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
23,492 Blog Posts

Stupid Jumps to Tech

All of the hot oil/ag money dove, head first, into the retarded shares of tech stocks. I’m talking [[CSCO]], [[NETL]], [[FFIV]], [[RACK]], [[IVAC]], [[NIHD]] and [[QCOM]], amongst others.

Truly, investors are due for a severe beating. The market has been too predictable and is bound to start fucking people. I mean, how stupid do they think we are?

During today’s tape, “The Fly” stormed the corroded beaches of China and banked a little coin in [[FXP]]. My only meaningful setbacks were in [[VSE]], [[COWN]] short, [[PCZ]] and [[PZE]]. All in all, I ended the day up 0.3%.

I must “dehedge” myself, by the way. Due to the gayer than gay run, from March to May, “The Fly” hedged his shorts with a multitude of longs. The result: my beta is way down, disabling me from banking profuse amounts of coin. As you know, this is unacceptable.

Sometime soon, I will place large bets. For now, I’m content with life. I’ll have you know, “The Fly” has a trading hand made from granite and a head made from gunpowder.

Bottom line: my trading results is of no concern to you. Whatever conclusions you may draw from my “Picasso-like blogging” are likely inaccurate, as a point in fact. Just know, “The Fly” remains in a state of victory, until I decide otherwise.

Top pick: [[FXP]] If you enjoy the content at iBankCoin, please follow us on Twitter

72 comments

  1. Danny

    fanfuckingtastic.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. Woodshedder

    “This decision is the most egregious case of judicial activism in modern American history. The refusal to wait for the people to decide by the constitutional process confirms that.”

    GAY MARRIAGE OPEN TO ALL

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. ottnott

    “The Fly” has a trading hand made from granite and a head made from gunpowder.

    I’ll have to remember that when you invite me to a game of Whack A Mole.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. Q4

    Rabbit Run

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. juice

    fuck, i am not the 1st commenteer, much to puny andrews shagrin

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  6. punyandy

    juice:
    You must have been on your 15 minute break.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. alphadawgg

    Back in the day when I was King of the PG, I bought a stupid stock called ELNK off the “how the fuck are they still in business” watchlist. I basically forgot about the creature from that point on.

    It is up since that fateful day. Now I’m hoping more stupid people plow into that stupid stock.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  8. BOOMER

    One of your more poetic posts of late.

    “I’ll have you know, “The Fly” has a trading hand made from granite and a head made from gunpowder.

    Bottom line: my trading results is of no concern to you. Whatever conclusions you may draw from my “Picasso-like blogging” are likely inaccurate, as a point in fact. Just know, “The Fly” remains in a state of victory, until I decide otherwise.”

    You haven’t written this well since…well…since you fired your substitute blogger.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  9. nullpointer

    jeremy

    that graphic fucking rules

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  10. Alvari40

    Continued my ways w/ re: to strengthening my short crude play today. Based on my post from last night, I added FSLR (-5.7%) shorts to play off declining crude and to take advantage of a stock that had over 80 insider sales in the last 3 mos when the stock shot from 180 to 300. It’s also overbought on the weekly charts. So, I now have the following plays on while looking for a crude move to the $115 level: Long DUG (+2.35%), Short APA (-0.58%), SWN (+0.50%), and OIH (-0.01%). I also hedged this position with an equal value of June 29 DUG Putts. However, I think I fucked myself with the option price. I really do need to trade options a bit more carefully. Nevertheless, my crude trade is on and fully hedged.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  11. The Fly

    Asshole:

    Start that “you aren’t who you are” shit again and I’ll be sure to put a permanent hex on your trading.

    Fucking conspiratorial retards.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  12. BOOMER


    .

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  13. Ed

    Fly, any opinion on FSLR? Thanks

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  14. juice

    from sanjay –

    It was not just the Indians raising fuel rates by 10% across the board.

    Malaysia said it will scrap fuel price controls in August.

