First, with regards to the trash haulers at Flotek Industries, Inc. [[FTK]] : they just reported an abysmal quarter. Their capital raise is not ideal, but better than the easy fix, which is a debt for equity swap. With the money they raised, the company lives to fight another day. I view the departure of the CEO as a positive development, mainly because he is old/stupid and sucks goat balls. Thank God the stock went parabolic to the upside, for little more than a week, prior to today’s castration. My sense, today will suck; but there are brighter days ahead. People who are short the stock, down in the 1’s, were doing so with the hopes of a pending bankruptcy. With today’s news, that is off the table; hence, the short covering will begin shortly.
The overall market is very weak, and may mark the beginning of a 5-10% correction. There is something different about today’s drop. It feels more real, like it has meaning. I will not be buying this dip. At the moment, I am blessed with a 35% cash position and the patience of an Ox in a fresh water lake, with lots of snacks lying around.
Aside from FTK and Huntington Bancshares Incorporated [[HBAN]] , my positions are doing okay. Nonetheless, Flotek is certainly fucking with my numbers—pushing me deep in the red for the day.
In short: I am not buying the dip, nor am I hedging. I am just waiting around for something interesting to happen.
If you enjoy the content at iBankCoin, please follow us on Twitter
fig
FTK!
Hey Fly I got some extra tix to the spa on Wednesday. Come on down and eat some hundred dollar hot dogs with me 🙂
good work on FIG lame ass commenters
IM in AMED and VVC as well as CMG from last week. Might cut CMG loose sometime today.
Easy… Let Le Maitre speak…
FTK is a volatile bastard
Fly,
Why not buy more FTK at these levels if you believe that their will be better days and that short covering will proceed shortly? If you really believe that in your heart then you would by more no?
Also with oil going back to $100 per barrel that’s even more impetus to get in right?
WIth the impending rebound of the dollar, I’d hold off on that oil to $100 assumption.
because i already own enough.
I never slum in stuff like FTK. Only top drawer blue chips for this gentleman. I used to live in the greatest house in the world.
I was hoping for the motherless whore rant!!
you get that later.
Still, best title of the last 25 posts! LMFAO.
The market is going to sell-off for a nice 5% haircut this week. I believe the Fed is going to proclaim that they are interested in a strong dollar, but they won’t take any action at all on interest rates. It’s all a game to them. A game we are all going to lose in the end, but a game none-the-less. They need to claim they are interested in a strong dollar to prevent a complete collapse of the dollar. I have sold out of my longs and am now net short, but I will be ready to cover on any significant strength. Don’t forget the treasury auctions this week. They will be the reason for the sell-off, and also the reason for the Fed to proclaim they are interested in a strong dollar. The fact of the matter is that the fed doesn’t really give a fuck about the dollar. They know the end-game is complete destruction of the US economy through massive inflation. All you need to do is look at Weimar Germany to figure out what we have coming.
PDs will buy the treasury auction and then sell back to the Fed a week later. The auctions will not be allowed to fail.
Swatter:
The Fed doesn’t mention the dollar. The value of the dollar is not in the Fed’s direct responsibility as that belongs to the the Treasury.
LOL! That is a good one J. Spoken in true Fed Speak. Are you related to Alan Greenspan by chance.
You seem like you are incredibly smart and completely insane, which makes for some great posts. Always enjoy reading your entries.
I agree with you Fly. I sold out of many positions to raise cash to 40%. I rather watch for the next week to see what interesting new will be coming out. Hoping on a hurricane to get close to the gulf so that UNG and oil will spike. I see oil going back to 65 dollars a barrel and I feel we are in for a minimum 5% correction on the DOW. August will blow goatballs but it open the doors to hopefully short JPM down to 36 to 37 dollars a share and other financials. I really think WMT will make a run during the correction coming in the markets. Go figure that crap and cant forget BAX which is Obama favorite company. They are supposed to be fighting a swine flu that I personally dont believe exists. Fear breeds into the markets and people buy over the “WHAT IF” situations. Have a great day FLY!!!
Flowreck…cut and move on—banks getting deballed once again as something big begins to brew with commercial real estate, and other off balance sheet shitolaaaa…good day…all bulls stand in a circle and sing a Harry Krishna song…
I really believe FTK will be close to $3 a share by the end of October. I own this stock the most out of all my positions but I am holding on it because they are having typical changes in the boardroom but it will get to its mark. Be patient on this one and I cant believe I am saying that but its going to go up. The same for OCNF. I believe there going up to $2 a share by end of October as well. People need more patience. Go exercise and get away from the screens if its making you panic, and get off the bloggers sacs.
For
The
Klowns
Go exercise and get away from the screens if its making you panic, and get off the bloggers sacs.
It’s okay for you of course but not rest of us plebs… we need to get off?
FTK is getting crushed and my buy order is in for $1.81 suckas.
A Catholic priest, a rich Chinese businessman and an Italian from New Jersey were waiting one morning for a particularly slow group of golfers in front of them.
The Italian from New Jersey fumed,
‘What’s with those jerks? We’re waiting fifteen minutes between shots!’
The Chinese businessman called out, ‘Move it, time is money!’
The Catholic priest said, ‘Here comes the greens keeper. Let’s have a word with him. Excuse me, sir!’ said the priest, ‘What’s wrong with that group ahead of us? They’re rather slow, aren’t they?’
The greens keeper replied, ‘Oh, yes. That’s a group of blind fire fighters. They lost their sight saving our clubhouse from a fire last year, so we always let them play for free anytime.’
The group fell silent for a moment.
The Catholic priest said, ‘That’s so sad. I think I will say a special prayer for them tonight.’
The Chinese businessman replied, ‘I think I’ll donate $50,000 to the fire fighters union in honor of these brave souls!’
The Italian from New Jersey said, ‘Why the fuck can’t they play at night?
Keep an eye on TXN,INTC,MU,ADI.
KLAC and NVLS coming off lows very nicely.
And of course SMH.
speaking of fondling, looks like a few people with a certain mentioned stock have had their nut sachs[sic] fondled by those invisible fairy midgets that wear the fuzzy pink booties again….
AMGN going fucking schizo on some FDA news. How’s this even remotely good for the stock?!
http://finance.yahoo.com/news/FDA-scrutinizes-infection-apf-372674497.html?x=0&.v=2
From the rocky beaches of Maine
Came the word
UPS and $TRAN are your “tells”
For this turd.
__________
Dollar turning off it’s 38% retrace (short term) here as well. (UUP)
_
Something going on in AXL – look at the intraday action. Lot of short interest on this stock. I’m in it underwater a couple of percent.
whoops, thought I was in CA’s tab….never want to get in the midst of a FTK bashing…
Looks like a lot of Flip Floppers here…all you guys screaming to get long are now running for the hills…