I name this one “PiiGS Gone Wild.”
This will go up for auction this weekend, at Sothebys.
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Joined Nov 10, 2007
23,431 Blog Posts
Ruh-Roh
I know the market will not reverse today, due to the “snowball effect,” with regards to shorts buried under 10 feet of sleet. However, just to—sort of—throw it out there, have a looksy at the dollar [[uup]] or euro [[fxe]] , then get back to me and say “yo the euro is pounding out some fucking gains today.” Warning: if you really come back and say that to me, I will track you down, like the pig that you are, and have your eyebrows punched the fuck off.
On a very serious note, I’ve been busy today dealing with allergies and stupid people. Believe you me, it is a deadly combination, sort of like a WMD and shit.
Thus far, I haven’t made a single trade. I don’t want to short anything, mainly because I never want to short anything. And, I will not buy into a 400 point meltup, mainly because only fucktarded monkeys do that. I haven’t sold any longs, due to the vigorous decline of [[VXX]] . I need me hedges, and in this case, they are long positions.
So, we are at a standstill, at least I am.
Long Goldman Sachs Group, Inc. [[GS]] , I can tell you with a certain amount of certainty, should that fucker go red for the day, all hell will break loose inside of Office de Fly.
Into the bell, I expect to see black smoke emanate from the exchange floor, as the computers fuck themselves in “true robot fashion.” However, I am not counting on it.
Comments »The Kitchen Sink is In
Don’t get too excited, asshat. Fannie Mae is seeking another 8.4billion dollar bailout, citing long term “uncertainty.” With Europe partaking in their form of quantitative easing, the million dollar question is: who can print faster, us or them? Furthermore, when the shit really hits the fan and there is no more money left for bailouts, yes, I will be participating in violent demonstrations.
Long ago, European finance was the envy of the world. Now they are just a bunch of men, dressed in fancy pants.
Into the melt up, I will sell.
I expect my [[VXX]] position to trade down 10%+; but it could be worse. My long positions should offset most of my VXX losses. We will see.
With my cash, I might take a few trades. But, to be honest, I have a very hard time buying such a big gap up. Within my positions, [[MTA]] and ICICI Bank Limited (ADR) [[IBN]] should bounce the hardest, with POSCO (ADR) [[PKX]] and Goldman Sachs Group, Inc. [[GS]] not far behind. In hindsight, I should have known better than to leave a monster VXX position intact into the weekend. Nevertheless, I am sure the market will be so generous as to give a person, such as myself. another lofty exit point, over the next several weeks.
Comments »ChessnWine Wins!
Who Should Be iBankCoin’s Next Tabbed Blogger?
Mr. Caine Thaler
(91)
ChessNwine
(239)
Total votes: 330
I could let the election go into the night; but more pressing concerns are abound. Congratulations to John McCain Thaler for losing an election that was designed to be won for him. He will reflect on this loss as one of the worst defeats of his adult life and realize, many years from now, how gay today really was, indeed.
As for ChessnWine: great job on the grass roots effort, by way of capturing the hearts and minds of the distinguished members of The PPT aka iBankCoin’s aristocracy. Like in real life, Chessnwine won the election due to his appeal to the “worthwhile persons,” even though Mr. McCain Thaler had mass appeal with the ordinary “commercial class,” whose numbers tower over the “worthwhile persons” list, but, like in real life, don’t bother voting—since that shit is “boring.”
In other news, Europe is going Bernanke, in order to stave off a run on the EU. They promise to print a staggering 440 billion to achieve these means, which means, without a doubt, “clownish” inflation is BACK on the table. My game plan is contingent upon the first hour of U.S. trading, so I will refrain from making any statements now, only to recall them later. Just know, I am prepared to deal with whatever the market throws my way, AND MORE.
UPDATE: Samsonite Hamburgalar offers his take on the European bailout.
[youtube:http://www.youtube.com/watch?v=RqQ4DO8b3CY 616 500] Comments »A democracy shall be had.
It’s time to see who will become iBankCoin’s next top blogger: Cain Thaler or chessNwine. Honestly, they’re both very distinguished.
Even though this is just an Internets elections, we’re taking it very seriously. Just like in the major US elections, if you’re a convicted felon (or even immediately related to one), you are NOT allowed to vote for the next top blogger. (This goes for real-life violators, as well as those of you who have been found guilty of crimes against iBC.)
