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
23,408 Blog Posts

What a Weird Market

Everything is trading strange. Oil is threw the roof, yet oil stocks are blah. Banks are crashing through the floor boards, yet [[SKF]] is hardly up.

What’s up with that? Did the government put some sort of asshat top on SKF?

My Freeport-McMoRan Copper & Gold Inc. [[FCX]] is trading erratic. Fucking insane.

Quite honestly, if I was just taking a view at today’s tape, with knowing the underlying bullshit, I’d say we are about to fuck the retail investor in epic fashion.

When nothing makes sense, go eat a sandwich. That’s what Grandpa Fly used to say, just prior to lathering himself with oil oil—readying up for a good old school Italian tan.

Just today, I had my face ripped off on some new purchases, which do not need to be repeated, mind you. And, all of my new bank longs, Citigroup Inc. [[C]] , Synovus Financial Corp. [[SNV]] , Interactive Brokers Group, Inc. [[IBKR]] , [[UYG]] , pelted me with large stones.

Hey, at least my nibbling of [[SRS]] is paying dividends. And, just in case, I bought some [[FXP]] —mainly because I hate chinese stocks.

All in all, the current theme should be to get long commodities in egregious fashion. However, at the moment, everything is in flux. You might be better off playing video games or going to strip clubs, than fucking around in this rigged game.

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87 comments

  1. steveplace

    I hate it when oil throws roofs.

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  2. Adan

    Fly, what do you think of AA? Do you consider it a “commodity” to get long on? I’ve purchased some calls, earnings are on the 7th, and it’s at historic lows, but I’ve seen it do this over and over again and then come back…it’s fairly regular.

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  3. LARFO

    I sure am glad I shorted UYG instead of going long SKF.

    WTF?

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  4. Big Mike

    Fly,

    SKF is broken, instead short UYG.

    I will be bearish again should the financials not rally tomorrow.

    Note: Thank god for SRS hedge…offsetting UYG huge loss…

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  5. Hammer

    DXD and DGP have been money.

    I’m wondering how I can by my mortgage loan from the Gubment for 10 cents on the dollar. There’s got to be a way to game this bullshit that’s going on.

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  6. CubsRock

    Great advice, I sold almost everything Friday and it feels great. I’m going to sit back, watch the My Cubs and wait for perfect entries.

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  7. The Fly

    I can never sell everything and sit.

    I am in perpetual state of action, even while in surgery.

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  8. nik

    what happened to KOL down 6% ?

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  9. The Zombie

    Play video games? Now that’s one thing I can actually do.

    The Fly is God

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  10. recusancy

    Good thing shorting has been criminalized. Wouldn’t want to let anybody make money when the market goes down.

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  11. charlie

    You can still make money off shorting. AAPL looks good.

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  12. Juice

    Bennet Sedacca

    03:20:00 PM

    No positions in stocks mentioned.

    Balance sheet issues remain…

    I tried to sell a whopping $7,000,000 of a ‘what should be’ highly liquid mortgage backed security for ‘cash’ or today’s settlement.

    Of the 7 firms I asked to bid, 5 said ‘pass, we have no balance sheet’.

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  13. Market Fool

    The law of unintended consequences.

    Bernankonomics and Co. completely rig the markets and the markets tell them to go fuck themselves.

    I honestly hope oil goes to $2000. That will teach them to fuck with the markets, assholes.

    I will now go enjoy a grilled cheese sandwich, lightly peppered with a delicious root beer.

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  14. Awake

    Fly: It’s the October contract expiring today that is tearing faces off as traders are being forced into covering their shorts. Check the Nov contract that starts trading tmr, it only up a few bucks.

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  15. sniper6

    weird

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  16. Q4

    Not weird, but different.

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  17. fuck

    I had an order ready to buy a slug of SRS at $74 and forgot to submit it. Fuck me with a box of radishes and two sweet potatos.

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  18. sniper6

    definitely different!

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  19. Kill the Banks

    Big Mike,

    Shorting UYG is somewhat broken — the DJ US Financials Index (its base index) is/was down about 8.6% today, which should translate to ~17% down in UYG, but it’s only down about 10.5% – the 2x and 2x inverse relationships for both UYG and SKF were broken last week.

    KTB

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  20. DEVILDOG

    Damn…who knew? DEVILDOG! Back to the whiskey! BTW, my SPG SHORT did great also! I win asshats.

