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
23,492 Blog Posts

Late Night Thought

Anyone who thinks crude at $120 per barrel is cheap is, without doubt, an asshat.

FlyonWallStreet Flashback: (props to Danny for having foresight, making this video well before the Bear collapse)

[youtube:http://www.youtube.com/watch?v=AVTNB-pxIOg 450 300] If you enjoy the content at iBankCoin, please follow us on Twitter

42 comments

  1. TK

    Right on, dude. Oil down to around $70. Oil at $120 is as cheap as my Bruno Magli’s… Purchased with my egregrious profits from shorting this shit from $140. Three cheers for The Fly…

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  2. The Fly

    Scum:

    I meant it in the context that the market should run higher, thanks to such a bargain level.

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  3. Better Than you

    Fly,

    Context is good……

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  4. Scum Bucket Bitchez
    Scum Bucket Bitchez

    You mean $120 oil is not sufficient cause for this market to rally with such rock solid underlying fundamentals? Strong dollar anyone? [/sarcasm]

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  5. TK

    Fly,

    You may be right in the long run, but since when do you give a rat’s ass about the long run? The Dumocrats “leadership” will finally be forced to allow a vote on drilling, making those dickslaps opposed to harvesting our own resources show the real size of their collective dicks. These fuckers are one election away from a “consulting” job somewhere. When push comes to shove, they’ll break with Harry “Ballsack” Reid and The Sea Hag to save their own skin. In the short run, oil is coming down. The same speculators that these asshats demonized will be selling it down for the near future. I’ll be capitalizing on it. Oh, and whoever gave me a “thumbs down” will likely be one of the many padding my coinpurse in the coming weeks…

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  6. punyandy

    TK –

    Congrats on being long 100 shares of DUG. You should be proud of your paper trading account. And congrats on having a coinpurse.

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  7. Rico

    Speak for yourself Fly, I just scored some petro at the local Murphys for $3.77/gal….Gonna pull out my vacation brochures and let my wife buy non-generic foods again

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  8. The Fly

    I’m long DUG too. I am not suggesting to buy oil here. Instead, I am saying the recent rally based upon ‘cheap oil’ is erroneous.

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  9. The Fly

    Rico:

    Good point.

    We should all celebrate $120 oil via shopping sprees at Whole Foods.

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  10. Woodshedder

    Filled up yesterday at 3.59, at a Sheetz.

    Their fried chicken was tops, too.

    You fucking yankees…I feel sorry for you.

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  11. calvino

    We are all going to move in next to you, what do you think of that Hoodshredder?

    btw.. globex traders waiting for their marching orders from Lex Luthor. Crude, gold, currencies.. flat. The q’s and spx also.

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  12. Woodshedder

    Calvo, are you a yankee too? Damn, I figgered you were out on the West Coast, with the way you have the stream o’ conciousness and all…

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  13. the mexican

    I am tired of big pig heads betting against fundamentals, people who believe CNBC is king, and people who love charts with little lines and dots.

    Sell this fucking rally!!!

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  14. calvino

    Yes, however I bought real estate in the dixie. I think the price contraction here is going to make the south’s deflation look tame. Once the epicenter of bullshit implodes, starting on Maiden Lane.

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  15. Woodshedder

    Welcome home then Calvino…

    Which part of Dixie?

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  16. Aris

    the rally is horse shit, but the traders will take it up until the ‘smart’ money gets out of any underwater positions and shuts it down.

    my opinion is we hit some resistance around 1280 the other day, as people bailed out of their longs initiated around the march lows and never closed, and we’ll head up again, possibly breaking through, until oil/gas start up again. then back down as everyone freaks out about the winter heating bills, which should be astronomical relative to last year.

    i’d love to be in the SKF, but i’m going to wait until we start fooling with 1280 on the spx. see how that plays out.

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  17. calvino

    Greenville, Gastonia, Fort Worth.. are we neighbors?

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  18. Woodshedder

    Nah…Richmond here.

    Used to live in Greenville SC though…

    Is Gastonia in NC?

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  19. calvino

    Were you working for GE in Greenville, by any chance? Yes Gastonia is an hour west of Charlotte. Wouldn’t mind being there now. Completely fucking burned out by these pigfuckers running the tape. MGM could not complete its last round of financing and caught seven percent lift today. How the fuck does that work?

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  20. BOOMER

    Does anyone trade Nintendo?

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  21. .

