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
22,010 Blog Posts

Defying Logic

It makes no sense to buy stocks here, which is why I am buying. While it’s true, the oil sector is being machine gunned to death, I have hopes of some sort of miracle.

Nonetheless, the early rally has been defeated and pessimism is back in control.

As you know, my top buys are General Electric Company [[GE]] and Citigroup Inc. [[C]] , mainly as a bet that the whole house of cards does not fall.

Can the house of cards collapse?

Absolutely.

But, it has been my experience that the world does not end, even when it appears to be inevitable. While the pain is immense, trying to pick at names that have received the death card; the reward can be great.

Just know, the risks are extremely high now and is not for everyone. If you have a low risk tolerance, please, sit this one out.

Unlike past knife rides, I will not let these positions get away from me. Should they begin to mushroom cloud me, I will cut them loose.

Boy is this fun. What a stupid, asinine, industry I chose to gain employment in.

UPDATE
: I bought 2,000 GameStop Corp. [[GME]] @ $19.09 and 2,000 UnitedHealth Group Inc. [[UNH]] @ $18.20

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125 comments

  1. CAP

    “Boy is this fun. What a stupid, asinine industry I chose to gain employment.”

    yES THATS True. Why don’t you go become a pirate. I heard they are hiring. Send your application to Mogadishu, Somalia. They are looking for skilled employees to hijack and pilot 1000 feet oil tankers with $100 mil worth of oil.

    Since the world is ending, I am changing professions and becoming a pirate. Better work hours and compensation.

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  2. Market Fool

    Just think you could be an auto executive that flies into washington on your private jet to ask for billion dollar bailouts and have egregiously overpaid employees whom have absolutely no clue about how they will truly go down in flames in short order.

    Good fucking times.

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  3. starving artist

    go get ’em fly!

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  4. Juice

    Careful with market orders … I have gotten some horrid fills … go with limit.

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  5. Buckeye Bob

    Gettelfinger must think we’re idiots with this dog and pony show

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  6. The Zombie

    Do you realize how boring this trading biz would be without this site? Do you know how suicidal I’d be?
    The dice are dancing.

    The Fly is God.

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  7. Small Fry

    I think you’re right, Fly. We broke 7,800 this morning and by all accounts we should be headed to 6,000. Well, where is it? The fact that we are at lunch time and we’re still at 8,000 tells me that we rally.

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  8. 401ker

    Speaking of death cards I think a big question is can F make it until Obama cracks his wallet. I’m betting they can. You can’t spit without hitting an F150.

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  9. dream come true

    Every day we approach the dream where I noticed that the Dow was at 7200, and I waswondering how it got there so fast, when last I remembered it was 8400 or so.
    I remember feeling like we were hanging on the edge, and going to go down to 5000 or everything was going to zero. Then I was asking myself if because I felt that wy that I should buy. I woke up before I could see what happened next.

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  10. Yogi & Boo Boo

    401Ker – I would bet that F makes it. They’ve got the small car products in Europe, we just can’t get it here. I wouldn’t be buying any F down here though.

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  11. superbull

    Dow 20,000 by this time next year!

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  12. Market Fool

    Broker A- the only way to succeeed in this business is having big balla. I’m convinced. Now, I am not talking about levering up all you’ve got on margin. I am talking about buying shit when it makes you want to barf. There will be a day when we rally 1200 DOW points, mark my fucking word.

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  13. Juancho

    As someone who bought F at $10 a couple of years ago, they’d better make it until Obama opens his wallet…

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  14. El Tiberon

    C is $1 above 1987 prices (split adjusted) the last credit crisis took ~10 years to thaw…

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  15. Market Fool

    ^^ typo edit:

    The only way to succeed in this business is by having big BALLS

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  16. hmmmm

    We are now re-entering the Cock Suck Zone.

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  17. soicysoicy

    fly your too funny seriously great stuff

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  18. Market Fool

    $2000 brokerage accounts need not apply, fuckface.

