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
21,264 Blog Posts

The Beard Wins, Again

Interesting day. Believe me, I had to contain myself, like an over caffeinated jackal in a prairie full of bunnies, refusing to put cash to work.

Despite knowing the market would gap higher today, I made a conscious decision to not base my investment decisions on short term moves, anymore. Right now, I am holding more than 50% cash and will start legging back into positions, little by little.

With [[FXP]], [[SRS]], [[SMN]] and [[SKF]] getting “mushroom clouded” today, I refrained from buying. The reality of the situation is: the market may mud stomp the bears to the tune of another 500 points, from here.

So you may think you caught a deal with SKF today, but that fucker can drop another 30 points, no problem.

With my money, oddly enough, I did absolutely nothing. Should we gap up again tomorrow, I may buy more [[SMN]].

If you’re caught short, I strongly suggest buying an upside play to hedge, then proceed to drink heavily.

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30 comments

  1. JakeGint

    Done!

    Beer-ten’ner, brin’ me anudder!

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  2. Breakfast Meat

    The Fly always wins, LMAO!!

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  3. buylo

    don’t tell me you were not tempted today to go long just a little with FXI, EWH, UYG? you know they are gonna gap up tomorrow. (I hope)

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  4. The Beard

    Yup, it’s tough kicking 11 different kinds of ass, as I do.
    But you guys should be catching on to me now… I wait until bullish sentiment is low… or put/call ratio is high … or asshats are soaking in negative gamma, on expiration Friday.
    Then I throw a fucking “bailout bomb” into the building and run, like a kid who lit the fuse on his illegal fireworks display.
    Thanks to the twitching pikers who control this market, it works every… fucking… time.
    It’s funny how everybody says I’m “out of bullets”. They don’t seem to realize, I own a fucking gun factory, and can invent new weapons on demand, such as “nuclear slingshots” or “double-barrel blunderbusses”.

    Don’t feel safe Fly… cash is a position… and therefore, I can fuck with it.
    See you on March 18th, the “ides of beard”.

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  5. The Fly

    I was very tempted to go long. Look at my morning post. I suggested a few names. Good banks.

    However, my bias is to the downside. Therefore, I will not violate my long term thesis to fulfill short term gain.

    What do I look like, Gov. Spitzer?

    And, yes, “The Fly” wins again, having covering all of his LEH, DECK, MON and SRS and SKF shorts, prior to today’s melt up.

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  6. CubsRock

    I bought some SKF to hedge my KBH, QLD, UYG longs. Longs were up so much I sold them and kept selling them only to hold onto fucking SKF. Lend me some of your patience Fly. Would have been my biggest gain ever if I had kept my longs and stayed away from SKF. Sonofa…

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  7. alphadawgg

    Jaek [sic] did not get the intervention he needed and thus ended up shorting MOS? Say it ain’t so!

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  8. JakeGint

    No, I did not short more MOS.

    Only JOYG. I held off on the other sheeit.

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  9. The Zombie

    Spitzer is dirt.
    The Fly is God

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  10. TraderCaddy

    According to The New York Post Spitzer has been with hookers for at least six years. I sure would like to be Mrs. Spitzer’s divorce attorney.

    http://www.nypost.com/seven/03112008/news/regionalnews/spitzer_has_used_hookers_for_6_years__so_101444.htm

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  11. JakeGint

    TC — I wouldn’t. No “challenge” to it.

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  12. FucktheBeard

    Fuck the Beard!

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  13. Q4
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  14. Q4

    The Fed is

    Runnin On Empty

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  15. mrkcbill

    Q4

    Now your talking some 70’s. Always liked Jackson.

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  16. CubsRock

    GS popped $2 just from Fast Money. This market is bananas! Stocks are for idiots. Fly is God.

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  17. Juice

    Cramer on Spitzer:

    “Every media outlet in the country is calling me about my friends Eliot and Silda Spitzer. I have spoken many times on these pages about my friend Eliot and his terrific wife. I feel bad for both of them, particularly Silda, who is the real victim, and I have expressed this thought privately.

    But to say more than that is nobody’s business.

    Thanks so much. “

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  18. FucktheBeard

    Fuck Cramer too.

    Thanks so much.

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  19. JJ2000426

    The FLY:

    Admit it. You are a loser. You still lose money in the best market rally day we have in a few years. There is no excuse for it.

    That Spitzer guy. Just incredible. Paying $5500 an hour to spend time with an elite hooker for 6 years. Where did he get the money? His wife never knew?

    The guy is too stupid to have used wire transfer to pay for the hookers. Nobody writes a check or do wire transfer to pay a hooker. I assume you just pay cash. Although I have never done anthing like that and don’t know how things work. Pay cash and there is less paper trail.

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  20. JakeGint

    Wow, LULU looks like a great short tomorrow.

    How can I resist?? I need a 12 step program, dammit!

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  21. JakeGint

    JJ dumbass.

    The guy is worth hundreds of millions of dollars.

    Where did he get the money? Prolly found it in his old jeans or something.

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  22. Q4

    Jake:

    My LULU puts took a fucking beating today. However, I’m still in the fight. Retail numbers are out Thursday.

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  23. Juice

    I think we trade off these highs for a couple days & then more upside fireworks Friday for the weekend.

    Its bearhunting season for a bit here.

    Bears be on your toes.

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  24. Juice

    First Boomer punts on Lent, then jesterday [sic], Spitzer & now Mary Ann on Mary Jane … whats this world coming to?

    Is there noone & nothing I can believe in anymore?

    Don’t Bogart that joint.

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  25. Small Titi

    JJ, was starting to wonder where you were….

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  26. JakeGint

    Just sit right back and you’ll hear a tale…

    A tale of a fateful… er… ummm… trip?

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  27. Q4

    Juice:

    Here’s what I think …

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  28. calvino

    I held Lulu short, if for no other reason, then that I will never be able to get shares to sell again. My basis is high though, and I have seen the pumps on this go for up to three days.

    McFly.. today tested my hedges, but with the bearded cumgoon at the helm, there is no walking around without protection in the woods. Long positions against short positions – not me. I’ve posted plenty on the one for one inverse to this tape for anyone to know what I mean. This tape is spastic, and I wold not fault anyone for sitting ass today with my own money. However, don’t you go Larry Livermore on me with this I don’t day trade for pikers line. If that dude was alive today, he would own every dollar in circulation, every one else would just be working for him.

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  29. JakeGint

    Second link was a dud, there, Brucie.

    Try this blunt on for size.

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  30. Juice

    yeah, I corrected it .. thx

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