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
23,599 Blog Posts

Get Your Tax Hike Party Hats On

Obama already won. There is no need for you to vote. With his win, gallantly, he will take your “excess savings,” and send it to homeless people in the streets of Philly. Also, he will take your 401k plans and use it to grease the tracks of his “Obama tanks.”

Do not fight the trend of outright socialism. It is in vogue; everyone is doing it.

Regarding the market:

I am betting the oil sector trades down tomorrow. I bought some [[DUG]] . And, I took down a small short position in that son of a bitch of a whore Petrohawk Energy Corporation [[HK]] . I realize that last sentence is offensive to many of you bible lovers. Too bad.

“The Fly” thou shou [sic] use profuse amounts of cursible [sic] jargon, with great vigor. Blesseth be thy horse cows and may the force be with you.

Amen.

Fly

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68 comments

  1. psylocybe

    Jake is the only backwoods year 1900 bible thumper here

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  2. gotcha political journalist
    gotcha political journalist

    holding BEAV ?

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  3. apocolypse

    I fairly new to this game but have been making some serious loot with just 100k investment. I am wondering what everyones feelings are on aig, gs and uyg. I really appreciate all of your mr miyagi help, Thanks yous sensei

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  4. Mushroomz

    Awesome.

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  5. *FIVE FIGURE TAO*

    FLOYD talks with GOD.

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  6. Bull Maggot

    There’s a lot of people out there who like HK…

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  7. Steph

    AIG…sounds like a quality investment. Buy 100K of that!

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  8. The Fly

    HK is a piece of shit. You heard it here first.

    May it go down to $11 and suffer from colon cancer.

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  9. gappingandyapping
    gappingandyapping

    I am getting my night stick and heading to the polls!

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  10. Donny

    The S&P 500 is up more than 20% in the last 6 trading sessions. This is NOT the market anticipating an end to the credit crisis. This is NOT the market anticipating an end to the recession. This is NOT the market embracing the socialist coming to power.

    Lets not kid ourselves here. This is the Market ignoring all the fuckery coming down the pipe. It’s once again, long on the tooth, and bulls will get beBalled again very soon.

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  11. Yogi & Boo Boo

    psylocybe – What’s with the Jake Jabs? He is very generous with his coin banking ideas, and he challenges dull thinking. Sharpen your wit and do battle…

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  12. Bull Maggot

    Don’t by all that sideways entrance shaft shale pile gas extraction talk, eh?

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  13. Big Mike

    Is this the famous “Fly’s 2007 Blowout” when he starts to give out his massive yearly gains? or…another prophecy?

    Interesting interesting…may be the best man win; I’m riding this baby all the way to turkey day;

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  14. apocolypse

    uyg and goldman ? can i have some serious opinions on these assholes please

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  15. The Fly

    I am still long. My largest position is cash. My new shorts will keep me flat.

    My next move will be correct, since today’s moves were wrong.

    You’ve been warned.

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  16. The Fly

    long uyg.

    be gone!

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  17. Donny

    Barry’s got a set of nice charts. Is this a coincidence? I think not.

    http://bigpicture.typepad.com/comments/2008/11/has-the-market.html

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  18. *FIVE FIGURE TAO*

    FLOYD is FLOYD. beware.

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  19. alf44

    Fly…what you think about DGP ?

    Gold been moving some…I know you like some of the commodity names.

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  20. The Fly

    hate gold.

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  21. alf44

    k…thnks !

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  22. BuyOnTheDip.com

    Fly ,

    be nice to HK , short GDP instead .

    with a ticker like GDP how can you go wrong?

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  23. egregious

    I have noticed the fly has stopped using the word “egregious” to describe his gains.

    This displeases me, because I always enjoyed his use of this adjective. It’s as if the old fly is gone.

    So I will cease using “egregious” as an alias, forthwith.

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  24. The Fly

    Dip:

    You best sell your bullshit HK, for I will be shorting it everyday until the pigs come home.

    Until the fucking pigs come home.

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  25. the Pigs

    We’re HOME!

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  26. Scully

    Sold all remaining DB @ the close. WAY overbought.

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  27. FancyTickler

    what’s up fly, I just started reading your blog (I won’t be suprised when he curses me for just starting to read it haha). You make some pretty good point and most of what you say isn’t baseless. Keep up the good blog motherfucker. Oil will dip tomorrow.

