Buy the Banks!

Aside from [[LEH]], major banks and brokerage firms have tiny short positions. The percentage of shares sold short range from 1-4%. The stocks suck, due to institutional selling, not bear raids.

In the regionals, most of those fuckers have 10-30% of their floats sold short. It doesn’t take a rocket scientist to understand there is more upside in the regionals, providing we get a squeeze.

Within the regionals, I like [[UB]], [[ZION]] and [[CMA]] for a trade.

With oil fading here, yet again, I will buy [[FTK]] and [[RIG]] on a dip.

Finally, I covered my [[LAZ]] and [[CHL]] shorts.

I believe we can rally here.

Top pick: UB

Clarification: I like UB as a conservative play. Also, with the Bank of Tokyo owning 68% of the outstanding shares and Barclay’s 9%, the stock can ratchet higher quickly, if buying interest emerges. ZION and CMA are my short squeeze plays.

ZION is trading .75 its book, with a 27% short position.

CMA is trading .88 its book, with a 13% short position.

UPDATE: I covered all of my shorts, with exception to [[FED]] and a little [[REW]] and [[TWM]]. Also, I own a little [[DUG]]

“The Fly” is like a lion in the high grass, stalking his prey. My cash position has ballooned; and I am hungry for my next kill. The bounce in the financials is ongoing and I believe it may continue. It’s important to note, only energy stocks are worth investing in. Everything else is just shit on a skewer.

I covered my [[AAPL]] short. The “Skinny Steve” trade can take one only so far. In addition, I’ve been selling off [[FXP]], whenever I look at it.

I have a very long list of regional banks worth killing. The trend has been fairly simple, which is: sell them until they are trading at or below book value. Back in the old days, I’d be buying these fuckers hand over fist. Any bank stock trading below or near book was pure gold; now it’s just a warning.

The reason why I am not selling them now is due to the excessively high short positions in them. Most regionals have 10-30% of their outstanding shares sold short. At the same time, their respective book values are no higher than 1.5 times. This is a recipe for major carnage, for the bears, should the sector catch fire. Numbers out of [[GS]] tomorrow may be the lighter fluid. We shall see.

Despite marginal strength in the banks and tech, the market is weak. [[GME]] caught an upgrade. That looks decent. And, ag related stocks are on fire. What else is new?

For now, I will raise cash and wait until an opportunity presents itself.

[youtube:http://www.youtube.com/watch?v=FVV0Zy-WNq0 450 300]

iBankCoin is better than you.

Cat Stevens – Father and Son

[youtube:http://www.youtube.com/watch?v=7R0nxgPDwl0 450 300]

I caved in, late in the day, and sold a lot of my [[FXP]] position. I have so many pristine ideas on the table, it makes little sense to keep so much money tied up in Chinese fuckery.

The next inverse etf on the chopping block is [[SRS]]. God willing, I will kick it out, north of $120.

As you know, Tim Russert died today, probably due to a heart attack. He seemed like a decent man. His death reminds me how fragile life is, with our temporary existence and pending death, via surprise or deliberate. With that in mind, I’ve decided to “speed up” the amount of banked coin, via stock selections on a very high level of competence and Godliness.

Lucky for you, prior to your demise, you get to read “The Fly’s” rantings and leech on his stock picks. Also, if you’re bored, you can always scurry along to the other iBC bloggers and make money off their picks too. I’ll have you know, my decision to bring on “tabbed” bloggers is deliberate. I’d never let someone blog on iBC, as a tabbed blogger, if he wasn’t a highly competent investor.

In closing, I made massive amounts of coin today in [[FTK]], after deciding to take matters into my own hands and start a short squeeze. You’re welcome.

For the day, I was up 1.55%, making up for all of yesterday’s losses and more, naturally.

I sold 10,000 [[FXP]] @ $81.

I have a very long list of regional banks worth shorting. However, knowing how fucktarded Wall Street is, I am refraining from selling them short, here.

As you know, next week, we will see numbers out of [[LEH]] and others. Call me crazy, it wouldn’t be the first time, I am waiting for a bounce—before selling short. It is possible we can get a sharp, quick, rally on the old “it’s already priced in” jargon. In short, if you have big gains in select bank shorts, be happy and prepare to sell more, at higher prices.

I don’t feel comfortable shorting, after such a big downturn.

However, I am very tempted. Believe me, I have already borrowed large quantities of [[PACW]] (another fucked bank).

If you have to put money to work, why not buy [[RIG]]? It’s been basing out around this range, for awhile, and is poised to bust loose soon.

Or, why not buy a little [[FTK]]? That fucker has displayed “God-like” trading patterns, ever since they warned a few weeks ago. With such a large short position (4 million shares), it’s worth the risk, with a tight stop at $17.

I bought 2,000 [[FTK]] @ $19.50. And, I bought 5,000 [[RIG]] @ $145.50

UPDATE: I bought 10,000 FTK @ $19.65

Disclaimer: If you buy FTK or RIG because of this post, rebels in Nigeria will attack an unguarded oil pipeline. And, you may lose money.

I’m just rolling on you bull shitters now. This is easy. It’s like taking money out of a homeless mans cup.

This will be a quick post, for I have things to do.

Right now, I like [[FTK]], [[PCZ]], [[RIG]], short [[CHL]], short [[CSE]], short [[AAPL]] “The Skinny Steve Trade”, and a variety of 200% inverse etf’s.