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
21,396 Blog Posts

Live to Fight Tomorrow

With the dollar strengthening, gold dropping and stocks exploding to the upside, I will not throw anymore retarded shorts on the barbie.

For the moment, everything is in the bulls’ favor, with the marked exception of Cramer disseminating more egregious rumors—this time regarding [[FNM]].

Nonetheless, it makes sense to go eat a ham sandwich or go bowling, instead of fixating on today’s tape.

By the way, with the GSE market normalizing, [[CMO]], [[NLY]], [[ANH]] and [[MFA]] are rallying.

Finally, it’s worth noting, overzealous investors get the proverbial knife to the chest treatment often. It’s going to be a long year, with loads of developments. Be patient and make your next move moderately.

NOTE: Oil is bucking the trend here, up on the day, while other commodities trade lower. Frankly, I don’t know what to think of it. If you want to short crude itself, sell [[USO]] or buy [[DCR]].

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18 comments

  1. Big Mike

    Go long via banks my friends, you all know this VISA shit is going to sky rocket tomorrow…especially with today’s crazy momentum.

    Banks are the main beneficiaries of VISA IPOs. Set up long hedges and write this shit out..

    Again…huge call interest in XLF(financials) in the options pit.

    Anybody have any tools to short OIL, without using USO, DCR or DUG?

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  2. calvino

    Covered lulu and jrjc

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  3. alphadawgg

    Maybe it’s just me, but….in light of these historic events and a 75 bp rate cut, slashing ever more YTD, isn’t the volume fairly subdued?

    I would have expected trading volume on the NYSE and Naz to exceed 3 billion shares combined, maybe even closer to 4 billion shares.

    Combined volume is currently at 2.5 billion.

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  4. cramer

    cramer says buy visa.. that scares me

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  5. chivasontherocks
    chivasontherocks

    i show combined volume at 3.3 mill and thats 20 minutes delayed

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  6. you must be down 9% today…

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  7. CAP

    Alpha,

    Its mainly short covering. There is no real buying conviction regardless of what the talking heads on CNBC say. Financials are the best performers. The market bottoms and the worst performing sector leads the way ? Unlikely. This is your classic short squeeze. I expect the market to go substantially higher and I am long. But I am ready to get out at short notice.

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  8. Koppenhagen

    Would this be a follow-thru day according to IBD? Pretty good rally last Tuesday and this today. Anyone?

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  9. Mushroom Stamp

    Big Mike, what about getting long Airlines like AMR, who are sure to benifit from falling oil. Also check out some refiners like TSO and VLO, whos crack spreads should start to move in their favor.

    Both groups are beat down by high oil prices.

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  10. minifly

    I want to add to DGP… but I’ll hold off for now.

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  11. TraderCaddy

    Crude may get the heave ho tomorrow with inventory numbers coming out, higher $$, etc. I guess the under performance of the gold stocks this AM did telegraph a story.

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  12. alphadawgg

    CAP you have the right mindset. Time frames get compressed in this kind of market environment. Be ready to flip flop. Not sure why my volume is showing less. Which data provider do you use?

    Fly, can we get a read out from the time machine?

    Btw, if Jake is out there, I closed out my straddle on MOS at plus 4 today.

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  13. big snacks

    SRS IS DOWN ON THE YEAR!!!!

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  14. Crude Broker

    Fly, sorry I haven’t been around in a while, I can’t fuck around on the internet with my new job, especially financial sites. Firewalls and shit. Anyway I’m not working for the next two weeks so I’ll be fucking up the crude market in sunny Sugar Land from my house.

    Big Mike, check out DBO as well if you dare to short oil. Also, my favorite is to look for independant oil n gas cos that have falling proven oil reserves. Usually you will see that their stock price is already coming off, even though the price of crude has risen. After shorting them, it starts getting fun when the price of oil actually does come off. Good ways to make money. AEZ is a piece of shit, so is GPOR, LINE and DBLE.

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  15. TraderCaddy

    Crude Broker- Good info. I put the stocks on my watchlist.

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  16. treepart

    Fly, great call on the head fake after the Fed announcement. Spot on. Took your advice and waited till 3:10 and bought some MVV and it closed up $1 for me.

    I think the money is going to be flying all over the place tomorrow with the Visa IPO. There’s a positive vibe right now that drowns the BSC fiasco. Money managers will be buying V tomorrow and while they’re shopping they’ll probably throw other things in the cart as well.

    Markets are closed Friday. I’ll probably sell my MVV position tomorrow and sit on cash and the short side of the fence with a position in DUG. A convenient time for bad news to sneak out is over a 3 day weekend and, imo, more bad news than good news is ahead. I don’t want to be long anything for 3 idle days in this market

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  17. Big Mike

    Grow some balls people…purchase some April puts on USO…

    Mushroom, as far as airlines…I’m too sure…It will be like throwing a dice…
    If your making your case in fuel costs, why not go long transports?

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  18. the_cool_guy

    Well I’m confused. I don’t know what’s the problem here. What’s wrong. At first I thought it looked really smart, but I’m not sure any more

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