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
22,168 Blog Posts

UPDATED: Rally Time Over, Bitches

Put your fucking monkey’s away and sell something short.

The banks are being killed, again.

I like:

short [[EWBC]], short [[CSE]], short [[PACW]], short [[VLY]], short [[ONB]], short [[CAT]], short [[JEC]], short [[TEX]], short [[WFSL]], short [[LFC]], short [[CHL]] and short [[VMC]].

Long [[RIG]], long [[REW]], long [[TWM]], long [[FXP]], long [[SMN]], long [[PCZ]] and long [[FTK]].

However, it’s worth noting, I am very busy at the moment and will not have the time, nor the fervor, to execute any trades. Plus, I don’t need to.

Closing Comments:

I can’t believe that I missed out on the epic collapses of hotel/casino stocks. Names like [[WYNN]], [[OEH]], [[MGM]], [[MPEL]], [[BYD]] and even [[TRMP]] have been bastions of joy and solace for the bears.

I mean, not shorting TRMP is the pinnacle of having ones head in the sand.

Sometimes I just block shit out. I don’t even pay attention to some sectors, because I’m too focused on another. I never look at airlines and rarely punch up auto stocks. For the most part, I move from one project to the next. For months, I have been killing it on the banks. Now, I am geared towards betting against ‘global growth.’

In all honesty, as opposed to outright fibbing, the hotel stocks still blow. I bet they get castrated, again.

If you’re long this market, the life just got sucked out from your skull—with the markets down more than 200. You were over there thinking: “hey man, these wicked banks look totally gnarly”; until some asshole knocked down your door and broke your nose with a frozen can of Monster Energy Soda.

Speaking of which, [[HANS]] is dead. I am floored by the gay trading habits of that name. Luckily for me, I don’t like equities and have no position.

On the day, “The Fly” aka Senor Tropicana aka Plutonium Petey was up 1.9%, pushing his year to date gains to nearly 60%.

Off to eat a few rib eyes.

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55 comments

  1. Gwar

    What rally? This market banks groin (although TBSI was money yesterday).

    Go SKF

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  2. big snacks

    rig is actually setting up as a good short term SHORT idea

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  3. Gregory

    RALLY ???? There was no rally.

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  4. allcash

    If only i can stomach the volatility and blindfold myself and short right now, i am such a wuss shit damnit

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  5. The Fly

    Fuck you. RIG trades higher.

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  6. nullpointer

    …and to think i was ~this~ close to selling my inverse ETFs at the open

    its ok SRS, i forgive you

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  7. Minyanville Tidbites
    Minyanville Tidbites

    Bennet Sedacca

    03:06:34 PM

    No positions in stocks mentioned.

    Credit Market Chatter

    I’m hearing bid list after bid list in corporates, mortgages and now, preferreds. There are very few buyers left to buy.

    I remain very cautious towards credit. Watch 1250 on SPX, folks. And Freddie Mac (FRE) acts like something, is, well, wrong.

    Mike Mish Shedlock

    02:40:11 PM

    No positions in stocks mentioned.

    Capital Concerns for Fannie Mae and Freddie Mac
    Capital concerns are still affecting Fannie Mae (FNM) and Freddie Mac (FRE) in spite of assertions from James Lockhart, director of the Office of Federal Housing Enterprise, that the GSEs are “well capitalized.”

    For a rebuttal to the “well capitalized” thesis, please see We’re All Homeowners Now: Nationalization of Fannie, Freddie Unavoidable.

    Prof. Depew does not believe Fannie is well capitalized. I don’t either, but more importantly neither does the market. Here is the evidence: Fannie Mae Pays Record Yield Spreads on Sale of Two-Year Notes.

    Fannie Mae paid a record yield over benchmark rates on $3 billion of two-year notes amid concern the U.S. mortgage-finance company doesn’t have enough capital to weather the biggest housing slump since the Great Depression.

    The 3.25 percent benchmark notes priced to yield 3.27 percent, or 74 basis points more than comparable U.S. Treasuries, the Washington-based company said today in an e-mailed statement. That’s the biggest spread since Fannie Mae first sold two-year benchmark notes in 2000.

    Nationalization

    So the Fed extends its TAF facility (indefinitely). A Fed official “says” a central clearing house could reduce risk: The Fed would regulate this clearing house. I would assume then the Fed would take the counter-party risk, or in other words, “insure” performance. This, of course, would all be with eventual taxpayer money.

