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
21,907 Blog Posts

Brace Yourself for New Lows

Some new shoe is about to drop. I’m not sure if its [[LEH]], [[MER]], [[MS]], [[GS]] or some other broken financial stock. One thing I am certain of is pending shoe droppage. Write it down.

With the markets scaling back down to 12,000, expect the bears to brazenly rip apart stocks, while exclaiming: “we must retest the lows.”

That’s just a catchy phrase. What they really mean: We’re fucked.

A confluence of negative events has reemerged, simultaneously. The FED, once again, are talking hawkish, fearing the grip of runaway inflation. The credit crunch is as bad as ever. The threat of another big broker folding tent looms. Oil and natural gas prices are soaring, as if the last drop of oil has been sold to some fucktard in Beijing. The Asian markets are shattered. And, we have goat crazed prices at the local grocery store, all thanks to a retard currency and “global growth.”

In my opinion, the charade that Lehman put on for Wall Street last quarter was the number one reason why the markets rallied. People thought “the worst was behind us.” We had old men, like Vince Farrell, go on CNBC and declare the “bottom.” Everyone was joyful, with coke on the desk and viagra in their pockets.

Until David Einhorn shook the banana tree at LEH, demanding clarity.

As a result, we got clarity and it isn’t pretty.

Again, in my opinion, LEH was not being exactly honest, with regards to their balance sheet. Because of this, the Armageddon trade is back on the front burner.

How does one play this?

Well, for one, you must have hedges. Personally, I have a great number of short positions, with energy stocks as my hedge.

Despite the inefficiencies of [[SRS]], which HollyWood pointed out, I like it here. If SRS doesn’t float your Chevy, sell short [[IYR]].

Also, there are a variety of banks on the west coast and mid-west worth shooting at. As you know, I am short [[FED]]. Other banks on my doom list include: [[FHN]], [[CORS]], [[DSL]], [[WM]], [[MTB]], [[LAZ]], [[COWN]], [[WTFC]], [[BBT]], [[SNV]], [[WL]], [[CATY]], just to name a few.

Over the next day or two, “The Fly” will pluck another fucked bank and make it a “Reverse Horseman,” if I may be so bold.

The Godly thing about iBC is that there are so many capable investors, who offer sage advice. Do yourself a favor, fuckface, start listening more and talk less.

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39 comments

  1. Hybrid

    SELL MI

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  2. Big Mike

    Here’s a story…

    The Fly was going on and on about FED for months, and I thought “let’s see what this asshole can do” and purchased 10k worth of FED Puts…I’m up over 250% on that trade.

    As much as I hate to say it…he’s been on fire lately; except that ethanol shit.

    True story…

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  3. InternationalGroupie

    What about the Beige Book at 2 today? Any surprises you seen with the time machine?

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  4. Aristotle

    MR Fly,

    what do you think of shorting RKH, I couldn’t get a borrow on FED so I shorted RKH to go along with my existing shorts on MS, MER, FNMA, C and all those other triple turds with flies.

    ARISTOTLE

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  5. Hybrid

    Check out the nastty chart of MI. GOING DOWN

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  6. Jakegint

    250%, huh?

    I bough FEDRE’s at under $2.50. Will sell the rest today.

    But keeping my FEDUW’s.

    _______

    As much as I love my FITB short, I must say that MI may get my “horseman vote.”

    ESPECIALLY if it can find the testosterone to get back to $20.50 again.

    If the above happens, open up with all 105mm howitzers ablaze.

    ____

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  7. CubsRock

    The new shoe is already priced in, buy one get one free.

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  8. The Fly

    Mike:

    I closed out my ethanol trade last week.

    Bad move.

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  9. BOOMER

    Why do I want to buy DRYS? Damn it. I am a perma bull asshat dip buyer. Arg. Stop me, someone.

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  10. lol

    URE is ultra long real estate, short that

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  11. Danny

    Boomer, no offence[sic], but why don’t you read my iBC Machine updates.

    Like the one I posted last night.

    This is like, the 20th time in a row it has accurately predicted the days unfoldings.

    I could not have been more clear. A down day today means something significant, there should be no buys.

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  12. BOOMER

    re: DRYS. This seems to be the level where the last bull run took off on 5/1.

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  13. BOOMER

    Thanks Danny. I read them. Just thinking out loud. I’m not buying shit.

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  14. Danny

    I understand, and was only trying to minimally bust your balls.

    Here’s the thing to remember about the machine: it’s correct.

    Things aren’t donned the iBC moniker if they are incorrect.

    It interprets the days, weeks, and months events such that I am able to parse the sentiment very accurately.

    That’s why it seems like I am able to guess things like “raise cash on tomorrow’s bounce.” I don’t guess with the machine — it’s like reading a book. You don’t guess the story, it is simply read and understood.

