Bounce Week

I am going out on a limb here, declaring “bounce week” to being with today’s trading. If you are looking to reposition into this tape, lucky to have avoided the recent sell off, do not be tempted by small cap garbagio. There are plenty of good quality names, at a discount, for the picking.

Names like FLS, CLF, OXY, JNPR, CMI or even JCP interest me.

In the event the market continues to get flushed, the damage to your portfolio will be less than heinous, if long some big cap names. Should you opt for a smaller cap portfolio and we continue to spiral, I wish you Godspeed and farewell.

As I sit here grilling some chicken, heavily seasoned with lemon, olive oil, garlic, and large doses of fresh tarragon, I am reminded of the idiocy that plagues our society, whilst large explosions of fireworks reverberate in the background. A hotly debated topic these days is the dick pics of a certain Congressman, Anthony Weiner.

To think that any of you would support this vile man, granting him a continuance to serve the stupid people of New York is somewhat appalling and outright moronic. I want him out for one reason and one reason alone: he is a child. I don’t need people like him, clogging the arteries of my elected government. He offers nothing but distraction and should be sent to the gallows, to swing low, for his crimes again humanity.

Tomorrow afternoon, I must depart for two reasons: 1. My son’s 30k per year private school tuition for 2011-2012 is due. 2. I have business to attend to. You didn’t think there was a lack of business to attend to at Casa del Fly, did you?

Whether the market moves up or down tomorrow is immaterial to me. I do not have leverage in managed accounts and will be able to sustain any barrage of selling that you and your ilk might deem fit to inflict upon me. Once you understand that I am an aircraft carrier, compared to the flotilla you are traveling in, the attempts to school me on anything, sans fixing shit around the house, will cease at once.

If you are new to this site, I welcome you to click around a bit. We have a very diverse group of investors/traders here, with all sorts of ideas, stemming from a return to the gold standard to smoking pipe-hard. While I view my own opinions as paramount to all others, I’d be remiss if I didn’t suggest that you take in all of the splenour [sic] of iBankCoin, just prior to delving back into your dark world of Twitter and/or yahoo message boards.

Off to eat a very late dinner.

I missed this two week correction, holding stocks like a true permabull. While it’s true, there were numerous signs out there, telling me to protect myself, I chose to ignore them and “stay the course.” While many of you 4 figure accounters out there will claim victory of some sort, while throwing meatloaf at the people who are long, just know you are nothing more than fodder for my backyard cannons.

For those of you who were hurt this week, don’t let it mess with your confidence. You lost money, big fucking deal. You took a shot, believing the Fed would splash some magic dust on the market, like they have done over and over again, for the past three years. The high probability play was to buy the dip and it failed. Here we are, down for 6 consecutive weeks, and people are clamoring for some sort of surprise crash.

That sort of shit is not supposed to happen, following a horrendous crash in ’08. In other words, while anything is possible, it’s a very low probability play. We haven’t seen this type of “broken elevator” action since 2002, when the world as we knew it was fucked. Well, I guess one could make an argument that the world is worse off now. However, all of the facts available to us now have been known for sometime, sans that barbaric +54k jobs number.

We are not used to market corrections, since we’ve been spoiled by cheap money for so long. Ladies and idiots, this is a correction, nothing more, nothing less. We could drop 10% from the highs, or even 20%. That does not mean we are in a bear market. On the brains of Santa Claus, shut the fuck up already. No one cares about your opinions. Do you think your comments affect my decision making? Moreover, do you have a monopoly on market strategy? If so, I suggest you take your billion dollar skills to a hedge fund attorney and set up shop.

When you come to iBankCoin, specifically my blog, come dressed to impress and do not behave like an unwashed working class animal. Feel free to talk amongst each other and never disrespect the host. It is simply rude, unbecoming, and will not be tolerated as long the “The Fly” rules this domain.

Feel free to drink excessively, eat like a caveman, and forget about stocks for a few days. See you fuckers on Monday.

I started a position in TNAV, mainly to poke my finger in the eyeballs of you bearshitters.

I will hold my positions until earnings. I don’t like to see my positions decline; but again, it’s part and parcel of this game. If I was a day trader, I would’t give a shit about the direction, only opportunities. I am not interested in inverse ETF’s or shorts. I am only interested in long plays, cash, and inflection points.

I want you to understand the big picture here. The market has doubled over the past 3 years. Over the last 2 weeks, we’ve retraced and scared people silly out of their stocks. Those same people will go short and then BAM!, the market will rip higher and never look back. I’ve been hearing you doom and gloomers predict “the end” since 2008, with zero success.

