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
21,309 Blog Posts

Really Bad News is Great News

It’s hard for me to explain today’s market action, since reason is absent from the pastiche. Maybe everyone is just reading charts and shit, saying: “yeah, look at that line Bob. Do you see that line and dot? Ooh, that looks sweet. I’m gonna buy right now.” Bob replies: “But Hank, what about Wamu’s ridiculous numbers or Alcoa’s swing and a miss”?

Finally, Hank adds: “fuck the numbers Bob. Look at those lines. Buy the lines, not the economy, goatfucker.”

In my head, that’s how two jackasses on the NYSE make financial decisions.

Enough of what I think. What is happening, whether you like it or not, bulls are throwing pies at the bears’ faces, then making a quick getaway on their tricycles.

During today’s session, there are all sorts of asshole dip buyers, out and about, going long everything, particularly “ag plays.” After all, there are plenty of hungry mouths to feed in China.

[[MVIS]] is pressing higher and actually looks good. I own a small piece, but nothing meaningful. In my opinion, the best time to buy the stock will be in September, 2008.

Finally, the IMF’s decision to sell gold should be ignored. They have no fucking idea where gold is heading. They’re just a bunch of bureaucrats. On today’s dip, I like [[DGP]].

UPDATE: Remix!

[youtube:http://www.youtube.com/watch?v=hd-GNR0U7rQ 450 300] If you enjoy the content at iBankCoin, please follow us on Twitter

38 comments

  1. Sinplata

    Thanks now you have gone and jinxed it.,

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  2. B

    Fly-

    are you still short the dollar???

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  3. z

    News doesn’t matter.

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  4. The Fly

    B:

    No. I am out of all of my currency trades.

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  5. JakeGint

    If the IMF selling gold isn’t a coordinated PPT move, then my name isn’t JP Illumanati McBilderberger.

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  6. JakeGint

    Thankfully, the IMF, along with the World Bank, is the “retarded socialist” cousin of the PPT family.

    Which means you can usually fade them with abandon.

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  7. The Fly

    I remember a time, not too long ago, where the notion of a PPT was dismissed as wild theory.

    Now, it pretty much resonates with everyone.

    They’re being rather obvious, as of late.

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  8. brushbuck

    You can buy MVIS for $3.29 right now, or you will pay ______ in September. Please fill in the blank.

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  9. Snarkmaster Fresh
    Snarkmaster Fresh

    People are buying coals because thats waht diamonds are made of. No brainer really.

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  10. Big Mike

    Fly,

    I’ll bet your the guy that bitches and moan when your get busted out of a poker tournament. ‘ahh, how can you call me with this?’

    Man up, son… you sound like my ex… go drink some cranberry juice

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  11. The Fly

    Mike:

    Go fuck a Pepsi bottle.

    I don’t play poker. Idiots play poker.

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  12. JakeGint

    POT may be shot. Getting a little “Island toppy” look over the last three days.

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  13. hat

    I just went short fwlt…
    Poker’s great, I play at the cheapest table at live casinos to find the newbies, and pass out “deposit bonus coupons” for people who want to try to play online. The thing they dont realize is, when they signup with that bonus code, I get $50 bucks or a percentage of every hand they enter for as long as they play (like 30% of the “rake” that the casino takes). Any loser who can’t even play poker could just sit their and do that, or even pay a friend to.
    Then people ask me if they can have more of those cards to give to their friends.
    Easiest “business” plan in the world.
    Bonus Code: secretbonus at fulltilt will get you started 😉
    (shameless, I know)
    There’s some idiots that play poker yes, and a lot of degenerate gamblers out there, but not all who play poker are idiots.

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  14. JakeGint

    Idiots play poker.

    Idiots do a lot of things. This does not necessarily render all of their chosen activities “idiocy.”

    Example: Way too many idiots play “the market.”

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  15. Gunners

    2,000,000

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  16. Green writer

    Pay attention,
    BSC got bailed out. WM raised $…its all about perception. People were hammered for 5 months they need a little breathing room.

    Since the bail out & capital raises people are optimistic that daddy warbucks aka helicopter Ben will save us with taxpayer $. That has removed fast acting volatility.
    Shit needs to pile up until people realize they are knee deep in it.

    regarding the IMF (Ignorant mother f….) they have always sytematicaly sold gold to to supress the price since all major world banks are under water with their derivative short positions. These shorts were started in the 70’s when we went off the gold standard. It was to show originally how gold would go nowhere when the dollar would go up in value. Thus justifying taking the dollar off the gold standard.