    Taiwan said it will increase premium fuel prices by 13% and diesel by around 10%.

    Sri Lanka raised prices on fuel and diesel by 14% and 47% respectively.

    Bangladeshi state run oil company has put forth a proposal to raise prices by 37%-80%.

    Indonesia raised fuel prices by an average of 28.7%.

    China will wait till after the Olympics to raise fuel rates.

    Global issue.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  15. God

    Truly, I says to yous; Let it be known: That I, God, the Almighty; am an imaginary being, created so that humans do not have to take personal responsibility for their actions, but can blame all ills on an unseen deity. Humans must from this day forward, take responsibility for what they say, think, feel or undertake. Neither should they blame market losses on tips from internet strangers. Tips are for waiters.

    Thankyou.

    Behold; I now return you to your regularly scheduled market shenanigans.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  16. solar

    i’d be careful with the shorting of the solars now.. they have been hammered to death and are probably due for a bump.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  17. alphadawgg

    Blasphemer, you’re famous. Your name is in the Psalms…”the fool who says, ‘there is no God’ “..

    I do agree with your statement on personal responsibilty, though.

    Otherwise, go hang thyself.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  18. For Real.....

    FlY

    What would you do if you were making love to your wife and she started saying some other guys name. Not once as though it was a slip, but a few times, and you could tell she was really concentrating on this person with her eyes shut. Something that never ever happened before nor anything close to kinky like that in the relationship.

    After we were done we didnt bring it up and everything and we went on like nothing happened.

    Im no cocksman, however, I am packing soem heat and got my fair share of wagina in my time.

    Thoughts

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  19. Jakegint

    It’s just Bruce being an asshole.

    _______________

    Hey Fly, did you add some TRiM to your QTWW crack?

    “‘Cause, everyone need a little trim with they crack.”

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  20. alphadawgg

    Just giving Bruce some shit. Don’t hang yourself, Bruce.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  21. Alvari40

    My apologies if this has already been posted:

    DJ US Lawmakers Seek To Broaden Energy Mkt Focus, Eyeing Banks

    By Ian Talley
    Of DOW JONES NEWSWIRES

    WASHINGTON -Dow Jones—U.S. lawmakers are increasing pressure on regulators to probe the role of some of the oil futures markets’ biggest traders, including large investment banks, in pushing oil prices to stratospheric levels.

    Many legislators say the Commodity Futures Trading Commission’s announcement of a broad investigation into the oil markets and new surveillance tools isn’t sufficient to adequately prevent manipulation or excessive speculation in the markets and more laws are needed to deflate what they say are exaggerated crude prices.

    As they ratchet up the pressure and craft further legislation, it could cast more of a spotlight on the role investment banks such as Goldman Sachs -GS- and Morgan Stanley -MS- may have played in the oil price rally. Ultimately, they could be forced to unwind some long-dated crude futures trading positions, while one of the two main energy exchanges – IntercontinentalExchange -ICE- – may have to operate under the same regulations as its New York-based counterpart.

    “We have investment banks up to their necks in futures markets…even buying oil storage capability,” said Sen. Byron Dorgan, D-N.D., who’s drafting legislation to raise the cash collateral requirements for crude futures trading. He alleges the banks are “for the first time” intentionally holding crude off the market to influence prices.

    Spokespeople for Goldman Sachs and Morgan Stanley declined to comment for this article.

    Though many analysts see considerable fundamental support for high oil prices, regulators and legislators alike are increasingly placing the blame for crude’s scorching run above $100 a barrel on what they perceive may be excessive financial speculation – a charge that’s hard to prove.

    Crude futures have fallen more than $10 from their highs above $135 a barrel, but prices are still dramatically above levels around $66 a barrel a year ago and are up over 30% since the beginning of the year. Crude oil’s ascent and gasoline’s jump towards $4 a gallon in the U.S. has sparked a chorus of complaints on Capitol Hill and a slew of legislative proposals. At the same time, the CFTC has moved to raise its own profile in overseeing energy markets, increasing reporting requirements from traders and investors and disclosing a broad investigation into crude-oil markets.

