USA is Greece?

I do not agree with Schiff’s assessment, but still worth viewing.

iBankCoin proudly introduces the latest dance to hit wall street, the “Hugh “Hendry.”

http://www.youtube.com/watch?v=-io-kZKl_B

Go treasuries!

UPDATE:

We are close to extreme oversold conditions, according to the laws of mathematics aka The PPT. I will let you plebs know when it’s time to dive in, head first, into pools of concrete.

Since inception, OVERBOUGHT/OVERSOLD indicators of The PPT

[youtube:http://www.youtube.com/watch?v=TNQ1-aK7f9g 616 500]

The sell off is fierce, amidst a cloud of black smoke. Most stocks are down 4%+, mainly because they belong lower. My positioning is exactly the same as yesterday’s, only because I do not sell into 5% dips. For me, it’s important to maintain the long equity exposure, unless of course I thought we were looking at crash mode.

Essentially, everything is playing out EXACTLY as I predicted. The euro is trash, dollar up and everyone in their mother is busy doing The Hugh Hendry, via [[TLT]] . I do not request accolades from the likes of you (the common Internet leech), specifically because I never wanted them.

On the bright side, Goldman Sachs Group, Inc. [[GS]] is green. I am pleased to see that, especially because it is one of my largest long positions.

In short, if you were positioned defensively, prior to today’s dump, bravo. If you are taking hits to the scrotum now, long gold stocks and other bullshit, you deserve a large iBC mug filled with black smoke. I do not believe this is the sell off that starts the mudslide. The PPT is now registering an overall hybrid of 2.40. I will be a buyer when it dips into the 2.30’s. That is all.

UPDATE: I bought 2,000 [[GS]] @ $150.25. And, I bought 10,000 [[VXX]] @ $22.53.

I want you to know, I am deeply troubled by the developments in Europe. The bailout of Greece, like Bear Sterns, may be the warning shot that brings the whole house of cards down. To think, as part of the IMF bailout, Portugal, Ireland and Spain will be forced to lend money. That is a joke.

Although Greece is a thorn in Europe’s side, Spain represents almost 10% of GDP—no laughing matter. CDO spreads are already suggesting fuckery is in the making. You know how this is going to play out, don’t you? The vultures will not stop until they eat flesh and drink blood, as was the case with Bear Sterns.

As you know, I was very cautious on the markets, busy doing the Hugh Hendry and trying to protect my longs with egregious [[VXX]] purchases. What I saw and still see coming down the pipe is an Exodus from the euro, which will funnel cash into dollars and treasuries. Like a domino effect, at some point, the dollar will fall too. But, for now, all eyes are on Europe, as the struggle with monetary cohesiveness intensifies. After all, what’s good for the Germans is not necessarily good for Spain, and vice versa.

Very recently, I reallocated money to the long side, only because I felt my assets were better fit in the jungle of stocks than [[TLT]] . Since my re-entry into stocks, I have not reduced my [[VXX]] position. As a matter of fact, I have averaged down on it. Most of my new purchases are related to the oil spill crisis and Goldman. Aside from Goldman Sachs Group, Inc. [[GS]] , my latest picks are nothing more than trades. With 25% cash and another 11% in [[VXX]] , I am positioned very defensively.

In summary, I believe the whole world will be doing “The Hugh Hendry” in no time at all. The question is: am I better off navigating the market, dealing with the daily ebbs and flows, rather than pussifying my book in [[TLT]] ? I believe the answer is, without a doubt: absolutely.

Since the majority of you are pussies and do not have the gumption to take what’s rightfully yours, I will nominate the only two worthy of an iBC tab, from the peasantry known as The Peanut Gallery.

At dawn, on coming this Sunday, iBankCoin will hold elections for the next tabbed blogger.

Mr. Caine Thaler versus ChessnWine.

I’d be happy to give both a shot. However, I only have one position available, thanks to the unfortunate “iMaxing” of a certain Henry Fool. Let the games begin.

As for the stock market:

Good times are here again. Although, deep down I fear some sort of contagion gripping hold of the faggots who live in Euro-land. I am more than willing to hum and cover my ears, while I buy stocks, wistfully into the apex of the spring.

Top picks: Goldman Sachs Group, Inc. [[GS]] , Newpark Resources, Inc. [[NR]] , Cameron International Corporation [[CAM]] and Flotek Industries, Inc. [[FTK]]

NOTE: I sold out of Fuel Systems Solutions, Inc. [[FSYS]] and [[CGA]] today. Not worth the headache.

“The Fly”, much to your chagrin, is too busy to give you “tips” today, for he is busy doing God’s work. Just know, he is an aggressive buyer of Cameron International Corporation [[CAM]] at these levels. And, he is a bit perplexed by the murderhole pin action in both Jarden Corporation [[JAH]] and Fuel Systems Solutions, Inc. [[FSYS]] .

More on that later.

All in all, today is a good day, as Goldman Sachs Group, Inc. [[GS]] makes some of you shit carriers carry more shit, to and fro.

It’s good to be an oilman, especially during times such as these. With large reservoirs of light sweet crude flowing freely into the Gulf of Mexico, oilmen everywhere should rejoice, as the price of oil is sure to rip higher due to supply disruptions in the Gulf. Also, might I add, natural gas production will get shut the fuck down soon, offering “unfortunate and exogenous harm” to those who sell short natty stocks.

Despite the “offshore catastrophe,” we should not fear oil rigs near our homes, beaches or even schools. To hell in a hand basket, we need that oil for our shit and I will be damned if we would deny some good Texas tea-men of their God given right to let oil flow freely throughout the Gulf of Mexico.

Fuck your birds and precious ecosystem. I need me some oil.

In other news, Nalco Holding Company [[NLC]] sells the chemical dispersant that is being used to clean up the oil. Be on the lookout for more chemical companies that may play a role in the clean up, like Cytec Industries Inc. [[CYT]] , for they will rip higher.

Finally, it makes sense to buy oil producers that have land exposure only. The offshore variety, much to our chagrin, might come under regulatory scrutiny. Names like SandRidge Energy Inc. [[SD]] and Ultra Petroleum Corp. [[UPL]] and parts makers, like Flotek Industries, Inc. [[FTK]] and Lufkin Industries, Inc. [[LUFK]] , should benefit, as the price of crude rises and onshore production goes up.

I will be busy all day tomorrow. So, in an effort to offer an early morning Sunday surprise, I give you my latest cartoon.

Enjoy.

The Fly Meets Sam Fries.

We ain’t got shit to sell, other than egregious mugs. But, coming soon, I will be a t-shirt merchant. That’s right folks, I will give up my high paying Wall Street gig, in order to sell fucking Pelican T-shirts to complete strangers on the internets. For the record, Mrs. Fly thinks I am devoid of reason, with my internet adventures. Needless to say, she is NOT a fan.

The iBC Store!