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

REVERSAL!

That’s it. The crisis is over. The VIX hit 30, [[SKF]] topped and oil is knifing lower: global growth is back.

With the markets about to go positive here, [[UYG]] is worth a shot. I bought that fucker a little early. Nonetheless, should the market “power vault” higher today, I’ll retake some of my lost coin.

I could care less what you oil bears think. [[RIG]] will trade higher.

So, my game plan for this “obvious bottoming action” is to hedge my shorts, via long UYG and RIG amongst others, while quietly reloading my short positions.

Next thing you know, you’re walking down the street and some asshole jumps out of nowhere and clubs you over the head with a stuffed bear head. That’s me.

Into this melt up, I want to sell short [[HDB]], [[WABC]], [[VLY]], [[LFC]], [[CHL]], [[EWBC]], [[PCBC]], [[PACW]] [[CATY]] and [[FHN]].

With today’s move in FHN, “The Fly” is taking that fucker out of retirement and reinstating it as one of the five “Reverse Horsemen.”

Also, should [[PZN]] ever go up, I want to sell it ten ways to Sunday.

I’m a little busy now. Go away and quit bothering me. Can’t you see, I got work to do?

Fuckers.

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54 comments

  1. DSB

    I just printed out a full screen version of the old man “He Kicked Me Down The Stairs” CNBC picture, and posted it on the mirror in the bathroom. Sadly, it was not there when I returned.

    Does anybody have a bigger version of it?

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  2. CubsRock

    Fly, I learned patience from you and it has paid off nicely.

    However, some day I have to learn to switch sides in a blink of an eye like you do. Like a few months ago when you went long even when you knew things were fucked. How do you do it?

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  3. DSB

    Cubs,

    My sense is that it’s more of a balancing act to take advantage of fucktards than a shift in overall sentiment.

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  4. Barkley

    FHN comes back from retirement like Michael Jordan coming back to baseball… only to get fucked and laughed at.

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  5. Garr

    Where’s that fucking monkey to jinx the reversal?

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  6. Anton Cigur

    Mr. “The Fly” –

    I sold some FXP this morning for $87.50, but my cost basis was a little higher than yours. Are you liking this ETF for further insults to the ChiCom “economy?”

    Thanks.

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  7. CAP

    Build a short position in China during the Olympics closing ceremony. Chinese government is using all sort of means to prop up their stock market before and during the Olympics.

    Short sellers in China are being chased down narrow alleys by bloodhounds. Chinese police are tracking stock sellers and dropping them into vats filled with acid. Tough time to be short China.

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  8. TraderRenn

    Poor Mr. Mortgage… I think he expected the recession to last at least a week. Now what’s he going to do with all his free time 😉

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  9. Anton Cigur

    CAP,

    NOW you tell me. I live like ten blocks from China Town.

    Wait a minute, somebody’s at the do…

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  10. Juice

    These fuckers on the Hill just don’t get it .. blame the short seller. .. they are still trying to rig the game so the market only goes up

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  11. Donny

    Ain’t no motherfuckin’ reversal in Crude though! Look at that dino shit down a whopping $8, and Dug up 6%!

    No motherfuckin’ market will be safe.

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  12. Gemini

    SEC to Ackman – the Federal Government is not MBIA or ABK, bitch!!!

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  13. Ban Donny

    Please?

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  14. Topper Harley

    What’s next? Limit short sales on every other ticker on the NYSE?

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  15. DSB

    Don’t worry Donny, something will happen in Iran, Nigeria (please), Hormuz, or elsewhere – and you will be proven wrong in the short term. Then, oil will spike a-la 1980, deflation will set in, and you will be proven oh so right. I think you’re early on this one – though the whole “market events speeding up through the fast flow of information” could prove you right.

    Remember, there are evil fuckers out there who want oil to crush us to death.

