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
20,629 Blog Posts

Oil Rendered Worthless; Stocks Soar

I’m over the DO debacle and ready to get back to work. I bought 5 stocks this afternoon, some in REITs, some in mortgage — maybe a retailer and a casino. Who knows? The point being, I am doing the exact opposite of what my instincts tell me to do — The Costanza Trade. We’ve all been there, doing the complete opposite because logic has been suspended, making a fortune in the process. In this instance, oil is down 22% for the day to $13 and markets are +300 like NO BIG FUCKING DEAL. The buying is so obscene, many oil stocks are up too.

How do we render such madness?

We don’t and we do not get mad at it.

Capitalism as we knew it never existed. The facade of free markets was exactly that, a marketing ploy to promote Empire America. What we have here is clear to see and it’s ugly and absurd. But why should I rebel and sell stocks short, only to harm myself?

I’ll play along, as long as I can, sashaying (no homo) in and out of stocks like a fucking Space Alien Magician (SAM), making profits and friends along the way.

I’m confident the market will run higher into the close. Be careful with your idiot short positions.

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3 comments

  1. jbandy

    BTW, Kudos for being on top of the LONG tankers trade weeks ago. You still long FRO or any others?

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  2. indie

    Long $DB!

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  3. soupbone

    Is the market prescient by 3 to 6 months like it is under healthy conditions? Or is the market in urgent distribution by whatever means?

    imo it’s the last sweep up; while not too obvious a theft and still within the rule book.

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