    I make mistakes just like anyone, but I rarely if never miss a signal change.

    Yesterday I warned of the signal change, today it manifested, and now the change has occurred.

    The Machine is why I am so frequently on the right side of the trade.

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  15. Crude Broker

    Hoots, you still short oil fucker?

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  16. lol

    hey fly, what do you think of these regional etfs?
    IAT, RKH, KRE
    Which one do you like to short the most?
    Wish there was a “ultra reverse horseman ETF” both long and short so I could short the long, or short the short, or something.

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  17. InternationalGroupie

    The charts speak loud and clear. Today the bears will win even if Beige Book seems optimistic. Do not expect any bounce because the inflation concerns wont be denied this time and the interest rate hike by India will loom on alot of dip buying investors.

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  18. InternationalGroupie

    pesimistic beige book yeah!!!

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  19. Jakegint

    Ironic Dannyism:

    Things aren’t donned the iBC moniker if they are incorrect.

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  20. lol

    and KBE

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  21. Spanky Paulson via Doug Kass
    Spanky Paulson via Doug Kass

    Buy the banks, damnit !

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  22. Ugly Plastic Shoes
    Ugly Plastic Shoes

    Who’s up on the day, eh?

    I have one word for you son – Plastic!

    Shoes that is.

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  23. CAP

    Ugly plastic shoes : Go fuck yourself ! You must be Ron Snyder. CROX are garbage. Ugliest shit ever. Your company will file BK in 12 months or less. Now Fuck OFF !

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  24. mrkcbill

    Where in the hell is Zombie?

    Fly is God!

    Go eat some sword fish fucker.

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  25. InternationalGroupie

    Which reminds me, anyone watched that “zombie stripper”?…hilarious

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  26. Ugly Plastic Shoes
    Ugly Plastic Shoes

    Who gives a shit how ugly I am. I am going up in a shit tape. Money is flowing to the safety of ugly, so fuck off chowderhead.

    Watch & learn, how to make money.

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  27. Q4

    Internet fuckfaces, rejoice. Never bet against the Fly’s time machine. USO, fuck yeah.

    Dividend cuts from the banker-brokers will add more fuel to the fire.

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  28. Crude Broker

    Aren’t CROCs made out of plastic? (PCCR) Isn’t it made from oil? Your stock is going to the shitter.

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  29. Employee8

    mrkcbill said Zombie … you Zombie you, you’re qualified!

    http://www.youtube.com/watch?v=a846Latux48

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  30. CAP

    And Fly ..Quit your impudent exclamations such as ” Brace Yourself for New Lows” . Whenever your head gets too big the market proceeds to defecate on your face.

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  31. The Fly

    Fuck you.

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  32. Jakegint

    Oops, looks like CAP’s long again.

    heh.

    _____

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  33. mrkcbill

    E8
    Steely Dan never gets old. Celts let it slip away last night. Back to Boston 2-3 advantage Lakers.

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  34. Gunners

    E8,

    the Dan would have a tough time writing “pearl of the quarter” today…

    “red beeaans and riiice for $27.99” doesn’t have the same ring to it.

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  35. CAP

    Screw you JAKE ! I am short. I’m just pissed cos the market refuses to go lower. And Fly always jinks my positions especially when I am short. I personally think the Dow needs to go to 10700 – the lows from June July 2006.

    EDIT: The bulls are defending S&P 1340 with all they’ve got.

    ADDENDUM: The Fly made a brilliant market sell call in late December 2007. I can’t deny his brilliance.

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  36. lol

    LEH straddle pre earnings. I’m scared they might try some “hocus pocus” bull that launches the price up shortly, BEFORE the account fraud is exposed…

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  37. Aris

    bah. the fact that i didn’t buy the SKF last week proves that i have no business in the stock market. i’m 100% cash watching the FXP, QID, and SKF rocket higher.

    this is gay.

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  38. Hoot

    Yes I still am short oil except for some long refiners like SUN and TSO. Why is BHI dropping like Clinton’s pants if fuckin’ oil is so bullish?

    Something is fucked up in this entire oil and
    energy business – and in the entire stock market. Why is FSLR valued at more than F and GM combined? This entire market is a fuckin’ bad joke, with the shit skyrocketing and worthwhile companies going in the shitter. Why is gold tanking?

    Some kinda bad shit happening out there-
    and I don’t just mean big banks and brokerages losing fuckin’ TRILLIONS. There is the aroma of GLOBAL BAD SHIT permeating the air. We gonna get POISONED. Dig that crater in your back yard and hide the kids and dog. Spam and crackers are the best Father’s Day gift around.

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  39. mrkcbill

    Hoot– strange but interesting post….The market is fine– it’s Fly’s Ho.

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