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
21,506 Blog Posts

Prepare for War!

The market is always trying to steal your money. Case in point, had you bought into the “this is the final bottom” fiasco last week, you find yourself today pondering the very meaning of life and why the stock market is even worth your time.

The stark truth is: most people should not be invested in stocks. If you have debt or exorbitant amount of expenditures, you are a fucking idiot for investing.

In my opinion, if you have a liquid net worth of 1 million, only 10-20% of it should be in stocks. Far too often I’ve seen people lose it all, at the hands of Mother Market. It’s easy to get detached from reality, when dealing with the shenanigans of day to day investing—during an era of rampant fraud and corruption. However, try not to lose focus on the whole purpose of having money, which is to have fun.

If you’re not having fun, you’re doing something wrong. Fuck the market and it’s trickery. Go on vacation. Spend 10k on egregious shit. Your family will appreciate it and so will you.

In other newz, the market is quite busy taking vacation money from “bull fuckers.”

As a result, I grabbed my balls and sold short inordinate amounts of [[TCB]], [[CHL]], [[LEH]], [[CMA]] and [[MI]]. In addition, I am buying more [[SRS]].

By the way, “The Fly” has several big wins in store for the Godly folks at iBC. I am sure you see that ridiculous ad on the upper right and think: “that man has done lost his mind.” Truth be told, I lost my mind years ago. However, the next phase of my “internet life” will be one of genius.

More on this later.

To sum up today’s tape:

We’re going lower. Grab your balls and get short or take your money and go to Disney World.

NOTE: I will be out all day, due to a mandated physical. Yes, the physical is being mandated by Mrs. Fly. Fuck you.

UPDATE: I bought [[FXP]], SRS and even [[SKF]]. I sold some [[CLNE]] and [[FMCN]]. In general, I like green eggs and ham much more than bank stocks.

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51 comments

  1. Dinosaur Trader

    2 things…

    1. Due to this post, I’ve decided to take a vacation.

    2. When you’re at the doctor, and they’re going over your “family history,” don’t make the mistake of mentioning if anyone in your family ever had prostate cancer. Trust me.

    -DT

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  2. jeff

    Fly –
    Do not take any vaccines – be Amish on this one.

    And do not swallow fluoride.

    Out

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  3. The Fly

    Sorry Jeff. I like to brush my teeth.

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  4. recusancy

    Jeff, you’re one of those fluoride in the drinking water conspiracy nuts aren’t you? Or just a nut in general?

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  5. jeff

    recunt – all you have is a personal attack – go read and learn something – apparently you have teeth in your stomach?

    Fly – I brush my teeth lots – just not with fluoride, which takes off 15 IQ points and causes bone cancer in boys.

    Check the ADA warning to infants to not drink the stuff.

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  6. Nihilist Investor
    Nihilist Investor

    Uh, Fly, what is the preferred place of choice for the other 80-90% of liquid assets if not the market? (For the sake of argument, it makes sense to include short positions in the stock market allocation).

    So, the other options are not so enticing . . not real estate, not government or corporate bonds, not the checking account, not most U.S. dollar assets, comodities are pretty dicey too right now . . . I’m curious.

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  7. The Fly

    You should hold ample amounts of gold/silver, foreign currencies, art and plain ol’ vanilla cash.

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  8. The Fly

    Oh, and you should have real estate. Just don’t get too extended.

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  9. "Chocolate Cash" da Pimp
    "Chocolate Cash" da Pimp

    Yo, mofo, doan foe-get about you “g”-frien’ “Chocolate Cash,” neither.

    “Ladies” is a important inves’ment in these troubled times.

    “No recession,” you feel me?

    _________

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  10. JakeGint

    Holy crap, a mandated physical at 33?

    What’s that all about? Is it because that’s the age when Jesus died, and you can never be too careful about accidental crucifixion?

    ___

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  11. Garr

    Fly – How bout alittle POT short now? Looks to be breaking down. Revenge is in order, no?

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  12. j

    fly

    not for nothing but you were peddling Clean Energy the other day that it was going to double or triple. I’m not trying to sink your boat here but now you sold a few? Dude, if it is going to double or triple why sell and not go for the big dols? And selling now because you think it’s going a little lower is silly no, in view of the huge call.That’s silly trading , fly. I always thought better of you.

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  13. The Fly

    J:

    “Some” does not mean “all.”

    When I buy,I always reserve some for longer term.

    However, as always, I reserve the right to cut losses, if need be too.

    CLNE has massive upside. However, at the present, i find more upside in being short LEH.

