As you readily know by now, the infamous iBC machine is out to destroy “The Fly” with its bullish ways. That fucking machine, I tell you, has been bullish since inception. On sharp one thousand point pullbacks, it registers a “neutral” reading. Now, with the market gapping higher, and “The Fly” net short, it’s only a matter of time before it registers another “bullish” reading, effectively annihilating “The Fly” and friends.
Looking at my position sheet, I want to throw a bowl of soup at it. It’s ugly. I am getting lit in all of my “fucked banks” and my fucking oil plays.
In all honesty, as opposed to being outright dishonest, during yesterday’s tape I had an urge to just go “Costanza” on the market. Meaning: just buy banks and retail. You know, do the opposite of what is logical.
After all, we were due for a bounce.
I should have known better, after reading the “scriptures” of legendary investors, like “Devil Dog” and “Patrick,” the market was ready to move against me.
So, here we are, the moon, stars, sun and the iBC machine are perfectly aligned, dishing out 100mph baseballs to “The Fly’s” scrotum, in an attempt to “deball” him.
Due to today’s run, I covered several shorts. At the present, the entirety of my short exposure includes: [[WFSL]], [[FMBI]], [[HRB]], [[REW]], [[TWM]], [[DUG]] and [[EEV]].
Mark my words, this war of coin is far from over. “The Fly” will regroup, reload and shatter his enemies, after he is done drinking his Monster Energy Soda.
Developing…
If you enjoy the content at iBankCoin, please follow us on Twitter
I am with you- went long some coal and ag stocks at the 20ema only to be deballed- been a while since we have had the winners sold (coal oil and ag) and the losers purchased ( financials) at the end of quarter
CRUDE and GOLD
http://youtube.com/watch?v=dwnqqj5Q1BU
down with MON
Although it looks like you are losing, badly, you spell really good and you have no cavities therefore you are actually winning, egregiously.
Any of you fuckers see Trump on Larry King Live last night?
DONALD TRUMP, REAL ESTATE MOGUL: Well, the market is absolutely terrible. Outside a place like Manhattan, where for some reason it continues to be good, and I think that’s really the cheap dollar, the low dollar. If the dollar becomes stronger, perhaps Manhattan has problems, perhaps it doesn’t. It’s unique. But the Manhattan market continues to be strong.
TRUMP: I think that’s an over-exaggeration because so many people are worried about their reports and the reports are that you have to live. And as George was saying, George Perez, or as Barbara was saying, this is the time to go out and buy something.
This is now the time to go out and try making a deal, try buying a house. The banks are there. It’s already financed. You don’t really need the money because it’s already financed. They are already in. They are already wet. So this is the time to go out, whether it’s rent — and I don’t recommend renting now. I recommend now is the time to buy. Buying is much better than renting.
KING: Donald, we’re almost out of time. How is commercial real estate doing?
TRUMP: Well, in Manhattan, again, it’s doing very well. In certain other locations, it’s doing very well. It’s not in the same problem as residential real estate, not nearly as bad.
Remember the FLY always wins even when he looses!!!
2 steps foward 1 step back. It is a winning strategy in the end.
Trump reminds me of Robert TOL telling us that the problems in the housing market are behind us.
SMN is rocking.
I win again!
I win, especially when I appear to have lost.
I said it once & am saying it again. What’s good for the dollar is good for the muthafuckin’ world. fuck Manhattan, fuck the donald, and fuck China
Fly the machine has been on your side since day one.
And just cause it didn’t go from bullish to bearish back and forth (not designed that way) doesn’t mean it didn’t point one in the wrong direction.
http://www.ibankcoin.com/dannyblog/index.php/category/ibc-machine/
What the fuck>>>how about your longs?
Fly you need to get aquatinted with concept of taking profits you greedy bastard. The market has been on a downswing since the start of June. Anyway, any bounce should be short lived (I stress should).
hehehehe I always seem to get positive karma whenever I use the “F” word three times in one sentence. This site is cool.
Robert Marcin
A Schnitzel Here….
6/25/2008 11:14 AM EDT
I have decided that the long G-Ice, short domestic consumer/financial has played out so well that it makes sense to take some partial position profits. I have trimmed some energy positions and covered most of my bank/broker shorts.
