown phase, which means there is some quick money to be made on the downside.
The following stocks are all shorts:
[[FED]], [[WM]], [[SOV]], [[ASBC]], [[KRNY]], [[PFS]], [[DSL]], [[ORIT]], [[FED]], [[FBC]], [[CORS]], [[IMB]], [[FHN]], [[CLMS]], [[PHH]] and [[DRL]]. If you enjoy the content at iBankCoin, please follow us on Twitter
Another day, another bag of chocolate covered defaults.
Fly-
did you close out CMO because you see more pain coming?? I know their exposure is better than most…
Thanks
Is the site moving terribly slow for anyone today?
Fly, i like how you made FED a double short. that must be the pick of the bunch.
I sold at $14, because I didn’t like the “vibe.”
Yes, egregious bandwidth again today.
FED–the short so nice, he picked it twice
CNBC must be clogging the iBC pipe in retribution …. call one on Nixon’s Plumbers!
I just got in after trying for 1.5 hrs … is the spambotting still going on or has Jeremy fixed that pipe?
Fly, call in the heavy artillary!
Nice move fly — good to see you came to your senses. (Just wanted to return the favour for your DECK play btw …) Having said that, these CMO could be a $10 stock come June when ARM resets really start to ramp up. A business model that uses 10x leverage will no longer work in this environment…. maybe lotto tickets on Jun Puts? Any thoughts?
SRS…a quadruple top breakout..supply at $124, but then going to $150.
Nice call. What’s your cost basis?
Any chance you’ll give us a position update in the near future?
DECK’s going to 80, at least. Pussy.
I’ve got DECK going to 66 but blew out of my puts because they reached an egregiously profitable number I’d set as a stop, where I thought they’d never hit whilst on vacay.
Ah well.
Yes, I do think your opinion is righteous. (So do lots of people). Luckily majority of people are intelligent :).