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  21. Sia

    Commodities well sell off soon, careful

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  22. Blue

    Must read for understanding SKF:
    http://news.morningstar.com/articlenet/article.aspx?id=253823&pgid=rss

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  23. InternationalGroupie
    InternationalGroupie

    Mother of all squeezes…maybe for the futures market only (ie oil contracts)

    Hmm oil spiked and diked? 108 now?

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  24. Market Fool

    LOL @ fuck

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  25. ottnott

    SKF trades crazily. I sell calls against my SKF and let the premium (which is quite generous) make up for less-than-ideal timing. With SKF near $100, the October $140 calls are selling for over $5. Crazy.

    What this market is going to do is encourage the CubsRock “sell everything and feel great” strategy. It isn’t an unreasonable move while waiting for the details on some piddly little $1 trillion Big Giveaway plan.

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  26. InternationalGroupie
    InternationalGroupie

    Now its a 700billion credit card, so can continue to buy bad debt while flushing it to risky traders (who will probably pay 5c on the dollar in the beginning) This way the fed itself will become a floor to take huge losses in the beginning. Their overall purpose is to restart the risk appetite again like in the good old days. We’ll be trading bearish sideways until real details on this new credit card fed is creating is feed into the markets.

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  27. pinfin

    the volatility in SKF has been HUGE. That accounts for the crazy option premium.

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  28. Ahhhh

    Something is amiss with this rigged market…….today’s tape looks highly suspect………..

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  29. Guy from "Fargo"

    “You got that right.”

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  30. Zach Litwin

    Solar will begin to get bid now til the election. Get long FSLR and ESLR.

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  31. Woodshedder

    From the looks of FSLR, solar is in a death spiral.

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  32. InternationalGroupie
    InternationalGroupie

    I had explained why FSLR was bearish with my target of below 200 back over a month ago. I believe i wrote the explanations here : http://www.ibankcoin.com/rcblog/index.php/2008/08/15/the-uso-weekend-trade/

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  33. buylo

    Cramer just said: buy gold, its going to 1000 within a week from now – be careful going long.

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  34. no more shorts

    Today 05:55pm
    Reporteldy the NYSE has added 40 companies to list of protected companies; Ford, Met Life, City National and Prologis have been put on the short-sale list

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  35. JakeGint

    FUCK!! Cramer just kissed gold to death??

    __

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  36. JakeGint

    I’m sorry, but for how much longer can this horseschit go on?

    Do they think they are making the markets calmer by adding to the short list bans like this?

    If I’m Joey Bag-o-Fright-wigs, and I’m holding the above securities, do I feel like continuing to hold when this bullshittery pops up?

    _

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  37. JakeGint

    BTW — banked EGREGIOUS coin today on GG, RGLD, SLW, SLV and SRS holdings.

    Lost a little with my UYG hedge, but some of my SKF sells were busted out on Friday, so I ended up plus for that deal as well.

    __

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  38. Juice

    On July 1, the IYR was 61 . Today it closed at 61.
    On July 1, the SRS was 105. Today it closed at 79.60

    What a horrid vehicle.

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  39. Mr. LIMM

    Moh-gan Stanrey no go to Chinese movah fukkas!

    Moh-gan Stanrey go Twenny Pah Cent to Niponese Movah Fukkas!

    Banzai!

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  40. Mr. LIMM

    Bansai!

    __

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  41. Mr. LIMM

    Buns Eye!

    __

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  42. InternationalGroupie
    InternationalGroupie

    You may not, but Joey would, because he likes those pat on the back for good effort.

    To tell you the truth, politically, Gold must not touch or even come close to 1000, as it is a huge psychological price. So, i suppose our lords will have one night stands with paper gold if the whole “global slowdown” scenario comes into play again.

    Again, S/D will not price oil,gold,USD currently, its political actions that will price our world. I wonder if the whole G7 is ready to copy paulson’s plan if the congress buys it here. “buy the bad loans” to cleanse the system. Yeah ok, we’ll see.

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  43. Mr. LIMM

    Burns Eye!

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  44. Mr. LIMM

    Bans eye!

    _

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  45. Mr. LIMM

    Bans I!

    __

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  46. Mr. LIMM

    Benz Eye!

    __

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  47. Mr. LIMM

    Ben’s Eye!!

    __

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  48. Mr. LIMM

    Bins, Aye!!

    __

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  49. The Contractor

    Cramer is bearish as all get out. I wonder if we are set to rally for a couple days?

