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
21,075 Blog Posts

Clammy Hands

As investors await for THE BEARDED CLAM to have a word, their hands are clammy, because they are not sure of themselves. They walk around without purpose, unsure about everything stemming from pictures of their cocks to directional positions in the market. This is where I separate myself from the pack. I do not think my positions will trade higher, I know it. While the stock Gods plague me with black magic, I deviate ever so slightly in order to stay in the game, assuring myself of future success. This is accomplished by reducing leverage or eliminating it and tossing non-essential holdings into flaming barrels of garbage.

Despite today’s tepid action, I am pleased with the sharp spike in refinery stocks, namely ALJ, CVI and WNR. As you know, much of my personal and managed assets depend on the day to day volatility of the refiners. Thanks to rising spreads, I have received a respite.

Separate from that, the general tone of the market is very disappointing. We had a very nice rally going and people sold into it. At the top of the crap heap are the banks: horrible pinless hand grenade action there.

POST BERNANKE speech:

It sounds as if the Fed Chairman is still concerned about the economy and will continue to accommodate. Furthermore, he says THERE IS NO INFLATION. As a result of this demented way of thinking, do not be surprised if he ushers in another round of quantitative easing.

All in all, I have to be long here. I have no choice and will deal with the consequences later, should my bullish position end up being a loser.

[youtube:http://www.youtube.com/watch?v=UhpbslSaLiQ 616 500] If you enjoy the content at iBankCoin, please follow us on Twitter

59 comments

  1. MOTV8

    FIG

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  2. drummerboy

    he will not !

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  3. Baron de Rothschild
    Baron de Rothschild

    After watching this recent video of Obama and Bernanke at breakfast, it’s obvious that they could care less about the economy:

    http://www.youtube.com/watch_popup?v=EVwlMVYqMu4&vq=medium#t=125

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  4. rotten clam sammich
    rotten clam sammich

    Game Over

    thanks for playing

    please tip your waiter/waitress on the way out

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  5. go2mars

    No inflation! Lol. That dirty stinkin’ gouch is a master of the straight face. Clammy Mcbeardo should go to hollywood after his little stint as a pretend economist is over.

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  6. frank gamwell

    The clam killed your rally.

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  7. RosenRush

    Yes there is no inflation, but there is also no need to help the economy, as it continues to recover at a moderate pace…if he throws out another round of easing, I’m jumping off this building!

    That close was about as awful as you can get in terms of sentiment. Yes it was a flat day, but assuming no massive surprises from the clam, a gap down at the open seems to be in the cards.

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    • Death by Oil

      Well said.

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      • The Fly

        HAHAHA. You guys can all go fuck mules in vacant warehouses. Get the fuck out of here with that shit.

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        • rotten clam sammich
          rotten clam sammich

          This market is trading on fundamentals going forward.

          9.1% unemployment 14.4 trillion in debt

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        • bravo

          ROFL…”Vacant warehouses”….

          Fly, I found you a new tricked out FAZ mobile…..

          http://www.mcclatchydc.com/2011/06/06/115327/mexican-drug-gangs-building-own.html

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        • RosenRush

          It is illegal to fuck mules in vacant warehouses in 49 states…you need a permit for that kind of stuff.

          I’m not making this stuff up, the clam said it himself…and of course, he knows what he’s talking about!

          I can argue both sides of all of this, but ultimately it just feels like things are unraveling a bit. How far it goes I can’t say, but if we see 1274 that puts us 100 points from the highs, which isn’t catastrophic, but it’s also a crappy ride down from the top. Should we blow through that and go towards 1250/1200, people will start to notice…and once they notice, they will panic…once they panic, we get a 15-20% move.

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    • Baron de Rothschild
      Baron de Rothschild

      “Yes there is no inflation, but there is also no need to help the economy, as it continues to recover at a moderate pace”

      What recovering economy would you be referencing? Certainly not this one:

      (USA TODAY) “The federal government’s financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows.

      The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for.

      The $61.6 trillion in unfunded obligations amounts to $534,000 per household. That’s more than five times what Americans have borrowed for everything else — mortgages, car loans and other debt. It reflects the challenge as the number of retirees soars over the next 20 years and seniors try to collect on those spending promises.”

