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
20,200 Blog Posts

Not Buying This Decline — Faded to Cash

The knee-jerk reaction here is to buy. But what are you buying? You’re getting long into the teeth of a virus that has forced commerce to halt around the world. Moreover, this decline is crude is tangible and means your oil company is now losing money. I get why you trade for a trade, but I do think this decline has been too orderly and would expect a RETEST of the days lows.

As such, I sold out of my plays that I put on Friday, all but one, and now have a 70% cash position.

COCP +47%
BCRX +5.2%
(TRIB -20%)
(MRNA -6.8%)
(AAL -3.4%)
(NCLH -23%)
(WYNN -11%)
(SIX -7%)
(IMAX -6.66%)
(URBN -11%)

Each position was equal weighted. I am bearish on bonds here and feel that if anything happens to the upside it will include the complete evisceration of bonds. This is not an easy market to be long and I feel for anyone who is losing money today. But don’t be fucking retards and believe in MAGA STEEL and the idea that the Coronavirus is less than the flu.

Looks like HYG is at 2018 lows and leveraged loan ETF SRLN new lows.

There is a much larger picture to consider here — the ramifications of $30 WTI and how it affects the 10 million crude jobs in America — 8% of GDP, and the states that are completely dependent upon them.

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MARKETS CRASH AMIDST SAUDI-RUSSIAN OIL PRICE WAR

It started with the Coronavirus and now that panic spread into the oil markets and a price war broke out between Russia and Saudi Arabia. The result is sharply lower oil prices, presently down over 18% to $33. Oil had been trading $28 until it rebounded. Due to the 7% decline in stocks, the market halted trading and re-opened down over 2,000 points.

The carnage is surreal. Here is a list of stocks down 20% now, with caps over $5b.

All eyes are on the Fed now, due to our reliance upon this organization for just about everything since 2008. The unprecedented nature of this Black Swan has forced the entire yield curve under 1%. The 30yr is 0.94% and the 10yr is under 0.5%. Unreal.

As for me, I sold off my plague stocks, and then bought 1 more, for net gains. I am now 45% cash, tempted to go long but also tense by the violent trading action causing me to be cautious.

COCP +47%
BCRX +5.2%
(TRIB -20%)
(MRNA -6.8%)

Have we bottomed? I have no fucking idea.

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ASTONISHING LOSSES EXPECTED FOR TOMORROW; TREASURY YIELDS PLUNGE AGAIN; OIL COLLAPSES

Humorously, the ASX hit a session low of -6.66% this evening — all based upon the explosive oil war that broke out over failed negotiations between Russia and Saudi Arabia. Essentially, House of Saud wanted a supply cut and Russia told them to fuck off. So House of Saud opened the spigots and here were are on crude, astonishingly lower this evening by 21% to $32.70. These are the Financial Crisis lows, by the way. The observant eyes casts its glance upon US shale producers, who have a very high cost of production. The US has been fucking with Russia for so long, this is certainly a point in time where they can exert some pressure themselves — as 10 million jobs in America depend on crude, or 8% of GDP.

Moving on, Dow futures are down 1,100 fucking points, and -377 NASDAQS. I walked into Monday without hedges, just a fuckload of cash and virus stocks. I am also short treasuries, which will end up in a rape — seeing the 10yr now at 0.55%!, off by 15bps. It hit a low of 0.5%. This is a market crash, no doubt about it.

FTSE futures point to a shocking decline of 5%.

My course of action is simple: close my eyes and buy the open — averaging down like a man into the maelstrom of what looks to be the beginning of the end of our financial system. It was a fine run — but now it’s over. My options are numerous — because of my cash position. However, I just cannot shake the idea that the CORONAVIRUS might at some point dissipate. The issues at hand now, as a result of this, might be more severe. A financial crisis has blossomed, fueled by leveraged loans and junk bonds, 10% of which is oil and gas. More than that, commerce has all but ended in many areas of the world. All of this might be temporary, but how long can companies hold on?

One thing is indelibly clear, if there was ever a man more deserving of a stock market crash, fucking cheerleader in chief, it is Donald Trump. He has earned this. Presidents should not interfere with markets.

NOTE: Keep an eye on DLBS, which was terminated Friday. I also expect other ETNs to be terminated into this volatility. VIX futs are +22%.

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iBC Dictionary

YOU ARE HERE: HOME / IBANKCOIN DICTIONARY

iBankcoin Dictionary

 This guide is a must-have for any iBankCoin.com user looking to properly communicate with others:

47.5: The cut-off age after which one becomes “old,” and plain ol’ vanilla gay. If you are above the age limit, kindly close the browser and leave.

Angelo: Any tan dickhead who seamlessly fucks up many concurrent thousand/million/billion dollar situations, or the description of said dickhead’s actions.

“Bob Steel totally Angeloed Wachovia Bank this year.”

“God, RICK stock turned out to be such an Angelo to investors who appreciate tits.”

As a Point in Fact: When a truth is so deeply entrenched in the cement foundation of rightness, as so it can never be wrought free, it can be said that such a fact is indeed a point in fact.  It is a fact shrouded by insurmountable correctitude.