    Step by step we are seeing what was predicted months ago: a nationalization of risks.

    The implication? Less leverage, tighter margins, and less production.

    While markets take this as relief (short covering rallies), it does nothing for the real economy except stave off collapse.

    The Window Starts To Shut

    Greetings from Bigfork Montana! Zions (ZION) tried to sell $200,000,000 of a 9 1/2% preferred stock deal last week and only got $47,000,000 done. That can only mean one thing and it’s not bullish.

    KeyCorp (KEY), National City (NCC), Regions (RF) 5-year paper is trading in the 10-11% range, hardly economic. So if they were going to float a new preferred deal my guess is 13-15%. Again, uneconomic.

    This is highly negative. Risks are increasing once again.

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  8. nullpointer

    i feel like we are going to have some intervention very soon

    although it goes against everything i believe, i am thinking about UYG

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  9. CubsRock

    Bottoming is a process not an event. Currently retesting.

    Jog on

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  10. Juice

    agree with Null, Rally not over, imo

    but to give up yesterdays gains, is in no way bullish

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  11. Sir Douchebag

    Bernanke is powerless now.

    That’s all he’s good for, one day hand jobs.

    Another bull trap courtesy of your tax dollars.

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  12. nullpointer

    its just been too negative, too much reality at one time

    dont get me wrong, its all well deserved

    but the invisible hand wants an orderly decline, not hysteria…which is what its gonna be if we cross 11,000

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  13. calvino

    Null, when the bearded Chairrat, killer Hank and Chaime the Demon go on bimbo tv in one day – that’s fucking intervention. That was yesterday, and it took a pound of flesh out of a couple of people. Today the markets are acting in a free manner.

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  14. mrkcbill

    HRB ….Odd No? Just watchin.

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  15. big snacks

    fly ..

    you certainly could be right about rig.. but it failed at the 50 day and if they hit the market again you know their going to slam the oils.

    short term rig goes lower

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  16. DSB

    Top to bottom of the stock market during the depression took 3 years. In April (I think) of 1930 there was a relief rally that brought the market within 30% of all time highs. By the end, 90% of the value of equities had been erased. It took until 1954 for the market to recover. The downturn actually started in 1928. I have not eaten lunch yet.

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  17. nullpointer

    i love you SRS

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  18. recusancy

    Short CLF? Anybody?

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  19. HULK

    Hulk SMASH stock market!!! RAAAAAAAAAAAAAAGHHH

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  20. calvino

    Short clf, yes.

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  21. Mad Max

    SRS is having some psychological problems of late. LOL

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  22. the Godfather

    Senor Tropicana,

    you are truly deserving of filet mignon!

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  23. SRS

    I fell to my trendline and bounced, that’s all. Happens every day in the market. WHAT’S WRONG, DON’T YOU LOVE ME ANY MORE?

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  24. Jakegint

    Why do I bother covering any shorts?

    Fucking RIG is below where I shorted it yesterday.

    [WARNING: ALL PARTICIPATING CHILDREN, PLEASE TURN ASIDE.]

    Fuckers! Fuck! Fuck! Fuuuuuck!!

    _

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  25. nullpointer

    SRS-

    as i kept pressing refresh on my ARCA browser yesterday afternoon, and you fell 15% in mere minutes, i was quite angry with you.

    i tossed and turned all night…should i let you go?? or should we try and work things out?

    @ 8:29 this morning, i logged into my brokerage account, and with the futures up mildly, i looked at you on my screen…the sell button was enticing, but then i thought back to all the empty malls, and all the good times we have shared….i closed my browser window, and went off to a meeting

    you did good today, SRS, you really made me proud.

    i love you SRS, with all my heart

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  26. Jakegint

    What the heck happened to the comment top ten section?

    I know, I know… “sloppy gravy.”

    ___

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  27. Jakegint

    The good news… I shorted some more LEH today… just for the fuggovit.

    ____

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  28. calvino

    The Calvino has been imploring you to enter the short position on the Las Vegas family breakers for two months. But fucking nooooo! My penance for CRM is over and we are even. For what it’s worth, the viability of these fuckholes, specifically MGM and LVS is in doubt. They entered into huge constrtuction projects into theis economic shitsoup that we are all in. This is the kind of misstep that is rewarded with a court appointed receiver of assets. MGM is rushing the project to a degree that they are killing men on the job. Fuck MGM in a hundred new ways for that. This is not a fucking bridge, or even a road, or even shelter. This is a house of stupidity and frivolity, and rushing that job is bullshit in the extreme. LVS is also knee deep in construction hock. Deutsche Bank may or may not pull funds on the construction of MGM, but they may end up owning it. Stve Wynn is just a plain old douchebag, no offense intended Sir. Acting all fucking American while bankrupting families.; Fuck him and another hundred new ways. At least the old criminals who ran Vegas did not try to make it into kidz town and corrupt adolescents.

