Welcome to the “Platinum Party”

Let us not let the FOMC meeting overshadow iBC’s “Platinum Party.”

As you can see, the 40 ounces of Colt 45 are in the fridge and the spare handguns (just in case someone disrespects your hood) are near the Bernanke chia pet.

To celebrate iBankCoin’s 1 millionth page view, “The Fly” will be sending a “Monster” gift of choice to the lucky leech who is number 1 million. However, it’s worth noting, I can only see the location of the leech, and not the actual person. So, you may need to help confirm.

If you didn’t know by now, “The Fly” has “connections” at [[HANS]].

Finally, with regards to the market, GDP growth of 0.6% confirms the danger we are in. Soon enough, the economy will be printing negative GDP growth and banks will announce a fresh round of losses.

God willing, of course.

Developing…

NOTE: I am a spectator until the Fed decision.

Garbagio sectors are on fire, since hitting the lows in January. Now, if the U.S. economy is heading into recession, the banks, retailers and homies are triple sells. The only way the mentioned sectors go higher, or sustain current levels, is reliant upon unbelievably positive economic data, starting with non-farm payrolls on Friday.

While it’s true, the media is reporting the recent gains in dogged out sectors; they’re not elaborating how much they have run, since the lows.

The following is percentage gain data, in select financials, homies and retailers, since the lows of two weeks ago:

Financials

BAC +26%

JPM +26%

C +25%

WFC +34%

ACF +51%

COF +48%

WM +68%

MBI +137%

ABK +198%

AIG +15%

RDN +65%

WB +33%

MTG +72%

UBS +16%

GHL +24%

MS +16%

MER +21%

LEH +27%

ETFC +98%

BSC +34%

FIG +38%

BX +10%

LAZ +23%

IMB +126%

Homies

PHM +73%

RYL +52%

KBH +70%

TOL +45%

BZH +88%

VNO +17%

BXP +18%

DHI +72%

LEN +58%

CTX +52%

SPF +136%

HOV +94%

MTH +25%

WCI +259%

SPG +17%

EQR +23%

CBG +20%

SLG +18%

Retail

SHLD +23%

HD +25%

LOW +30%

M +29%

JWN +35%

COH +35%

RL +22%

BBY +14%

JCP +33%

KSS +19%

SKS +27%

HAR +22%

TIF +18%

GES +22%

UA +28%

AEO +35%

ARO +22%

CC +57%

BBBY +24%

Feel like diving in here?

[youtube:http://www.youtube.com/watch?v=jAG6_SzZSDg 450 300]

I was out towards the end of the day; so I was unable to watch the egregious losses in my stupid inverse etf’s—which infect my holdings.

Unfortunately, for the bears, the market sentiment has shifted dramatically, as bad news is good news and good news is good news.

What’s important to note is the Fed’s desire to keep stock prices higher, in order to skirt a negative wealth effect. They will not disappoint wall street, for fear of a precipitous drop in stocks.

Therefore, “The Fly” may throw a few longs on the barbie tomorrow, prior to Bernanke’s decision.

Aside from monetary action, the financials, including the monolines, are on fucking fire, with “ricockulous” gains in [[WM]], [[BSC]], [[MBI]] and [[ABK]], as of late.

If we have seen the bottom, expect the market to trade up until late March. In other words, all of you overzealous bearshitters will be fucked, shortly.

UPDATE: [[YHOO]] blows again!

[youtube:http://www.youtube.com/watch?v=3JnVHUM12zk 450 300]

As you know by now, all the important people, like Dennis Kneale, sold out of all their internet stocks, for low-grade bank plays.

Aside from that, I’m not sure what the fuck is going on, but [[BIDU]], [[YHOO]], [[GOOG]], [[AMZN]], [[EBAY]], [[CTRP]], [[NILE]], [[OMTR]], [[VCLK]], [[OSTK]] and [[MNST]] are getting their fucking heads blown off.

Using that logic, one could make a strong argument that [[PCLN]] needs to get its head shot off too. After all, that stock is like 75 points over valued.

“The Fly” spits on PCLN from 100 yards.

Today, after the bell, the cow fuckers from YHOO will post their quarterly disappointment. I have personal experience dealing with YHOO; and they suck.

What’s odd to me is the current bullish sentiment in the market has decoupled itself from the net plays. Perhaps advertising rates are dropping off a cliff, as the writers strike continues and the mortgage market implodes?

Nevertheless, the sector is telling us something.

Are you listening, fuckface?

I bought 4,000 [[SKF]] @ $101.

Disclaimer: If you buy SKF because of this post, Bernanke will cut rates by 100 bps tomorrow. And, you may lose money.

One day before Bernanke shaves his beard on the market, stocks are ripping higher, with the notable exception of [[VMW]].

As you know, banks, homies and retailers have been leading the market, as crazy people deplete their checking accounts and “toss” them into egregiously bad sectors—for fun.

I must say, today’s durable goods numbers put a damper on the whole “we’re gonna die because we’re in a recession” thesis. Should we get strong employment numbers, later on this week, “The Fly” may have to “flip-flop” on you cowards and start buying stocks again.

Aside from the madness, I do like the refiners here, as they melt the fuck up. Right now, [[VLO]], [[TSO]], [[HOC]], [[WNR]] and [[ALJ]] have extreme momentum—thanks to VLO‘s kickass earnings report.

For a trade, take a look at [[DK]] for a sympathy bounce.

Within financials, finally, I found a stock worth buying: [[AIZ]], aside from [[CMO]].

In short, AIZ sells property insurance to banks who take possession of property, via foreclosure. So, as foreclosures rises, banks will be forced to buy property insurance, likely from AIZ.

A win-win for AIZ.

Finally, despite being tempted to average down on [[SKF]], I will wait until after tomorrow’s Fed meeting. There will be plenty of time to make money.”The Fly” finds no need to buy anything here, ahead of iBankCoin’s glorious “platinum party.”

UPDATE: I lied. I bought more SKF.

…to iBankCoin’s “Platinum Party,” celebrating the millionth page view, in less than three months since launch. All third tier bloggers will be checked at the door.

Festivities will begin on Wednesday, January 30th, 2008, aka “Fed Day.”

Dinosaur Trader, 3rd tier blogger, DinosaurTrader.blogspot.com

As usual, “The Fly” wins again.

Chalk up a humiliating defeat for Dinosaur Trader aka Leberace.

NOTE: Not only does this post prove that Kneale was referring to Danny’s pimp smacking insult of him on tv this afternoon, and not DT’s, it’s also the equivalent of three scud missiles heading for DT’s low-rent blog.

Developing…