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  28. ALLPROz

    BEAV looks tired so don’t be a butthead….sell !…….

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  29. La Merde

    Fly,

    You are already betting that oil is going down? From the charts doesn’t it look like oil is just starting to go up? Do you think NOV is going down a bit as well?

    What do you think of the flight to safety during this rally?

    Thanks in advance

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  30. TraderCaddy

    It’s all good Fly as the Old Testament is full of bitching and whoring. Otherwise there could be no smiting.

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  31. BuyOnTheDip.com

    our cost basis is under $11,

    …. we’ll sell at $14 or $24 , whichever comes first.

    go team.

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  32. Jakegint

    Psylocybe:

    Get off the shroomz and pay closer attention.

    I’m a Catlick from Noo Yawk. “My people” weren’t even in this country in 1900, sturgeon fucker.

    They were off sucking on meerschaum pipes and weaving Guinness stained wool sweaters.

    ___________

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  33. BOOMER

    Jake – thoughts on CBL? Common divi rate adjusted and cash flow looks fine. Any issues? Still holding for $12?

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  34. Jakegint

    the Pigs Says:

    We’re HOME!

    The above was Buster Keaton-level genius.

    Bravo.

    ________

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  35. Bible Thumper

    “I will smite with great vengeance and furious anger those who pollute my kingdom and buy asstarded stocks”

    –Fly 3:16

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  36. wtf?

    as an aside, Megan Kelly on Fox news is freaking hot as hell.

    fly, nice call on the closing price

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  37. An Old Bull

    Barry “Big Picture” is OK on the macro stuff, but when it comes to technical analysis…

    http://i224.photobucket.com/albums/dd80/AwXomeMan/morbo.jpg

    TRENDLINES DO NOT WORK THAT WAY!

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  38. ottnott

    An audio treat in honor of Jake’s heritage:
    http://www.theseanachai.com/2007/03/16/st-patricks-day-again/

    This podcaster also has a funny series called “How to Succeed in Evil”, where a Consultant to villians tires of the incompetence of his clients and decides he’ll just have to do everything himself.

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  39. Jakegint

    Boomer — love CBL to $20, minimum. They knocked the div down “too much” for optics and will be forced to raise it to adhere to the 90% REIT income rule.

    Which will of course look, “verrah good.”

    Enjoy your 16% yield in the meantime.

    ________

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  40. Danny

    That was a tits call Jake. My kudos.

    Should have grabbed it

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  41. BOOMER

    I went a little balls out on the CBL, when it fell to 9 late in the day. Enjoy I will. Thanks for the rec.

    I exited HERO, will follow it for a reentry.

    Oh, while I’m at it: “The BOOM is Go!”

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  42. Jakegint

    Ott — good stuff.

    _____

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  43. Jakegint

    Danny, you might get another chance tomorrow… if CBL acts like DDR did when they cut their dividend (it dipped for an unbelievable sweet entry under $5, now at almost $14).

    I dont’ expect it will dip like DDR did, as that was in coincidence with that major REIT meltdown when CBL itself went down to the low $6 range, but you may get brief entry pt. tomorrow.

    _____

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  44. BOOMER

    Jake – optics? Also, for clarification, why $20? How do you arrive at that? Timing on that target?

    Sorry for the questions. I’m tired, been busy handing out cigarettes to get out the vote.

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  45. Danny

    yes, I was hoping for that very thing. DDR was a STEAL then, wish I would have grabbed a meaningful amount lower. my stepdad got DDR at 8, and I finally pulled the trigger at 11 at his behest, but only 150 shares, since I weighted my reit basket more with wri-d, and was expecting profit taking in the name more so than I did with wri. I also made my first pm buy.

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  46. Jakegint

    DDR is nice, CBL is pretty, UBA is “godly”

    I told the Fly to buy that last for his grandkids, as they are not making any more Westchester County retail real estate.

    Serious.

    _________

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  47. Danny

    I’m going to have to look into that.

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  48. Jakegint

    Boomer: “optics” is an old equity analyst term, which means the company is doing “X” for the market’s perception.

    In the case of CBL, the market is expecting a divdidend cut, and since they are not getting paid for their current dividend ($2.18) they company is giving them one (to effective yield of $1.48), even though they can easily afford a much higher payout.

    And in fact, the REIT rules which force a REIT to payout at minimum 90% or taxable earnings will force CBL to raise their dividend very soon, thereby giving them another “optical moment” which should boost the stock.