Asshat: A magical hat, granting the benefactor of said hat insurmountable stupidity in the face of needed leadership.

“Wow, John Mack is an asshat.”

Bill Miller, Asshat of the Year 2008

Asshole Dip Buyer: The unnamed force that saves the bulls and comes in to buy stocks trading at a “bargain.” Always aged below 47.5, these traders, aka as The PPT, will come in nimbly and eviscerate the bearshitters by squeezing all their shorts.

“Did anyone catch the A.D.B. bidding 100k RIMM at 3:50pm, ruining some beashitter’s homo honey-hole play?

(see bearshitter, homo, honey-hole)

Asslot: An odd-lot, or any incremental share purchase not denominated in 100.

Barack The Builder: President elect Obama has vowed to essentially rebuild America from the ground up, funded solely with monopoly money.  The goal–invest in the future by spending a shitload to save America today.  As such, he has been entitled Barack the Builder, and it can be inferred that the BTB theme will bouy E&C firms until the lustre[sic] wears off.  (see sic)

Bearshitter: A miscreant douchebag, stemming from the Latin Ursus poopare (see Douchebag).  Needlessly pessimistic, the bearshitter often bears the brunt of well-placed jokes, and is universally recognized by the financial world as “clowny” and at times “runtish.” To be a bearshitter, you must satisfy the following:

  • Proclaim unknowns as truths
  • Forecast down
  • Borrow punditry from Tim Knight.
  • Automatically eligible if over age 47.5

Though the bulls and the bullish things bearshitters abhor often get their comeuppance at some point, it comes in the form of brief spike downs, only after weeks of poor market calling, often to the detriment of week old puts trading below cost.

“Doug Kass is a bearshitter, accordingly, he is also a douchebag.”

Bearshitters have had their revenge in 2008, although historically, they get the short end of the stick…no pun intended.

Bearded One, The:

(see Plutonium Petey)

Behold!: When the glory of one’s presence or the strength of one’s argument renders someone else’s point so moot that the only reaction they can muster is to simply behold your glory and attempt to hide their shame.

Behold!”

Bogdonaof Twins: Igor Yourievitch Bogdanoff and Grichka Yourievitch Bogdanoff secretly control the Tri-Lateral Commission and the Grande Recursive Order of the Lambda Calculus, employing foot soldiers to carry out their nefarious schemes. Powered by ancient masonic magic, provided by the the druid order in Burgundy, the Bogdonaof Twins take pleasure in “BOGGING” (see Bogged) investors until PINK LEVELS (see Pink Levels) reach maximum capacity.

BOGGED: To be “BOGGED” is to fall victim to a Bogdonaof twin scheme (see Bogdonaof Twin’s), whereby every trade you make is immediately rendered incorrect, causing you to attempt suicide, only to be saved by yet another Bog trick: “QUANTUM IMMORTALITY” program. Essentially, your life is controlled by nefarious forces causing PINK LEVELS (see Pink Levels) to soar.

Bullshitter: Sometimes referred to as “perma-bulls” or Goat Fuckers (see Goat Fucker), these planglossian bastards mix gibberisj with convoluted thinking to arrive at false positive conclusions. The bullshitter often bears the brunt of well-placed jokes, and is universally recognized by the financial world as “clowny” and at times “runtish.”  The main cause of this is misplaced optimism on everything from China’s economy to Natty G prices.

To be a bullshitter you must idolize the following patron saints of bullshit antiquity:

Matt Goldman – An acrimonious douchebag. First lied here, then owned here. OWNED!  Also see Kneale

Don Luskin – An genuine head-in-the-sand cock-sucker.  See video below

Dennis Kneale – The largest cunt of the modern age.  Also see here.  Occasionally, he can be hilarious, like when he called Steve Jobs out for having PMS.  An impressive majority of the time, however, he is a homo.  A comedy legend in his own right, Kneale’s wince-inducing monologues against bloggers and game-changing comedy routines will stand the test of time, as scholars decades in the future blissfully chuckle at how fucked up the talking heads of the oughts were.

Art Hogan – Will go down in history as having his bottom violated on public record.

Larry Kudlow – A pollyanna.  Snorts a ball of mustard seeds a day, although will tell you he’s been clean for years. (See Mustard Seeds)

Burrito:  Any small or gay group of stocks.  Frequently Chinese, always speculative, these are the lotto tickets in the Chinese Lotto.  See Chinese Lotto.

Camel Tit: A unit of measure indicating 20+ SP e-mini points.  (see horse tit)

Chinese Lotto: Any and all Chinese stocks, especially the new IPOs. Most are nothing more than card tables in a fetid Mandarin alley.  A smattering of chinese lottery ticks.

De-Balled: To lose one’s balls on a bet gone awry. The magnitude of which depends on the size of the balls to begin with.  Since this dictionary was first penned, Chinese burritos have been spectacularly de-balled.

*It should be noted that ball size has nothing to do with ball-hair, as hair does not grow on steel.

Devil’s ETF, The: All diETFs.