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  16. Crude Broker

    Now Donny, calm down there. You remember our little talk? You see, last time we talked crude was down $9 in two days and you were shorting and I told you not to. It then popped up and hit an all time high, again. Look once again, nothing has changed yet. You think yesterday people didn’t know were in slowing economy? You think just after Ben said we were slowing crude now goes to $90? Give me a fucking break.

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  17. Woodshedder

    CAP, it is my understanding that short sales are not allowed in China.

    True story.

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  18. Aris

    like wood said, i think i remember reading that china outlawed shorting.

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  19. Heightist

    The Chinese are short enough as it is.

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  20. Crude Broker

    Wood, I honestly don’t think anyone looks at charts anymore. Keep up your good work.

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  21. Aris

    also, i have to agree with crude broker on oil.

    if this were a legit reversal, the dow would be up 300 right now.

    taking a stand against naked short selling is like taking a stand against foul accounting.

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  22. Anton Cigur

    Wood,

    That’s a common misreading of the law. You simply are not allowed to sell shorts in China. With a billion+ mouths to feed, they want as little skin exposed as possible, lest the citizens/detainees be incited to “get their fleak on.”

    Hope that clears things up.

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  23. Anton Cigur

    BTW, Wood, they’ve also banned “wood” until after the Olympics for the same reason.

    True story.

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  24. calvino

    The fucking bimbos have struck again, full ass and tits. Michelle Caruso Cabrera is gloating over the proscription of short sales. Not quite, tits. I can sell Fannie and Freddie all I want, as long as State STreet says they have the stock to lend me. The only difference is that my broker does not have a week to find the shares.

    Traders have wanted this change for then years. There are a cople of hundred re SHO stocks languishing on the list for nmonths, and the SEC could not give a rat’s fuck about them. Fuck you Chris Cox, you little governmant whore. When a bulletin board private company with legitimate business and technology gets destroyed by undelivered shares, you could not give a fuck less. However when you paymasters are running out of money to give you to suck their cock, you seem to want to enforce re SHO. Fuck you , you little shitwhore.

    The foregoing is just a personal opinion and not a libelous statement of fact. Michelle Caruso Cabrera is probably a great reporter. Go back to doing sob stories on cuban kids in MIami though anyway. And Chris Cox is probably a model of probity, thoughArthur Levitt does not seem to think so.

    Good to see Denninger here, to end on an upbeat note. I knew he would approve the Benanke fannie kiss up.

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  25. Woodshedder

    Crude, you’ve been nailing the crude market like Danny on those airplane ho’s.

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  26. Roman Moroni

    I would like to direct this to the distinguished members of the panel: You lousy cork-soakers. You have violated my farging rights. Dis somanumbatching country was founded so that the liberties of common patriotic citizens like me could not be taken away by a bunch of fargin iceholes… like yourselves.

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  27. Can of Corn Humper
    Can of Corn Humper

    I don’t understand naked shorting.

    If you haven’t located a borrow, then you can’t deliver the stock to settle the trade. Why don’t these trades break?

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  28. Gemini

    For the uninitiated, a Government-ese translator for today’s testimony:

    “The economy is facing difficulties” : We fucked up.

    “The risks to our forecast are to the downside” : Our fuck up knows no limits, currently.

    “We are issuing an emergency order” : We have fucked up so bad, we need to do something right away.

    “We are confident these measures will improve the outlook”: We will be putting lipstick on our fuck up.

    “Thank you to the Committee”: Fuck you.

    Edit: If the Government speaker is Hank Paulson, add a, a, a, a in front of phrase.

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  29. DownTick

    That stuffed bear head I’ve been getting hit over the head with seems to be still alive.

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  30. Heightist

    Someone made BANK on WB pfd shares today @ 10 bux and change. 57% in 2 hours.

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  31. calvino

    Corn, as long as you do not get the stock certificates in your hand, it’s just pixels on a screen. This is money for nothing, as long as you have a clearing house who will vouch for you, or you have a seat on the exchange. Keep selling shit that you don’t have, take the carry for two weeks and then do it all over again with your fingerfucking buddy from accross the pit. We have something in the Constitution about printing money with gallows optional. However it’s ok if you are too big to fail.

