CITRON RESEARCH THROWS A BARREL OF FIRE AT $MBLY, ESTIMATES VALUE AT $11

Don’t forget, Andrew Left is being generous here, so don’t forget him in your nightly prayers.

Here are their main talking points.

The Company has tacitly admitted that their corporate strategy for
penetrating autonomous driving has been inadequate all along (Wall Street
has completely ignored this major blunder.)

2. Clear evidence has emerged that the ADAS competitive landscape is rapidly
succumbing to commoditization.

3. Insider selling has reached a level that has gone from abusive to obscene
4. The analyst community has lowered forecasts, and the company admits no
visibility in its business model after 2019.

Mobileye is meeting with institutional investors this week. The company is doing
their best imitation of a college kid at a bar at 2:00 AM: They say whatever they
have to do to get into bed, regardless of the truth.

I really couldn’t care less about MBLY. I do have a bias against Israeli based companies (some of my best friends are jewish), since many of them are Chinese styled scams. Nevertheless, you be the judge and jury and executioner if it should come to that.

Full Citron Report here.

Fuck Mobile’d Eye.

I don’t trust these vaccines, not in the least. There is overwhelming evidence that the pharmaceutical industry partakes in chicanery, in between helping save people’s lives. Perhaps this is the process by which we go through, in order to find good medicine and science? Perhaps we are all, or some of us are, guinea pigs for the benefit of mankind? Or, is there something much more insidious going on here?

From the research I’ve done, this Gardasil vaccine is particularly venomous. My advice to young parents is to do your research and don’t trust your asshole Doctor. Most of them are script writers and part time alcoholic pill poppers who haven’t picked up a medical journal since college.

Finally, we are getting some broadening out of this rally. Up until now, the rally was marooned in the commodity sectors, a Chinese reflation trade gone parabolic. But now we’re seeing significant moves in real companies whose cash flows do not rely upon the superfluities of some Prince in Saudi Arabia.

Some of the standouts include FIT (+10%), EBIX (+9.6%), TWOU (+6.7%), AMBA (+6.6%), MU (+5.5%), ATVI (+4.2%), TWTR (+3.7%) and GRMN (+4.3%).

On the back of those stellar JPM numbers, bank stocks are up more than 3%, led by DB (+8%), SIVB (+6%) and C (+5%).

There are a slew of high profile names moving higher in a very strong manner. Breadth stands at 77%, also strong.

According to Exodus, the top short squeezes are occurring in EBIX, X, AKS, LXU and SGMS. In the momentum tracker, SID, UNXL, GGB, WETF, FTK and CLF are standouts.

Additionally, I’ve created a screen that digitizes technical analysis to find a specific “look” on a chart, one that produces stocks that are trading in a consolidation, sideways pattern, about to breakout.

Here is the first page.

In all, this is the best rally day in some time. Everything is clicking, even bonds and the dollar. Everything is up. My sole bias and short position lies in the large oil companies, whose shares are egregiously overvalued. It’s one thing to buy CHK at $3 and to see it double because it’s not going bankrupt–at least not yet. It’s another thing to buy XOM and CVX, ad nauseam, thinking earnings power warrants a soaring stock price.

It does not.

Make no mistake, this is a huge win for the sloths at GPRO. To land a guy of Coster’s caliber, they must’ve offered him some great incentives and made a really good deal (extra Trump).

As shares of GPRO run higher and the media is reporting this news as breaking, citing some asshole online site called “The Information” as its source (what an innovative name), I stumbled across this article from a Kiwi website (Coster is from NZ) that mentioned his new opportunity at GoPro and is a month old.

So, what the fuck is going on here? Has everyone gone mad?

Crude inventories just came out and showed a build of 6.6 mill barrels, up from the estimate of only 1.4 mill.

On this news, crude is slightly lower, just a smidge.