    As for “at least $20,” I am simply reducing their current yield on $1.48 to a more manageable 7.5%.

    Keep in mind that for much of the last decade, CBL’s yield was well below 6%, and, at times, below 4%.

    ____________

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  49. Danny

    the only thing about CBL that put me off was its high leverage. I don’t know enough about their cap structure, when debt is maturing etc. and didn’t check. Better late than never I suppose.

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  50. Jakegint

    Ironically, but perhaps not unexpectedly, “SLick Willie” (SLW) was up 21% today, Election Day.

    That’s quite a move we’ve had here in the last week.

    _________

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  51. Ma$e

    hopefully he doesn’t start taxing muni’s, $MUB.. I’m coming for you Fly http://www.youtube.com/watch?v=2bfrk8QCrcA

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  52. The Zombie

    Fellas, ladies, OTB degenerates, get ready for even more volatility with 3X ETFs. I shouldn’t be the only gambler excited about these. Write this shit down:

    If you’re a 300% bull type needing a bit more leverage …

    Name Symbol Index Daily Exposure Target

    Large Cap Bull 3x BGU Russell 1000 300%
    Small Cap Bull 3x TNA Russell 2000 300%
    Energy Bull 3x ERX Russell 1000 Energy 300%
    Financial Bull 3x FAS Russell 1000 Financials 300%

    And if you’re a 300% bear looking for inverse juice …

    Large Cap Bear 3x BGZ Russell 1000 -300%
    Small Cap Bear 3x TZA Russell 2000 -300%
    Energy Bear 3x ERY Russell 1000 Energy -300%
    Financial Bear 3x FAZ Russell 1000 Financials -300%

    Enjoy, fellow gamblers!
    The Fly is GOD!

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  53. Gwar

    Im staying the hell away from those 3Xs.

    The Fly is not God. He is a Zombie!

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  54. Eye No Stuff

    BEAV could go lower.

    BA is currently negotiating with their unionized Engineers. That contract expires on 12/1/08. As we draw nearer that date, there will be fear that the Engineers go out on strike, further delaying the 787, and setting back production of all planes across the board once again. BEAV will be a big loser if that were to happen. So, until BA announces a new deal with its Engineers, I can’t see much upside for the BEAV.

    Then again, announcement of a deal could cause BEAV to lift. But, don’t all union negotiations go down to the wire at best, and way past the point of strike at worst? So, can’t see BEAV going higher until we draw closer to 12/1 and no strike happens.

    Make sense?

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  55. The Zombie

    GWAR: HA! It just means we need an extra dose of blood pressure pills and maybe some Imodium. BTW, they should start trading those gambler’s dream 3X ETFs tomorrow. Enjoy.

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  56. Q4

    The Heart’s A Lonely Hunter: http://www.youtube.com/watch?v=LH-6n8Xyfp4

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  57. Jakegint

    Carson McCullers? (sic?)

    _______

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  58. Q4

    Welcome to my spaceship
    It’s beautiful forever
    She’s right here where you left her
    And the heart’s a lonely hunter

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  59. Aris

    i love that FSLR was basically a double in a week and a half and HIG was a double in 3 days.

    i still don’t trust this market when horse shit like that is going on. everything i see spells bigger doom on the horizon.

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  60. Aris

    ps: by ‘everything i see’ i mean larry kudlow.

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  61. Q4

    Jake –

    Carson McCullers… are you sure you’re not above the 47.5 years old rule?

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  62. gappingandyapping
    gappingandyapping

    Fuck it all. We are 100% fucked at this point. Prepare to start taking a cosmopolitan ass fucking.

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  63. gappingandyapping
    gappingandyapping

    I will have you know I have just hedged my proposed ass raping tax bill on intrade. There is no way I am going to let this fucking idiot fuck me over. Fly, I feel for you.

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  64. anjing bau

    thx for the heads up Zombie…..on the 3x…. long some Dg at 33.98…looking for the oils to pullback here. they have led off the bottom and XOM went up to test the top of the 1014 breakdown day…. first test of that price point look for a pb here….

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  65. anjing bau

    long DUG….. edit

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  66. Hey Aris…I guess it wasn’t horseshit when companies were LOSING 50 – 75% of their value in days.

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  67. Mr. EB

    Is it me or did futures just tank on the news that Obama won Pennsylvania? (that pretty much is the nail in the coffin to McCain’s chances)

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