STILL GOING

Small children of the internet, cease offering opinions on things you are not considered to be an ‘expert’ on. It only makes you look foolish.

This evening, “The Fly” attended dinner hosted on a farm, a fund raiser of sorts, where good doing men and women congregated to stuff their faces on behalf of the needy. The irony of tonight’s meal was dripping in sarcasm.  I met an interesting older lady, who works for the state department. She took an immediate liking to my wife. Hell, everyone takes an immediate liking to my wife. She has an innocent charm that appeals to 99.9% of people.

I, on the other hand, posses a more ‘abrasive charm’ that tends to put people on the edge of their seats. I like to challenge the small brains of others. It’s not often when someone blows me away. It happened a few months ago at a local dinner party. I like to focus on detail, in all things. When someone can inform me of a small detail, a side note, of something that I deem to be important, I become impressed.

Tonight’s discussion surrounded around how fortunate we are to be alive during  the digital revolution. The industrial revolution might have paved the way to mechanized  world; but the digital revolution is connecting us. Hundreds of years from now people will reflect on this period of time, that we are fortunate to be born into, and revel in its genius. This is the nascency of real enlightenment, something the renaissance only pretended to spread.  All of this had me thinking: why am I tooling around with boat stocks and peripheral names when in fact there is something ground changing before me?

It’s equal to buying kerosine refiners at the beginning of the industrial revolution.

People have access to vast amounts of information, thanks to connectivity. There is immense value in it and I know the old man in you will reject it as a ‘fad.’ You are wrong to think this way, just like the Persians were wrong to believe their stupid culture would conquer the world.

Times are changing fast. Companies like GOOG, AAPL, YELP, ANGI, Z, TRLA and AMZN are are at the forefront of connectivity, standing to profit from the ongoing progress being made between humans and information.

Think about it before you size up another gold and coal chart.

Thank you for all of your pathetic emails, desperate to find out where Plutonium Petey had disappeared to. I see that you did very well under the stewardship of The Option Addict, taking high stakes gambles to another level.

As all of this transpired, in the darkest corner of my house, before heading out to Hershey Park, like a glutton, I took a giant stakes (a lesser man might say ‘magnanimous’) in WIT, EMKR and a very small one in ANGI. The thought process is to win at sport. I’ve neglected to inform you of this base instinct that lies in the deepest bowels of my gut. But it’s there and I think you should know: if you get in my way I will knock the teeth out from your mouth.

“The Fly” closed out yesterday’s trading session a champion of extreme proportions. About a week ago, I promised the world that I’d sever relations with my penis, both physically and spiritually, if The Goldman Sachs firm’s share price didn’t close at $160 or better. As this gamble progressed, many of you in the comments section, as well on Twitter, took time out of your very busy days to mock, even ridicule, me for making such a proclamation. Comments such as “prepare to have your gold member chopped off, HAHAHAHAHA” were thrusted in my general direction. After banning those idiots from the internets, I called up the people who control GS and ordered them to ‘get the stock to $160 by Friday.

Where did the stock close?

Indeud.

Next week I have numerous battles to fight, one of which is the bastard IMMR. Something has to be done about this stock; it’s boring me to death.

It’s the middle of the summer and I intend to get inebriated tonight, with the utmost dignity of course. Stocks are at new highs and Bernanke is back in our corner.

What else can we ask for?

For this good Saturday of the Lord’s making, I’ve selected some ‘good’ music for you.

Feel free to ask me any question at all. I will be sure to ignore them in the order they were submitted.

http://www.youtube.com/watch?v=EgPMwDNP-RA

ATTENTION MEMBERS OF SOCIETY: The Newly updated iBankCoin app for the iPhone has been released. We’ve added The Option Addict, Kong and RAUL, as well as addressed several bugs that were plaguing the application. I ‘need’ you to give it 5 stars and shower us with messages of splendour.

I constantly create elaborate watchlists at night, only to completely ignore them the next day, in favour of “the flavour of the day.” Am I the only one who does this?

I am part impulse, part plot. But my impulsive side always wins out, tossing the plotter into the proverbial ‘fag box.’

Before I share tonight’s work, I want to tell you that I know a thing or two about the Wolf of Wall Street and there is nothing redeeming about it. Maybe before the movie comes out I will tell you about my early experiences at a certain brokerage firm that was littered with Stratton Oakmont hucksters. You wouldn’t believe it if you didn’t live it.

That’s right, the gimp is back and stronger than ever.

