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

Take Profits

Now this market reminds me of the NYC street hustlers, who perform card tricks, such as “follow the bee.” The object of the game is to watch the street hustler shuffle three cards, right in front of you— on a milk crate, and identify the card with the bee on it—whenever he decides to stop “street shuffling.”

Ten out of ten times, you will not find the bee. However, if you are just playing for fun, with no money, often times the “kind street hustler” will let you find the bee, in order to lure you into a money game of course. The moment you put down 20 bucks, no bee.

Well, not only does this market remind me of that egregious game, it is making me want to play without money.

Seriously, over the last 4 months, I’ve made more than enough to take it easy and work on other things. There really is no point in pressing my bets, since the markets intent is to try to take my money, via shifty street hustlers.

More on this later.

Anyway, with a decent Philly Fed number, the market is, once again, melting up. As you know, this is the last trading day of the week and we are one week away from the end of q1. Basically, anticipate a lot of window dressing and foolishness.

Take some profits and walk away from the milk carton.

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27 comments

  1. Mushroom Stamp

    Prudent advice.

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  2. Kiwin

    Who are these “shifty street hustlers”?

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  3. The Fly

    Jamie Dimon is one of them.

    Bernanke too.

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  4. weirdo jay

    what if we trade like idiots and don’t have no profits?

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  5. BanD

    Kiwin,

    These hustlers, no doubt, eat better than all of us (except for fly maybe).

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  6. TraderCaddy

    Will they mind if I bring my own cards?

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  7. wyatt

    Anybody know of an ETF that shorts gold?

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  8. The Fly

    DZZ= double inverse gold.

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  9. Gunners

    Fly,

    Are you taking profits on your AG and Material shorts?

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  10. The Fly

    Not yet.

    I have a big threshold for pain.

    They’re still down.

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  11. wyatt

    Thanks

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  12. calvino

    I explained it in gunners post, since you told me to fuck myself. Where the hell are you anyway, it’s expiration day and you know that turdman was not going to get submarined on their gold and carry shorts.

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  13. A, Nominus

    Whatever, I am just an amateur trying to learn from da pros. Who wants to hold volatile stuff over 3 days of possible news? I guess there are 4 cards and the “bee” is placed on top of one of the other cards to make it disappear?

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  14. 3CardMonteHustler
    3CardMonteHustler

    It ain’t a con game. All skill.

    Fuck off.

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  15. DB

    Trading in CIT just halted. They are trying to draw every line of credit they have and the banks are saying no way.DOWN WE GO.

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  16. relax

    Technical bounce after a down day, option expiration day, long weekend coming up, end of quarter coming up.
    Just get up from the desk, take a walk, see the flowers and birdies. Fun will continue later.
    I always just watch the action on OE day, joint in one hand, sandwich in the other.
    Think of your charts as gentle undulating waves, occasionally spiking and crashing. Hear the seagulls?
    Man, the 5-day chart on ABX is so soft.. like a big pillow. Look at that.
    This j is working good.

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  17. relax

    Man, look at that.. USG traded at 33.51.
    3+3 = 6
    5+1 = 6
    Take some time out to find a little beauty in the numbers.
    USG is great for calendar spreads, if you’re into that sort of thing. Keeps my fridge full of imported beer. Just rolllll it every month.

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  18. CubsRock

    The way the market reacted on that CIT news made up my mind. I don’t want to be long here.

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  19. relax

    Shit, USG just traded at 33.24. Total cosmic resonance here.

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  20. TraderCaddy

    I think financials took the CIT news rather well. I’m long XLF for awhile more. It’s the NDX 100 that sucks on a relative basis. GOOG and AAPL having some difficulty.
    Relax- Also (3×1) + (3×1)= 6 and
    3+5-3+1=6

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  21. Shifty Street Hustler
    Shifty Street Hustler

    Thank You So Much.

    The Market goes up I make money The market goes down I make money.

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  22. relax

    USG trading at 33.15.
    FUCKIN’ A.

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  23. Francesco

    blood bath coming soon ( may be very soon )

    strange enough , or not , most of my watchlist stocks are not behaving confidently with indexes , so it’s in the card game that may be we see some rush up more before the bloodbath .

    Me , I’d bet on shorting some more at this point , but the volatility make me wonder if they win on me so I willl probably stay away for now .

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  24. relax

    Man up Francesco, and throw some shorts on. Then eat some spaghetti, Al Dente.
    (I know Al, and he’s a great guy.).

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  25. Francesco

    not fond of spaghetti
    more of 1kg fiorentina with grilled veg

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  26. Francesco

    a good wine pub here makes at least 400% – 600% every bottle that runs out of wine .

    better I leave this boring card game for serving glasses of wines and appetizers

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  27. linemasta92

    Simply outstanding ^_^! I like posts like that. Your blog is added to my favorites ;-). Continue writing.

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