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
23,376 Blog Posts

Back in the Saddle

After a long journey, “The Fly” is back in the saddle, sipping on a fine red, as the Mrs. dutifully unpacks the luggage.

For the remainder of the night, I will be preparing for tomorrow’s trading session.

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The Secret to Making Money

I’ve pondered this subject a great many hours. I’d query myself: “why am I able to make money in the stock market, while others struggle to stay above zero?” Over many years of research, both clinical and anecdotal, finally, I have the answer.

In my “field studies,” I’ve tested people with all sorts of backgrounds, sexual proclivities and of course levels of proper education. I’ve concluded, without a doubt, the reason why people do not make money in the stock market is because they, mind you, are fucking stupid. They are as dumb as a gorilla in a desert. There is no such thing as “perma-bear” or “perma-bull.” There is no such thing as “unlucky” versus “lucky,” only smart from dick-ass dumb.

You can argue with me all you want, but this research is definitive, having been established by the iBankCoin research lab in a “very scientific way.”

If you think I am suggesting that “The Fly” makes money in the market because he is smarter than you, that is correct. I do not hide my intelligence under some burlap cloak of disgrace. Instead, I flaunt it, like Liberace and his fucking piano fingers, with all of them diamonds on them, and shit.

The market is going higher today because smart people bought stocks. That’s all. When the market reverses and trades lower, smart people will sell their positions are go short (proper grammar is not required for smart people). It really is that simple.

With my money, I will do something smart.

Stay tuned.

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OBEY YOUR YEN MASTERS

This market is being led by the nose, based upon the whims of the Yen. Track it on your low end monitors via FXY. For the more sophisticated bunch, watch your bloomies, ever so closely.

Should the Yen go negative, I believe the market will “rock and roll” higher. With new money, I would add to tech here, as it is the strongest intra-day. Ahead of the pending, and expected, earnings shortfall from AA, investors are hesitant about adding to basic materials. Naturally, basing anything around AA is stupid; but it is what it is.

Top picks: CIEN, NVDA

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Not Done Going Higher

The metals are getting blown out today, especially my largest position CLF. The knee-jerk reaction would be to panic, shit your pants, then sell, while exlaiming “TIMBERRRRRR, we’re going lower.” However, I don’t think we’re done going higher yet.

The sell off in the metals is commonplace, following a ferocious run up. So, with my money, I will add to my CLF position and do so with the utmost honor, displaying both tenacity and gentlemanly behavior while doing so.

If you are looking for strength, go check tech. Names like SNDK, CIEN and QCOM are showing some decent resiliency.

At any rater, I have a long day ahead of me. Before I go, I will take about 5% of assets and deploy them into this sell off, putting my total cash percentage at 35%.

UPDATE: I added to my CLF position down here and started one in NVDA.

UPDATE II: I added to my CIEN position.

UPDATE III: I sold out of DE.

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Thai Food Loving Jackasses

As I conclude my rapid fire journey through the vagrancy of New England, I am left with one thought: Thai food eating jackasses.

No matter where I traveled, from Mystic to Hyannis to Gayville USA (Provincetown) to Plymouth to Portland to Bar Harbor to Boston, those motherfuckers (citizens) love Thai Food. It’s kind of odd and somewhat disturbing that despite the wide abundance of top shelf seafood available to the shingle sucking citizens of New England, they curry the grotesqueries of Thai food. Fucking asshats.

As for my trip, I am due to return, back to the civilized world of NYC, on Tuesday. I will be trading from the luxury of my five star rated hotel room tomorrow morning, just prior to heading out into the bullshit city of Boston for a little low grade tourism.

As for the markets:

I sense we have one final push higher before we sell off a bit. If you notice, The PPT has been whipping between OVERBOUGHT and OVERSOLD quite frequently these days. That’s because of the inane nature of this market, whereby it tests the internal fortitude of both bears and bulls on a monthly basis.