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  22. Cajun

    Boomer, I have a nice size position in the name. (IRA account– I don’t trade it, just hold it)

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  23. BOOMER

    Cajun – to buy, is the ticker NTDOY or NTDOY.pk? I’ve never bought a pink sheets issue.

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  24. Juancho

    With gas in the Midwest down at $3.50 to $3.80 a gallon, every slapdick with an SUV or truck was out filling it up this weekend to go joyriding. This shit’ll be back over $4 in no time.

    GM has probably already decided to hold off on selling the Hummer division. Dividend reinstatements are right around the corner!

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  25. Cajun

    Boomer, I had to call the tradedesk to purchase shares.

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  26. Danny

    some of my greatest work. thanks fly.

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  27. Cajun

    Sure was, I’m still amazed everytime I see that video.

    Great work, again.

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  28. Danny

    thanks rage

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  29. Jakegint

    Ah Greenville, SC.

    Special place in my heart for that town. I just love it.

    On our way down to the beach this year, we stopped there for their Fourth of July fireworks show.

    That some fucking fireworks show.

    ___

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  30. calvino

    The PPT is establishing dollar long positions in Europe. They will push the market north again. Probably good to get out because they will invent some GDP figures on Friday to help the squeeze.

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  31. The Fly

    Calvino:

    You are wrong. The dollar strength will lead to earnings shortfalls within the asshole “multinationals” who have been scrambling to open up centers abroad.

    It will be “Death by King Dollar” for the multi’s.

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  32. calvino

    Strong dollar kills the export boom. It also helps keep oil cheap. I do not know who is going to win that tug of war. I do know that the dollar is overvalued grossly against the remnimbi, the yen, the chf and the cad, and it is being kept aloft by whomever it pleases. I also know that I am cold now, and about to go completely flat. These motherfuckers are harvesting organs now. I thought about it when they did the selective shortselling enforcement. Trading against these louses is enough to make you lose your mind – which is their point. I have never complained about taking losses, but SEC approved theft is different.

    q’s up six and the spy 2

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  33. The Fly

    Nothing really unusual.

    The euro fags are in worse shape than us. Wait until the shit hits the fan with HBOS.

    The short term dollar moves really do not concern me. If oil is to fall to $90, that’s still ridiculously high.

    In short, the trends of low wage growth, high consumer debt, depreciating home values and a weak banking system still persists.

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  34. calvino

    It’s hitting the fan with Banco Santander now, their houses are taking two and a half years to move now. Euro is overvalued, but carrying against the yen in a reverse carry will kill by interest differential. You can carry it against the chf within reason. The gbp is overvalued against everything – I am short gbp/aud to keep the carry my way.

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  35. The Fly

    I can’t wait until cover bonds come to the U.S. This way, the housing slump can last another 10 years.

    The only way out of this housing slump is to extend cheap, easy credit, in a down market, like in ’92.

    However, due to the insolvency of the banks, none are able to do it. None.

    They should be shoveling out 5% zero doc loans in order to move inventory, then tighten standards, when things normalize. Instead, they are denying easy credit to multi-millionaires and demanding 35% down on a 700k property.

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  36. calvino

    There is no way out of this. Stop trying.

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  37. Home prices must fall until the historic ratio of prices to income is reached. A trillion dollars plus loaned out in mortgages has gone poof. A trillion dollars plus has been shipped out to OPEC. How much more can we stand? A trillion here and a trillion there soon adds up, no?

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  38. Dr. Incognito

    I told my friend some time ago that “I’m not sure about this market. All I know for certain is its going to put a lot of people in the poor house.”

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  39. buylo

    You have to admit, Terrorism has been stopped or at least delayed. Did the War in Iraq or Afghanistan do it? Maybe. By putting 2 chickens in every pot in the Opec countries, Bush has stopped terrorism from coming back to the US & Europe. When Opec citizens have something to loose which they now have in inflated $, they don’t wanna fuck with terrorism there or abroad. You also have the Mideast wealth funds buying Mer, C, etc.,, simple cross polination – get them involved in our economies, so if we loose, they loose! Smart? Time will tell.

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  40. Dinosaur Trader

    After “the Fly’s” recent doctor appointment, some changes have been made at Dunkin Donuts.

    -DT

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  41. Gregory

    That is nice of Dunkin … does that mean that if you go in there and order from the “old” menu, you will be choosing from the DDDumb menu ?

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