So, I will stick to my guns; you stick to yours. I am opened minded to switching my position. However, at the moment, I believe the fear is FUCKING UNWARRANTED, all because of a dicksucking +54k jobs number?! Are you fucking kidding me?

I was up 2 of the last 3 days. Today, my largest position, WNR, is down 1%. My second and third positions, all disclosed inside PPT, are up.

So tell me, am I supposed to panic?

Quit watching every tick.

How enjoyable to see the market get destroyed on a joyous Friday afternoon. Aside from my TNA position, my portfolios are holding up well, almost unchanged for the day.

I think it’s clear to everyone by now, the market cannot go up without the Fed propping up the market. There is a lot of apprehension out there due to the belief that the market is built on a pile of shit. Oil is getting killed. Pretty much everything is going lower and there is nothing that can be done to remedy bad sentiment, until the sellers have exhausted themselves.

This marks the 6th straight week lower for the Dow, worst streak since the fucked up days of 2002. In my opinion, you do not sell into this sort of rout. Barring some truly reprehensible news, the blood should be bought. Nevertheless, it’s not easy and the path of least resistance is definitely lower.

Dear Diary,

Today was almost a really fucked up day. The market got me real scared today, especially when it was up like a gazillion points early on. I was lucky to have some SRS, as the real estate stocks knifed lower because they fucking suck. I saw that criminal bankster, Jamie Dimon, bitch and whine to the other criminal Bernanke yesterday about regulations. If it was up to me, I’d cut their dicks off with a pet crocodile. It’s so amazing to see people buying stocks, like “HELLO you fucking asshole.” Geez, I suppose these people will all die when the next depression hits. No sweat off my brow. I will be fine because I have 10 years worth of dried food in my basement.

The internet was pretty boring today. Not even “The Fly” was around much. I wish that guy would just get hit by an old fashioned railroad or something. He can be such an asshole. If the market trades up, he will start bragging again about how his stupid time machine knew about this and so forth and so on. It’s so pathetically dicksucking that he gets away with these things.

My date went okay last night. But I am pretty sure she is going to break up with me. I don’t think she was impressed with my dried food collection and dinner at Perkins. She wanted to go to some asshole sushi place that costs like $90 per person. Fucking bitch. I guess she doesn’t read the news to know that Japan, largest exporter of sushi in the world, is one giant toxic dump. I say “no thanks” to cancer every time.

Anyway, I am going to cut out from work tomorrow. A few friends of mine are coordinating an anti-Monsanto rally tomorrow. Hopefully the market will just crash already and get done with it, so I can quit my stupid job and troll around the internet all day with my millions of dollars in the market. ROFL. A guy can dream.

Okay, got to run. My Mother and her asshole husband are coming over for dinner tonight. Guess who will be eating spaghetti and spit-meatballs?

Talk to you soon,

Samsonite

I was out all day, partaking in things having to do with time machines and orbital space cannons. While I was out, I saw my portfolio shrink into the bell. This is classic bearshitter attack syndrome, infecting the mind of traders. We need more coke, if we are to make another run.

Having said that, I closed out the day +0.7%, making me a winner in 2 out of the last 3. Nevertheless, I have a lot of ground to make up and will not make any predictions until I see the limbs of my enemies being ripped from their torsos.

I am long stocks like WNR, CVI, OPEN, ATPG, OXY and CLF. I will be just fine in the long term. It’s the next three weeks I need to worry about.

Stay tuned for another diary entry of the bearshitter, Samsonite, tonight.

Full disclosure: I’ve been sleeping this whole time, purposely ignoring the market in order to rest. It’s a long story. In short, I’ve been living the “robot lifestyle” for too long and desperately needed a good 10 hours sleep. Now that I got it out of the way, I should be good for another 2 years.

It looks like the market is bouncing, sans WNR (naturally). Nevertheless, this is a good start. According to The PPT, just 73% of stocks are higher, which leaves room for further buying. Also, only 30% of large cap stocks are rated “buy” or higher. The recent carnage really messed up the technicals, something I intend to spit on daily. But I know that many of you lazy types, who avoid reading 10-q’s like the plague, enjoy it.

Right now I am focused on accumulating TNA, in order to capture the initial rally; that’s very important to me. Buying individual stocks is fantastic. However, as you can see by WNR today, sometimes they trade retarded. Buying a broad based ETF is a smart thing to do when you want to capture that initial move.