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  19. T MOE

    The pattern re-emerges. The oils lead the rally until the end of the day when the big boys come in and dump them and take profits

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  20. j

    410

    Do you actually doubt a deal wasn’t done? Of course it was. the congress is just grand standing and pretending to play hardball for public viewing. the deal is locked in.

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  21. wildraptor

    I love this blog. I’m so glad to be able to vent and see my anguish shared with many others (and in good humor too). I’ve been through all the major messes of the last 10 years: Asian Flu, Dot-com bust, 9/11 recession, deflation scare, and I’ve made it through all of ’em.

    This is the biggest cluster fuck I’ve ever seen.

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  22. Jakegint

    Boy is this fun. What a stupid, asinine, industry I chose to gain employment.

    I kind of liken it to the gunslingers of the Old West. Brief rushes of triumph bordered by lingering moments of fear and loathing.

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  23. The Fly

    Here we go.

    Proof of a real time machine is unraveling right in front of your ugly faces.

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  24. j

    Can’t help it… just bought some C going to bed and revisiting this tomorrow evening.

    Going to bed comfortable that whatever happens I have stop loss at zero which isn’t too far away.

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  25. The Fly

    Wildraptor:

    Thank you.

    As much as I curse at you fuckers, I love this blog too.

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  26. Juancho

    Fly, you are seemingly mellow and ballsy at the same time. Kudos!

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  27. Karl Marx

    Dumped my FXP in the midst of its freefall @84 from 60.

    As blog is my witness, I will never go near that POS again.

    Amen.

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  28. Eternal Optimist

    fuckers, you left me hanging on the other thread.

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  29. Eternal Optimist

    “I fart in your general direction”

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  30. Awktalk

    An early x-mas gift to you all:

    http://www.amazon.com/Dow-36-000-Strategy-Profiting/dp/0609806998

    Oh wait, was there a typo in that title? One too many 0s? Gotta love conservatism.

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  31. ZenProfit

    Mr. Fly:

    What do you think of M?

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  32. marlin Y

    Fly, can you change the subtitle to the blog about seeing lower prices….

    We need some Fly Mojo.

    I’m 100% long into this fuckery. First time in a long time.

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  33. CAP

    Where is AhmeDevilDoginejad ?

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  34. Death Spiral

    Is somebody sucking??!!!!…C’mon don’t lie to me!

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  35. sniper6

    There is the outstanding matter of some $8k I am still down YTD. I shall have it before Thanksgiving, I swear by fucking Christ, I shall have it!

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  36. j

    Flys says:

    Wildraptor:

    Thank you.

    As much as I curse at you fuckers, I love this blog too.

    “Thankyou” What the fuck?

    Fly you’re not suddenly turning homo on us now are you for fuck sake. Man up and stop using gay words.

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  37. marlin Y

    can you guys post Todd Harrison’s latest musings? Wondering if he’s buying into this

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  38. hmmmm

    Maybe the PPT is a bunch of Koreans because they want to slaughter and eat DEVILDOG(s).

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  39. Scully

    Bought 1.5K WFMI 8.25. Stop sell 8.75

    Ms. Scully called and said the ladies of our town and their servants are tripping over themselves to buy cornucopias of wild duck, exotic rice in bulk and cheese @ 16.99/lb.

    November 20th, 2008 at 12:20 pm

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  40. DEVILDOG

    Going lower than morning low after the bullshit saving of the little 3 news conference at 2:30 pm est. Keep the stupid bulls like jimmy chin buying until then. BOOYAH!

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  41. lol

    awktalk, dont believe the left wing lies. Listened to some Peter Schiff. We’re in this mess because of protectionism and regulation, over spending, and over taxing.

    We’re #2 taxed in the world, we’re more in debt than we’ve ever been, and we’re more regulated then we’ve ever been. We’re more socialised then ever.
    If those were “solutions” to this problem, don’t you think we”d be at Dow 50,000? rather than below 8,000?

