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
22,548 Blog Posts

Just Shut Up

Quit talking; you’re making me sick. If any of you talking heads were within 30 yards of me, I’d have your mustache knocked off with an idle lamp post.

The market reversed today, off the lows. Under normal circumstances, I’d say we were heading higher for the next week or two. But, something is different this time. There’s some sort of dark cloud over the market, which isn’t going to disappear after one intra-day reversal.

The market needs a catalyst to jump. It needs Warren Buffett to step in and rip the throats out of the bears, via buying out [[C]], or something like that.

However, we all know, that’s crack pipe dreams.

Instead, we get to enjoy the constant and persistent cornering of the oil markets, at the hands of ‘sovereign wealth funds.’

Please, don’t tell me the 900 billion dollar Saudi Arabian ‘sovereign wealth fund’ isn’t buying massive quantities of crude futures. The oil bubble will pop, when those fuckers endure an $80 down day in crude. You’ll know oil is going lower, when the cameras shift to the crude traders in Dubai, showing despair— and men with their turbans in hand.

Until then, oil is going higher and there is nothing you or your stupid friends can do about it.

For the day, “The Fly” was flat, losing less than 0.3%. I had gains early; but they were stolen from me by asshole auto stock lovers.

All in all, the sentiment is still extraordinarily bearish. On any spike, get your list of stocks worth shorting ready for action.

With my money, I am ready to sell [[EWBC]] above $8, [[FMBI]] above $20 and [[TCB]] above $13.

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31 comments

  1. Aris

    i had some killer gains today until the GM bullshit.

    frankly, the market this week is nothing more than a crackwhore that won $500 on a scratch ticket. shit will be GONE 7 days from now.

    ps: i want to smash a keyboard on bartiromo’s face.

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  2. Crude Broker

    Do you still have ibankcoin t-shirts?

    Also, I think with SBUX closing 600 stores and the stock continuing to go into the shitter, a great short will be AAPL. Don’t ask me why, I can just feel it. There is a correlation there.

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  3. The Fly

    We took it down.

    We have one more left:

    http://www.cafepress.com/iBank.223367024

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  4. Jakegint

    Oooh, an organic cotton tee to wear whilst sipping organic cotton tea.

    Fancy!

    __

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  5. Jakegint

    Speaking of axe-handling the farmer… TITN machinery (small farm bullshit machinery) got chopped into kindling today.

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  6. CubsRock

    I’ve switched to watching Bloomberg, Chris Valerio (from the front) gets me all hot!

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  7. gappingandyapping
    gappingandyapping

    I am feeling extreme pleasure at the sight of SBUX closing stores. I fucking hate that place and the people who patron it.

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  8. DSB

    So do you think that the middle east is saying “FUCK YOU BUSH, BACK THE FUCK OFF”, and the only thing that is going to fix this economic stranglehold is a significant change in foreign policy? Oh wait, we still got Mr. Mortgage’s sobering stats and the banks lying and shit…

    Anyone read the vanity fair article on the fall of Bear? Slick shit.

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  9. Aris

    i wonder if TITN got the ‘short cramer’ treatment.

    there are groups that shoot against things he pumps on his show.

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  10. on my watch

    The US economy is strong and resilient. Our financial system is stable. The Iraqi’s are living free in a WMD-free democrazy. While drilling for oil on the White House lawn, we just struck oil, a major find (or an underground pipeline), which will lower gas prices for the national holiday to .99 per liter – whatever that means. Our evil empire friends from Korea ain’t such bad guys afterall. And thanks to global warming, my ranch in Tx will soon have a nice view of the Gulph coast. And lastly, my fellow Americans, my man Bernacke is going to start distibuting all those SUV’s he’s been reposessing to the poor and downtroden of our fine county.
    God bless America! Happy 4th of July!

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  11. Aris

    ayo, how you gonna do me like that, fam

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  12. The Fly

    Cut it out you fucking bigots.

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  13. AU CONTRAIR

    AU CONTRAIR has been quiet while this bear market runs…but now the tides have turned again. The last time I tried to save a bearshitter named FLY he sadley rode the SKF down the sewer.

    Bottom line…time for the BULLS to run. Cover or have deep pockets to add to bearshitter positions in hopes of a profitable escape.

    AND….giddy up boy Pete N. said he is not buying the bounce. Contrary indicator if there ever was one.

    Off to get some recipes for roasted bear.

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  14. Jakegint

    Speaking of low life action, looks like they can make this most recent episode in the lives of Mike Tyson and Fitty Cent into its own full length movie.

    (or at least a season of The Wire on HBO)

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  15. Jakegint

    The last time I tried to save a bearshitter named FLY he sadley (sic) rode the SKF down the sewer.

