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
21,396 Blog Posts

We Need An Emergency Rate Hike

That’s what you dumb fuckers want now, right?

You’re all a bunch of spoiled brats. Everything has to be given to you right away, or else you throw a tantrum and start selling your stocks.

Seriously, Americans have morphed from hardcore cigar smoking, stoned cold nazi killers to viagra popping, latte drinking stock market faggots.

We’re doomed. Don’t take my word for it. Go to your local mall and start screaming profanities, then watch everyone scatter like roaches. Then, hop in your local time machine and try that same shit in the year 1955. Ten bucks says you end up in a full body cast.

Regarding the market:

This shit is just ugly. However, I might go long, by the end of today’s session. Typically, after a spastically retarded trading week, the market snaps back. My only reservation is the prospect of some calamitous event occurring, causing the market to crater like 1987. However, after taking a deep breath and chewing on my mental medicine, I realized that such events are extremely rare and do not happen at the lows.

At the present, my investment thesis is to be long energy/short everything else. With my money, today, I will buy more [[RIG]], [[PCZ]] and [[ARD]], while adding to my tech shorts, via [[REW]].

Top pick: REW

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17 comments

  1. Juice

    Fly, what you think of the gold/silver bandwagon, or you afraid of the emergency rate hike?

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  2. The Fly

    I like gold. I am long DGP.

    It’s going to break $1,000

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  3. Jim

    The 1929 and 1987 crashes started after the S&P 500 was already down about 14% from its highs.

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  4. The Fly

    Hey, we’re down 14% YTD.

    Odd, no?

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  5. Cajun

    long AEM

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  6. Big Mike

    “That’s what you dumb fuckers want now, right?”
    Ahh, good to see good old Fly back.

    I am also expecting a bounce since LAST WEEK, as we are tremendously oversold. Shit, June was one of the worse months since the Great Depression. I would have jumped with both feet going long, however one thing that’s bothering me: Oil.

    I don’t see the market rallying, with oil rallying; the best I could see, is that we start getting into a really choppy range and consolidate until whichever direction. Even the Great Dougie Kass isn’t entirely bullish.

    I am reducing my exposures, both long and on the short side. I am 40% cash; Also, should coal start breaking down…TOP SHORT JRCC. Ain’t this a beaut? Up 400% in 6 months!!!

    FYI: I bought some oil contracts just for the hell of it. Shit is soo volatile.

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  7. DownTick

    CALM has been on quite a rip after buying Zephyr Egg. Amazing relative strength.

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  8. calvino

    Well said. Money continually gets lost looking for 1987. Missing that is part of the order of things. If it happens, so be it. If you catch it, then pay me back your poker debts.

    The MPC is making noises about raising the cable rate. Fat chance. Those punters are deeper in debt then the mochachino moochers living here. The spike up due to the release of those notes is analogous to the stink put out by the Fed about rate hikes. Not going to happen. Opportunity to sell the cable.

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  9. Donny

    Considering the fucked circumstance that we’re currently in, I feel a lot better holding short positions over the weekend.

    I will NOT under any circumstance, hold any long position over this weekend. One piece of bad news and this fucker could easily crater.

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  10. BOOMER

    I’m chewing a cigar right now, believe it or not.

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  11. Juice

    bear raid brewing on HBC – feel free to play along at home

    a case for buying GSS http://www.minyanville.com/articles/gold-GSS-NEM-STAR-gfi-mining/index/a/17769

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  12. j

    Anyone has a view where to buy C. Yea I know it’s a shit stock and all, but what other shit is going to hit it that we don’t know. It’s trading like punters think it’s broke.

    I’m buying some here 17.25 with a limit down to 15.80 looking for a play back to 21.60. Don’t laugh it can happen if the writeoffs aren’t as bad.

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  13. bennet

    Window smashng in banks and brokers?

    It sure feels like 1-800-get-me-out is heating up in banks and brokers. With quarter end approaching on Monday and all the long only, value oriented equity funds getting tattooed, they need to sell.

    And the hedge fund community, who is short them, will lean on ’em.

    Not to mention 60 BKX in the rear view mirror for now.

    Also, know that next week the confessionals and capital raising begins.

    So I’m not tempted to bottom fish quite yet.

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  14. Granpa

    Cows, nerd and a meatball “just trying to make a point”.
    Oh my!!

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  15. Bart Simpson

    Cowabunga Dude!

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  16. Jakegint

    EWA’s nice, but Fly should be pushing his EEV rec right now.

    That is a “buy onna dips” recommendation, btw.

    _

    Off to more Californication.

    _

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  17. Dinosaur Trader

    Fucking hilarious, Fly.

    -DT

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