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  50. SEC

    We hereby initiate a temporary ban on Mr. LIMM, until October 2nd.

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  51. John Kerry

    Ha! It had nothing to do with my windsurfing in the middle of the campaign.

    I knew it all along!

    I won!

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  52. Prospectus

    @DEVILDOG: You win asshats!? Lucky guy.

    @InternationalGroupie: They have these things called futures contracts, and see, here’s the thing–they like expire and stuff, and a new one takes over. True story.

    @JakeGint RE: “Joey-bag-o-Fright-wigs”: LMFAO Nice one!

    Everybody report “UNLONG” traders to the SEC for transfer to the Ministry of Love, where they will become good God-fearing econo-socialists like Big Brother Hank, Peace Be Upon Him (and GS, too)

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  53. Mr. Lucas

    YO, git outta da wey beiatch!

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  54. Uncle Sam

    Can anyone spare a dime?

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  55. Sierra Water

    Naivete.. Everyone is a day behind in thought.

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  56. Mr. Lucas

    Mr. Limm – I take a too item combo to go. haf n haf. kungpao & orange. chop chop son.

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  57. Mr. LIMM

    Why-a-yoo fuggin Canucks mus tlead veeellllly calefurry on dis brog! See berow!

    _______

    Deadspin is running reader stories of their fondest Yankee Stadium memory. This one is great:
    ——————–
    Oh, Canada!.

    I’m at the stadium, sitting along the third base line for a Blue Jays/Yankees game. This is the early Nineties, when Toronto ruled the AL East and the Yankees roster was stocked with guys like Hensley Meulens and Kevin Maas. Anyway, it’s a big crowd and four Wall Street looking guys sit down in front of us, all of them in suits and one of them wearing a Blue Jays cap.

    Turns out they were all from Toronto, and one of them yells something innocuous at Joe Carter trots into the dugout right before the game. Immediately, this big guy in a Mattingly gamer and a shaved head stands up, points at them and says,

    “I don’t want a hear another fucking peep out of you for the rest of the night.”

    The Canadians all laugh and dismiss the guy as just another New York lunatic. Two minutes later, Bob Sheppard asks us to rise for the singing of the Canadian national anthem. The Canadian guy in the Blue Jays hat starts singing along, and right at the phrase “our home and native land” gets hit in the face with a full beer and then “knocked the fuck out” by Mattingly Gamer, who punctuates the assault by shouting, “Fucking Eskimos! You were warned!”

    — Tom Sullivan

    ___________

    Har! Har! Har! Har! HaaaaR!!! Fuggin Eskelmohs!!

    _

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  58. Juice

    Yes, there is a politician who actually gets it.

    More common sense

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  59. ottnott

    This would be one who doesn’t get it:
    U.S. Sen. Norm Coleman said the massive government bailout of failing financial institutions is not only necessary but could make money for the federal government.

    “The government could make 10 or 20 times what it pays on this, possibly,” Coleman said during a campaign stop at Christy’s Cafe in North Mankato Saturday morning.

    Coleman said the government takeover of Freddie Mac, Fannie Mae, AIG and others was necessary but said “I worry a little bit,” about the government spending perhaps a trillion dollars or more to shore up failing financial institutions.

    One of the dozens of people who showed up for the event asked where the money would come from if Coleman stayed true to his pledge not to raise taxes.

    “It’s not an infusion of cash,” Coleman said. Instead, he said the government is incurring “shorter-term debt” through borrowing.
    http://www.mankatofreepress.com/local/local_story_264233751.html

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  60. Big Sky

    Ron Paul is on the ballot in Montana. I will be voting for him. Lets keep our fingers crossed he wins. I think he might.

    Vote Ron Paul 2008

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  61. Excuse Me, But Goldman to $100, not $200
    Excuse Me, But Goldman to $100, not $200

    POOF! There go the goo ol’ days!

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  62. minnow bucket

    Today funky, very funky, like fuzzy minnows in bucket. If bailout passes, minnows come back to life.

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  63. JakeGint

    http://mypetjawa.mu.nu/archives/194057.php>More (sophisticated) dirty tricks from Soros and the Obama campaign.

    Very sneaky, sis!
    __

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  64. Broker X

    That Carmen chick on CNBC is giving out advice to 62 year old callers with $40k in their retirement account. Fucking egregious program. “Is your money safe?” I can’t stop laughing. What a joke CNBC is.