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      • RosenRush

        I’m with you…but apparently debt doesn’t mean anything. It’s actually amazing how much “the average American” doesn’t understand this problem. Just this weekend I was talking to a relative about how we need to control costs and cut spending and she just went on and on about helping people and how we can’t do that. When I asked her about paying for it, her response was that we just borrow more – we’ve never had a problem with it and this time is no different. You can’t argue with somebody who doesn’t understand economics, financing, or any other rational concept.

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        • DMG

          You’ve just described 87.7% of those who vote Democrat.

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        • A Monkey with My Weiner on Twitter
          A Monkey with My Weiner on Twitter

          Problem is simple. We pay too much for pussy in the USA.

          You gotta buy them a $400,000 house, put their puppies through $100,000 schools, two trips to Disney every year, Starbucks, boob jobs, cell phones, shall I go on? When you ain’t got the money you need more credit, she you run out of credit, the hoe runs out on you, and you owe her money. We won’t have a stable, growing economy until we start paying much less for pussy. Once we pay less for all things will be better.

          Simple two step process: (i gotta lay this on the bearded clam)
          1) legalize prostitution, maybe even have a gubberment stimulus program.
          2) repeal the 19th amendment to the US constitution.

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          • mutabaruka

            Best post ever

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          • Jackpass

            I think you are on to something here… The crisis can all be tied to expensive pussy. We need to drop the price of pussy or inflate our way out of it.

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      • Prospectus

        When something can’t happen, it won’t. Unfunded obligations won’t be paid. Future retirees will work longer and live like Chinese rice farmers in the future. Ironically, the Chinese rice farmers will have a better standard of living then.

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    • Quint

      Please, gap them down…this market loves to buy gap downs, and fade gap ups…because everyone is a trader or algobot.

      Unfortunately, this market also has no memory…what happened today has no meaning on tomorrow.

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  8. Yabollox

    Accomodative monetary police was the phrase, I think. QE- is Queen of England, I believe.

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  9. panamaorange

    The fact that Romney is beating Obama in the polls, is more important to SPX than anything Bernanke says. All Dow dips will find a bid.
    Romney is the most pro-wall street politician out there. And, he it looks like he has a lock on the white house now. Yes, he is creepy,and dull. It wouldn’t surprise me if he was actually an android created by Blackrock finance.

    In past few years,volume has shifted to just a few wealthy hedge funds and money managers.And they tend to lean very conservative. They have to. They don’t want the IRS taking their mini-giraffes, or emerald encrusted encrusted letter openers.

    But, most of these fund managers have not even read this news, or seen it on their 700 inch plasma tv’s yet.
    They will tonight.

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    • Frog playing a colorful accordion in a small Italian village
      Frog playing a colorful accordion in a small Italian village

      Very observant of you. He is indeed an android created by Blackrock finance.

      However, I can’t see how he is more pro-Wall Street than Obama. Well, perhaps just in his talk. Is there something that Wall Street might want that they are not getting under Obama?

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    • go2mars

      “It wouldn’t surprise me if he was actually an android created by Blackrock finance.”

      Hilarious!
      So that’s how this is all done nowadays.

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    • MarshalN

      In summer of 2007 they thought it was going to be Giuliani vs Clinton, just saying.

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    • arizonaborderguard
      arizonaborderguard

      The people have had enough. The next president will be Ron Paul.

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  10. nils

    you know that if WNR looses 15 dollar then ….

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    • #6

      What happens when it “looses” 15 dollar? Will it get all stretchy?

      Back to 2nd grade with you.

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      • JakeGint

        No– it looses them upon the earth, micturation style, one dollah at a time.

        Fix ya collah.

        _____________

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  11. ruggyup

    From here a big round of “Atta Boys” to Dick Bove for his no holds barred ripping of the Fed.

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    • The Reindeer

      He just issued another buy on Lehman, too.

      Atta boy, DICK!!!

