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
19,909 Blog Posts

Position Updates: LEH

My chart guy is telling me: “[[LEH]] is fucked. Be sure to sell it short until you’re blue in the face.”

As you know, LEH is the worst investment bank on Earth, even worse than small African banks. Near term, I am looking for $50.

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Why Make Billions, When You Can Make Millions?

What a day for the bulls. Ag is running. Buffett is “vultering” around, dancing on the fucking graves of [[MBI]] and [[ABK]]. Get in that mans way, he’ll punch the collagen out of your lips.

Once again, the recession of 2008 has ended, thanks to the pending bankruptcies of the monoline insurers. After all, once those goat fuckers go belly up, Bernanke will swoop down in his Chinook and drop money sheets on the masses.

If you’re long and like to day trade, I suggest you go visit Ragin Cajun’s page and leave me the fuck alone here. Ragin’ is on fire.

“The Fly” is no longer interested in 1-2 day moves, you fat fuckers. I want big moves. I do not mind waiting, in order to bank egregious amounts of coin.

So, with that being said, go ahead and make a few million— Mr. Goat Milker. “The Fly” will sit here, patiently, waiting for the “homo-hammer of hell” to drop on you stupid bastards, effectively allowing me to buy your house in foreclosure.

Back to the time machine.

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Buffett vs. Bears

[youtube:http://www.youtube.com/watch?v=Dlc9pPeS2Q0 450 300]

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Fly Buy: SMN

I bought 2,000 [[SMN]] @ $40.55.

Disclaimer: If you buy SMN because of this post, your barber will accidentally shave off your fucking eyebrows. And, you may lose money.

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BOOMCHAKALAKA

Just when I was getting bored of being a bear, the cup fuckers who operate this place (the market) had to go run up the DOW 200 points—for no good reason. While it’s true, the Buffett deal will protect the secondary muni market; it does nothing for mortgages—which is the real problem.

If anything, the proposed Buffett deal will make certain the insolvency of both [[MBI]] and [[ABK]] comes to fruition.

Let’s make this perfectly clear:

No one gives a fuck about the dead beat mortgage guy. The big fuss is due to the muni market. Once that is off the sheets of the monolines, the rating agencies will rip the heads off of the monoline bulls, take their heads—and slam dunk them while exclaiming “BOOMCHAKALAKA.”

The market was due for a rally. In hindsight, the writing was all over the filthy walls, with tech showing its hand early. However, we’ve already run up a good 250 points, in two days. As a result, I will suspend my urge to go long and wait for a short set up.

I’m a bit tentative because the market usually rallies from mid February until mid March, even in bear markets. However, my thinking, the market already had a 1,000 point rally from the lows. Therefore, there is a good chance the mid-late February run may be today, if you get my drift.

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Pay Attention

If you are down more than 10%, year to date, you have no business investing money. Maybe you’d be better suited to be an assclown at your local carnival or some sort of low end blogger. Nonetheless, I want you to pay close attention to what I’m about to say to you:

“The Fly” is smarter than you, even when he appears to be incredibly “unsmart.”

Keep this in mind before trying to poke fun at “The Fly’s” premature SMN buys or RIMM sells.

Just know, if “The Fly” is making trading errors or obvious mistakes, he is doing it on purpose, in order to allow some of you fucktards catch up to him. You know, like a Dad letting his son be competitive in a foot race.

Right now, my largest position, by far, is [[SKF]]. Fuck the banks and the people who buy them.

Additionally, I own a sizable short position in [[LEH]], mainly because LEH is the retard of all investment banks—unable to get anything right.

So sorry.

As for [[SMN]] and [[REW]]:

Thus far, I am underwater on these two positions. However, keep in mind, I sold loads of SMN in the mid 50’s. So, net-net, I’m up. My bet is simple: bet against the winners of 2007, for they will become a “source of funds” for many money managers, as the bear market persists. REW is a bet against big tech. Fuck big tech.

All in all, “The Fly” ended up 1.6% today, much to your chagrin.

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No Bailout for MBI/ABK?

Some believe the muni insurance portion of both [[MBI]] and [[ABK]] will be rescued. However, the mortgage part is doomed for a hot bowl of lava soup.

We all know Moody’s and S&P are aiding and abetting fraud, by keeping these worthless fools triple A rated. It’s the most obvious in your face scam ever, yet it gets no airplay.

Odd, no?

My guess, there is no plausible solution for the monolines, with the exception of failure. With that being said, it makes sense to sell short the banks, waiting for the crescendo sell off.

Top shorts picks: [[C]], [[BAC]] and [[WM]] or long [[SKF]]

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