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  32. TraderRenn

    The feared “Black Swan” emerges…

    Bush: “Troubled financial system is basically sound”

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  33. el Prezidente

    The nation’s troubled financial system is “basically sound”. I urge lawmakers to quickly enact legislation to prop up mortgage giants Fannie Mae and Freddie Mac.

    Thanksyou,
    Your Fearless Leader.

    ps. Nukular … I just loves sezing .. NUKULAR !

    thanksyou again

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  34. Jakegint

    Next thing you know, you’re walking down the street and some asshole jumps out of nowhere and clubs you over the head with a stuffed bear head.

    Said head filled with marbles, 10mm ball bearings, and batt’trees.

    _______

    Holy shit, a Johnny Dangerously quote.

    I love this place.

    _________

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  35. Aris

    newest addition to SEC legislation re: selling short:

    the do-over.

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  36. Hank Paulson

    I’m going to fucking rip this senator’s head off and shit down his neck. The audacity to talk to me that way!

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  37. Aris

    hahaha jim bunning is the biggest grandstanding idiot i’ve ever seen.

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  38. DSB

    What the fuck is with Paulson’s pinky? Is that a fucking claw?

    edit: http://www.swamppolitics.com/news/politics/blog/paulson small-thumb

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  39. Hank Paulson

    I don’t care if he pitched a fucking perfect game, he’s a dipshit.

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  40. Employee8

    Quote of the day ….

    Hank Paulson: Senator, I believe what I say.

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  41. Hank Paulson

    You can only sell short if a stock goes up $1 from the open.

    I know the markets; I was with Goldman Sachs. You, Senator Asshat, know diddly shit.

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  42. Topper Harley

    Aris – On the contrary Bunning made Paulson look like the biggest grandstanding idiot.

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  43. Hank Paulson

    Fuck you Topper Harley. Go fuck a flagpole.

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  44. calvino

    Paulson just told the Senate that they do want to do it his way. Lex Luthor is scared shitless.

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  45. Can of Corn Humper
    Can of Corn Humper

    Thanks calvino. DTC’s books must be complete shambles.

    Check out Paulson’s watch. The guy left Goldman with $800 million and he wears a watch with a black platic band.

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  46. Anton Cigur

    Bye, bye, the rest of my FXP.

    Inverse ETFs toast for now.

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  47. calvino

    Corn, call DTC and ask for a public tour. AFter that ask for one of Fort Knox. Make sure you have good life insurance for your family first.

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  48. Jakegint

    Check out Paulson’s watch. The guy left Goldman with $800 million and he wears a watch with a black platic band.

    Get a clue, everyone on Wall Street wears that watch.

    It sort of a bullshit “keepin’ it real” statement.

    You know the pikers because they wear gaudy chunky gold Rolexes (“Rollei?”).

    Nubes and rubes, usually brokers. (Sorry Fly).

    _

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  49. buylo

    SEC – Naked Short Sellers will be prosecuted! Fly has been seen naked in Roomannia and we know he shorts many stocks. You can run but you can’t hide!

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  50. Jakegint

    Bye, bye, the rest of my FXP.

    Inverse ETFs toast for now.

    Oh ye of transient faith!

    (Now where’s that fuggin’ lucky quarter?)

    __

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  51. Aris

    bunning has a personal beef with bernake, and he used the opportunity to grandstand. i didn’t see him offering any solutions. all he does is vote against abortion. i don’t care if he can throw a ball to the moon. he’s a dope.

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  52. Anton Cigur

    Jake,
    You’re probably right, but there is now a government conspiracy to make my inverse ETF profits transient.

    Speaking of transients, Bernie looks more and more like one.

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  53. Anton Cigur

    I think I allowed my lucky quarter to get mixed in with the other change in my pocket, then flipped it to a guy who looks suspiciously like the Fed chief.

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  54. Zenprofit

    Wow. Erin Callan lands a job at Credit Suisse after getting canned at Lehman. Lying bitch.

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