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
23,433 Blog Posts

Strategizery [sic]

In between history lessons, “The Fly” is mapping out a precise game plan for the coming days to come, which will lead to a sharp upside reversal, in the very dumbest of exchange listed stocks. With today’s VXX sales, the current level of VXX on my chest is 15% of assets. I also reduced some of my longs by selling GLDD, mainly because it looked cool and shit last week when stocks were expensive, but not so much today. There are plenty of other names worth buying, that will sprint higher on a reflex rally. Current cash position is north of 55%.

This is high level, highly skilled trading going on here, not some nonsense that you read about on your fucking twitter stream.

Anyway, my plan is to sell out of the remainder of my VXX into tomorrow’s shit storm. There are a few stocks on my buy list. However, I will leave that advanced knowledge exclusively for the gentlemen inside of The PPT. My general plan is to remove hedges and decant my longs. Let them breathe a little and enjoy life.

On a personal level, I flipped out of my TZA for a quick one day .70 profit, on an absurd amount of shares. And I started a very small position in TNA, still holding 80% cash. Depending on market action, I intend to have 100% of my personal trading account in the most aggressive ETF’s, crafted by beastly men, known to mankind. And, I will do so without reservation or regard for your feelings. Always know that when reading this site.

A great man once said “it’s gonna be a hot summer.” I concur.

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30 comments

  1. NSAID

    Did I win?

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  2. Bullish

    Kuddos to Fly when he nails this turn in the market… I completely agree on the rally that lies ahead

    It’s the 4th of July – Do something patriotic like going out and buying a fully loaded basket of nuclear derivatives tied to the stock market. Our forefathers fought the war of independence and we get to play with specially hand crafted legal gambling machines on a daily basis. Just remember that as you count your profits this weekend.

    God bless America

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  3. Indie

    lots of futs down. it’s looking good for reversal day.

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  4. TA

    Fuck that, it’s starting to get stupid
    Look at the futures – time for action soon me thinks

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  5. tr0n

    A great man once said “it’s gonna be a hot summer.” I concur.

    ^lol

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  6. C_Farley

    FLY is SHLD in your long term port?

    Doesn’t seem like your trading it like other stocks you buy and get rid of within a week.

    Is SHLD one you plan on averaging down on relating to removing hedges and decant my longs?

    I jumped in with you around 80.50 and seriously considering doubling up down here at the 64.00 area

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  7. Steve

    Gotta look to be shorting Treasurie or Eurodollar futures for a trade. Treasury bulls are going to need a horrid NFP number on Friday to keep it going. My guess is they get a great excuse to take profits and sell going into the weekend.

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  8. Le Fly

    Shld was supposed to be a trade but ended up as an upside hedge against my vxx.

    I will buy more then dump it

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    • Dave

      The old definition of an investment: a trade gone bad.

      Seems like some mutual fund guys like Berkowitz are in the process of round tripping it with SHLD.

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  9. JakeGint

    This may be one of the funnier images that I’ve uncovered for tonight’s illustration… Heeeyyyy, Must be the Mon-ayyy!

    ___________________

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  10. StocksRider

    Latest post written this afternoon – http://www.ibankcoin.com/peanut_gallery/index.php/2010/06/30/kabooooom/

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  11. tradingnymph

    This is really going to be interesting, totally agree about o/s conditions…and a rally should be starting, probably on Friday w/NFP data release cuz if good, there will be a relief rally and bad will bring Obama out…..the details on the Aust Mining Taxes and FinReg seems to be a yawn…retest of 1040ish is a given…but not seeing a major major rally up past that…I will watch and learn….I bet the action tomorrow may actually bring lower PPT scores, w/choppy choppy action…will see.

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  12. No One Of Importance
    No One Of Importance

    I believe that those longs will only enjoy a short life.

    And by the way, F**K BP.

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  13. gsavli

    What were the PPT scores, when markets crashed in 2008? I’m really curious, since we were crashing on some pretty seriously oversold condition. Same goes for 87 crash – it happened from deeeply oversold teritory. Not saying, just saying.

    I know, PPT should not be doubted, but in my life I learned to trust nothing and nobody and doubt everything. 😉

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    • tm

      You are not supposed to ask that. Just pay the money and believe. Also, don’t read Fooled by Randomness.

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  14. JuiceyFruit

    Nothing better than a morning cup’o Strategizerization [sic] ! 😮

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    • TheArtist

      with a little half&half

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      • JuiceyFruit

        I take mine with light cream & a teaspoon or deux of demerara sugar .

        Schweeet ! 😀

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  15. Mr. President

    Dow9k

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  16. Quint

    Big chance of strong bounce today and tomorrow no matter what the job numbers say. No short will want to hold over the 3-day weekend after we’ve just moved down 10% in the past two weeks.

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  17. J

    I entirely missed this trade. hard to see any rally though with the way the Yen is going. I’m thinking the only way we get some sort of sustained rally is if we see some serious QE from the ECB and Japan, otherwise this thing looks like it’s heading lower.

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  18. jjjsix6

    Should I pay any attention to a reverse golden cross of the 50 day average and the 200 day?

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  19. StocksRider

    I am going to be careful with the whole theory about how we are going to rally before the long weekend. Too much consensus ain’t a good thing.

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  20. J

    Government has 5.1 billion / 28 billion = 18% of citigroup after it sold a large amount at 4.03 average.

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  21. nd4spdgt

    What’s up with FTK?

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  22. TraderCaddy

    Bought SMH 25.69 for a daytrade.

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  23. TraderCaddy

    Added some NSM for a daytrade just now.

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