Viz the following maths for you Goat Fuckers who continue to bitch and moan about it:

China...or Financials...or Whatever: $100
The Devil's ETF: $100
--------------
China...or Financials...or Whatever get Horse Nuked, down 66%: $34
The Devil's ETF, up a sweet-ass 132%: $232
--------------
China...or Financials...or Whatever rebound, up 25%: $42.5
The Devil's ETF, down 50%: $116
--------------
China...or Financials...or Whatever rebound, up 25%: $53.13
The Devil's ETF, down 50%: $58
--------------
Net Result:
China...or Financials...or Whatever ended down 46.87%: $53.13
The Devil's ETF ended down $42: $58

Due to the magics of compounding, the ultra didn't work.
--------------

(see diETFs, Goat Fuckers, homo. Horse Nuked viz)

Diamond Scale: A 2 – 7 relative ranking of performance relegating desirability, sex appeal, and usefulness to others.

The diamond scale is used on, but not limited to:

  • trades ops / setups
  • technical indicators
  • account size/ % gain / YTD gain
  • to compare a woman or hooker’s relative breast-size, vagina quality, and/or breath

diETF: Acronym for “double inverse exchange traded fund.”  AKA “The Ultras.”  If you are talking about SKF et al., everyone knows what that is, so you don’t have to specify it as a diETF, you can just say “SKF this,” or “FXP homo” that.  Usually you only refer to the diETFs as such when talking about an asset class.

Diddy: aka “The Dale of Norway” is the arch-nemesis of “The Fly” and also his longest standing customer. Known for his outlandish trades in the futures market, he once went head to head with Le Fly in a stock contest and won, although the victory was widely contested with some claiming Diddy had in fact cheated. In late 2019, “The Dale of Norway” re-entered the workplace to provide predatory loans/investments to midwest Mom and Pop shoppes. Out of 5,000+ trades recorded inside Exodus, Diddy has lost money in only a handful, smartly setting stops at breakeven and taking full advantage of the never-ending bull market.

Diddy is a master skier, avid golfer, and has a penchant for bro-science.

 

Douchebag: A less reviled form of the ‘Angelo.’ May include some or all of the telltale signs of bearshitterdom.

“Chuck is a douchebag.”

(see Bearshitter)

Ducati: The greatest stat/arb trading robot ever created. Co-opted by Toyota and GSAM. Achieved 126/126 trades, using zero risk, and with monthly gains of 26 odd percent. Proficient in use of “vis-a-vis.

“Wall St. traders this Xmas (2007) will be eager to achieve Ducati status, after all, bonuses are at stake.”

(see vis-a-vis)

Fucktarded: Greater than 1.5 standard deviations below retarded.

“If you need an example of this, you are fucktarded.”

Full Complexities: What a hooker in Barcelona promised me for the extremely egregious price of $400.  (see Street Beast).  In it’s essence, Full Complexities represents any offer for which the price far outstrips the value, and viz., it describes any extraordinary or meaningless valuation metric.  It seems, for one reason or another, people offering Full Complexities almost always have English as a second language.

There are many instances of Full Complexities in your daily life if you look close.

At the car wash, occasionally you have those dent-popper guys trying to mooch off the carwash’s business…

Guy:  Ah, very nice car sir.
Me: Thanks
Guy: It..euhhhh...have any dent [quizzical look, wry grin]
Me:  Not that I know of know.  Maybe a scratch or two somewhere.
Guy: [Face lights up] You show me! I take-a care of scratches
Me: Here [points to a practically invisible mark]
Guy:  I pop-a this dent for you, $175 dollars.

Fully Robed And Sandaled: Originally, this meant one thing, and one thing alone:  That Fly had his ass-kicking boots on, so to speak.  Over many millennia, the meaning has become more generalized to simply be prepared for a trading day.

(see Plutonium Petey)

FUPA: A fat, upper-pussy area.

Garbagio: A fancy type of garbage stock. For a stock to be garbagio, a high quality stock must start acting like trash.

“Prior to earnings, RIMM was garbagio.”  Many stocks enter the garbagio stage at some point in their life cycle.

Gibberisj: When something is wrong, misspelled, misconstrued, or misunderstood, it is gibberisj.

Get Your Share: A call to arms, commanding the listener to earn billions via the internets.

Get In The Funnel: A call to arms, commanding the listener to earn billions via shorting stocks.  Telling someone to “Get in the Funnel” is a nice way of saying that the market is about to shit the water closet, and, well, to get in the fucking funnel.

GME Theory: Pioneered by Cramer, this is the idea that when a sector is hot but has a lot of players, buy the stock of the company that benefits from all sides.  Activision and Electronic Arts both lose money developing games and rely on peak-cycle sales to make money. And, what, you’re gonna buy Sony Corporation (ADR)? Or Take-Two Interactive?  Exactly. Or, you could buy GameStop, which benefits whether I buy an ATVI game, an ERTS game, or a SNE machine.   When shopping in an up-cycle sector, always apply the GME theory.

Goat Fucker: A term of derision used to describe the myriad groups of losers, retards, and generally wrong people who don’t fall into the “Bearshitter” or “Douchebag” camps. Goat Fuckers, like microbes on earth, are ubiquitous on the Internets.