No worries, however, since our pals in the House of Saud, in conjunction with the Russians, are going to freeze production at record, all time high, jaw leveling levels.

As you were.

Today’s rally is being led by steel, aluminum and copper stocks. This is an affirmation that all is well and good in the great dog eating walled nation of China.

FCX has catapulted above $11, more than tripling from the February lows.

Spearheaded by the price of iron ore, X, has done nothing but outperform.

There is literally nothing that can stop this pornographic train of profit from stopping now. We have the oil, the resources and the debt to pull it off.

NASDAQ 5000 baby, here we come!

Note: I shorted more XLE because it’s fucking retarded.

Early this morning, JPM announced they set aside another $529 million to cover bad energy bets–bringing their total energy fuckery to $1.3 billion. That number was merely $500 million more than expected, from their gargantuan $44 billion portfolio.

As an aside, they also ‘set aside’ $162 million for fucked up metals and mining losses–which came in 62% higher than previously forecasted.

Italian banks are recovering from yesterday’s pullback. Apparently, the bad bank idea, the $5.7 billion fund to buy up Italy’s toxic assets, is holding a little more heft with investors today, as Unicredit surges by 9% and the overall Italian market is up nearly 4%.

Bailouts are terrific. Banca Monte del Paschi leads the way higher. Those fuckers have been around since the Christoper Columbus days.

Futures haven’t budged on this news, likely because no one really cares if the economy is doing well. All that matters is the Fed and their speeches and what they had for breakfast this morning.

For the month of March, retail sales surprised to the downside, coming in at -0.3%. The market was expecting a gain of 0.1%.

The decrease was led by the biggest drop in demand for autos in a year, and cutbacks at clothing stores, internet merchants and restaurants. Sustained gains in consumer spending, the biggest part of the economy, are needed at a time exports are still depressed by cooling global markets and U.S. manufacturing is barely emerging from a slump.

“I don’t think the consumer will spend beyond his or her means,” Gregory Daco, head of U.S. macroeconomics at Oxford Economics Ltd. in New York, said before the report. “A sustained acceleration in wages is still the missing piece.”

Estimates in the Bloomberg survey for total retail sales ranged from declines of 0.8 percent to a gain of 0.4 percent. The February tally was previously reported as a 0.1 percent drop.

While nine of 13 major categories showed gains last month, those increases weren’t large enough to offset the drop in autos, clothing and restaurants.

Retail sales plunged 0.9% at clothing shoppes and 0.8% at eateries and pubs. These numbers truly suck and demonstrate that consumer is opting to save, rather than spend, in light of the decline in gasoline.

Peabody Energy joins its fellow competitors Arch Coal and Alpha Resources in bankruptcy today. This is a huge win for the Obama administration and the EPA, who’ve been interested in this delightful eventuality ever since his administration began. In spite of the fact that 40% of the energy produced at power plants derives from the filth mined at these horrible coal mines, the Obama administration has made it all but impossible to make a profit in the coal industry.

As such, it has been bankrupted.

“This was a difficult decision, but it is the right path forward for Peabody. We begin today to build a highly successful global leader for tomorrow,” Glenn Kellow, president and CEO, said in a statement. The company cited the drop in the price of metallurgical coal, weakness in the Chinese economy, overproduction of domestic shale gas and ongoing regulatory challenges as factors contributing to the bankruptcy.

In connection with the bankruptcy process, Peabody has obtained $800 million in debtor-in-possession financing from a lender group led by Citigroup. The facilities include a $500 million term loan, a $200 million bonding accommodation facility and a $100 million letter of credit facility. With that financing, Peabody believes it has sufficient liquidity to continue to operate its business worldwide, according to a statement from the company.

Congratulations are in order for Barack Obama. God willing, the entirety of the coal industry will be shuddered and in its place will be an endless sea of windmills–briskly decapitating the heads of bald eagles and other endangered species, in order to save the planet from its ultimate and indelible melting popsicle demise.