We’re Getting Close to the Top

Boy do I regret not selling more yesterday and keeping the cash safe. Although, let it be noted, I bought CTRP, YOKU and HIG yesterday, all outperformers today. My big loser was USG, which is to be expected on a day like today. As such, I shed about 1.2% for the session, amidst comedy and pornographic laughter, seeing bankrupt stock prices trade higher.

I literally bought FRO, hoping they’d declare bankruptcy soon, so that the shares can run higher, just like OSGIQ.

Since when are equity holders afforded protection in bankruptcy? People have no idea what they’re doing. These companies will simply yank their shares off the market and leave trails of zeroes in moronic brokerage accounts across the continent. This street, being Wall, is strewn with overzealous greed-mongers, which is the number one sign of froth. Froth, as is always the case, is the number one symptom of a market that is too high, bound to fail.

The cure is lower prices, much lower I’m afraid.

I’m not ringing alarms just yet, even though AMBAC traded up by 30% today (ABKFQ) on 27 million shares traded. But we’re getting close and we all need to hunker down and prepare for the event.

I was preparing for an expeditious exit from the market in early April, just before our tax bills are due. However, seeing all of these bankrupt companies doing so well in the stock market, I might have to reconvene and move the date up a bit.

No one knows why these things happen. They just do.

OSGIQ is +45% for the day.

The boats are back.

Get Joe Fresh NOW! at your local JCP.

I don’t care what the analysts are saying about Joe Fresh. This is doomed to fail, just like CWTR and the fat mountain dogs who shopped there.

Disclosure: I am short JCP.

I started a position in FRO, hoping it will go bankrupt, so the stock can rise.

Remember old OSG? Well, apparently, equity holders fair much better during bankruptcy proceedings than when the company was still solvent.

Every company under pressure should file for bankruptcy protection, in order to see their shares rise.

If we aren’t close to the end of the bull run, gravity does not exist.

This is the end of the bull run. I might have to sell earlier than expected, as the market is filled with roaming idiots, bidding up stocks that will vanish from the market at any given moment. I did not see this coming.

The new business model in America is to file bankruptcy and see your stock rise over 500%, homeless man lottery style!

This isn’t a bubble, but a renaissance.

UPDATE: iBankCoin just filed for bankruptcy protection and has attracted dozens of buyout offers, as a result.

If you’ve been following me since January, you should be up more than 20% year to date. With my small book of business, I am plus 24% and counting, levered long at 110%. At times, I’ve been 150% long–cannibal in a locker filled with weak bankers style. Do you know why?

Answer: because I can.

Since I’ve been blogging on the internets, I’ve never been levered this long. Back in 2008, I was 200% short, many, many times. My confidence was not caused by chemical imbalances or because I am a “perma-bull.” Quite the contrary, as I prefer everything to burn down. I am perma-banking-coin. Let’s leave it at that.

I went long and stayed long because I was supported by central banks and history. I know my stock market history; therefore, I am never doomed to repeat failures, aside from the occasional December blow up.

POMO.

With today’s gains, the SPY is up 2.7% for the month, stretching its winning streak to 5 consecutive months. This has been the easiest market in the world if you obeyed two things.

1. The overarching trend.
2. Stayed within the parameters of popular stocks.

Often times people try to outsmart the market by buying outlier stocks, in stupid jackass fashion.

Listen to me very closely, the market is a great whore who intends to suckle you. Do not take her to the movies and attempt to woo her with flowers and gifts of chocolate and persimmons. She will do it for free.

Why try to plant onions in the cold dirt, when there are sweet potatoes on the table to eat?

Ask yourselves that question when you see to your sins and redress your immorality.

The grande finale is upon us. We are on a fixed course higher until April and I intend to milk this cow for every last drop, then kill it for its meat!

http://www.youtube.com/watch?v=OqAlMItkV44

Can you believe this?

Apparently, they are banking ridiculous coin and rumors are swirling they may reinstate a divvy. I must be dreaming.

Fannie Mae and Freddie Mac (FMCC) seeing sharp gains over the past few days (0.66 +0.15)
FNMA is +127% since 3/14 and FMCC is +103% over the same period. The move follows news that Fannie Mae filed to delay its annual report (10-K) but said it expects to report significant net income for the three months and the year ended December 31, 2012.

FNMA delayed its 10-K due to the need for additional time to analyze whether conditions existed as of December 31, 2012 that would require Fannie Mae to release any portion of the valuation allowance on its deferred tax assets in the fourth quarter of 2012. The release of the valuation allowance would have a material impact on the company’s 2012 financial statements and result in a significant dividend payment to the U.S. Department of the Treasury under the terms of the Variable Liquidation Preference Senior Preferred Stock, Series 2008-2.
Fannie said that if they conclude the valuation allowance should not be released in the fourth quarter of 2012, they will continue to evaluate the need for the valuation allowance in future periods. The valuation allowance on its deferred tax assets was $64.1 billion as of December 31, 2011 and $61.5 billion as of September 30, 2012.
Importantly, FNMA said that regardless of the decision to release or not release the valuation allowance, it expects to report significant net income for the three months and the year ended December 31, 2012, compared with a net loss of $2.4 billion for the three months ended December 31, 2011 and a net loss of $16.9 billion for the year ended December 31, 2011.

Yeah, Freddie is back too.

I allocated the BZH monies into CTRP and YOKU.

UPDATE: I bought HIG, a play on Japan, with HIG’s exposure to the NIKKEI.

UPDATE II: I bought ANR

I sold out of BZH for a 3% gain, solely due to today’s action. The homies are up huge, yet BZH is flat.

Unacceptable, so it’s out.