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
23,445 Blog Posts

Fly Sells: FAZ, SRS, ERY, DUG, REW, EEV, SMN

Across the board, I sold or in the process of reducing my inverse etf positions by 50%. I am selling FAZ, north of $60, SRS north of $71, ERY north of $42, DUG north of $27, REW north of $84, SMN north of $44 and EEV north of $64.

In addition, I covered the entirety of my HANS position, just shy of $31. However, I am leaving both VNO and XOM shorts intact.

With today’s early morning move, my year to date gains are north of 10%. Although I think the market goes lower, common sense dictates that I lock in gains here.

UPDATE: A song for victorious bears.

[youtube:http://www.youtube.com/watch?v=HbsUHljuPhM 450 300]

Assholes, don’t miss your window to book profits and don’t think you will time the bottom perfectly with new upside positions. Take your gains and grin.

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16 comments

  1. The Fly

    NOTE: Macy’s is reliant upon BAC line of credit. FYI.

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  2. mamma

    Thanks for the coin

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  3. mrkcbill

    So is mrkcbill

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  4. mrkcbill

    j- grab some of that C on sale today!!!!

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  5. The Fly

    No buying. Just profit taking.

    Quit being greedy.

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  6. gappingandyapping

    Being down this much this week might be a good time to take shorts off. Remember how they like to run up Fridays in the past.

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  7. T MOE

    Fuck it I am rolling the dice and buying some SPY 75 puts for the test of the lows in Feb

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  8. mrkcbill

    Fly , do you think I should take down my line of credit today? How do you think this plays out as a Franny Mac? Will they reverse shit? Anybody?

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  9. The Chart Addict

    I love this funnel shit.

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  10. MOOBER

    I got long some QLD @ 27.61 and BGU @ 24.03.

    MOOOOOOO!

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  11. j

    mrkbill

    Really? Why?

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  12. jungleegirl

    flip that flo…

    good sh!t fly

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  13. GoldGooses

    Hey Fly,

    Do you think I should hold on to FXP? Is C worth buying at this stage or is it doomed?

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  14. DEVILDOG

    Fly, too bad you’re a WEAK BEAR. You covered way early. I’m not impressed at all. Personally, I now seriously question your abilities.

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  15. Mr.C.Kent

    Gotta believe …. Went long GMW (baby bond) already received .41 div … Kent says BUY below 3.65

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  16. Cuervos Laugh

    DD, you’re myopia is going to get yourself de-banked.

    As for the vid: that was the first, and probably one of my favourites from DMX.

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