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  14. The Fly

    Garr:

    I am still scarred over my POT fiasco.

    No thanks.

    Off to get a few pints of blood removed from my fucking skull.

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  15. DSB

    Based on oil going up & the T-Bone, would anyone take a stab at DSTI or DSTIZ’s? Fuck, those Z’s are cheap right now.

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  16. TraderCaddy

    Midday thought- STI (Suntrust) is hanging tough and I wonder if JPM may buy it soon.

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  17. Woodshedder

    Gosh Fly, when my Dad went to get a script for Viagra, they didn’t make him get a physical???

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  18. BOOMER

    I’ve unloaded all of my BOOM today, I rec’d it at 27.5 and 28. Exited today 32+. Earns are Friday. I am sitting it out as I do not want another “French CEO Surprise Buttsecks.”

    My selling prolly indicates that that the company will be sold to ATI at an egregious premium, and I will miss out on the upside.

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  19. calvino

    DSTI – followed them a year ago.. They keep lurching up whenever they had a hope of getting financing for their plant. If they get theri plant, then I would revisit the story. For now, they are a research company, and in this market, I would not be optimistic. Of course, there is the OBama trade, however, there are many other candidates for that.

    btw Martay.. it’s not Mother Market that is stealing money here, but Lex Luthor and his pet rat at the Fed. I back up MIsh’s latest post: Sheila Behr, or the bearded chairrat, or killer Hank are going to pull some new shit, and the market will react differently, by plunging. Next morning futures limit down. This is what keeps me at my fucking desk.. I resent it to the highest degree.

    lastly.. take a look at the one month charts of wynn, lvs, mgm.. those witch hats are about to get knocked off their heads, again.

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  20. JakeGint

    Off to get a few pints of blood removed from my fucking skull.

    Luckily, your experience with leeches will leave you well prepared for this ordeal.

    __

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  21. Juice

    Fly, grab your balls, and unmandate your Mrs Fly mandated physical … else some strange man will be grabbing your own balls for you, fuckyou very much. If you’re into that kinda thing, nevermind.

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  22. JakeGint

    SLW — if it can hold $14.50 here, it’s a nice pickup at this price. I’m adding.

    _

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  23. nullpointer

    DSB-

    if you like DSTI, buy the “real” version of the company, ASTI

    same technology (CIGS), but the have a real production line, and they produce a real product that they sell for real dollars.

    some euro company also bought ~25% of ’em a couple months back, and that company (forget the name) has a good track record of picking winning ponies.

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  24. BPOE

    Don’t forget this is an election year. JOBs numbers will be fake this time and start a bounce. Most Maybe!!!

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  25. DSB

    Thx Calvino & Nullpointer. That ASTI looks like it’s formed a nice base. Thx.

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  26. Juice

    Not only did ‘Jesus’ not die at 33, Jesus was never born. There was no one who went by the name Jesus .

    Isaiah 7:14: “Therefore the Lord himself will give you a sign. Behold, a young woman shall conceive and bear a son, and shall call his name Imman’u-el.”

    Matthew 1:23: “Behold, a virgin shall conceive and bear a son, and his name shall be called Emmanuel.”

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  27. Scum Bucket Bitchez
    Scum Bucket Bitchez

    Have a good time at dr. sadistical’s office. BTW, his nik is “fat fingered frank”. Call him that, he likes it. ;P

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  28. BOOMER

    Bears need to get some nuts here.



    Snickers TV Commercial – Get Some Nuts – video powered by Metacafe

    Jesus loves you, Juice.

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  29. calvino

    Norsk Hydro bought asti last summer, which drove their price past twenty. Be careful, they are not making profit either. Playing solar is much to do with hype. However, there is an Obama trade.

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  30. Mushroomz

    Have fun getting your balls fondled.

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  31. Juice

    Boomer, whats the word on BOOM earnings this week?

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  32. BPOE

    All I know is if Jesus came back the first thing he would do is Holy shit his pants when he saw the Flys time macnine.

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  33. nullpointer

    cal/dsb-

    cal is right on the fundamentals of ASTI – story stocks are not a happy place to be in this environment.

    ~with that said~….

    CIGS (do some research if you dont know what it is) is disruptive technology, and very hard to pull off. ASTI is doing it, and doing it at production quantities, so thats impressive. its not terribly efficient at this point, and just because they are first movers doesnt mean they will dominate the space. however, the prospect of ~any~ building material being a solar panel (shingles, cement, paint) is huge.

    its a lottery ticket. i dont own it. but if we see $INDU 8000 and ASTI is sub $3, i would buy some.