My stocks did well today, as I managed a 2.1% gain, despite the tepid move in IMMR. Frankly, IMMR is a whore, but I am a patient man. I can hold my breath a long, long time.

Rejoice and celebrate the gains. We are due for a pullback, but shall line up some solid trades nonetheless.

Also, and this is very important: pay attention to what The Option Addict, as he’s on fire. He’s a top shelf stock picker, with unbelievable timing on his entries. Within a few weeks, iBankCoin intends to launch a premium service, headed by OA. It’s going to be killer.

I sold some of my FWM position, locking in a 10% gain. I am contemplating buying HOV or adding to AMBA–but my urinal shadows are telling me “kid, you’ve had a good run, now go home and eat a hero.”

A great man once said “The Dude abides.”

“The Fly” will heed this advice and ‘chillax’, as some of you younger types like to say–long, conservatively, leveraged at just 118%.

This rally is all about Ben and his proclivity to add liquidity into the system. A few weeks ago we believed he was going to take away the punch bowl. Today we all believe the party will continue because the economy isn’t strong enough. Hence, there is great irony in this rally. It has all of the trappings of a blow off top.

I am not liquidating, just yet, because I don’t have anything better to do with my capital. Am I going to put it into bonds or cash? No, I’d only do that if I felt a huge decline were imminent. If the market sells off from here, I know it will be shallow–because the economy is weak and Big Ben has my back.

Today’s biggest winners are the names that dropped the hardest when we thought the Fed was going to ‘taper’: gold, silver, homebuilders, commodity related stocks, even REITs.

Today’s prevailing wisdom is TLT is going higher and rates are going lower. Therefore, inflation is likely to occur and we all must prepare for the $100 tomato again.

God, sometimes I really hate how simple this business is. The essence of Wall Street is imbued with infantile decision makers.

That’s why this is a young’s man game. To trade without fear is a powerful thing. The old men in wheeled chairs are too busy protecting their assets in Tootsie roll, as the 20 something year old punks kill it in soon-to-be insolvent concept stocks. The game has been the same for over 100 years, only the players change.

Federal Reserve Chairman Ben Bernanke said Wednesday the central bank will likely keep at least some of its easy-money policies going “for the foreseeable future.”

Noting that unemployment is still too high and inflation too low, Bernanke said, “both sides of our mandate are saying we need to be more accommodative.”

He spoke about Fed policies in a Q&A session after a speech in Cambridge, Mass., to the National Bureau of Economic Research.this

Bernanke rattled stock and bond markets last month when he said the Fed likely will reduce its stimulus later this year and end it by mid-2014, assuming the 7.6% jobless rate falls to 7% by then. The Fed is buying $85 billion a month in government bonds to hold down long-term interest rates.

Financial markets assumed that Bernanke’s roadmap also meant that the Fed likely will raise its benchmark short-term interest rate in late 2014, instead of mid-2015 as anticipated.

But Bernanke reiterated that the Fed won’t consider raising short-term rates until the unemployment rate reaches 6.5%.

The Fed chairman also suggested that policymakers could keep the bond-buying program at full throttle longer if the economy wobbles. While the housing market is improving and buoying consumer wealth, federal spending cuts still could dampen growth, he said. “it’s still too early to say we have weathered the fiscal restraint,” he said.

And if interest rates continue to rise in anticipation of Fed actions, hobbling the economy, “we’ll have to push back against that,” Bernanke said.

In his prepared speech earlier, Bernanke says the 2008 financial crisis showed the Federal Reserve that it must strengthen its approach to both regulation and interest-rate policies.

Bernanke says the U.S. economy has yet to fully recover from the downturn.

source: USA Today

S&P futures are +15. Prepare for winship, of extreme perversion.

http://www.youtube.com/watch?v=RtTyCiE4KTQ

I sold out of O, for a small gain. The pervasiveness of ascending interest rates has my attention, which caused me to sell the stock. I don’t want yield. I want growth and short squeezes.

I sold out of FRO, marking an end of an era. It ended with a whimper, pretty much breaking even on the entire position. That’s alright, since I am +35% for the year.

With the O proceeds, I bulked up on SCTY, making it a top 3 position. I also added to SHLD.

Look, rates are going up and the market isn’t going down. This is bullish. Pay attention and try to keep up.

If you’re unable to adapt, you’ll never make it in this business.

http://www.youtube.com/watch?v=263Cnsd0tLQ

I sold out of the rest of my FRO position.