The word remains one of the more versatile in our rich lexicon for instance, one can be a Goat Fucker for ill-informed views on Medicaid, while still not yet being a Douchebag, or even close to a Bearshitter. Or, one is called a Goat Fucker for simply not accepting one’s own Angelo behaviour[sic]. Also worth mentioning are the vast array of Goat Fucker offshoots

  • Cactus Fucker
  • Can of Corn Fucker
  • The suggestion that one “Go fuck a can of Corn”

When you invite the reader to “Fuck a Goat” or a “can of corn,” you are openly implying that they are a Goat Fucker, and as such, simply designating them as “Goat Fucker” will suffice in subsequent namings.

“The yahoo message board is the quintessential podium for many an internet Goat Fucker.”

(see Angelo, bearshitter, Douchbag, [sic], )

GLORC: The Global Coordinated Rate Cut among central banks around the world that was supposed to rally the markets, instill confidence, and ease the credit crisis.  In the end, it accomplished none of those things, except the increasingly difficult task of warming the cockles of the internet’s heart.

“All hail mighty GLORC!”

Honey Hole: If you were to pay attention to technical analysis tomfoolery, this is where you would short/go long the market, at the exact intersection where the magical lines cross. It’s like when the stars cross paths and that very movement determines the course of your life–only this is the stock market and infinitely more consequential.

Despite the similarities between Bearshitters and Douchebags, Bearshitters rarely, if ever, use this phrase. Also, users of the “Honey Hole” phraseology are likely proponents of the Trading Goddess and will be persecuted as such.

homo: The most apt, politically correct, and superior titular admonition for any and all inferior stocks, concepts, ideas, or groups.

” (GBT: 0.00 N/A) is a homo stock — If you like it, you are homo.  Chinese batteries…you douchebag

(see douchebag)

homo-hammer: When one has been dealt a ‘homo-hammer’ or a ‘homo-hammer of death’ you are effectively on the receiving end of the market as a whole, who has decided to Angelo one of your stocks, or preferred bullshit sector.

“Watching Stillwater Mining Company (SWC: 9.48 +6.76%) get the homo-hammer day-in and day-out isn’t as gay as it sounds.”

Horse: The state of “horse” can reflect either a transitory phase of disarray, or the full blown commotion evident in your commodity, stock, field, incident, or sector of preference

“All the investment banks were totally horsed this year.”

“Holy shit, FMCN got horsed.”

Horse Offshoots

What the horse

  • Similar to WTF

Horsed-off

  • Similar to pissed-off

Shit-horsed

  • Similar to shit-faced

When something “horses your goat”

  • When something irks your ire

Horse-Tit: A unit of measure, indicating 5-10 points on the SP E-mini (see camel tit)

Horse-Nuked: When an asset, equity, or account gets blown the fuck up.  Much more severe than a routine homo-hammering or horse incident.

The distinction is clear: matters of trifling consequence are homo-hammers, matters of minor concern are horses, and matters of gave danger, they and they alone are representative of the horse-nuke.

“Bill Miller was horsenuked this year”

(see homo, homo-hammer, Horse)

 

HOT ROLLED AND STEELED: An egregious situation where one places large notional bets on domestic steel prices ascending only to find out later that steel prices are in fact global. The mechanism in which this circumstance is resolved is to be “HOT ROLLED AND STEELED” thru sizable losses of the zeroing out nature. See PPT.

Illegals: Not unlike the load-bearing Krusty the Klown poster in Bart Simpson’s room, Illegals often don’t get the credit they deserve given what they do. For all intents and purposes, they keep The Fly’s yard tidy, while showing poise and grace in the face of being pelted by cans of Monster Soda.

Kitchen Sink Quarter: A K.S.Q. is where due to some asshat, you must write-off everything on the books, except for the kitchen sink in the employee washroom, which presumably has no subprime, credit, or asset-backed exposure.

(see asshatwrite-off)

Lofty: An extraordinarily shallow description analysts all too frequently use to imply earnings estimates are too high. Just come out and say they’re too high, like a man.  To call anything lofty, well, you sir, are a can of corn fucker.

(see Goat Fucker)

Madoff’d: To be Madoff’d (transitive verb) means you lost money directly with Bernie, or indirectly, like HSBC, who was Madoff’d to the tune of $3.2 billion.

Magician: An achiever of Financial Magic. Highly, highly regarded on the street.

“What type of magician moved CDO’s with no liquidity or buyers to a mythical tier-3 tranche on Lehman Brothers Holdings Inc. (LEH: 0.00 N/A) ’s balance sheet with no write-down?”

“Meredith Whitney called those magicians out.  She was the loudest, and probably kinkiest hooa on the street, calling for C’s div cut late last year.

Meatballs: The nickname of Charles “Fuhgeddaboutid” Gasparino, CNBC reporter of the “breaking news at 3:30 PM on a Friday” variety. Sometimes called “Gasparino’s Fireside Chats”

A “jack of all spades.” He’ll accuse you of wrongdoing, then shank your polio-laden mother in the back.  We need more Gasparinos.