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  12. go2mars

    http://blogs.forbes.com/larrybell/2011/06/07/u-n-agreement-should-have-all-gun-owners-up-in-arms/

    PanamaOrange won’t like this one bit.

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    • panamaorange

      That article seems like total hysteria.

      Obama doesn’t have the political momentum to build his monorails, let alone ban all semiautomatic weapons in the country. He blew all of his political capital on appeasing GS and Warren Buffet. And now those two are throwing him under the bus.

      “Create an international gun registry, clearly setting the stage for full-scale gun confiscation.”

      Confiscation? We don’t have 1/10th the number of police and troops we would need to find all the loose guns out there. How would they find all those things? Some kind of advanced X ray device?

      This is the kind of paranoia that’s been selling libertarian newsletters for 30 years. Its all fantasy.

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      • go2mars

        Thanks for the reassurance.

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      • heaterman

        I see you have bought into the libs song and dance. Sure they pooh pooh the confiscation thing but it IS what the liw awake thinking about at night and have wet dreams about when they sleep. Deception Panama deception. They are spawn of Satan and when HE lies he speaks his native language.

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  13. Trading Nymph

    Nymph drinks Clam Blood tonight.. Well, actually clams don’t have blood per say? Even with his “lets wait until second half of the year to see if its all better”, my poor little US Dollar is getting smacked before China wakes up…73.50 must hold…be strong little one.

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    • Nurse

      Ms. Nymph, the dollar will be on the operating table for quite awile, please help yourself to the clam juice kool-aid being served in the waiting room.

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  14. Xmas_Ninja

    Young Jeezy, huh? I wouldn’t Larry Craig him with your WNR. Or your Weiner, either.

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  15. Bullish

    The good doctor is taking names of all you Bernanke Bashers.

    The great clam will have his revenge – good luck!

    Oh, and don’t come here crying the blues when the margin calls come rolling in.

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  16. Alvari40

    Fly,

    Your single trade idea related to refiners reminds me a lot of the Paul Tudor Jones style of trading. Do you subscribe to his method of trading?

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  17. theedge111

    hehehehe…

    Bernanke=Clueless. The man is lost and delusional. The fact that this fucktard is deciding what to do with our money supply is flat out frightening.

    Fly

    Kinda disagee with you on Ben’s speech. Thought he was kind of hawkish. Seemed obsessed with talking about inflation.

    You pretty much see whats coming: They will reinvest the short term treasuries that mature back into the bond market while they keep rates at zero for infinity.

    Good luck with that. Market is praying for QE3 but I don’t think the Fed can announce it now with the $$ free falling like it is.

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  18. lol

    haha Pawlenty “google test” http://www.wyff4.com/r/28159477/detail.html

    Any entrepreneurial business people out there, Look at the government’s biggest monopolies and start a little small business venture, make it look legit and shit with no fucking business whatsoever, just enough to get a website in top 10 and signups and shit… Repeat for every government function. Then if government actually does cut, you can make the business legit.

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  19. GYSC

    Mark Zandi might be very distraught tonight after Bernanke’s “We All Done Y’All” speech.

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  20. No One

    His name is Weiner. What did you expect?????

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    • lol

      When will it be announced that Brett Favre has been involved in a covert political sexting operation?

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  21. lol

    regarding bernanke’s no inflation comments…

    Commonly Used Definitions of inflation
    1)Decline in purchasing power of the currency held
    2)Rising prices in general (essentially the same as #1 although some might disagree)
    3)Rising consumer prices (CPI)
    4)Rising producer prices (PPI)
    5)Rising prices due to expansion of money supply
    6)Rising prices due to expansion of money supply and credit
    7)Expansion of money supply
    8)Expansion of money supply and credit
    9)????????????????????????

    What the fuck definition is he talking about?! Oh shit, natural gas is about even on the year, oh wait, not anymore it’s actually up despite the fact it’s still egregiously down from it’s levels years ago… no inflation! oh wait even that is up .3%… oh cocoa… there’s one single commodity that’s down… oh housing is down and shit…

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  22. Dr Genius

    Bernanke def of inflation is home price. He doesnt care about other key neccessities that are critical to our everyday lives.

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