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
23,533 Blog Posts

Quick Moves

Here are some of the things I just did:

Sold some of the [[SRS]] I bought in low 70’s.

Sold all of the [[FXP]] that I bought yesterday.

Increased my Walter Industries, Inc. [[WLT]] position by 30%.

Increased my Peabody Energy Corporation [[BTU]] position by 30%.

Bought back some Citigroup Inc. [[C]] , which I sold Friday, north of $20.

Sold out of my entire Interactive Brokers Group, Inc. [[IBKR]] position.

Sold out of all of my Western Refining, Inc. [[WNR]] position.

Increased my Freeport-McMoRan Copper & Gold Inc. [[FCX]] position by 10%.

Increased my Synovus Financial Corp. [[SNV]] position by 30%.

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31 comments

  1. recusancy

    Gotta say. These moves look pretty ballsy right now.

    Fly, do you see this bailout getting passed before the weekend? It looks like you do.

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  2. El Scorcho

    Are you still long Skiffy (SKF)?

    Do you believe this bitch will explode once shorting the market becomes legal again on Oct. 3rd?

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  3. the Bull

    My trading seems to mirror the Mets fortunes, very depressing.

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  4. The Fly

    I own a very small amount of SKF.

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  5. El Tiberon

    Fly,

    Thank you for the update. This is what I like on your site.

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  6. Win or lose trade, The Fly shines by disclosing his holdings, sucking up his loses, being nimble and moving on to win again……

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  7. sniper6

    coal’s gonna come back, right now

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  8. CAP

    This sell off is all a game designed to increase urgency amongst lawmakers to approve the bailout package. Think about it for a second. If the markets were roaring the last 2 days, the urgency would decrease. With the 350+ point drop yesterday and further downside today, Paulson and Bernanke can point to this as evidence that the bailout plan must be approved ASAP.

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  9. sniper6

    PCX going green, could be front running the sector???

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  10. The Fly

    Costanza time:

    The market is going higher, because assholes think it goes lower. I have an asshole radar in my office.

    You’ve been warned.

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  11. RC

    JRCC off to the races.

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  12. sniper6

    or not. I’ll STFU now.

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  13. Toobusytotrade

    Is there any one company on the right side of all this credit default swap implosion?

    All I hear about is the doom. Isn’t there one lucky bastard out there smoking a cigar?

    Or do we stick with trading the impending increase in inflation?

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  14. Big Mike

    The market will test the lows you “BULL” shitter.

    I doubling down on SRS and SMN, to protect my financials long.

    May the best man win.

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  15. TX Slave Trader

    The PPT gave me FED and look at her run!

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  16. The Fly

    Ha.

    Betting against me again?

    See where that gets you.

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  17. potatomuncher

    take a look at sil folks, silver play with a massive breakout. seems like it might carry forth.

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  18. Yogi & Boo Boo

    Amazing…

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  19. Yogi & Boo Boo

    It’s like fly turns a dial and pulls a lever and the market moves. How does he do that?

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  20. buylo

    he does that by picking stocks long like WLT n BTU the last couple days!

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  21. TraderCaddy

    That JOSB (Joseph Banks) sale I saw on the tube (buy one suit get two free) must be going pretty good. Kind of makes me wish I wear suits to a job.

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  22. “The Fly” is adroit – moves like a …..sort of like a ….fly. I don’t think that I trust SKF any more.

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  23. Employee8

    TC, Yeah what happened to casual Mondays and Fridays? Thought those guys were toast and look at them run … Maybe The Casual Male is looking at them for diversification.

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  24. Juice

    I’m hearing REITs are outperforming due to some being added to the short sale restriction list.

    If you’re looking for a washed out Ag play from the long side .. take a gander at ADM

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  25. Juancho

    Fly, you blew out your WNR? I would think it has some room to run yet.

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  26. Juice

    Rev Shark
    Forced Buy-ins
    9/23/2008 2:48 PM EDT
    Traders are starting to receive warnings that forced buy-ins of shorts are going to start occurring. Today is trade date plus 3 (T + 3) following the SEC Emergency Order dealing with naked shorts. That means if you don’t have actual shares borrowed your short will be covered automatically.

    This might give the market a little boost but be aware of what is driving things.

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  27. ZenProfit

    JOSB +30% in 1 week? How did that happen?

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  28. Juice

    JOSB is a shorts cult stock. They love to be short that stock since the beginning of time. Absurdly high short int.

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  29. ButtScratcher

    The short selling ban is no such thing. The ban prevents the shorting of the cash equities on the banned list. However, futures contracts were never included in this ban. If someone really wanted to get short the banned financials, they could still do that. How? Well, quite simple really. How about shorting the entire market using the S&P futures contract and then go LONG everything you don’t want to be short via different equity baskets, ETF’s, options and swaps. This would leave NET SHORT ONLY THOSE VARY SAME BANNED FINANCIAL STOCKS.

    Granted, this is terribly inefficient, but it works.

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  30. Paradigm Shift

    I expect global-coordinated interest rate cuts in exchange for monetizing foreign bank paper.

    Overnight short positions not worth it.

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  31. buylo

    buttscratcher you are a genius, no kiddin! maybe now everybody will stop complaining about not being able to short etc.and talk about something else

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