  • “Broke” the ABK bailout story, much to the chagrin of others.
  • Claimed on-air that prostitution should be legalized
  • Wrote a book
  • Ate Bess Levin out (unconfirmed)

(see Much to your Chagrin)

Merc’d: An abbreviation of “mercenary.”  This versatile expression can mean actual murder, or the figurative expression that XYZ is “getting killed”

BSC wasn’t merc’d by the shorts, rather, they were merc’d by a mgt. team that made large, levered bets that failed.

The Fed made the executive decision and merc’d LEH.

Milk The Farmer: A mantra reflecting the willingness to bank as much coin as possible off of the current Agriculture cycle.

“For so many years, the farmer has milked the cow, then charged me money said delicious product, effectively milking me as well. Well, now the milked shall milk the milker, and goddammit, is it satisfying.  Long (MOO: 43.79 -0.57%) .”

Much To Your Chagrin: When something we do is contrary to what you do, it is much to your chagrin.  Unfortunately for you, the reader, over 75% of what we do is much to your chagrin. I really cannot be much more specific than that, but maybe Rag can fill you in.  Occasionally, there are other parties involved in causing chagrin, but not frequently.

Mustard Seeds: Larry Kudlow’s (see bullshitter) biblical allusion to things our huge govt. is doing to that will stimulate a recovery and spurn growth in the economy.

Odd, no?: A sarcastically true statement.

“As silly as you think this may be, you are actually appreciative I made a list like this. Odd, no?”

“Dinosaur’s blog is described as homo by Ragin. Odd, no?

Off to Romania: A two-pronged meaning, depending on context.

The more common usage is a vague threat aimed at the Market in general who you suspect is going to Angelo your portfolio. Not taken lightly, to use “Off To Romania,” would indicate confidence that stocks are officially for asshats and not to be bothered with, reflecting a grave sense of doom.

“After today’s close, posting may be light, as I’m off to Romania.”

The alternate usage appears after a short or long period of poor performance.

“My biggest positions for 2007 were SIRI, HLYS, CFC, and VG. My smallest positions were AAPL, FWLT, POT, and TNH. Off to Romania.”

OutofMiddleClass: He was a trader who was in constant need of advice inside the hallowed halls of Exodus, always asking inane questions and coming up on the short end of the stick. Until early 2020, buttressed by a massive position in TSLA and participating in Fly’s CORONAVIRUS plays that yielded him a very handsome return, @Out started to finally make it out of middled class — if you will. Hoping to escape the horrors of his occupation, Dr. of Massage, full back n whack, extra compliments, @Out was absolutely riveted with joy to see his account balances soar on a daily basis — up until February the 28th, 2020 when his wife’s boss forced him to cease trading operations, else wind up in a prison cell and wife fired immediately with cause.

The most popular theory about how and why this occurred is murky, but some believe the programmers who developed the simulation we’re living in were red flagged due to @Out’s account balance going too high and inexorably put a swift end to his trading career and any hopes of escaping from the bedeviled middled class.

Ovah Heah: Aka “The Lawn Guyland Special,” ovah heah is classic guido, and really, need I even fuckin’ explain the definitions to you ingrates, ovah heah?  I think no.

PPT: PPT aka “PEEPEETEE” is the worst trader who has ever walked the hallowed halls of Exodus. Driven by both fear and greed, his fate was to be “HOT ROLLED AND STEELED” (see Hot Rolled and Steeled) under egregious losses. Hoping for “just one more day” of upside in his VIX short, PPT fell victim to a most heinous rise in VIX — nearly doubling in price during the great Coronavirus scare of 2020.

Pah: An exclamatory, used by non-American English speakers to rebuke a known fact with an unknown and probably incorrect one.

“Pah.”

Pink Levels: When BOGGED (see Bogged), pink levels explode the upside, causing a cascading series of trades that end so badly one is driven to suicide, only to be saved by the Bogdonaof Twins “QUANTUM IMMORTALITY” program. To control Pink Levels, one should limit position sizes and diversify and cease all market timing activities.

Pisant: Pronounced [pi-Zhant], a pisant is a Pisani-like person who means little, yet has a figurehead position, often to the dismay of others. Or, it’s just a bastardized version of “pissant.”

“Santelli pulled a pisant by citing non-Chinese blog based sources during his daily ranting”

“So many Pisants in the PG, where do I start?”

Plutonium Petey:

(see Senor Tropicana)

Ride the Monster: A former mantra we used to profit from the explosive growth of energy drinks. We have ridden the monster very successfully here, though we exited the trend once it broke (See “Milk the Farmer“)

Robster: A common bait-and-switch used by Chinese restaurants…you order lobster, you get chicken. In modern times, however, its meaning shifted and it now means when one is promised one thing, but given another.

“Microvision, Inc. (MVIS: 3.17 +2.26%) keeps giving us robster…”

Senor Tropicana:

(see Bearded One, The)

Sham-Wow: Can hold over twenty times its weight in water.  The sham-wow rally rag can soak up epic bears in a single homo mop.  Be forewarned, however, that the sham-wow can only soak up so much bullshit.