    Testifying before a U.S. Senate Commerce Committee this week, Michael Greenberger, a former head of markets and trading at the CFTC, said excessive speculation was adding more than 25% to the price of oil.

    Mark Cooper, Director of Research at the Consumer Federation of America told the committee that almost $40 a barrel could be cut out of the market overnight if regulators or Congress moved to shut down speculation beyond traditional levels.

    Stricter Trading Standards

    There’s evidence that they’re trying. Sens. Maria Cantwell, D-Wash., and Joseph Lieberman, I-Conn., are drafting legislation that would force more stringent regulation of foreign exchanges operating in the U.S. – such as the U.K.-registered ICE – and set stricter investment standards for oil trading.

    Some lawmakers, including Cantwell, say they’re prepared to hold up the nominations of Republican commissioners to the CFTC and subpoena trading records and executives from some of the biggest traders in the business for congressional probes into how speculation might be accelerating price run-ups. Cantwell said she would also push for the Federal Trade Commission to issue a temporary rule that would allow the agency to start a probe within weeks into possible wholesale petroleum market manipulation, combining its oversight powers with the CFTC

    Brings me back to the day not too long ago when T Boone was trying to short Oil at $100 – he said he made a mistake. However, he was right on, he just didn’t fully account for the amount of speculation that took over. I also remember when we had rolling blackout in Cali about 9 years ago and had solid supply/demand reasons for it. We failed to acknowledge at the time that the energy speculators (remember Enron) had a wee bit to do with what was going on.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  22. boca

    For Real… I hope your comment was a joke…

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  23. Kurt

    whats the link for ducati’s blog

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  24. The Fly

    Here is the link to Ducati’s blog:
    http://www.faceparty.com/ducati998

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  25. The Fly

    For real:

    Be a man and step off.

    Time to find a new woman. An upgrade, if I may be so bold.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  26. God

    Behold, Truly I says to yous, who the fuck is Bruce?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  27. BOOMER

    For real: I’d repay your girl by shouting her sister’s name. Or her mom’s. In your “sleep.” Describe it in detail. “No mom, we cant do it again. Once at the beach and once when when Sally gave birth was enough. Oh what the heck she’s f-ing INSERT DUDES NAME HERE anyway, and I am dumping her tomorrow.”

    When she “wakes” you. Surprise her with “get out bitch.”

    “and your mom is bendier than you.”

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  28. mrkcbill

    “No mom, we cant do it again. Once at the beach and once when when Sally gave birth was enough.

    Boomer- that is some funny stuff.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  29. gappingandyapping
    gappingandyapping

    FLY why do you feel like putting links on this fucking blog to gay men’s porn sites, case in point: http://www.faceparty.com/ducati998

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  30. POT To $300

    More great news for the Fly and Calvino.

    http://www.reuters.com/article/marketsNews/idINL3042484020080530?rpc=44

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  31. The Fly

    Gap:

    Someone asked for Ducati’s blog. I simply provided a link to it.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  32. JakeGint

    Fly, et al,

    Does anyone have this Jamberry book for their kids at home?

    It’s a comfortable classic in ours.

    Anyway, I bring it up because my kitchen counter looks like something out of that book right now. The fucking strawberries we planted last year (six plants), have now taken over a third of the garden plot, and are producing the fattest juiciest strawberries in larger amounts than any I’ve ever seen, including the local supermarket displays. I’ve got my three oldest kids and a small army of neighborhood kids out there picking every day sweating like migrants in the California harvest season. I may have to start making yogurt or something.

    I feel like some kind of old school Carroll Gardens Italian.

    Off to the bocce courts for an anisete.

    _

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  33. JakeGint

    Addendum — I built a bocce court in the back of my property this year.

    Freaking Flyovers have no idea.

