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
21,316 Blog Posts

This Doesn’t Count

Damn you Mr. Monsanto and your evil seeds. Those fuckers have been poisoning people for a hundred years; but today they had to reaffirm guidance. Where’s the luck in that?

None, I tell you. “The Fly” does not like Mr. [[MON]] and his fucking seeds.

Like I said yesterday, when in doubt, short [[LEH]].

This is a perfect consolidation day for the bulls. The sell off is orderly and no real damage has been afflicted to key stocks or sectors. The banks are pulling back from a terrific run, and to fill their place; ag stocks are ripping higher today.

I must say, this is an impressive tape.

However, I just can’t shake the voices in my head, telling me: “yo, asshole, psst wake up. It’s all bullshit.”

So, I will slavishly buy more [[SKF]], [[SRS]] and even [[SMN]], while throwing seeds at my fucking trader/servant.

Keep in mind, down 50 doesn’t mean jack-shit. In order to regain control, the bears need to send the Dow lower by 200. Frankly, I do not see that happening today.

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20 comments

  1. Helicopter Ben

    All I know is that DUG continues to fuck me in the ass, without the courtesy of even lubing up beforehand.

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  2. AU CONTRAIR

    Wake up…the tape has turned, quit fighting it.

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  3. nullpointer

    i thought that voice was just in my head…you can hear him too?

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  4. The Fly

    As long as LEH is publicly traded, there is still one stock left to short.

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  5. nullpointer

    old news, but still relevant:

    FDIC to increase bank failure staffing by 60%

    SAN FRANCISCO (MarketWatch) — The Federal Deposit Insurance Corp. plans to add about 140 workers to its bank failure division in coming months, an increase of 60%, to handle an anticipated rise of troubled banks, The Associated Press reported Tuesday, citing comments made by the FDIC’s chief operating officer. “We want to make sure that we’re prepared,” FDIC COO John Bovenzi told the AP. There are about 76 banks on the FDIC’s “problem institutions,” the AP reported.

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  6. Big Mike

    Monsanto guidance was fuckin good…not to mentioned they somehow accumulated $1.5billion in free cash flow, with the addition of almost no debt. They will destroy Q2 numbers.

    Ags stocks unfortunately still maintain a bullish momentum as the Aug-07 bulltrend bounced right off, and the addition of Monsanto ripping shit higher today, it legitimatized the bounce.

    However, it all puzzles me as we are going through a world slowdown and possibly a severe recession in the US, and Ags are still projecting higher growth. Am I missing something here?

    Buy Wheat, Corn, cotton and whatever other fuckin bullshit that requires the most leverage, since the government will bail us out after all…

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  7. BOOMER

    LEH commentary

    http://globaleconomicanalysis.blogspot.com/

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  8. PDP

    Liquidity from Sept rate cut is starting to take effect and following rate cuts will start to show positive compounding effects through the summer/early fall which will allow the financials to stabilize and become the market leader.
    fyi: homebuilder index up ~22% since Thanksgiving

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  9. BanD

    Fly,

    Upside vs. Downside. I just don’t see an upward catalyst on the macro. I’ve still got the same 12 point (or whatever) thesis on why things are going to shit over the next 12 months, no matter what looks good right now.

    What’s gonna save us?

    – Sovereign wealth? No, not yet, and only if they agree to pay the piper. I have a feeling that our GOV’s meeting last week was more of a “fuck you, you buy it with our permission or we’re buying it”. By the way, I have some rich friends who just toured Dubai and said it was a fancy shithole. A lot of the houses on the “World island” are unclaimed, and I quote, “Downtown Dubai looks like someone pumped a lot of money into Tijuana”. If you build it, will they come? Fucktards.

    – Brute force? No, Americans are already working pretty fucking hard – and a lot of people are still losing their jobs. I don’t see output going up. I have po’ friends and relatives who live in TX, MI, and other manufacturing/ag states who say people are losing jobs left and right.

    – Dollar reversal? Based on WHAT? Inflation? Gold dropping? Because it should?

    – Consumer spending? Americans have been supplimenting a portion of their income with debt for a long time, we have no meaningful savings rate, and banks are reducing available credit – even for prime borrowers.

    Help me find a catalyst, bulls. Until then, SZK also looks good in here.

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  10. BOOMER

    “It’s outrageous to line your pockets off the misery of the poor.”

    “Outrageous the crime some human beings must endure.”

    “It’s outrageous the food they try to serve in a public school.”

    The Prophet Paul has spoken.

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  11. B

    lol @ choads shorting ag. BOW BEFORE AG!!!

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  12. calvino

    Slavishly is my introduction into the lexicon, in yesterday’s rebuke. Stick to egregious, pal. Still waiting for your goons to show up, maybe they can unload some CRM on me and drive it down. The most egregious stock in the market as of now.

    This is a time to hedge and have tight stops. The fuckholes using other people’s money and fractional reserve lending are chewing up any short that is extending his margin. Please friends, do not let this happen to you. The money coming into this market is the fake monopoly shit the Bearded Clam Bernanke has just offered to his cumguzzling pals at JPM and LEH. That is the rally. While they were able to hit the commodities and the currencies in a coordinated assault when many traders were gone in observance of Easter, the fuckback from the currencies and the chicago Merc boys has already started.

    update.. to any of my former friends at JPM.. I did not mean you.

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  13. Juice

    The momo’s will try to gun Ag/metals into Q1 end. Thereafter, they will be taken to the Woodshedder.

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  14. Juice

    fm minyanville-

    Mr Practical

    10:08:22 AM

    No Center of Gravity
    This is not just a volatile market, it’s a non-functioning market.

    Volatility is the antithesis of liquidity. Volatility is so high because there is no liquidity. There is no liquidity because debt is contracting.

    Central banks are doing desperate things to provide liquidity. I wouldn’t be surprised if they soon come in and sell an infinite number of puts into the market. See Ben, others can come up with some crazy ideas too!

    More than that, stocks have no center of gravity. Normally, mutual funds know where they want to buy stocks. But mutual funds have no cash either. Stocks are gyrating around every story because the financial system is on the brink of something very significant.

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  15. larry

    Alias BPOE:

    You might need diapers when that very significant happens. The Bull Call is another crowded trade. You can start by going back to the Jan. Indicators and start all over this market is boiling over. Mother Market is trying to Fuck everybody this time. What a Whore!!!

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  16. alphadawgg

    Juice,

    You could be right. Coordinated central bank activities and rate cuts may be the catalyst. Combine that with hedgies increasingly unwinding commodity and short dollar positions, and it could catch alot of people off guard. Whatever it is, it will be what the average investor least expects.

    Once the market moves up through 12,750 Dow, it easily could go to 13,400-13,500 in a short time—-the technicals will be all over it like flys on shit (pardon the pun) above 12,750.

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  17. alphadawgg

    There’s still a lot of “ifs” that have to happen for the bullish case, though.

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  18. JakeGint

    The Fly chooses some select “seeds” to hurl at his trader servant.

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  19. JakeGint

    Cramer (he must be serious, now, he’s wearing his suit jacket!) calls out the Fly on his WAMU short.

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  20. minifly

    Bought [email protected] 38.40. Waited nearly all day for it to go below 38.5 again, since I missed it near the open

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