Shoe To Drop: An expression used to describe anything that is remotely and conceptually possible, while simultaneously bad. Intended to be “colloquially smart,” as in, it sounds understandable to the layman, but really, it is quite complicated to achieve a full understanding pf what shoe, and when? Why?  As such, shoes to drop are often used in tandem with “wall of worry” or “write-downs” on the financial news circuit.

(see wall of worry, writedowns)

Graphic Rendering of what many dropping shoes may look like:

Uncle Ben + Brown Bear+ Bootstomp + Mozilo toast face + Asshat + Poverty = FUCKED

Sic: Adding [sic] after an intentionally misspelled word, or after the English spelling of a word is just a friendly way for the author to take time out of his sentence, to remind the reader that he is, as a point in fact, much more honourable[sic] than you.

(see as a point in fact)

Solar Burrito: Alternative energy and solar stocks, frequently have high PEs, no net income, or both. The Solar Burrito pokes fun at exuberance towards a hot sector. Solar shit is so hot, that by simply placing “solar” next to a semi-worthless, and totally irrelevant burrito, all of a sudden, it sounds cooler, and that much more lucrative.

“I would pay 500x earnings for a solar burrito.”

Skiffles: SKF, The Ultra Financial

Small Bag of Garbage, A: Anything which is terrible. A very versatile expression.

“It is quite likely your 2008 portfolio was a small bag of garbage.”

Street Beast: Also known as street warriors, or street pigs (if overweight), these party crazy, drink anything, blow anyone girls are a must have for any proper night on the town.  Caution should be exercised.

A story of a street beast

Tan One, The: A reference to Angelo Mozilo, an Angelo, or any Angelo situation. Can also reference managerial ineptitude.

“BWLD’s higher chicken prices? I Blame The Tan One.”

Technical Analysis: “Divining” stock trades based on magical lines, frequently ignoring commonly followed “fundamentals.” The epitome of trading for the lazy and ignorant. Frequently used by bearshitters and bullshitters alike to “explain” things.

“I follow technical analysis, yet sell winners to quick, and pile on losers. I love doji stars, but remain an impotent trader. I need to backtest more.”

ZING!

(see Bearshitters, ZING!)

Ticktard: When a trader foolishly buys and sells a stock at the most retarded possible time/price due to minute price movements and the fear that he will be wrong.

Ex.

  • Buy 200 HANS at 40
  • sell 2 days later at 38, due to stop.
  • See it running two days later, buy at 44 on a breakout, sell at 42 that afternoon, stop.
  • Next day it opens at 46. At 46.50, you do nothing.
  • The next day it opens at 44.75 , and you feel somewhat vindicated.
  • The third day it gaps up 10% on a GS upgrade to 60, and at 48 you buy it.

So, you lost around $850 trying to go long a stock that went up 8 pts. You are a ticktard.

Ex. 2

  • Same thing, but on an intraday basis.

Trader Servant: A magical wood nymph who fills the orders you place online. Using a wood nymph to fill orders is ideal because they are expendable if you get a bad fill, or are otherwise irked, you have the go ahead to beat the trader servant to death with your civil war era paper weight to relieve the anger–have no fear though–there will be another in its place tomorrow.

Viz.: An “any” word. Used as a participle, a modifier, or a gerund.

  • Categorically, a complete sentence
  • Expresses the sentiments “clearly,” “namely,” or, “it’s fucking obvious.”
  • Is the only word known to channel the spirit of the “Ducati.”

“AAPL will have a stranglehold on the home computing market for years to come. Viz.”

(see Angelo, Ducati)

Vis-a-Vis: To compare or attribute things to one another, often incorrectly.

“Hurricane Katrina, vis-a-vis changes in crop rotation, surely affected our Ethanol shortage situation today.”

Wall of Worry: Although not coined by Joseph Heller, the author of “Catch-22,” this assemblage of words would make him proud, and indicates when a TV know-it-all acknowledges that the higher a stock or the market goes, the more likely it is to be inferior. Circular in the sense that “if it costs more, it should be better, but apparently isn’t.” One caveat of this wall is that it is the wall of “worry,” not the wall of “fruition,” as in, whatever the worry is, it may never come to pass.  Note, that this phrase doesn’t mean “overbought” it is basically code for “I’m an idiot.”

“After bouncing around, from Oct-Dec, the market sure is climbing that wall of worry.”

WTF Chart Pattern: An pattern seared into the memory of many a trader over 2008.  A WTF Chart Pattern, coined by CTA, is a seemingly random, chaotic, and violent move that often moves the ES a camel tit in a matter of minutes.  Evidence of WTF Chart Patterns throughout the internet are probably as common as evidence of douchebaggery in Fly’s comment section.

(see Camel Tit, Douchebag)

Write-(Off)Down: When a company buys something hastily, greedily, homoly, or stupidly, then finally acknowledges after many, many other people that said asset is worth less than rotten bull balls.

“Meg Whitman’s acquisition of skype was an Angelo in the making–she bought a homo company for way too much, invariably leading to billion dollar write-downs for eBay.”