    ____

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  34. BOOMER

    jake – where are you living?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  35. JakeGint

    North of you, Cochise.

    Right up 65 where they run the bourbon and ponies.

    You know, where Nashville gets all it’s “product?”

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  36. Mike Mayo(naise)
    Mike Mayo(naise)

    Buy LEH !

    Einhorn can go fuck himself.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  37. Obama

    Hillary – you da best!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  38. Hillary

    Kiss me, you fool!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  39. Fox News

    John McCain, you’re old & tired… Obama, you’re young & fresh.

    Did we really say that? Whats gotten into us?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  40. Steve

    Jake, If you are where I think you are, I’m an hour and a half west of you off 64.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  41. Mr Practical

    Mr Practical

    09:06:42 AM

    A little perspective…
    As the market rallies on a slightly better number to a highly volatile continuing claims report, let’s take a gander at the following chart in order to gain a little perspective, something clearly lacking by market participants in my opinion.

    I continue to maintain that the U.S. banking system is not functioning and may be permanently broken. The only operating bank in the U.S. is the Federal Reserve. That wouldn’t be operating either if foreign investors abandon the dollar. I think they made this clear to Mr. Bernanke, thus precipitating his remarks on the dollar the other day. At this point a strong dollar is very negative for stocks: the strength will be due to deflationary pressures and the fact that the Fed cannot lower rates anymore without revolt from the rest of the world (which is experiencing high nominal prices because they’re trying to keep their currencies pegged to the dollar). Folly only possible with central bank bureaucrats.

    Without an operating banking system to create credit, the U.S. – currently in recession – is likely to slow even more. The high level of debt will create even more problems as this occurs.

    The last thing US bureaucrats want to see is people starting to save money. They’re making it nearly impossible to do so with negative short term real rates. But this is exactly what you should be doing… getting out of debt and being patient as risk grows.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  42. gappingandyapping
    gappingandyapping

    You fags quit with the politics unless your promoting your ability to marry your boyfriend.

    In other thoughts, LEH is a money making machine, ofcourse that’s without all of that internal controls bullshit.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  43. larry

    Alias: BPOE

    With the top % trades for today being Util,Air,Hom,Bank,Cem in that order and Tres Ylds rated at 100% up. To me the market is looking for a reason to go down. I might buy QID but still am in 99% cash. Note my cash is large and the pig in BPOE is also for Bank. The money means nothing to me its the game.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  44. Jakegint

    CUBE alert:

    If you were thinking of shorting the Cubes, this is the critical juncture. The downtrend line that initiated the last downturn is right at $50.12. Looks like the index is struggling there. Wait for a collapse off that line and you know where to place your stops…

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  45. Jakegint

    Stevie — O’boro?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  46. Jakegint

    Fly,

    Hope you banked some TMR crank yesterday for early morning smokeage, a la QTWW.

    Pass the rock.

    _

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  47. Steve

    Jake-E’ville.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  48. alphadawgg

    It has occurred to me that we haven’t seen 100+ comments on a post for a long time.

    Either IBC readership is down, or Jake has set a limit on his “alter egos” and aliases.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  49. Jakegint

    S — Hell, boy, you drive fast.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  50. Jakegint

    Dawg,

    I’ve noticed that, but it’s largely due to Fly’s increased posting not allowing for much buildup.

    Also, comment posts tend to go down in

    a) unsure markets
    b) the summer.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  51. Jakegint

    Stevie,

    You, me and Boomer could make a Fly-muda Triangle.

    If we add Gappy, we’ve got a fucked up trapezoid/diamond.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  52. TraderCaddy

    Is it just me and my laptop that freezes up every time I come to Ibankcoin?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  53. BOOMER

    Jake – do you think Obama could pick Bloomberg as a running mate, and if so, could you support him?