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  42. lol

    The conservatives spent like drunken liberals, on credit rather then by taxing. There’s no such thing as “conservatism” anymore.
    Thomas Jefferson, now there’s a true conservative.

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  43. CAP

    Todd Harrison is long. S&P 840 target.

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  44. Global Comunism

    Let’s all fix every single price of every single commodity auto, etc in the world.

    Classic economic theory is dead

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  45. BOOMER

    I sold CBL, GE and BOOM

    Holding C, QLD, and BGU

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  46. Donny

    Did Charlie Gasparino just say that “the GM Health Plan is the largest purchaser of Viagra in the world.”

    Yes he did.

    LoL

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  47. Ozark Hillbilly

    Covered my leveraged positions this morning, mainly SDS and FXP. Holding my others for now. Did some very minor buying. Should have bought GM calls, apparently.

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  48. BOOMER

    I added to BGU and QLD.

    Sweet pete!

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  49. He Knows

    Loaded up on WLL and EMC, they’re set to run.

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  50. The Game is Rigged
    The Game is Rigged

    Dog you are fuckign legendary. Nailed the bottom again. Size fucking mook you are.

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  51. sniper6

    Little pig, little pig, let me in!

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  52. Wylie Coyote

    …If I can just get this ACME rocket lit……..

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  53. SatanicChihuahua

    GM shorts getting squeezed. Join the fun.

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  54. BOOMER

    Fly, thanks for the C gut check. I followed you in at 5.02. much better than that NOV crap! Ha.

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  55. sniper6

    Seriously, for some reason I feel like Jack Nicholson in “The Shining”, at the bathroom door with my axe… Heeeere’s Johnny! hehehehehe

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  56. BOOMER

    And I’m in cash. That was fun.

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  57. Eye No Stuff

    The stupid bald headed moronic stuttering fucker (aka Treasury Secretary) is going to give a press conference at 2 pm. Down we go.

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  58. McMargin Clerk

    I’m not hearing from my stupid brokers. Guess what happens later today…..

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  59. vix to 200

    You think things are volitile now…
    HAHAHA enjoy the tranquil market now while you can.

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  60. Eternal Optimist

    next leg up, pending…

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  61. 4fl3x

    TLT looks like it could be going for a blowoff top.

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  62. Aris

    jesus fucking christ will they PLEASE just outlaw unions and tell these pension clowns to drop dead.

    goddamn.

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  63. Aristotle

    Anyone seen Merlin?

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  64. CAP

    Did Dog nail the bottom or was Dog nailed in the bottom ? Hmmmmmm….

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  65. Eternal Optimist

    Rally, sell off, rally, sell off, and repeat.

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  66. 4fl3x

    Mah wing man is still looking for spx 760.

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  67. Awktalk

    Yes, that’s it. Outlaw unions. Fuck the people who worked their entire lives. They do not deserve retirement.

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  68. charlie

    Don’t worry sniper6, I was down by a net 62% after the agriculture, oil, energy, and then bank crash. I’m now up by roughly 40%. I completely changed my game plan though – I reduced my exposure, buy weakness, sell strength, and sweep 30% of any green trade’s profits into a separate cash account.

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  69. DEVILDOG

    BTW, for those of you that follow my macro approach to the Market and America, I’ve now increased my SSF(SUPER STUPID FACTOR) to 80 after today’s bull trap. Basically, my SSF is derived by taking a baseline belief as to how stupid the sheepeoples and cows are in America and then multiply it as they prove to be even more stupid than I though humanely possible. My SSF is like the VIX except it obviously measure stupidity instead of fear. BTW, 80 is an all time high to date. As the SSF goes up the market will go down. The SSF is in a very bullish log term pattern and I expect it to be in triple digits soon.

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  70. sniper6

    the end of the day will be crazy

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  71. BOOMER

    back in bgu qld

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  72. Eye No Stuff

    DEVILEGG: Shoot yourself in the head and the SSF will fall to ZERO.

