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
22,548 Blog Posts

Let Wall Street Eat Steak

And may main street burn in their rice pots.

The “tale of two cities” has never been so blatant. I fear, if the market continues to climb, populism will grip main street and elect the wrong candidate for President.

Keep this in the back of your mind, when building big long positions:

Wall Street will “power dive” on news of tax increases and the reworking of free trade agreements. In addition, remember, market dives occur near tops, not bottoms.

So, as Wall Street celebrates for the fuck of it, be alert enough to avoid vast quantities of ambrosia or ingest too many deliriants.

In short, I will eat my steak, but remember the days when rice was expensive.

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53 comments

  1. Woodshedder

    Excellent advise [sic] oh wise one.

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  2. Born2Code

    huh… i recall not so ancient history when you frowned on political chatter on this blog.
    let us dispense with the obvious, all remaining candidates are the “wrong candidate”.
    Now, ponder this: Would the market crash faster on news of tax increases or on news of infinite wars, dismal dollar, soaring deficits and even higher commodity prices?

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  3. cuervoslaugh

    The easiest solution would be then to put your money in investments outside the US until the matter is settled.

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  4. Q4

    If that’s the case, long CEDC. Alcohol with your steak or just alcohol. Plus, for the TA, brokeout of a triple top.

    Conquer Mentally / On

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  5. The Fly

    Born2code:

    In an election year, it is irresponsible to not address the issue of politics.

    Whether you like it or not, Wall Street is not afraid of war. They are deadly afraid of walled gardens and higher taxes.

    Inflation feels good.

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  6. mrkcbill

    Lets get gas back under $2.75…. I keep hearing how just because its $5-8 in Europe that its OK for it to be $5-8 here. Certain Countries are known for certain things and USA is known for cheap gas.

    $450 to $500 to Fly from KC to Vegas,$12 Salads,$9 popcorn,Tuitions,Health Care, $60 to fill up bullshit sedan, Whats it going to cost Mr & Mrs Six Pack and their two fat kids to fly somewhere for a week? $5,000.

    Who the fuck makes this kind of money. I’ll be interested to see what the unemployment looks like. There has to be a lot of deadwood out there.

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  7. Alvari40

    Fly,

    Have I noticed a marked decline in comments to various posts? Could it be that viewer/traders are not as nimble as The Almightly Fly who is willing to toss aside persistent short banter on a moments notice in favor of the long side? Good traders would make good politicians if for no other reason than having the uncanny ability to flip-flop on a dime and not blush, smirk, shirk, or apologize for it. It’s that ability that keeps the trader alive and dancin again tomorrow. So the next time you want to toss your obsolete 19 inch flat screen monitor through the plasma when Hillary, Barack, or McPain speaks – remind yourself “there but for the grace of god…and another profession….go I”. Maybe that is why I do not like to discuss trading with non traders, they just don’t get it. We of all people should understand the political world. They are not fucked up individuals that cannot tell the truth – there is no truth. There is just survival. So, the next time some unenlightened dumb shit blasts you for your flip-flopping on the market – just smile, pat them on the head, and then nudge the unsuspecting schmuck into oncoming traffic. Because if they don’t get it, they can’t further the cause – be it financial or political.

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  8. alphadawgg

    Q4,
    Nice catch on CEDC. That PnF chart is killer. 100 Proof.

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  9. Woodshedder

    Remember when I was short CEDC? Good times…

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  10. McHillBama

    Exactly, 100% correct. Market ripping to new highs while people are choosing between the leather insole and the cardboard sheet for dinner? As a politician, I love that kind of stuff. But, by the time the elections roll around, you’ll likely see earnings start to come down and gains from the weak dollar priced in, and the market will be lower. So this won’t be too much of a problem. Regardless of what the market is telling you, the economy is in bad shape, and fundamentals eventually matter.

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  11. alphadawgg

    Wood, when were you short CEDC? I can’t imagine a southern boy like you being short a company that imports and distributes Jim Beam Bourbon to eastern block countries.

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  12. Woodshedder

    Alpha, while it may seem at odds with my heritage, I never let liqour get in the way of making money.

    I was short it in late Jan-February.

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  13. JoeyBagofTopTicks
    JoeyBagofTopTicks

    Fly,

    You are a fucking genius.