    Caddy – is it your browser window that jams or all apps. Sometimes wordpress or whatever platform Jeremy has this running on is futzy.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  54. nullpointer

    jake-

    i am already holding QID, and my balls are aflame

    i’m a stubborn fucker tho, i will double down at 36, and then again at 34

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  55. Steve

    ibc loads funky for me too. lots of crashing.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  56. Jakegint

    Whew, if Ott was pissed off about that Crack Hooah Queen for a Day QTWW, he’s really going to be vexed about Meth Princess TMR, which should have been forced by the SEC to change its name from “Meridian” to “Mirage” years ago.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  57. Jakegint

    Boom —

    Nanny State Bloomberg? So he could install health diktats on ze populace when Obama gets his Glorious Revolution Universal Health Care in place?

    There is only one running mate that might make me “indifferent” to Obama, as opposed to virulently against his proto-Marxist doctrine, and that’s Jim Webb.

    But I think there’s more chance of glaciers in Hades this coming August.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  58. Jakegint

    TC, et al:

    Do you ever get that odd “clang” when you log onto the site, quickly followed by an error message? That only seems to happen to me at home, which is an older comp, btw.

    I think that if you want to have all the “bells and whistles” you have to suck up a couple of speedbumps along the way.

    Take Fly for instance. Right now he’s raging at his own terminal, unable to post or even reply to commentary.

    _____

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  59. Jakegint

    Null,

    QID seems to have double bottomed here at about $36.85. I don’t hold out a lot of hope for a summer tech rally here. Just more cash looking for a home. It’ll end up in commodities, eventually, I think.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  60. Jakegint

    TMR Crank up an egregious 15+% btw.

    One can see how this stuff can get addictive.

    ___

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  61. SatanicChihuahua
    SatanicChihuahua

    TMR is a crotchrash. Very shareholder unfriendly company. Constant dilution.

    But its a favorite of the Etraders, Ameritraders, ScottTraders, and Scwabbers when natty moves.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  62. Jakegint

    Devildog:

    Eggs-zactly.

    As Fly would say: “A trade, not an investment.”

    When teaching your children to “say no to drugs,” you’d want to include TMR and QTWW in the slide show.

    But I figure that whilst the bulk of us are under 47.5 here, we are all also “over 21.”

    _

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  63. TraderCaddy

    It’s my browser that freezes about half the time I come to this site.
    Jake- The clang may be spyware being planted by Fly. Never had the clang on my laptop.
    Morning thought- The only reason WMT and Costco sales are good is because the consumer is strapped because of the gas price plus I bet a bunch of the sales increase is due to gas purchases. Also SMH is now – so I am looking for a selloff soon.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  64. chivasontherocks
    chivasontherocks

    Jake,

    proud of you for being under 47.5. fucker.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  65. gappingandyapping
    gappingandyapping

    Looks like the Cubes are ready to rip to new highs, guess capex is really increasing, must be all that money being spent on new computers at LEH.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  66. Jakegint

    Gaps,

    Not to contradict you, because I’m sure LEH’s probably juicing the economy in purchase of new hard drives alone, but the most recent Cube top is $50.47, and we’re extremely overbought right here…. we’ll see.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  67. Jakegint

    TC– completely agree on the WMT/Costco thing. Even though we have a boatload of kids, my wife has never been a fan of the Costco/Sam’s “buy in bulk” model. However, just yesterday she was wavering on breaking down and actually visiting our local Costco store.

    Note well: I did not marry a “price sensitive” woman (admittedly, a rarity in the wild), much to my ongoing chagrin.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  68. Jakegint

    Chivas,

    I’m not sure how to take that last comment. I tend to prefer the company of older people, and have been that way since I was in my early teens.

    Btw — I meant to ask you this last week. What’s your take on BUD at this juncture?

    _

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  69. chivasontherocks
    chivasontherocks

    Jake,

    was just kidding with you.

    bud, do not know. sorry.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  70. Jakegint

    Chivas,

    Check it out… the next HANS?

    _____

    • 0
    • 0
    • 0 Deem this to be "Fake News"