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
23,484 Blog Posts

Nice Bounce

I’m just about all out of my bank shorts. Apparently, the price of crude is heading back down to $10. As a result, I thought it might be a good idea to reduce my bear bets. Keep in mind, all I had was [[FED]].

It’s interesting to see energy stocks hanging in there, despite the weakness in the underlying commodity. Basically, most investors think crude will, eventually, snap back.

For me, I am taking a small nick in [[SRS]] and [[VSE]]. This ethanol shit is really grating me. Nonetheless, I like the contrarian aspect of the trade. I’ll stay with it for awhile longer.

On the long side, I like [[CTSH]], [[RIG]] and [[FMCN]].

On the short side, it may be a good time to reenter [[FED]], if you covered lower, like the Godly one.

In short, they’re giving houses away in California, via 2 for 1 sales. What the fuck?

At the present, I’ve decided to start eating large quantities of oatmeal again. Over the past 6 months, “The Fly” has operated flawlessly, without the “luxury” of food, during work hours. In replace of food, I’d regularly drink a Monster or two, then guzzle some fucking coffee. But, now, I think it makes sense to eat oatmeal again. Don’t you?

Hey, check out this new offering:

New Issue Reverse Convert

Issuer – ABN Amro (Aa/AA-)

Maturity 1 year

Underlying GM

Coupon – 20%

50 % Downside Protection

Offered at $98.00

T/D Friday 6/06

S/D – T+3

Monthly Pay

Cusip 00083GSD7

^GARBAGIO^

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16 comments

  1. Got Bush Wacked
    Got Bush Wacked

    Crazy story…

    Has this happened to anyone else… I was long QLD over 3000 shares yesterday and QLD was up over 1% at 89.75 in the morning. Things looked shaky overall and I knew I was going to be busy so I set a stop at 85.75 just in case the market puked and I wasn’t there to watch. The next thing I know I’m getting a text that my stop was executed. By the time I logged in the market was up again and now it’s taking off. When I looked at price action it looks like the market just dropped right down to my price -4 points, took out my stop, and then started higher. How is this f-ing possible?

    It seems like the index is being manipulated like a simple stock?? Does anyone else feel like this market is a POS?

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  2. juice

    I think you still fade Kass’s bank call. SMN is worth a shot here.

    got bush whacked – never give a market maker/broker your stop. keep it in your head.

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  3. Big Mike

    I warned you all…the “Fly Bottom” is in; We will also rally on Friday after non-farm payroll will beat estimates…

    I am not sure this is the end for oil; I’m hearing rumors that people actually have oil barrels stacked in the shippers waiting to sell at a higher price. Should prices have indeed crashed, don’t you think the move would have been more ferociously?

    Nevertheless, I am still holding my solar burritos puts…just in case we break 120s.

    The other rumor is that Einhorn covered his shorts at Lehman, can anyone confirm this?

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  4. Adjustor

    FED ran past the 61.8% all the way to its 38.2% and is stalling again, here. I covered my June calls yesterday, but still have Septembers, and likely will add some here.

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  5. crude

    GotBushwacked, that has happened to me many times. fuk them! its all about fuking the little guy.

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  6. The Fly

    Mike:

    Shut up. No one would float that Einhorn rumor. You must have read that on some retarded message board.

    Fuck off.

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  7. calvino

    You were told plainly by Calvino to get the fuck out of the ethanol trade and take profits, a week ago. Get out of that piece of shit now.

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  8. The Fly

    I refuse to get out on your terms.

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  9. calvino

    VSE – huge debt float last year tor two plants whose construction has been stopped. The coupon is still due. The other five plants are now going to pay up the ying yang for nat gas, on top of the corn. They will not be a viable enterprise much longer. But suit yourself.

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  10. The Fly

    Calvino:

    I will not be attending the annual meeting.

    Just a trade, fucker.

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  11. Aris

    i can’t believe RIG is back to 145. that’s silliness.

    something very odd just happened with CROX.

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  12. calvino

    Sell RICK now. That’s a trade.
    Some fuckball got laid in the champagne room yesterday and decided that fuckers will eat cat food to get some silicone pussy for ever more. Bullshit.

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  13. best post ever

    “I will not be attending the annual meeting.
    Just a trade, fucker.”

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  14. I am responsible for the oil drop – I bought just enough small oils to do it. I am going all fixed income – I mean it – FUK all stocks.

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  15. buylo

    got bushwacked: 3000 shares buy or sell, I think, is noticeable. Fuckers out there are gonna fuck you, if they can. So, next time possibly buy or sell in lots of 500 with stops, etc.

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  16. alphadawgg

    ABN Amro reverse convertible tied to GM?

    GM is only going to $10 (the next asset class to be backstopped by the PPT).

    Hopefully, ABN Amro avoids the homo hammer for at least a year.

    With 50% downside protection on current GM price, and a 20% coupon, that’s an issue I might look at.

    Asshatish, no?

    Off to another meeting.

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