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
21,152 Blog Posts

The First Pullback of 2013

Today’s pullback is an early test for the bulls. We all know how important it is to get off to a good start. We came out of the gates running. But now we’re just lying around eating jam sandwiches, watching prices drop. Small cap stocks are still surging, which of course is a bad omen for the overall market. The other day we were so overbought, I honestly felt there was a chance the market could go on a tear. Sometimes I get sentimental and wish for things that aren’t possible or realistic.

You want to know what’s sad?

It’s sad to see gold/silver higher and the miners lower. I feel bad for Jakegint. I honestly do. These stocks are plain awful. I’ve been invested in EXK for months now, to no avail. Why in the world should I hold it when it goes lower everyday? Again, I yearn for normality and predictability. However, it seems the more money the Fed prints, the less inflation there is, partly due to the Fed’s ingenious decision to pay interest on reserves. Banks are parking money at the Fed, instead of lending it, because why bother taking risk if there’s a sure thing at home?

My Japanese stocks are down and the Yen has rallied. My holding period for these names is no less than 3 months. I know, The Fly is not known for holding onto stocks for so long, especially when they’re up–which they are not. But that isn’t true. You see, I am up 12% on VHC and haven’t sold a share. I hate the stock, love the idea, and hate the short sellers even more.

Bottom line: I’ve invested a lot of my money into this market and have bet on it going up, as have most of you. AAPL is up and the market is being tested early on. Let’s see if people have the stones to buy ahead of earnings season.

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19 comments

  1. Cascadian

    Our magic president will make it all good.

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  2. Bullish

    Is Jake on strike? Holding out for higher iBC pay?

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  3. Rollo Tomasi

    Complacency is so thick, Vix can’t even hold onto gains as market goes down….Someone prop up an old man at the top of the stairs.

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  4. Drewdog12380

    Hate the stock only because of the way it trades currently. I think all of that will change once we get a positive resolution from this $AAPL case. @Fly, if $AAPL buys $VHC out for $200/share, would you make 8 figures on the deal?

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    • The Fly

      Apple will never buy VHC.

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      • Drewdog12380

        I don’t see why that is out of the question? Why pay licensing fees when they can just own the technology themselves outright and collect the fees from others (e.g. NEC, MSFT, CSCO, etc.)? I do recall Kendall Larsen stating at the last Annual Shareholder Meeting that he would not sell the Company for anything less than $100/shs. I’d take it!

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        • The Fly

          Because VHC feels they can get far more by suing. Also, if Apple tried to buy VHC they’d look guilty as fuck and lose every lawsuit VHC filed against them.

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          • FoorYourSuccess

            If you know the story of VHC, you would never ask these type of questions to sir Fly.

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  5. Frog

    “Small cap stocks are still surging, which of course is a bad omen for the overall market.”

    Why? I thought small caps would usually lead the market higher?

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    • jimmy_two_times

      yeah, except now its the crap of the small cap moving. sign of a potential top.

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  6. TraderCaddy

    I had to read twice.
    The post was very calm and reflective.
    The new Fly?
    Back to fixing the pool screens that the Bear tore when she decided to go in the pool.

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    • jimmy_two_times

      TC, bears in your pool? time to move my friend. A little bit of flooding and the gators will be inthere too.

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      • TraderCaddy

        I have a whole family including cubs hanging around here. The male bear has picked up my grill a few times and tossed it trying to get the cover off and lick the grate.
        I am on 3 acres (2 of which is woods) with fox, gopher tortises, snakes, etc.
        I figure they were here first.

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  7. Peter Parker

    Where do the valuations of VHC come from? Someone pulls ’em outta their azz? Don’t forget about deflation…..the total debt has faded little over the last 5 years for the USA and Europe and Japan.

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  8. noodleboy

    I dunno if y’all realize this yet, but were on the brink of a fucking MEGA RALLY.

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  9. TraderCaddy

    As I have said over the years,the GLD etf (among others) has sucked investors $$ from the miners plus some are mismanaged and they have increasing costs. They have to dig deeper than ever. That is why the S. African mines are problems (among issues like labor). In the old days WDEPY (Western Deep), VALLY (Val Reefs), OFSLY (Orange Free State were so easy to trade.
    They will surge from time to time but relative to gold they should be much higher like in ’70s.
    But times have changed and there are reasons why they can’t get out of their own way.

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    • JT

      Hi TC, do you own long time investment stocks, like granpa stocks? or totally stick to day trades? Your insight always help me. Thanks.

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  10. Jake

    You didn’t see APPL bidding on NOK when it’s market cap was next to nothing. APPL lost big to NOK’s patents

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