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
20,626 Blog Posts

BOGGED IN $DO — Moved to Cash

Since DO is HALTED FOR FUCKING TRADE, I am unable to sell it. This is like one of those fairy tales when the greedy bear stuck his paw in the honey pot one too many times and it got cut off for him. While the loss in DO is very manageable, for it was a standard 5% position, it’s disheartening to have it happen and equally disheartening to have it fucking halted all day without given the chance to trade out of it.

That being said, I imagine it will open DOWN 60% — which is a 300bps hit for me.

Meanwhile I liquidated everything else but one stock in my portfolio — now 90% cash.

$CAR +9.6%
$NMRK +11.7%
$FL +6.9%
$DRH +2.5%
($BORR -6.5%)

After everything is said and done, given today’s market gains, I stand to lose less than 2% today. See pal, I am even winning while losing. I’ll make that 2% up real quick and much much more and then DRIVE this gravity hammer into the heads of ALL oil longs in America. I hate you and your wanton greed is infectious and you should be stopped.

I am through with overnight oil holds, since they’re all subject to a surprise chapter 11. Plus anyway, the market is long in the tooth now and destined for the junkyard.

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7 comments

  1. tradercaddy

    Don’t hate on me but I did add to my SLB, BKR, XLE, VDE, XES energy positions I have been building for several weeks ago. The bottom line is when oil crashes and you see the energy equities actually go up like the last two weeks and today one holds the nose and buys. The market is giving you a message.
    But stay away from the high short term debt crap like VAL, RIG, SDRL, etc. (I won’t say DO).

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  2. helicopter ben

    If you don’t mind, Dr. Fly, what are your gains YTD?

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  3. mad marsupial

    But Ray Dalio sez cash is trash.

    I’m with you brother.

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  4. Po Pimp

    DO hired restructuring advisors last week. It wasn’t a surprise.

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    • cancel19

      Now you tell us! LOL #justkidding I bot moar $RIG today so I can join on the sorrow.

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