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
21,152 Blog Posts

Party Like it’s 2001

I don’t care about stocks, at the present. Having a cash position of 100% is somewhat liberating. For all you know, I could be on the corner, playing an accordion, while drinking canteens filled with Italian red.

I see the market. It’s going up and down, back and forth. Fuck off stock exchange: “The Fly” is busy with more important shit.

I’ll give you little gremlins a hint: watch the dollar. For some odd reason, treasuries are being murdered, cite TBT, and dollars are going along for the ride. Traditionally, this (a weak dollar) is good news for stocks. However, being that the Chinese are worried about their investments, one might become afraid or frazzled of a run of sorts on the U.S. dollar.

But you fuckers don’t care, do you? Go ahead, keep buying AAPL and FAS.

If forced to buy stocks, I’d explore healthcare, specifically CI, UNH or HUM. I am not impressed with the rally in bank stocks. But, the resurgence in the insurance sector is worth watching. Instead of rolling the dice with AFL, MET or ALL, I like the etf KIE, which holds all of them.

In short, enjoy this little bull run, for it will not last too much longer. And, bask in the glory of iBankCoin, as we celebrate serving up over 10 million hits, in little more than 1 year.

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39 comments

  1. Cuervos Laugh

    Everyone else is slow again.

    For those that need to know, the correlation between the DJI and the USD (via UUP) YTD is: -.94.

    For the month of March: -.88

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  2. I agree – don’t do it the easy way – do it the hard way – financials up over 25% last week – who needs ’em? Fuck financials.

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  3. Rex

    Props on your web site hit statistics!

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  4. RC

    Love the ibc diamond up top, I.T. wins again.

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  5. Bill Walton

    Fly,

    How do you like FXC at this point as hedge on dollar?

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  6. Cash-N-Guns

    cheese wiz….fuck this jackass on TV..oh he is the president…Fly makes a good point..monitor the dollar if the little chink fuckers get nervous we could see it implode…parish the thought.

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  7. Pete

    Hey fly, what is this major career move you are doing? Every post you mention something about being too busy with something important “I am doing a major career move”, etc.

    Tell us wtf your doing. Your dangling this infront of us and expect us, your cult, to not ask questions?

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  8. GunSlinger

    Speaking of insurance, I’ve banked some monkey testicle-sized coin on UNM. I got in too late but it seems solid on paper.

    ??

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  9. Aristotle

    The Fly is going away to a monastery in Tibet where he will shave his head, don a black robe and chant from morning to night while becoming more enlightened.

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  10. T MOE

    It is rather funny how all of a sudden the banks say they were profitable in the first two months and that they will not need any more money “based on their outlook”
    Well, what model are they using for their supposed positive outlook. Are they factoring in a rise in unemployment to about 12%. How about the continuation of the rate of foreclosures at 30%. And what about those CDS? Are we to think that the Trillion dollar shell game is over? Haven’t we seen this movie before? I for one am not convinced. What has changed fundamentally? I guess you can make the argument that the government won’t let another one fail, or will they. Is the Government willing to slap the people in the face with another Trillion dollar bank rescue plan? If so will we see a revolt around the country? Probably not because the country is mostly made up of sheeple

    The past rallies in this bear market that were led by financials failed. All were based in the banks receiving some sort of propping up by the government.
    This rally will share the same fate

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  11. jg

    nice on the 10milly.
    love the site, service, humor, and honesty.

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  12. DEVILDOG

    DEVILDOG Says:

    Fly, bad move as we rally big on Monday. You don’t know shit and you’re a pussy.
    March 13th, 2009 at 11:37 pm

    Fly, like I said above you don’t know shit. BTW, your sitting in 100% cash and not making any money today because you sold early and are paralyzed about chasing the market here is a loser’s position. Real smart. Meanwhile my MON, UPW and DZZ are banking more BIG coin.

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  13. TheArtist

    The Fly is remodeling his house…….”home improvments” he’s adding on a new “Masters” bedroom…..and a new “servants” wing for the 2 new Swedish maids.

    And for my 2 cents worth, I see that the diamond would look better as the dot on the “i” of coin, not the “o”

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  14. Cuervos Laugh

    Perhaps TBT is getting killed because Bernanke is about to buy long term Treasuries.

    The 800lb gorilla is about to enter the room.

    http://www.bloomberg.com/apps/news?pid=20601109&sid=af81EoUv7m24&refer=home

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  15. charlie

    What happened to the perma-bear Dog?