Also, just like real-life elections, we’ve employed a highly insecure means of balloting:
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Who Should Be iBankCoin’s Next Tabbed Blogger? 1) Mr. Caine Thaler 2) ChessNwine |
Saturday Morning Cartoons
[youtube:http://www.youtube.com/watch?v=wTTd6KGNnQM&feature=related 616 500]
Comments »Time Machine Market Summary
I just took my time machine back to 1929 and made this fucker give me a market update on youtube.
[youtube:http://www.youtube.com/watch?v=MEc7sE7psJA&feature=related 616 500]UPDATE: The Godly folks at iBankCoin are auctioning off a classic, and epic, piece of VIX art, from The Fly’s early 2010 collection.
Dated March 19th, 2010, titled “Beware of The Devil’s Pizza Head”
starting bid: $1,099,000.01
Comments »Snowball
Okay, the burden of responsibility is now on the shoulders of men wearing fancy pants. The ECB is not the Fed. In my estimation, they are too fractured to come up with a cohesive plan over the weekend. This whole little crisis is likely to snowball out of control, turning it into a giant snow man, armed with rocket launchers and shit. I underestimate the Europeans, based upon history. However, there is an outside chance they will concoct some sort of scheme to placate markets— leading to a Monday melt up.
As a result of this sovereign debt crisis, the credit markets are tightening, ipo markets have seized and sentiment has turned decidedly negative. You need to understand these things and throw away your investment thesis of two weeks ago. Things change and so should you.
Here is my game plan:
Because of my large [[VXX]] position (28% of assets), I am up another 2% for the day, bringing my year to date gains up to 17%. With my cash reserves (38%), as discussed in earlier posts, I intend to buy your margin liquidations, with great vigor. Thanks in advance for that.
I am circling the wagons around three names (that’s right, just three):
POSCO (ADR) [[PKX]]
Goldman Sachs Group, Inc. [[GS]]
Eastman Chemical Company [[EMN]]
All three are market leaders and represent good value, based upon current estimates. Furthermore, should the market get flogged some more, they will not receive homo-hammers to the scrotum, just small meat tenderizers to the face.
In short, “The Fly” wins again, much to your chagrin.
In other news, my friend, equity partner, and fellow blogger Chart Addict will no longer blog here at iBankCoin. He has moved over to Stocktwits aka The House of Lindzon. Knowing CA for more than a year and meeting him in person, I can say, without hesitation, he is a real pro and an honest/trustworthy person. Access John’s farewell here.
NOTE: Elections for the next tabbed blogger will commence Sunday night. Mr. Caine Thaler versus ChessnWine. Be there! Oh, one last thing: because of the elections, The Fly’s weekly cartoon will air tomorrow.
[youtube:http://www.youtube.com/watch?v=etl9kkIGaHo 616 500] Comments »Got A Lotta More For You
This is very simple. I will lay out three scenarios that many of you find yourselves in, with possible courses of action:
1. Fully invested, long. This is a HORRENDOUS idea, no matter how cheap things look they can always get cheaper. I know many of you learned that lesson in 2008. If I were you, thank God I am not, I’d sell 25-50% of my longs immediately, putting 10% of the proceeds in one of the following: [[FXP]] , [[TZA]] , [[VXX]] or [[SKF]] .
2. More than 50% cash, 20% short, 30% equities. You are in a sweet spot, in my opinion. If anything, keep your positions monitored on a spreadsheet and cover shorts when the weighting gets out of whack. The weighting of the shorts will become oversized when they go your way. So, do yourself a favor and “reverse nibble,” by taking profits in increments.
3. 100% short. This is a very dangerous position to be in, especially since the government is explicit in its desire to see higher stock prices. If this is you, it’s important to remember 2009 and how gay you were for the past 18 months. Book the trade, get to cash and hedge your shorts with some longs.
[youtube:http://www.youtube.com/watch?v=oz2xvDLq3mI&feature=related 616 500] Comments »He Who Laughs Last
Any of you fuckers want to doubt the sublime harmony of mathematical precision aka The PPT, now?
I didn’t think so.
Live Crash Coverage:
[youtube:http://www.youtube.com/watch?v=IsCeSkthACM 616 500]
El Erian on the Greek crisis:
[youtube:http://www.youtube.com/watch?v=jbS7fCMPT48 616 500]Cramer on The Procter & Gamble Company The Procter & Gamble Company The Procter & Gamble Company [[PG]] today:
[youtube:http://www.youtube.com/watch?v=i4jotxBOhNI 616 500]Classic Krull
His experience in today’s bloodbath.
MOOBER’S Vid of the crash, as experienced in The PPT (Thanks MOOBS!)
[youtube:http://www.youtube.com/watch?v=EbynkUDnd7I&&feature=watch_response_rev 616 500] Comments »
