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
20,329 Blog Posts

A Bad Economy Cannot Keep a Good Stock Market Down

We are OFF the fucking lows and people aren’t happy. Down 450 by 10am and now +80 and doom is cast all around me. I got myself long a varietal of assortments and have zero interest in shorting anything here, into what we will soon learn is a GREATER DEPRESSION.

I cannot reconcile it and I cannot fathom what is taking place. Like you, I am in the dark; but I unlike you — I will not fold or bend. Markets like this were built for me, poise under fire, fire under the house — drinking coffee amidst the cinders.

Do not fear anything, for life is eternal. Do what you can to make the time easier and place yourself, best you can, in a position to win.

If we are talking stocks, your best god damned chance is with me, vis a vis Exodus.

Virus stocks are the rage. I am lukewarm on just about everything else, but have positions on now betting for a bounce tomorrow. If I get one today, I will consider it to be gravy.

If you enjoy the content at iBankCoin, please follow us on Twitter

31 comments

  1. purdy

    Respectfully disagree. The market is merely being kind to those who failed to get short over the past week.

    • 1
    • 1
    • 0 Deem this to be "Fake News"
  2. purdy

    Sector rotation to the short side. Today”s biotech’s turn.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. numbersgame

    “Nobody really cares at this point about the data or how weak it is because they simply attribute it all to the coronavirus. It’s a self-inflicted wound. Forgetting about the fact that we were actually wounded anyway. People don’t appreciate the problems that the US economy had – the very deep-seated structural problems that lay beneath that bubble that people still haven’t come to terms with. They’re still focusing on the effects of the coronavirus and not realizing that the economy was very sick long before we got infected with the coronavirus.””
    – Peter Schiff

    https://www.zerohedge.com/markets/fed-chair-powells-solution-root-problem

    • 3
    • 0
    • 0 Deem this to be "Fake News"
    • ericbakerbruce
      ericbakerbruce

      and he will probably go to jail just like his daddy…

      • 1
      • 0
      • 0 Deem this to be "Fake News"
  4. numbersgame

    Musk-eteers are fianlly realizing what I’ve been saying for a few months now:

    “Elon Is An Arrogant Ass”
    https://cleantechnica.com/2020/05/13/random-thoughts-on-elon-musk-the-fremont-factory-liberty-the-coronavirus/

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • narcist

      *Elon has been

      Is that what he *has been* known for? Cockiness can be comfortably and tolerably obnoxious.

      I disagree with his mafia tactics to make his workforce get back to his car plantation though.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
      • narcist

        *Isn’t

        I need some sleep apparently.

        • 0
        • 0
        • 0 Deem this to be "Fake News"
      • purdy

        Plantation? …Jeeeeez narcist. Are you actually a 400 pound Klansman posting from the bed into which he was forklifted …attempting to gin up crackas against their black neighbors?

        • 0
        • 0
        • 0 Deem this to be "Fake News"
        • moosh

          Narcist has already admitted to being banned multiple times and just coming back using new different accounts. They are usually easy to pick out. I do feel sorry for people creating fake accounts to add basically nothing but gin up fake racism like richardweiner and my pillowguy just to name a few recently.

          • 0
          • 0
          • 0 Deem this to be "Fake News"
          • 2 chainz

            Richard and purdy are Fly’s alts you dumb fuck. What’s my pillow guy?

            • 0
            • 0
            • 0 Deem this to be "Fake News"
        • narcist

          Drink less, Fly. I get that COVID living isn’t easy but “plantation” doesn’t gin up (pun intended) anything.

          Plantation is also the name of a real Florida city.

          • 0
          • 0
          • 0 Deem this to be "Fake News"
  5. narcist

    From screaming buy to selectively shortable in 6 hours.

    This is by far the best “rigged” market for the adroit traders.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  6. gsofield

    Fucking markets are schizophrenic. I’m glad you mention being “in the dark”. The economic news is terrifying yet we rocket higher. WTF? Someone explain the mechanics of this. How in the actual fuck does a market spring board higher from down nearly 2% to finish up 1.25%?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • rickyretardo

      Fed is buying select ETF’s to float this pig. Be nimble or get your nuts cut off. It’s that simple.

      • 2
      • 0
      • 0 Deem this to be "Fake News"
      • rickyretardo

        Powell buying HYG at exactly the $78 resistance/support. This is the next level of jawboning, actually buying it. They buy enough to spark the markets into thinking its all clear and they start a rally / short squeeze. They’ll do this until fundamentals clear up or covid solutions come out. They’re buying time, literally. Gundlach will cover far sooner than most think.

        • 0
        • 0
        • 0 Deem this to be "Fake News"
  7. edge

    There is a chance, higher than most think, that we can spend our way out of this. Expensive? Hell yes, but cheaper than a crash. Powell has that much right.
    However- a half hearted attempt will mean failure; we’re in way too deep.
    Are the voters smart enough to figure this out? Is our leadership capable of managing the response to the recession?
    The easiest way to tell is this: if it doesn’t sound like the biggest fuckload of money you ever imagined, it’s not enough.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • edge

      I should have mentioned that what we’ve spent plus another 3t is a good start.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
    • Mr. Cain Thaler
      Mr. Cain Thaler

      It’s not really that good of a chance. Our debt-to-gdp is already north of 100%. If we double it trying to deal with this one problem then the US government is in deep trouble. In the long run, it’s actually better to just let capitalism work. I’m sure we’ll spend more but nowhere near the levels you’d want, and higher taxes are on the horizon.

      And no – before someone feels the need to post “we’ll just print!” – we aren’t going to just print the money. It’s not like we don’t have a field of great examples that this doesn’t work. Japan is the best look, Venezuela is the worst look, and nothing we want lies between.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
      • edge

        Fiscal response is the key.
        I agree that either choice is risky. Pick your poison.

        • 0
        • 0
        • 0 Deem this to be "Fake News"
      • numbersgame

        Success and failure depends on the time scale you are looking at.

        Stimulus is always bullish in the short term

        • 0
        • 0
        • 0 Deem this to be "Fake News"
  8. richardweiner

    John Maynard Keynes used to say nigger in casual conversation. As in, niggers sure are charming. I am now going to say nigger in conversation in a non-hateful way to honor the memory of Lord Keynes.

    Best of luck niggers.

    • 1
    • 2
    • 0 Deem this to be "Fake News"
  9. Po Pimp

    In an ideal world, the brokers recommending buys and raising price targets on stocks when no guidance has been provided in months should be held accountable for dereliction of duty.

    But we don’t live in an ideal world, so BRRRRRRRRRRRRRRRRRRRRRRRRrrr

    I’m starting to understand the mindset of the moron goldbug whack jobs now.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • richardweiner

      Gold is a barbarous relic that only belongs on the chains and watches of niggers.

      As an aside, notice there are two BBC (big black cock) links to the right. The Fly sure does love that nigger doesn’t he?

      • 0
      • 0
      • 0 Deem this to be "Fake News"
      • juice

        let me take a wild-ass guess at your formative years environment — a toxic heap of white trash, perhaps?

        prove me wrong

        • 0
        • 0
        • 0 Deem this to be "Fake News"
        • Mr. Cain Thaler
          Mr. Cain Thaler

          I’m guessing he’s a jaded prep school kid who ran a short lived counter-service and hates the Fly for enduring this long so he’s trying to make the board toxic just to drive away readers.

          • 2
          • 0
          • 0 Deem this to be "Fake News"
      • Po Pimp

        You need to jerk off to some 4k quality Nia Nacci videos to relieve your frustration.

        • 0
        • 0
        • 0 Deem this to be "Fake News"