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  73. sniper6

    Thanks Charlie, I appreciate that, ’twas my own greed that hurt anyway. Actually the majority of that loss is unrealized as of yet, so, I could be doing a whole lot worse.

    The two major fuckings I did take were the price of oil going down during Hurricane Gustav (wtf is that?) and thereafter, and the after-hours ban on shorting financials when that happened. Those two events were enough to wipe out the gains realized on a series of of over two dozen winning trades in a row. That sucked.

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  74. The Game is Rigged
    The Game is Rigged

    Dog, you really are a rabid ranting retard arent you. Its that kind of conviction that will get you carried out on a stretcher one day. Keep up the good (jinxing) work.

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  75. sniper6

    oh yeah, brokerage fees too, that shit adds up, it all counts!

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  76. wtf?

    fuck the market..just load up and wait.

    listen to this chick, she is awesome

    http://www.youtube.com/watch?v=KJw8qLlvyTI&feature=rec-rev-rn

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  77. charlie

    My trade numbers are minimal, I usually focus on a couple stocks at a time Legging in is the most costly. Once this rally is ripe to sell out of, I’ll jump back into SFK/EEV/-3x. Approaching Jan 20 I will likely only be watching the 3x bull ETFs, F, and FSLR.

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  78. evil lier

    The dow is in the early stages of what happened to bear sterns.

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  79. DEVILDOG

    The game, yeah my call on the 19th really hurt me. SSF now raised to 88.

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  80. me2

    devildog..this is called bear trap..not bull crap..u retard

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  81. Q

    GNK looks nice at these levels

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  82. sniper6

    I was going crazy with like forty-fifty open positions at once, it was too much for me, that shit was putting new wrinkles in my brain, I’ve pared down dramatically since then. Good luck.

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  83. Dinosaur Trader

    They just talked about re-instating short ban over the box.

    -DT

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  84. colombian guy

    i tought i had balls…

    just watchign the price of skf freaks the shit out of me.

    Fly…WE DONT FUCKING DESERVE YOU…
    YOU WERE RIGHT ALL ALONG.

    DEVILD DOG..you too.

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  85. lol

    dang, came within .01 of my buy order for TX today.

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  86. CAP

    ‘ I have seen the future and it has higher stock prices in it ‘

    FLY why don’t you date that too. 11/20/2008. This could be the bottom and we shall call it the ‘FLY BOTTOM’.

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  87. hmmmm

    FLY-

    Check out AFAM. Picked for technical reasons but ~11% short and healthcare sector.

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  88. Donny

    CAP-

    Shut Up!

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  89. Market Fool

    If you think SKF is volatile check SRS range today.

    54 points so far.

    Enough to get your face rip off several times 🙂

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  90. CAP

    Donny – Look I know you were caught long the last couple of days. Now you’re short. And you’ve been long C since $9.92 since you keep bringing it up.

    My advice to you. Pawn the submariner. You will need the money to feed your family next week.

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  91. Market Fool

    It is highly evident that several posters here have single digit IQ’s

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  92. sniper6

    DT- Go ahead, reinstate, wtf? The whole purpose was to save the financials via short circuiting a run on the banks; what’s the point unless you try to do it with conviction? What would be the point of the TARP? We already went socialist, so there’s no sticking with the capitalist ideal as a matter of principal either!

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  93. DSB

    Hey, if C goes tits up, it gets removed from the DJ Financial stock index and UYG goes up, right?

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  94. Dinosaur Trader

    sniper6,

    Yeah, I think it’d be silly. Awful even.

    -DT

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  95. Donny

    CAP-

    My wife bought me a fucking Rolex, that I don’t even feel comfortable wearing. Big fucking deal. It’s a joke you fucking idiot! Get over it, Ass Breath!

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  96. jig

    looking to enter C under 5 or close to it..hopefully it gets there..

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  97. ottnott

    Please, Fly, give us an ignore button.