This market is not for the amateur, just like hiking asshole mountains is NOT for city folk like me.

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The Important Matter of Cadillac Mountain

I posted a pic from Cadillac Summit on my twitter page. Follow my retarded Tweets, via The_Real_Fly.

Anyway, I was in Acadia today, venturing up “Cadillac Summit”, and I felt like I was about to plummet 1,500 feet to a very salty death. The fucking winding road up the side of the mountain was cool as ice, until about 1,300 feet, when it started to get all “hey fuckbag from Brooklyn, you’re about to fall off this fucking mountain right here, retard style” on me. Trying to remain composed, doing a cool 3mph up the “hill from hell,” Mrs. Fly thought it made sense to mock Le Fly with “just make believe you’re in the forest” suggestions, as I made my way up the three mile road to “heaven,” as Mrs. Fly likes to say (damn her). Yeah, that would make sense if my fucking car was not in the clouds. Let me tell you, it certainly did not help when my 7 year old daughter began to repeat “oh my God, we’re all gonna die,” over and over.

Truth be told, it was nothing. I’d ride up that fucking mountain on a unicycle, drunk, while juggling oranges. Once up there, it looked like Mars and shit. After about 10 minutes, I took a leak on one of the big boulders up there, then proceeded to head down yonder for a stupid popper and lobster stew.

I’ve eaten so much lobster on this trip I am started to act like one, snapping at people and shit.

I have a few more stops left on my mini-adventure and will be back at the trading turret, sometime next week.

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Still Cash Rich

Despite the recent run up, I still maintain a 40% cash position. As cool as this market feels right now, remember how awful it looked just two weeks ago. This is a meat grinder of a market. It is a destroyer of assets, mocker of all things equity. Do yourselves a favor and avoid getting iMax’d by your emotions.

If I have just 60% of my assets invested and manage to return an average of 10% during this current cycle, equating to +6% of total assets, I will take it, AND MORE. Instead of keeping downside hedges in place at all times, I am letting my huge cash position serve as a cushion.

If you are a good market timer and fast on your toes, you do not need hedges all the times, just cash.

At the present, my largest position is CLF, then EWZ. At the open of trading, I stepped in and bought a little X and more CIEN.

Off to enjoy my day.

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All Melt Ups will be Met with Untenable Melt Downs

Enjoy the rally while it lasts, for it is getting long in the tooth and small in the cock.

Based upon the laws dictated by the mathematical formulas that created the best investment tool ever offered to the unwashed “retail,” The PPT, we my be nearing the top end of the recent trading range. Just to be clear, we are NOT OVERBOUGHT at the moment. However, I suspect if we have another 100+ up day tomorrow, we will soon enjoy the wrath of God hating on stocks, not too much different than when he spit on dot com stocks, circa 2000.

Into strength, I will take profits and move to the sideline with more cash. The market has done nothing in months. It’s acting like a giant fucking pendulum, chopping heads off in the process. If you can make it out of this market, by the time Wall Street 2 launches in September, at break even or with gains, I will salute you with a respectful middle finger for a job well done.

NOTE: Scotty Bleier hosted Yahoo’s tech ticker today and did a fantastic job. I would like to know from some of the incompetent producers at CNBC or Fox why Scott does not have his own show or segment? Seriously, the guy is built for this shit and would get great ratings if given the opportunity.

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Making The Money

Vincenzo “The IT Guy” dropped two barrels of his finest vino, while eating meatballs and gravy, all over The PPT servers. Bear with us, as we clean up the mess. We will be back up and running shortly.

On the opening ticks, I sold out of my largest personal position, TNA, and client position, FLS. I did so, in order to book hard fought gains and redirect funds into lesser volatile names.

As the market dips here, I am adding to my DE and CLF positions. I do so with murder in my eyes, and feverish jubilance in my soul.

I don’t care what the market does today. All I know, with absolute conviction, we will trade higher from current levels.

NOTE: If you are curious about my DE thesis, see TSCO.

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