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
23,443 Blog Posts

Meh.

Anyway, the market has weak undertones to it, especially in banks and industrials. Big chemical stocks are taking a breather, allowing for decent entry points. I sold some TQNT, in order to make room for GMXR. At the moment, I have a 25% cash position and 8% long VXX. My year to date gains are about 18-19%. Should the market tank here, I am pretty exposed to the downside. However, in that event, I will quickly deploy my cash to the FAZmobile, AND MORE. Just kidding.

Make no mistake, this market is super-duper stretched. Now is not the time to be levering up. Instead, you should be winding down positions, before the misfit on the teevee start scaring people out of the markets with their “go away in May” market hit pieces.
Nevertheless, I like FTK on this decline and CGA on this mini-spike. Longer term, I like my chances in EMN, AES, JCI and PKX.

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7 comments

  1. The Zombie

    The Fly is God!

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    • Getting Old.

      Bro, it’s get really old and it’s kinda gay to read this EVERY damn post.

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  2. henryfool

    BANKING COIN HERE

    http://ibankcoin.com/henry_fool/

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  3. T MOE

    For some reason I have been unable to access ibankcoin. Fly, did the site go down for a little while? Anyway at the open I bought some June 140 GS puts. Up 50% right now on the position. Was going to short the stock out right but it didn’t fit in with my position sizing system.

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  4. T MOE

    Bought more ISLN even though it is at its high. Staying on the trend. Tight trailing stop to protect my huge gains. Yes I know it is counter intuitive, but I am contrary and I buy high and sell short low. Its worked for me. No one can call the top or bottom, but once the trend breaks through my set parameters I am out

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  5. The Sax

    Who may I speak to in order to collect the 40 points I am due today?

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  6. ideal420

    Bloomberg headline “Stocks valuations cheapest since 1990”, which I took as my signal sell out.

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