Fly Sell: UB

I sold 10,000 [[UB]] @ $42.60.

I covered my [[CATY]] short, buying 5,000 @ $11.79.

This is getting ridiculous already.

By the way, the floods in the mid-west will adversely affect the numbers out of both [[LNN]] and [[VMI]]. I forgot to tell you about that yesterday.

Thus far, the banks are being blow-the-fuck-out, partly thanks to [[FITB]] (nice call Jakegint). However, as you know, the problem is much bigger than that. Even great banks, like [[UB]], are being hit.

The good news is, my new short positions in [[CATY]], [[WTFC]] and [[PACW]] are working like whores of the night.

The bad news is, my stupid UB position is being jelly knocked. For now, I will hold it and endure the losses, like a fucking man.

Some quick ideas:

Get long [[RIG]], it’s ripping.

In addition, I like all of my bank shorts here, especially “The Five Reverse Horseman” of death and financial Armageddon, via [[FED]], [[DSL]], [[CORS]], [[FHN]] and [[PACW]].

Hat tip to Boomer

“A very nasty period is soon to be upon us – be prepared,” said Bob Janjuah, the bank’s credit strategist.

Have a goodnight, fuckface. See you in the morning.

The moon and the sun are now realigned, enabling “The Fly” to bank coin without distractions.

[youtube:http://www.youtube.com/watch?v=VnRWRQ74-wg 450 300]

Up 2.6% for the day, bitches.

I really want to make [[CATY]] the fifth “Reverse Horseman,” but I can’t. I must anoint the morons at [[PACW]] with this ungodly title, who, without doubt, are very busy eating through capital like pacman—as you read this.

Basically, PACW is a play to bet against the California mortgage market, like [[DSL]] and [[FED]]. For fucks sake, they lost $10 per share last quarter.

Look for a dividend cut, as the credit markets worsen.

As for CATY:

It’s a perfect blend of Chinese fuckery and bad California mortgages and HELOC’s. Cathay services the Chinese-American community, in the most egregious fashion—via bad loans.

Basically, on face value, CATY appears to be handling the ‘credit crisis’ quite well. However, I believe they are greatly understating their bad loan exposure. On top of that, the company, egregiously, bought back 2.8 million shares @ $32, in 2007, burning through 92 million dollars.

For now, my top bank shorts are “The Reverse Five Horseman”: [[DSL]], [[FED]], [[FHN]], [[CORS]] and [[PACW]]. Also, I think there is considerable downside in CATY, [[EWBC]], [[CSE]], [[WTFC]] and [[BBT]].

NOTE: Pardon my misstep with the financials, during yesterday’s tape—via buying some. What was I thinking? Aside from [[UB]], I am back to betting against them.

Exclusive:

Finally, I have revealed my identity.

I bought 1,000 [[RIG]] @ $146.87.

Disclaimer: If you buy RIG because of this post, a swarm of locusts will descend on your property, in biblical fashion. And, you may lose money.

“So Spaniard, we shall go to Rome together and have bloody adventures. And the great whore will suckle us until we are fat and happy and can suckle no more. And then, when enough men have died, perhaps you will have your freedom.”

Proximo, Gladiator, 2000