(see Homo, Kitchen Sink Quarter, A)

XIV’d: Famous for being “terminated” from the lofty price of $100 to zero in single day in 2018, Credit Suisse employed a Bogdonaof Twin (see Bogged) scheme  to maximize pinks levels (see Pink Levels) amongst working class investors by wiping out those who wanted to bet against VIX. Ironically, markets bottomed shortly thereafter, meaning the XIV ETN would’ve worked out quite well for those traders, had they not been BOGGED.

ZING!: The pronouncement made following a well-timed and deserved insult. Always forms its own paragraph, no indent.  Also, the embodiment of “mocking a loser,” though usually a rueful one. Its more common usage is to follow a needlessly harsh insult with a

ZING!

to let the recipient know the joke was made in jest, and not borne from animosity.

The only time it shall ever be intended is in the following example.

“Woodshedder giving away trading books is like Al Roker giving away diet books.

ZING!

ZIRP: An acronym for “Zero Interest Rate Policy” which is what our fucksane Fed is doing currently to sham-wow us out of this boondoggle.  Much to Santelli’s chagrin.  See Below:

(see Much To Your Chagrin, Sham-Wow)

ZOLT: Coined by Jefferson Krull. Used in times of duress over poor trading.  Like many other four-letter words, ZOLT is usable in multiple ways, as a noun, a verb or even an adjective.

Zolt (adj.) – After that guy took my parking space I was ready to punch him right in the ZOLTING face
Zolt (n.) – Damn, that is a big piece of ZOLT over there.
Zolt (v.) – Even though I’ve been married for 6 years, it would be nice to get a little ZOLT from my wife from time to time.

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Coincidence: Eleven Years to the Day SPY Bottomed at 666, 10 Year Yield Bottoms Out at 0.666%

Friday was such a wild day I needed to decompress before tackling the events of the day. First let’s talk about the VIX blowout that looked like someone got caught short and completed raped.

Zerohedge posted a chat session between traders, which needs to be chronicled here, so here goes.

X: Someone got carried out of the pit in spx options 15 minutes ago

X: Utterly blown the fuck out

X: Their clearing firm literally liquidated some big market maker in Chicago hahahaha

X: Go to Ceres today

Y: Omfg

X: Someone big literally doesn’t exist anymore

X: WE’RE RUINED MORTIMER

X: It caused a huge dislocation in the vix

X: You could see them blow out ?

X: God i feel so happy now

X: (Ssssiiiippp)

Z: Someone hacked into this Boise publication and is posting redpills on their Twitter

Z: [link to Boise Weekly hacked twitter account]

Z: Is one of those degenerate leftist weekly publications so common in urban areas

X: Lol nice

Z: What’s going on with the spx?

X: Bro

X: What a lollercoaster

X: Im in cloud 9 right now

X: My old he lush trading firm blew out vs vix 32

X: Now someone else the same size did it vs 48 haha

X: Old hellish*

X: Consolidated trading blew out vs vix 32 last week

X: Verifiable true

Z: Do you know the other firm?

X: I wanna say they were the 4th largest market maker in chicago

X: Asking my friend. Trying to find out

[pictures of VIX vs /ES[H2O] on TOS]

X: That dramatic rise in the vix is inconsistent with the speed and depth of the fall in sp500

X: Someone literally got liquidated around 3 eastern

X: [Z] tell them about consolidated trading

X: “Consolidated Trading was well known across Chicago as degenerate risk takers who would always maintain a short vol/gamma position regardless of market conditions. Finally bit them in the ass last week and they blew out even after the market gave them tons of opportunity to get flat or long vs vix 23”

X: [Screenshot of another chat he’s in]:

Q: Vix 52

Q: 14 day vol is 60 lol

Q: Bro

Q: Someone big in Chicago just got carried out of the pit

Q: Their clearing firm mega puking them out CAUSED A SEVEN POINT POP IN THE VIX

Q: Reversed in minutes

Q: MORTIMER WE’RE RUINED lmfao]

On top of that, and this is where things get SPOOKY, Friday was March 6th, exactly 11 years to the day the SPX bottomed at 666. By the way, try to find an article talking about SPY 666. Very hard to do. That stat is going to get memory holed by our corporate overlords. At any rate, I snagged a snippet from a CNBC article that talked about The Haines Bottom. The late Mark Haines went out on a limb and called the bottom. Terrific call.

So what’s so spooky about it, aside from the Luciferian undertones to the numerology? The 10yr treasury yield bottomed at 0.666% yesterday. Coincidence or symmetry?

Adding insult to injury, it looks like ETN shareholders of inverse treasury instrument DLBS will be sunsetted on Monday, zeroed out in XIV style. You thought it wouldn’t happen again? Shorting treasuries seemed like a good gamble after Friday’s epic drop. Those shareholders will be disappointed come Monday.

Late in the day, after the blowouts occurred, markets ran higher by a quick 600+ points on the Dow, ending the session in classic pomp fashion. Whether that was the near term bottom or not will be determined on the coronavirus news flow. One thing is still abundantly clear, chicanery is at foot.

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Markets Stage Miraculous Late Day Surge — Risks Remain

I had an eventful day. I traded a little of this and a little of that for NET WIN.

Here was my haul.