    The foregoing is just an opinion and not a libelous statement of fact.

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  29. Gemini

    This split personality market is familiar. There is extreme volatility at market tops and bottoms. Be open to the possibility we are near an intermediate term, tradable turning point.

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  30. calvino

    Jakey, too busy negotiating a handover of a genuine american lemonade cart to foreign interests to participate with us? leh, what I want to say, I can not.

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  31. Anton Cigur

    Fly,
    Nice add w/the FXP today. I waited and whiffed. Still long @ $84.

    May the guy that stood in front of the tank in Tiananmen Square http://www.pbs.org/wgbh/pages/frontline/tankman/view/ escape his dungeon tomorrow and send the ChiComs into an Olympic-sized panic attack.

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  32. Aris

    i think i need to get into the SMN.

    steel, coal, and seeds are dead. this recent selloff was the shot across the bow. the next one will be the kill shot.

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  33. SoCal Surfer Dood
    SoCal Surfer Dood

    You were over there thinking: “hey man, these wicked banks look totally gnarly”;

    Listen, doooood, don’t think we don’t recognize that you are toooaaatally harshin’ on our collective buzz down here with that kinda tahlk.

    Just because we can’t get an in-state mortgage doesn’t mean the babes, the bud, and the tubes are not still bitchin, … you feelin’ me, BEE-ATCH?

    Off to wax my long stick, dude. Pee-ACE OUT.

    ___

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  34. Jakegint

    Calvin,

    I’m all over your bone-roller trade. I was out there recently, and it’s just lucky they’re not on a coast, or I’d wish the whole enterprise to fall into the sea.

    One thing I do think they are starting to “get” however, and that’s that the child-friendly shit did not stand up to any kind of scrutiny, and its time to go back to “old school” Frank and Sammy Vegas again.

    If you’re going to be Sin City, be sin city, for gawd’s sakes. Anything less than that, and you’re an old man in an overcoat hanging out by the playground.

    Short BYD to zed.

    ____

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  35. gmac

    RALLY at open… sold my HK/IPI calls… switched to puts: DIA, GOOG, CHL… bummer missed out on MAR (which report tomorrow!)

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  36. mrkcbill

    Jake did you see “The Cooler” with Bill Macy
    Great Vegas flick.

    Vegas has got to be in trouble– I can see their Convention and Visitors Bureau start buying jets and doing the old junkets they did back in the “old days”.

    You guys ragging on CNBC is funny. I love that network. Fox biz is laughable and Bloomberg is dry toast. Ron Insana is one cool motherfucker!

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  37. TraderCaddy

    I recall it was about a year ago when TRMP was at 15 that it was upgraded.
    Anybody notice that the biotechs have been creeping up almost daily? The two etfs, IBB and BBH, have been doing well as has AMGN,DNA, etc. I recall the biotechs did well in the 2000-02 decline also.

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  38. Anton Cigur

    .

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  39. Anton Cigur

    Cal & Jake,
    I was in “The Vegas” a couple of months ago and stayed at the MGM “Signature Suites,” which I believe were all designed to be condos you could buy, then rent out to the unwashed masses, to be managed by MGM. Nice idea for financing the project. Didn’t seem to “catch on” with the Gomers, tho.

    Ours was new, plasma screen teevee, new mini-kitchen set up, Sub Zero appliances, etc. Decent cheap last minute deal on Orbitz. But judging from the trailer trash that filled the place, those rooms will look like DMX’s jail cell in a month.

    Anywho, they were building another MGM property next door. I noticed that they stopped at about 1pm on Saturday and didn’t work at all on Sunday. This is not the way they work when trying to get a project finished.

    I used to do a lot of work in “The Vegas” and know some of the convention & viz bureau people. True, they no longer court families like they once did, as it brought in low-rollers and led to even worse blights on the Vegas landscape than usual, like that fucktarded low-rent imitation of a Disneyland castle.

    But over about the last year, the hotels have made more gross profit with restaurants, shops and shows than gambling. I question the stat myself, but they swear that convention, spa and golf traffic fill the places now and people are bringing their kids again, often adding a few vacation days to a convention trip.

