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

THE RECESSION IS BACK

How convenient.

Top picks: [[FTK]], short [[LAZ]]

Update: Mr. Mortgage May Foreclosure report

[youtube:http://www.youtube.com/watch?v=kJOJYUJi4n8 450 300] If you enjoy the content at iBankCoin, please follow us on Twitter

30 comments

  1. CAP

    We are rallying into the close. You can’t stop the rally Fly ! The market is stronger than you.

    Carl Icahn is a desperate man.
    Bullshit MSFT needs YHOO. Microsoft needs Yahoo like an HIV positive hooker needs cancer. If softie wants to compete with GOOG, they need to focus on buying start ups that are creating new search technologies that have the power to dethrone GOOG. Yahoo is a broken POS. Where is the logic in buying a company (YHOO) that has already gotten an ass kicking from GOOG ?

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  2. InternationalGroupie

    The only good thing that came from Beige book was “no rate hikes” which the market already priced in. That rally from 1:57 stinks (some huge volume and then no volume to back the movement). The rest of Beige book just repeats wha we know, dow to 12000.

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  3. mer

    Excerpt from a lil’ Morningstar note on MER just now:
    Valuation
    We are reducing our fair value estimate for Merrill Lynch
    to $58 from $62 per share as we are now increasing the
    probability from 25% to 50% that the bank will have to
    raise additional capital that is 20% dilutive to common
    equity holders. Management has stated that it does not
    need additional common equity capital; however, if credit
    markets swoon for another quarter or two and asset
    write-downs continue, we do not believe another dilutive
    capital raise can be ruled out. Furthermore, we think the
    probability is now magnified by the recent credit rating
    downgrade of bond insurers Ambac and MBIA because of
    Merrill’s use of hedges with the monoline bond insurers.

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  4. Jakegint

    You better roll Chivas’s rally monkey out, Capster.

    __

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  5. Moody's

    Whitney kicks the market in the nuts when it was already down. hot.

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  6. mrkcbill

    Merdith Whitney [sic] looks to be amped up on something- could it just be the Starbucks?

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  7. larry

    Alais: BPOE

    No 12:00 program buying today. Something is about to lock the door to the shit house.

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  8. InternationalGroupie

    Hahaha..why does a HIV+ hooker need cancer? being premed makes me laugh….

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  9. Jakegint

    KC — she snorted a highball of TMR/QTWW.

    ___

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  10. ottnott

    LEH 5-day chart is forming an important pattern.

    “Downward ramp for fleeing rats”. Very bearish.

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  11. mrkcbill

    Its a real super problem.. love Mr. Mort.
    5 Stars

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  12. George C.

    LEH has bottomed. Buy now.

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  13. Jakegint

    Mr. Mortgage May (sic) Foreclosure Report.

    ________

    “June” report, for “joozy.”

    This guy cracks me up because he reminds me of every coked up (both “naturally” and not) salesman I’ve ever met.

    Oh, and he’s spot on. Messianically so.

    ____

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  14. Jakegint

    Some rally into the close here, Cap.

    (you know I’m just busting your bullish balls here, Cap, no offence (sic)).

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  15. Miek

    Corn Question Please>

    I got a question, I do not follow the ceral stocks, but if corn is a main stay in their costs why are the not felling the pinch in the stock prices, ? K and GIS? THANK YOU!

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  16. Big Mike

    I’ll say we go up slightly tomorrow, then go down BIG on FRIDAY with the CPI #’s. That is, unless the government fucks with the number again.

    Top Pick… Short the QQQQ’s

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  17. calvino

    Today, the carry trades that I cursed have been unwinding. Ditto the gmaers, lvs and mgm in particular. Those have been long time shorts that the Calvino has advised. Instead of destroying those wanton sinners, the CAlvino decided to play games against the Imperial War College, who have decided to starve the world and fund the impudent fuckwads that hve bid the ags. I am glad that Agrium posted blow out earnings and they trade at former Chicom multiples. This way, the hungry can storm their next meeting and eat the Board of Directors. However, I am done with the childish games that the BJ has spawned on the unsuspecting west. YOU want to bet against the last refuge of the walking dead, the ags, the energies, go ahead. These people will be hung by the people’s tribunals, however not before they bankrupt their shorts. I leave the job to the Committe against Apeculators and appropriators of state property.

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  18. DB

    Miek: I’m not sure about GIS but K has done a decent job of passing on cost. I still wouldn’t go near either one.

    Just started shorting KEY again today and picked up somemore XTO and CHK.

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  19. ZenProfit

    FXP:

    +5.62% TODAY!!!

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  20. CAP

    Jake, saying the market was going to rally into the close was my way of being Costanza-like. I am short. So if I said the market would decline, it would probably do the opposite. So I made the comment that the market would rally to jinx myself and bank some coin in the process…

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  21. Citi on OIL

    more upwards revisions just in:
    Updating Crude Oil estimates — We have also incorporated revised crude oil
    forecasts for 2008 and 2009, in line with the Integrated Oil team’s revisions. For
    2008, the forecast increased to ~$117/Bbl from $96/Bbl. Similarly, we
    incorporate the revised 2009 forecast of $122.50/Bbl up from $88/Bbl previously.
    Additionally, the long-term oil forecast beginning in 2010 has increased 33% to
    $100/Bbl from $75/Bbl.

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  22. Jakegint

    Skiffles up almost 6%. More important, he’s violated Mrs. Fibonacci’s $130.10 23.6% retrace line. Unless we get a pullback real soon, we’re looking at $150 Skiffles.

    Yippe tay yah yoh, m’f’ers.

    FXP tickled Mrs. Fibonacci with abandon today, but in the end, respected her $83.35 “just say no.” That’s a 38%’er and it’s usually a strong one. Would not be surprised to see a retracement here.

    ____

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  23. ZenProfit

    Jake:

    You are a kill-joy. Leave FXP alone.

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  24. InternationalGroupie

    FXP has bipolar disease, it may forget Mrs. Fibonacci of the West and go smack Mrs. Rice tonight.

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  25. Raptor

    This is the Raptor speaking:

    It really takes a retard to not make boatloads of money in this market. I’m still making a killing and I can only hope you took my advice regarding the rails: http://www.ibankcoin.com/flyblog/index.php/2008/05/06/a-brief-introduction/#comment-25074

    We remain in bear market, the US won’t emerge from recession until the summer ’09 at the earliest. Trade accordingly.

    Have a pleasant evening.

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  26. Anton Cigur

    I’m going to visit Mrs. Mortgage. Then get my boots shined.

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  27. Mr. Mortgage is too sublime – too restrained – too much understatement – it’s a serious problem and we need serious commentary, no? He needs to muster up some enthusiasm – put a little excitement into it. The Fly is a master of FXP – how does he do it?

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  28. nullpointer

    i dont know, me personally, i like the raptor

    he’s all scary and stuff

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  29. JoeyBagofWarmBudweiser
    JoeyBagofWarmBudweiser

    I find it quite interesting the “raptor’s” calls on the rails. If you would have shorted NSC & CSX on May 6th you would still be underwater having your ass handed to you today.

    What a fucking genius!

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  30. Danny

    yes, as I highlighted, you’d be down 1.3% on NSC. truly stunning foresight.

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