(XAIR -24%) x4
SOXS +9%
FAZ +15%
OPK +23%
SPEX +21%
ENZ +14%
CBLI +11%

Early in the day I anticipated this tape, almost exactly how it ended. Base, Dip, and then surge. The doom was too thick. VIX his $54 and the 10yr was in a free fall. Reminder: The Fed is undefeated. Double Reminder: Exodus doesn’t lose.

I went long a pastiche of risk trades all pertaining to travel and industries most adversely affect by the virus. This bet isn’t that sizable, but big enough to put a dent in my pnl. Airlines are a buy. If they dip, buy more. This is where you buy. I do think we can retest the lows, so don’t go all in. Be smart about it. Panics are slow and fat and stupid. Smart people buy slowly and with purpose.

We were down 900, but staged a monster late day ripper for the ages.

That being said, one of my mini plague positions, COCP, just broke some news and is +50% in the AHs.

(Tips hat)

IMPORTANT NOTE:

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Covered Shorts — In It To Win It

First let me just say this, I made a heinous error buying XAIR into “Analyst Day.” I assumed it was run by a normal person, not Frank Rizzo from the Jerky Boys. I recorded some of his hits from yesterday for you to enjoy. Listen.

I ate the loss, which was -24% on a 4x sized position. This of course is horrible, but part of the territory when dealing with live grenades. The thing that hurt the most was the pre-market price of $12.95. I will make this error again in the future; there really is no way around it when trying to speculate with some balls.

Moving on, I sold out of my FAZ and SOXS because I think we bounce. Also, I am short bonds via TMV. That’s all I can give you here on the free site. You want picks you fucker? Join Exodus.

Thus far, this has been today’s bounty.

(XAIR -24%) x4
SOXS +9%
FAZ +15%
OPK +23% (overnight)
SPEX +21% (day trade)

I am presently 50% cash. My sense is we base out here, dip, and then surge.

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Markets Set to Dive Lower Again; The Fear is Palpable

See pal there are two types of people in this world, those who own FAZ and SOXS heading into today and those who got that exuberance, the bullish type, who felt today’s NFP numbers would save them. NOTHING CAN SAVE YOU from the pangs of the deflationary vortex. Even gold bugs get the rope.

All sorts of wonderful things occurring today. TVIX barreling towards $200 — me and my 70% cash HORDE feeling oatful and joyous as the world burns around me. Will I see and book profits on FAZ and SOXS today? Markets do not bottom on Fridays. Plus let’s not forget, the US 10yr is now 0.74%, off by 18bps. There is a credit crisis brewing and Jamie Dixon is in the hospital recovering from EMERGENCY heart surgery. Jack Welch is dead and nothing can stop the selling.

While I admit, the specter of buying cheap wares is appealing. My innermost feelings are dark and I am drinking HALF chicory in my coffee this morning, the blackest coffee you’ve ever seen — so black when I poured milk into it the color didn’t change.

I stare into the abyss lads and all I see are wonderful things — hard resets and plunging equity levels, fire and brimstone, CNBC shutting down — layoffs and cataclysm. These are the days one reflects upon his sins and says ” I CAN DO BETTER.”

SPY futs are -100. WTI is -5% and the yen is rallying. I did try to warn you. Now you feel the sharp end of the blade, as it slices you into ribbons.

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Markets Are Beginning to Price in a Credit Event

Let’s discuss the reasons why. First prime yourself and read this FT article, dubbed The Seeds of the Next Debt Crisis.

I’ll summarize for lazy readers.

The shock that coronavirus has wrought on markets across the world coincides with a dangerous financial backdrop marked by spiralling global debt. According to the Institute of International Finance, a trade group, the ratio of global debt to gross domestic product hit an all-time high of over 322 per cent in the third quarter of 2019, with total debt reaching close to $253tn. The implication, if the virus continues to spread, is that any fragilities in the financial system have the potential to trigger a new debt crisis.

Overall, this huge accumulation of corporate debt of increasingly poor quality is likely to exacerbate the next recession. The central banks’ ultra-loose monetary policy has also fostered what economists call disaster myopia — complacency, in a word, which is a prerequisite of financial crises. The greatest complacency today is over inflation and the possibility that central banks will inflict a financial shock by raising interest rates sooner than most expect.

Some chart porn.

 

The shittiest of all the debt are leveraged loans. These are the loans doled out to private equity, which is used to create pyramid schemes fueled by cheap debt and for fees. The credit quality of it has never been worse.

 

I’ll use my Twitter account to show you some other things. Behold.

Corporate debt has exploded the past 3 years, most used to buy back fucking shares.

So that’s why FAZ is outperforming and that’s why banks are getting hit the worst. Naturally should priced rebound, this post is Chicken Little. But I want to at least highlight the real risks associated with stock prices to market cap, which is often ignored because times have been so good.

The US 10yr 0.835%, -9bps now. If you want to read the credit environ tomorrow via an ETF — watch SRLN. The problem with those leveraged loan ETFs, like that one and BKLN, is the settlement of the underlying products is long and people sell ETFs like stocks and expect liquidity. If credit ever seized up, people who own those will get XIV’d.

NASDAQ FUTS are -70.

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