    I wouldn’t bring kids into that nasty Petrie dish, tho. Unless, of course, you’re raising them to be whores and carnies.

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  40. SoCal Surfer Dood
    SoCal Surfer Dood

    I’ll tell you what… As much as they’ve done to that place… Every new thing they bring in makes the other places look like they need to be bulldozed.

    I can’t believe what a hole NY-NY was when I last was in there. Took ’em for some good coin, though, so I’m grateful.

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  41. Jakegint

    KC — yes, The Cooler was money. Anything Macy is in, but especially the David Mamet and Coen Bros. movies, is excellent.

    I don’t think the Cooler was either of those, but still a better than decent Indy. That schmuck from the Guyland, Alec Baldwin was great in that one too.

    ___

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  42. Aris

    the cooler was fantastic. maria bello looked great, too.

    tradercaddy: i’ve noticed the new biotech craze. i think the move is typical behavior in a shitty market, with a little amplification via the constant pumping on cnbc.

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  43. gappingandyapping
    gappingandyapping

    Time to cut CLF’s nuts out. Fucking H&S. By the way Fly it’s too bad you were prudent with that million dollar investment in SKF. That shit almost doubled.

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  44. BPOE

    Golf was fun today. I hate hard work when risk is at high levels. What about a rally. I will wait and ride 60%. What about a crash. Play more golf and buy in September.

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  45. annoying popup ad
    annoying popup ad

    OOHH more google ads at the top… That means, I’m next, right?

    That might raise your “annual portfolio return” to 60%.

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  46. annoying popup ad
    annoying popup ad

    click here for porn and vote who you think should be president and you’ll win a new iphone and a lifetime supply of spam!

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  47. Fly, one of your assistants/servants is supposed to monitor all stocks to report to you when a segment like casinos is tanking – may be more left. My computer was screwed up this afternoon – I know that I would have jumped aboard SKFie for at least 5 points. DAMN!!!~!~

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  48. Ron Insana

    Thanks Mr. Bill. Nobody has ever called me cool before.

    That compliment makes me feel two feet taller — up to 5’8″.

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  49. buckeye bob

    Morningstar cuts banks, builders in ETF portfolios
    Analysts move to lower risk by slashing exposure to housing, credit markets

    – wow next thing … eliminating the buggy whip manufacturers from industrial manufacturing etfs … I’m not an expert in ETF construction and mgmt, but I think the has past to reduce exposure to this toxic mess – it might be time to build a portfolio of this crap – a long life call. Every time I read one of these articles I realize all parts of the “the street” are not equal and us “flyers” out here can do just as well (or at least not as bad)

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  50. mrkcbill

    Ron I heard Jim Goldman schools you in 1 on 1 at the GE Basketball Facility. Dude just take that little man to the Rack!

    BTW Ron- how cause all my safe gay mutal funds are down 30% –what should I do? Dennis Kneale told me to take a chill pill.

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  51. BOOMER

    Mock me if you want, but we are going to rally ferociously tomorrow.

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  52. BOOMER

    at the risk of overstating just how crazy the rally will be…

    and, lastly:

    Ok, one more just to class the place up…

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  53. Caffeinated

    Please can we have a late night thought?

    Calvino is quickly approaching tabbed blogger candidate status. Should be developing…

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  54. Stock Tradin' Midget
    Stock Tradin' Midget

    Sure, we might rally tomorrow, but I’m staying short. *rimshot*

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  55. Donald Trump

    What? C’Mon, you know going bankrupt isn’t going to happen for the Trump Hotel… I’m wonderful. I can always make Ivanka buy me out. Shit don’t happen, You see, everytime things get bad, I just borrow more and “double down”. I have an unlimited supply of money, thus the house always wins…
    Unfortunately banks won’t give me any more money. They say I’m a degenerate gambler and they no longer give out loans to risky people. So I have to resort to borrowing from my children’s businesses.
    I’m thinking of selling a toupee, going “Dr. Evil” and using my money from my hair made from gold and buying a giant “laser” and holding the earth ransom for billions more. I might also make a clone, because my son doesn’t seem to “get it”. Dr. Evil’s a genious, his blueprint fits perfect.
    Don’t count me out. I might go to .01, but I’m never going to 0. I’d make love to Rosey on playboy and have pictures all over youtube of me without my hairplugs before I’d let that happen.

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