    You are like a great surfer grooving with the waves, sharks and all.

    Good fucking times.

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  14. Koppenhagen

    I’m not worried just yet. Cramer says to SELL all techs but AAPL. Now I know what to buy: QQQQ, XLK, IYW. Sell AAPL on double top @ $200? When he says BUY! BUY! BUY!, it’s time to sell. This guy is never right.

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  15. mike

    Is this good for fxp? What about dgp & pot? i am short agu, ipi, pot, gld, dgp, fxp may calls (75 & 90)& long gg jun 37.50 puts.

    May 2, 2008 2:32 A.M.ET
    BULLETIN
    Hong Kong leads Asia rally
    Drop in crude-oil prices, Wall Street’s performance, dollar’s rebound power Hang Seng, Tokyo’s Nikkei 225 and regional markets. Shanghai closed for holiday.

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  16. calvino

    Don’t know if it was smart, however I was holding wynn through the announcement. I’m back of the envelope like you, Adam, so when I see that lvs gets crapped out in construction costs in macau, including interest, why would WYNN be so different – these people are playing the same game. Boyd made a good quarter so some hedgepiggie decided to flush the shorts on the back of that report. Boyd is in Mississipi, not Macau. I say it again, LVS, MGM and WYNN are going to get fucululated on thier constructon costs there. They think that their script is going to be different than Shell in Komchatka – think fucking again. You boys are going to have environmental rmediation problems in the Middle Kingdom. I took profits on the lvs short yesterday and the WYNN action was not so different, run run run the price until the last ten minutes then get out. Or someone knew the report ahead of time and made sure they made theirs. I did not know, but I held the short. What was truly infuriating was that the johnny come lately MGM was catching coattails and LVS got jacked up for the hell of it, the day after a very big miss. I have mentioned on several occasions that these were good shorts, and it was not much fun today until about 4:05 pm.

    btw.. I don’t have time to do anything except stare at two oversize tv’s on my desk during the day, ergo no blogging lately.

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  17. larry

    Alias: BPOE

    Buy QID if the SP500 can’t break 1425. If it breaks that wait intil it is around 1510. This is an election year the FLY is correct. You can’t trust earnings,charts or Fed reports. All you can trade is overbought,oversold and support resistance.

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  18. gappingandyapping
    gappingandyapping

    What do you mean? All you have to do is blindly buy stocks. Look we are just slightly down and could be higher for the year today. CNBC said we are headed to DOW 15,000 and they have to be right. No need for a pullback, this recession rocks and the credit crisis was just made up by people.

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  19. gappingandyapping
    gappingandyapping

    YOU HAVE TO BE FUCKING KIDDING ME!!!

    This fucking FED is the dumbest in history. There is no fucking recession. There is no fucking slowdown. There is only fucking a humming economy. WHEN DO WE START THE TIGHTENING YOU FUCKING SHIT FACES.

    That said fuck crude, fuck commodities fuck all of these dollar killers.

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  20. larry

    Alias: BPOE

    Like I said the Jobs report is fake. Fuckers!!!

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  21. Woodshedder

    I’m going long the dollar here.

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  22. CubsRock

    I’ll be going for a long walk today.

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  23. boca

    Long suggestion for today: GTI

    I truly apologize but I have to be elsewhere this morning and don’t have time to do a good writeup on it.

    Also love NVDA here, already mentioned by Fly and RC.

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  24. Jim Cramer

    All this recession talk is just made up so you will sell. Dont believe them. Here are my new targets: AAPL 550, BIDU 1235, GOOG 5500 AMZN 370, RIMM 900.

    There will never be a down day so just buy today, on margin, and sit back and become rich like me. If i was at my hedge fund…..

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  25. nullpointer

    AAPL 550 – BOO-YAH MOTHER FUCKER

    gay
    gay
    gay
    gay
    gay
    gay

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  26. gappingandyapping
    gappingandyapping

    I guess I should go hire a few employees so I can meet this pent of demand for my products. Better get me a loan before the tightening in November. And to think I was going to open a soup line and charge a quarter per person. What was I thinking, I will now open a 2inch rib eye line for the average Joe to spend his stimulus check on.
    We could be positive on the Dow this year by the end of today.

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  27. jeff

    Aren’t we still in a retracement up to 13,717?

    Continue the downtrend?