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  16. Bman

    i’m about to throw in the towel on stocks, CEFs and ETFs. time to play some stock index futures! 24×7, all electronic, virtually no manipulation, and very amenable to technical analysis. what the xuck am i xucking around with stocks for?

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  17. gappingandyapping
    gappingandyapping

    With the dollar being “put to sleep” watch DXO for a hedge on it.

    Fly I know I said HME was not going down but I have recanted and taken out a short position in it here. If it can’t rally now when can it.

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  18. T MOE

    Donny Deuche bag sucks Obama cock

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  19. TheArtist

    Bloomberg is taking advantage of CNBC’s gossip branding and I can already see that they are taking a more serious stance on financial reporting of stocks and what is going on…..hopefully this Jon Stewart bashing of the Asshats of CNBC will bury CNBC and allow Bloom to be on top. Just an observation as of late.

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  20. The Fly

    DEVILDOG

    Fuck off. I’m too busy to make money.

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  21. What’s with all the DXO talk, The Fly said his choice would be UCO if the time came.

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  22. traderbob

    Mr. Flysack,
    Please comment on SRS?

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  23. The Fly

    Buying here is madness. Pure madness.

    However, I would not short here either.

    Go eat a sandwich.

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  24. to Bman

    Bman Says:

    i’m about to throw in the towel on stocks, CEFs and ETFs. time to play some stock index futures! 24×7, all electronic, virtually no manipulation, and very amenable to technical analysis. what the xuck am i xucking around with stocks for?
    ————————
    virtually no manipulation? i thought it is easier to manipulate futures than the market…

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  25. EUR_cookie_curse
    EUR_cookie_curse

    Fly, what happened to your EUR short position?

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  26. jeff

    UNH over their $1B payout to McGuire???

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  27. The Fly

    I closed it out.

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  28. TraderCaddy

    2001 was not a party for the dot coms as they continued to implode:
    eToys
    Flooz.com (I always thought this was a dental floss co.)
    Inktomi
    Kozmo.com (This one I thought was run by Kosmo Kramer (Seinfeld))
    Pets.com (Sock puppet was muy stupid)
    Lycos (more like Loco)
    theGlobe.com (they made maps or something)
    etc.

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  29. so i herd you liek mudkips
    so i herd you liek mudkips

    went long XLF for a daytrade in small position size just for fun.

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  30. TheArtist

    TC, TheGlobe had one of those VoiP operations….it went belly up, as most of them did…..I think this advertised “MagicJack” is a similar version of VoiP….talking by phone, over the internet. (Voice Over Internet Protocol)

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  31. shorty

    GS sucks Obama and vice versa…all others are irrelevant including that smarmy twit Steve Grasso NOW nervously predicting 7500 max on the Dow and 785 on the S&P. His 3rd revision up in 4 days.

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  32. Cash-N-Guns

    GS- golden shit-tards…reversing in up mkt…going long some more FAZ here mates…

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  33. dave

    Any opinions on whether C, BAC, et al… will be around in a few years? It’s hard to watch these moves and resist not doing something about it.

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  34. punyandy

    if BAC is around in a few years (and chances continue to improve that they will), they will be a monster. obviously they were already a solid retail bank, but the addition of CFC and MER, while seemingly shitty over the past year, could pay huge dividends in the future. i am a greedy SOB, and i am holding every share of BAC for a long, long while.

    C, on the other hand, is a piece of shit. they tried to sell everything of “value” – a controlling stake in Smith Barney for a few billion – and will be left with a bunch of bad assets and stupid leaders.

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  35. Cash-N-Guns

    Bouska Housa…means SHITPANTS!!..thats the banks…Obama..Geithner..and the dollar.

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  36. WHEN it’s time to get short again; which is NOT NOW; look at the insurers for shorts (in addition to retail REITs).

    Specifically, Allstate (ALL) has the highest percentage of assets on level 3 of any major financial institution (higher than GS, MS, etc). Something like 16% of assets. They were a seller of CDS. I will have them on my “get short” radar once the rally stalls out.

    FWIW right now I’m about 40% long stocks and 40% long commodities and currencies, with 20% cash.

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  37. T MOE

    Happy I went short GS early this morning at 100. Fuck GS

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  38. Cash-N-Guns

    its five o clock somewhere…shorting this bitch all day..its about to puke like Mickey Rourke after 2 days of drinking water…

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  39. PRICERUNNER

    If we hold and bounce at SP500 757 and that becomes support we could get some good supply/demand trades to the up side. As for me fuck being smart this is a bear market more money is made to the downside. I made enough money so far this year. I will wait for a better risk/reward time. This is Amature time. You know the people that can predict the market and never say they made a bad trade.

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