    Patience is a virtue….just not in expectations of making $

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  17. Big Mike

    What the fuck? then whats up with the poker analogies you made in your previous posts?

    LIAR!

    All kidding aside, where you went to college?

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  18. wow

    I don’t know, I look at WM and start to see some sanity returning in pieces… 7bil cash infusion to keep afloat, severing major parts of the business, laying off thousands… heck, that is bad news I guess! Nice to see at least a bit of sanity again.

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  19. Aris

    as i expected, the fools that shorted ACI yesterday, and didn’t cover by the close, got their heads ripped off today.

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  20. brushbuck

    Gunners,

    Take 5 of those zeros off and you’d probably still be high. O.K., you’d definitely still be high. But…more or less than $3.29?

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  21. lol

    Green writer,
    I agree regarding the banks…
    I thought I read that gold was “leased” out so they could profit and supress the prices at the same time… or is what you’re describing the same thing?

    http://fskrealityguide.blogspot.com/2007/08/gold-and-silver-price-manipulation.html

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  22. Gunners

    brushbuck,

    that was for the 2,000,000th page view. not for where i thought mvis is going to be in september

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  23. Juice

    my time machine says sept 2008 is gonna be a great time to be short

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  24. boca

    I think Paulson told the IMF to sell their gold. Desperation move. Once all the banks and gold firms who sold short use the dip to cover their shorts, who will be left for Paulson to pressure to dump gold to help support the dollar?

    Who’s left as the top holders of gold bullion? The US and the European Central Bank, maybe, I’m not sure. I think England sold all their gold to the ECB awhile ago, one reason people hated Brown. Supposedly the third largest holder of gold bullion in the world is the GLD ETF.

    We may be slowly moving back to a defacto gold standard.

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  25. Green writer

    lol,
    It is foward leased out of the ground and reserves… That is also how they got caught. Since at the end of a lease your supposed to replace that which you leased. But Gold is detroyed in many industries and thus they got caught that is why they continue to dump reserves incrementally onto the open market to keep prices artificially low….When the majors stopped hedging and leasing in 1998 they banks were so far under water that they kept rolling their derivative contracts over.

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  26. TraderCaddy

    Well ,that was a fun double platinum party. Back here at Laguardia airport and going to try and get my BB gun past the TSA. It was interesting watching Fly shoot at truckers with his AK-47 off the Long Island Expressway and I’m not sure why Jake was trying to pick off Fly’s illegal gardeners but it was a fun party and Fly did say to bring weapons.

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  27. JakeGint

    Green,

    I heard that JPM was a big player in that game… another reason to short them…

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  28. boca

    The party’s just getting started, TC. I brought my pistolas, the target with Ben Bernanke’s photo on it, and the chips and guacamole. Somebody else hopefully brought the drinks.

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  29. rslg

    Just like you were wrong with FXP, you will be wrong with DGP. Best to be buying DZZ for short term. Gold will tread flat until September, like it does EVERY year. March-September GOLD is flat.. then you get the rise in Sept, go heavy long DGP in September.

    Gold is heading to $863, before it gets back to $953. You are betting against the USD rising short term, and betting that the rest of the world does not have any economic problems at all (particularly Europe/UK).

    Just saying. My Gold time machine is the new T3000 model. New and improved.

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  30. ottnott

    Nothing livens up a party like an oversized SuperSoaker filled with super glue.

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  31. CubsRock

    White House can’t support Senate housing bill.

    Would be nice if we can break $26 on the XLF ~= $106 SKF

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  32. JakeGint

    I don’t get the “remix?”

    Looks the same to me. You even still have “Skiffles” spelled incorrectly.

    I do like the pimpmobile.

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  33. boca

    rslg, I agree with you on the timing, the increase in gold will be long term, starting in the fall, not in the short term.

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  34. The Fly

    the song is different.

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  35. JakeGint

    POT, OIH, and to a certain extent, MEE, all have very similar recent chart patterns developing here…

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  36. Green writer

    jake,
    I did a study of them in 2000 by that time they were rolling over $56 billion in derivatives every quarter to short gold. At that time if 1 of their 16 derivatives went belly up they would be insolvent….now helicopter ben has their back so SKF if probably the best way to go rather than risking an individual short play.

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  37. Employee8

    Liz is sporting a pretty blue top today on FoxBiz News ….

    Just like the old days at CNBC, Ohh Lala!

    Their ratings must need a Boost^^

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  38. supernacho

    Fly, when did you unload all your MVIS?

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