I am still net long the above mentioned strategy, but less so. I am still short the private equity and asset management sectors, because I believe this is a dead cat bounce for the banks and consumers. The PE and asset managers are very expensive and not oversold.
Remember my points about anticipating the inflection points in long term trends. The US consumer’s long slog for debt reduction is just beginning. We had the CEO of a tradition bank in our offices yesterday, and he thinks the banking crisis is in the 3rd or 4th inning. He has been in the biz for 30 years and seen many cycles. I expect to reload the shorts after a bounce in the financials and consumer stocks.
LNN shatting the shower
I’m up nearly 50% ytd. I take lots of profits. I just want more.
Kass: Oil at a Tipping Point?
By Doug Kass
6/25/2008 11:59 AM EDT
To be sure, investors and middle-class Americans, have been pressured by many of the negative influences that I listed yesterday. Above all, the price of energy products has weighed down stock prices and consumer confidence and spending.
The importance of the future price of energy products was underscored yesterday in lynx-eyed economist Ed Hyman’s summary on the U.S. economy and in his attendant strategy. In that assessment, the price of oil weighed heavily on both calls.
Hyman says that we are not yet in a recession but he sees actual growth in the economy as increasing by only about a 1% over the next year. Hyman sees oil at a tipping point as the rate of decline in worldwide economic growth decelerates. (European growth will slow demonstrably.) Accordingly, he expects oil to drop to $100 per barrel, and if it stays there, the domestic economy can avoid a recession as headline inflation declines (coincident with the price of energy products) and the Fed eases.
If Hyman is correct on the price of crude oil — and my guess is that he may be — there will be a change in leadership and profound implications for sector investing in the second half of 2008. This is particularly true in light of portfolio managers’ apparent recent window dressing, as they throw out the financials and buy the dot-corn (agriculture), energy (and other commodities) and infrastructure sectors, all of which have maintained their strong relative performance.
My positive view of the large money center banks is well known by now, and I have continued to add to the group in the recent weakness. And against my financial longs, which include the Ultra Financials ProShares (UYG) , Citigroup (C) , Bank of America (BAC) , Wells Fargo (WFC) KeyCorp (KEY) , I have been shorting energy, with a long in the UltraShort Oil & Gas ProShares (DUG) .
FLY, maybe we gots to go long LEH and FXI for a change?
Kass is the exact opposite of the Fly: buy financials, short energy. Who will win?
USO is so close to falling through the floor, it will prob bounce big @ 1:15 🙁
When The Fly takes his time machine out 25 years, he looks in the mirror and sees Kass.
waiting for this bullshit “rally” in housing to choke. Goin’ down like Boy George in the men’s room of a bus station.
Thanks for the shout out. I am really stupid about the markets, but I just knew that we were way oversold.
Nailed the QLD though.
Watch me on CNBC now!
You don’t want to miss my interviews with 2 money managers. One is up 10% over the last 3 years & the other 9%.
Don’t miss what they have to say!
Doug Kass needs to focus on a clean shave, instead of playing with them oil barrels.
Eric Bolling is the guy who’d I would listen to about oil. Well, him and Crude Broker and Fly.
Hey Fly … every motherfucker is now buying oil, energy, commodities, basic materials, etc, etc, etc. The big guys are about the squash these little fuckers!
Calvino re-enters his short positions in wynn, mgm, lvs, bidu. Calvino is also considering smn and dug, on a dip.
Donny:
Its not that easy to squash these little fuckers, because fundamentals matter the most. A (max. week long) dip is all i would expect in oil, energy, and anything black underground.
Chivas,
Disagree about gold. Vehemently.
Looking for a strong $TRAN bounce, but only after hitting 4934 or thereabouts.
Then “right shoulder formation,” up to 5100-5180 or so, and after that…. kablooey.
Oh Please, “fundamentals matter the most” … every motherfucker on the EARTH NOW KNOWS THAT! Just think, what a perfect fucking world, we’re all gonna be RICH buying oil ETFs.
Don’t believe the HYPE.
Click on my name, and watch this fella make a solid point … it becomes very interesting at the 4 minute mark.