    Maybe this time he can compensate you with some elementary phonics lessons?

    _

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  16. AU CONTRAIR

    This is my 8th language…let’s you type in multiple languages.

    Phonics aside…understand the statement or go back to your elementary summer school grading. You, the internet leech have been warned. Make your best call and live with it.

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  17. Jakegint

    This is my 8th language…

    I guess you can’t spell in any of them.

    “Au contraire” has an “e” on the end of it, my bottom calling fucktard.

    Oh, and translate this: “Fuck off, fuck you.”

    _

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  18. Juice

    You may have to give the bulls some rope here and let them throw another Fat Bottom party.

    I’m thinking SPX 1340-1360 for an upside party target before reality sets in again.

    I just heard from a friend who’s been in retail forever. I think he sums it up nicely. –

    “this has spun way out of the “sub prime” area, and is hitting everything… there will be a major retrenchment of the economy and profits…our company will NOT be able to raise prices, and it will be that way for a lot of manufacturers to retailers…and consumers… as raw materials skyrocket, and cheap labor in Asia disappears….not a pretty picture….”

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  19. AU CONTRAIR

    Jake…little giant,

    Go back to playing with your $2,000 Scott account.

    Last post.

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  20. Jakegint

    Thanks, there’s nothing like receiving condescension from an egregious retard.

    It humbles one, really.

    ____

    Last post

    Promises, promises. Au revoir, asshat.

    _

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  21. Don Luskin

    Sure I egregiously blew up my dot-bomb hedge fund experiment, MetaMarkets, from 80 million at its peak to 8 million in a matter of months. ( We started with $40 mills) Should that stop me from being able to voice egregious opinions on anything from the markets, to the economy to politics? Hell, NO !

    Long Live Asshat Dennis Kneale!

    btw, Lawrence Kudlow is a saint for giving me work.

    my secret crush and dream date – Ann Coulter.

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  22. Axeman

    Fly – time for more t-shirts – this time with your TM “Fuck you. You’re Dead” on the back.

    I can buy ’em as gifts for all my long-only asshat colleagues, since they won’t be able to afford them soon.

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  23. joe mayo

    how do you get passed the last ten posts for each month in the monthly archives?

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  24. Donny

    Permabulls are going to be crushed by what’s now upon us.

    Larry Kudlow and his group cockroaches, are gonna be shitting diamond turds due to stress, anger, and all the other shit associated.

    Let the skull fucks proceed.

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  25. Mr. EB

    The only reason GM didn’t report worse numbers is they gave 0% financing for up to 72 months and had huge cash rebates. That my friends is not sustainable.

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  26. BOOMER

    Holy melt ups!

    TGC HK CHK

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  27. DEVILDOG

    I have a feeling oil may pull back some here before it goes to $150. Many of the energy stocks are flying huge bearish pennants with a pole planted on May 1st as are OIH and USO. Not to mention many daily and a couple weekly gaps below that will get filled. Oil could correct some tomorrow or really break down next week. Things look great at the top(for oil); never ending Asia growth bs, new war with Iran bs, peak oil bs, Nigerian supply disruption bs, and no refinery capacity. What is the catalyst for it to go higher here? I’m looking for a 30 day correction and then a Gulf hurricane to send it to new highs. Supply data tomorrow will be interesting. If we have a build due to “demand destruction” which curiously showed up as a topic for pundit discussion today oil should turn down. What would happen if the ECB did not raise rates on Thursday and the dollar strengthened? Funny how hanky panky is meeting tomorrow with the French President who is the new rotating President of the EU. If oil turns down do we get a 30 day BEAR rally in the markets lead by the beaten down sectors like the auto stocks that reversed today? Just some thoughts.

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  28. Employee8

    A primer for shorting stocks hosted by Eric “the oil barrel” Bolling and the sexy Rebecca Gomez on Fox Biz’s “Happy Hour” … surely a bounce is at hand.

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  29. lol

    Great idea axeman… Although, sadley I can see Cramer wearing it, along with his sideways fake “gangsta” hat.

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  30. lol

    Au contrair, a short term rally wouldn’t surprise me. After all, ag is near a breakdown, which could trigger/indicate a rally, and market is extremely “oversold”. Also, other world indicies aren’t at yearly lows, which could cause a rally if the world markets don’t all hit yearly lows.
    However, the vix uptrend is intact, and the chart patterns of the indecies looks very bearish. We could retest the breakdown, and that would only mean a very mild rally. Would be hard for me to envision a rally. What do you see that has you so convinced?

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  31. lol

    sadly*

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