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  34. CubsRock

    PACW about to roll over

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  35. Juice

    make or break time – spx 1240

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  36. calvino

    Null.. I had asti sub 3.. going to go kick a wall or something.

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  37. SatanicChihuahua
    SatanicChihuahua

    Art Cashin said after last Thursday’s selloff he hoped Friday would be lackluster (it was), today would be another big down day (it is), and if that’s how it played out, he expected Tuesday would be the pukefest capitulation with an intraday reversal. His time machine appears to be well tuned so far.

    If we get the reversal tomorrow, then he said to expect a modest rally in August/September, follwed by the big enchilada in October.

    It’s going to be interesting to see how it unfolds.

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  38. buylo

    that Art Cashin is not a lightweight, been around a long time and knows his shit, you think he is advising da Fly?

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  39. JakeGint

    Good news, goldbugs!

    Cramer says, “Short gold!”

    Seriously, I may be getting as paranoid as GW, but does it not look like this guy is just blatently lying his ass off in this clip?

    __

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  40. JakeGint

    Skiffles over the 50% fib line again, let see if he holds.

    In SKF’s honor, I will only subtley abuse a James Brown classic. Note, the lyrics about the Fly are from the original:

    __________

    Come here sister…..Skiffle’s in the swing

    He ain’t too hip…about that new breed babe

    He ain’t no drag

    Skiffle’s got a brand new bag

    Come here mama….and dig this crazy scene

    He’s not too fancy….but his line is pretty clean

    He ain’t no drag.

    Skiffle’s got a brand new bag

    He’s doing the Jerk….

    He’s doing the Fly

    Don’t play him cheap ’cause you know he ain’t shy

    He’s doing the Monkey, the Mashed Potatoes, Jump back

    Jack, See you later

    alligator.

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  41. Danny

    great song jake.

    anyway, you can’t be as paranoid as GW, bc I assume he has better weed than you.

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  42. Skiffles

    Thank you for the tribute, Mr.JakeGint.

    I’m so grateful, I’ll let you keep your balls for the remainder of the day.

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  43. JakeGint

    I’m so grateful, I’ll let you keep your balls for the remainder of the day.

    Thanks you sir… and, if it’s not being too brash and forward, might I ask….

    Can I use them tonight??

    Pretty preeze?

    _____

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  44. JakeGint

    Danny — did you look at the vid?

    I honestly cannot tell whether it’s “defeat” or “duplicity” I see in the body language of that shifty-eyed mofo.

    __

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  45. DSB

    Art Cashin is a pimp, even if he is the old man in the “He kicked me down the stairs” picture.

    Does anyone have the family guy clip of Peter Griffin getting a colonoscopy, where he goes “I was raped”?

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  46. Danny

    I did, his body language was unusual, however I am going to defer to defeat.

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  47. Aris

    mother FUCK

    another goddamn day i didn’t pull the trigger on the SKF.

    first i skipped it on wed, because i thought it was going below 100, then, as it rallied, i kept saying, ‘nah, it will pull back a bit.’

    yeah right. fuck me.

    DSB: art is great. love that guy.

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  48. nullpointer

    aris-

    what you need is some FKTRD

    (i am in the same line marked “loser”, right behind you)

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  49. DSB

    DT, please elaborate on why you don’t tell them about a family history of prostate cancer? Finger up the butt time? My grandpa had that. great.

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  50. BOOMER

    Juice – I don’t know.

    BOOM reiterated full year guidance, so that should be true. However, I have not seen any conviction buying to support it, or support the notion that guidance is sufficient. No C-level buys, no BoD buys. Lots of institutional selling to boot. Some new institutional buys for those that have reported in June, but net selling.

    BOOM has a sort of standing rule that any contracts wins over 5MM get announced with a press release and they haven’t had one in a LONG time.

    Margins should be good with the European acquisition and facility ramp up.

    Shorts are reducing exposure, but so would I if I shorted at 66!

    I don’t know what to think. Truth is, I am no longer a long term investor in ANYTHING, just trading. I’d wait for news, look for a sell off on the news, and if you think it looks good, buy then.

    If you want to get short, wait for a spike on good news and short away.

    I have always thought BOOM was a build-to-flip play, but mgmt has failed to deliver a deal. Could this be the quarter? Perhaps.

    But that CEO can fuck up a conference call like no other.

    Sidoti recently upgraded them and defended a 50 target. They have made good calls on BOOM in the past.

    Rambling…hope that helps.

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  51. Aris

    i hear that, null.

    with the MER news tonight, the SKF will probably hit 150 by 10am.

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