    DGP – lock and load

    Who’s buying this strong dollar shit?

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  28. Woodshedder

    Jeff, I’m buying the dollar.

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  29. sniper6

    Going long on ED, OME and EGO. Gapping on LDL- a stock tailor made for that stupid “channeling stocks” tv ad- you could set your watch by it. And, gather the management of UIS and JAVA all together in an elevator…thats good… now begin releasing the nerve gas…

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  30. Mr. Practical

    Mr Practical

    08:29:00 AM

    No positions in stocks mentioned.

    The Piggy Bank
    The Fed just announced an increase in the amount of TAF and that it will now accept “AAA” rated mortgage back securities as well.

    This indicates that 1) there must be further and bigger problems in the banking system than thought and 2) banks have increasingly less and less good collateral to give in exchange for capital from the Fed.

    The banking system is not functioning. There’s only one bank…the taxpayers.

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  31. jeff

    http://www.cbsnews.com/stories/2008/04/30/business/main4057490.shtml

    Woodshedder

    You will play a game of M-A-S-H-W and end up living in a woodshed

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  32. nullpointer

    so now the FED is taking credit card and auto loan debt?

    maybe this really is 1929

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  33. Woodshedder

    Jeff, Iran doesn’t mean squat. It is the Saudis that matter.

    Furthermore, as the ECB starts to drop rates, I feel that money is going to move back to the USD.

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  34. sniper6

    Oh I just cannot take this bullshit anymore. Steve Ball-less at MSFT stands on the fuckin sideline as YHOO and GOOG get closer together. WHAT THE FUCK IS HE THINKING??!!! Make your move dipshit! Should have gone hostile at the start. This whole thing smacks of manipulation and it stinks.

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  35. sniper6

    JAVA… don’t get me started…you are killing me…down 20% this morning…oh man I need a drink and its only 10 a.m.

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  36. BOOMER

    I am sitting here watching the devastation to my nom de plume , BOOM. Unreal. Guided down 2Q. Downgrade by JPM. Blood in the streets.

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  37. newequity

    Time to buy BOOM? How bloody are ye?

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  38. BOOMER

    I dont know. Maybe. Thinking.

    The CEO made this comment during the call that bugged me bad. Basically, that he “doesnt know if higher steel, and tighter supply, combined with gas refiner profitability…might have adverse order and backlog fall off.”

    The fucker is french and not to be trusted. He says things in a very euro way. Instead of “shit is bad” he says “would you care for a cigarette”

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  39. BOOMER

    I BOT BOOM @ 36.40.

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  40. BOOMER

    more at 36.36

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  41. BOOMER

    BOOMs going lower. I dont like the tape. Out. Nevermind.

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  42. mdawsz

    BOOM looks real bad, go easy.

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  43. nullpointer

    boom-

    wise move, i was gonna comment that i thought you were insane, but i have been following your exploits and i didnt want to fuck with your head.

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  44. PleaseKillMe

    Buy SKF now..

    Then sit back and watch the fireworks show.

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  45. Steve

    BOOM is probably headed to 32-33. Damn.

    That bit about the CEO was hilarious.

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  46. sniper6

    does anyone think GSAT is a play before earnings?

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  47. CubsRock

    For the record, SPY has not broken 200 day. DOW has due to change of components, ie adding BOA.

    I should prob be buying this dip, but I must stick to my guns 🙁

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  48. gappingandyapping
    gappingandyapping

    Next stop 15,000! Easy money here.

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  49. Alvari40

    Krull was on fire today. Best shit I have seen since “Embrace the Horror”. I don’t usually pump others, but it is worth the 8 minutes to sit and watch the rant.

    http://www.hitthebid.net

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  50. el Matador

    to gappingandyapping, the FED lowered rates for the benefit of ARM homeowners to avert further carnage. While there may be no recession,there is obviously a credit crisis.

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  51. Aris

    i wonder if fly stuck with his POT short.

    fuck i hate POT so much.

    so fucking much.

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  52. The Game is Rigged
    The Game is Rigged

    Let me get this straight. Yesterdays moonshot was because crude/gold sold off, there is no more inflation the fed has broken its back.
    Today crude is up more than it was down yesterday, gold and commodity stocks are ripping and its still all good.

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  53. mike

    Pot good – potash bad

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