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  65. Market Fool

    We’re definitely nearing armaggedon:

    Indonesia plans to ban bikini in Bali

    http://www.news.com.au/heraldsun/story/0,21985,24368284-661,00.html

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  66. Dinosaur Trader

    The Mets are a curse that you pass on to your loved ones.

    -DT

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  67. Prospectus

    Government FAILout TURN ON!!

    CNBC = Cock ‘N Balls Channel

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  68. Anton Cigur

    Jake,

    You do realize the site you credit for uncovering the “(sophisticated) dirty tricks from Soros and Obama” sports a Star Wars theme, right?

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  69. Anton Cigur

    Does their plot involve kidnapping babies wearing jammies with “pictures of Yodas on them and shit?”

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  70. JakeGint

    Just read the piece, and then speak, dufus.

    Warning: It’s not for those suffering w./ ADD.

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  71. Anton Cigur

    I shouldn’t give you a hard time, tho. You’ve been warning that the “Commies are coming” for months. Never expected them to have Manchurian Candidated their way into the Republican Treasury Department.

    But could you turn your attention back to capitalist endeavors like finding the next Skiffles under Republicommie rule?

    I need the eggs.

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  72. JakeGint

    Skiffles is the next Skiffles. Even if they never let banks be shorted again, all it means is that when the big crash comes, they’ll be no safety net bid underneath it.

    SRS is nice here, too.

    Then, gold, silver, oil, coal, natty. If you’ve got any money left over after that spree, come back to me.

    __

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  73. Anton Cigur

    Dufus? Really? Mon Dieu!

    Brilliant riposte, Sir!

    Jake elaborates on his argument:

    http://www.youtube.com/watch?v=53DQgbj2mIc

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  74. Anton Cigur

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  75. Juice

    PalinMania vs the ObaMessiah

    Showdown Nov 4, 2008.

    Be there.

    Who cares, they’re both loosers. Let their goon squads beat each other to a bloody pulp. Its the American Way.

    But I will give Obama’s economic team of Buffett, Volcker & Co, higher marks than McCains eco team of Phil the architect of the current disaster Graham Cracker & Don the Kudlowite Luskin.

    It does make one wonder about McCain ability to judge talent & intelligence.

    (just had to toss that in there 🙂

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  76. Anton Cigur

    Dufus? Really? Mon Dieu!

    Brilliant riposte, Sir!

    Jake, I should have listened to the rest of your argument:

    http://www.youtube.com/watch?v=53DQgbj2mIc

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  77. Anton Cigur

    Dufus?

    Really?

    Brilliant riposte, Sir.

    Jake elaborates on his argument:

    http://www.youtube.com/watch?v=53DQgbj2mIc

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  78. Anton Cigur

    Thanks, Jake.

    I own SRS “in size.”

    Juice kind of makes my point.

    Fuck them both. But I’d like to kick the stool out from under the Graham/Tauzin/Lott (please add any former Dem politicians who now lobby on behalf of industries they once were charged with overseeing in Congress) who routinely sell-out the people they were elected to serve.

    And I’m not inclined to vote for anybody who makes redistributing wealth a cornerstone of his campaign, so I have no fondness for Obama.

    But just FYI, we Dems couldn’t put together a sophisticated dirty trick if it involved David Blaine, Paris Hilton and “the amazing disappearing pickle.”

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  79. mrkcbill

    Jake, I should of bought more SLV @ $11 but I got in @ $14 and it went down like a turd. Why did Skiffles trade so fucked up today?

    What names do you like for coal and oil?

    Can the Giants beat the Boy’s? I’m saying I don’t think so. what a division that’s shaping up to be.

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  80. Anton Cigur

    Ditto on the SLV. My cost basis is $12.25.

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  81. mrkcbill

    http://www.buymyshitpile.com/

    From– Big Picture

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  82. JakeGint

    Coal– NRP…. not for a trade, for your retirement. Your real retirement. The rest you can trade.

    Oil — OXY on the producer side, COP, and NOV and RIG on the fuzzy pumper barber shoppe side.

    CHK — Like “Cats” — “Always and forever.”

    Don’t forget the RGLD. GG is insane, too.

    __

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  83. JakeGint

    Right now, I’d say “No, the Giants cannot beat the Crackboys.”

    But I might be lying. We are sacking a lot of people these days and those dancing elephants at Dallas get tired.

    _

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  84. alphadawgg

    Jake,
    Bite your slanderous tongue. The Giants are like….gold. They will annihilate the Dallas Crackboys, and shine doing it. Have faith, man!

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