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  98. The Zombie

    Who the fag is applauding this bald fuck?

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  99. charlie

    Wow, I wish I had played GM or F today.

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  100. Thunderpup

    Treasuries looking grim for stocks. Big fricken triangle forming on SPY. Looks like more downside.

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  101. Dinosaur Trader

    Fly,

    Yeah, how about a whitelist/blacklist function around heah?

    -DT

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  102. charlie

    And F drops like a rock. Geez could have made supertankers full of coin today on a ride up/short down.

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  103. Jakegint

    DT^^

    Racist.

    _______

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  104. jig

    i think market is about to shit itself IMO

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  105. Hank Paulson

    HAHAHAHAHAHAHA I’m so funny.

    Are you enjoying my J.P. Morgans greatest hits?

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  106. Mushroomz

    I can feel the tension right now. This is what it’s all about.

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  107. The Zombie

    Devil Puppy, why aren’t you posting? We need an indicator.
    You can come out of the shit house now.

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  108. alf44

    quick…someone give Paulson “the hook” and yank him off the stage !

    The longer he talks…the LOWER we go !

    .

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  109. Mushroomz

    Once Mr. Hanky shuts the fuck up the market is going to rip.

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  110. Dinosaur Trader

    Good one, Jakey-poo.

    -DT

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  111. Merlin

    POOF! YOUR BULLSHIT RALLY IS GONE!

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  112. Ozark Hillbilly

    Serenity now!

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  113. The Zombie

    More Erin Burnett, less bald fucker.
    He’s speaking as if he’s solved the world’s problems. He wants credit.

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  114. mrkcbill

    DevilDog DevilDog DevilDog…Release The Dog!

    Long SSF Classic

    EyE No very funny LOL

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  115. Darius

    We are gonna close @ -500 if these assholes dont get off MY TV

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  116. DEVILDOG

    The Zombie Says:

    Devil Puppy, why aren’t you posting? We need an indicator.
    You can come out of the shit house now.

    November 20th, 2008 at 2:29 pm

    Pay attention. Posted earlier:

    Stupid move fly. You’re too complacent. You stupid bulls will never learn.

    BTW, we’re going LOWER than whatever the LOW is today.

    Wants to know, basically my knowledge of how corrupt corporate America really is and also our government. I’ve been in the room with them. I know how false our economy is and I know where it is headed along with our country. Betting against the fly and the wizards behind the PPT is really pretty simple. All you need to do is be on the side of Mother Nature. She always wins in the end. We will see blood in the streets(literally) as a start to a bottom and the bottom will be much lower than that start. That should tell you how far we have to fall. I’m looking at S&P 150 as a possible bottom.

    November 20th, 2008 at 11:59 am

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  117. T MOE

    Goldman is going to set up nice to go short again! I’ve been raping her for months and I am not convinced that it is finish shitting its pants

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  118. alf44

    …this Paulson “speech” sounds like a “farewell” to me.

    I think the purpose is to “pass the torch” and to try and embelish his “legacy” !

    imo

    .

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  119. Rao

    Damn why in the world FXP is no longer working as a HEDGE. fuckin chinese shit. Any IDEAS ??

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  120. ottnott

    Ralph Nader could have done a better job than Paulson has done – and I’d put my cat in the job before I’d go for Nader.

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  121. Joe Stalin

    You are correct, my cat, too, could do a better job than Comrade Nader.

    However, I had my cat shot for refusing to inform on Comrade dog.

    ___________

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  122. Josh

    The whole point of this mess is that our economy has been a fraud for the past 4 years. Hank Paulson cannot fix that in a few months.

    People say they want the government to stop lying but also say our economy should have improved already. The only way they could “fix” our economy in this time span is by lying until they are blue in the face.

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  123. The Contractor

    Exactly, Josh. Good post.

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  124. Yogi & Boo Boo

    BS stat of the day: 105 of the S&P 500 are trading below $10.

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  125. Yogi & Boo Boo

    40 are below $5.00

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