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
20,188 Blog Posts

This Time it’s Different

Back in 2002, I wanted the Fed to lower rates. The economy was shit on a stick and joblessness was abundant. Fast forward to today, I fucking hate the fuckers who ruined the economy, namely the housing assholes. Because of this, I’m against rates going to 0% (inflation adjusted). Plus anyway, aside from the fag state of California, unemployment rates are benign.

I’m not sure if it’s just me, but I want those banking fuckers to pay a price, without severance, for what they did. Look around, you can see the economy is slowing. Low-end stores are closing. Mall traffic is pathetic. Starbucks is less flamboyantly gay.

However, we all know, the only reason why Bernanke is slashing rates is to “help out” the banks. On top of that, we have Moody’s and S &P publicly committing fraud, with the friendly help of Gov’t officials, keeping the monoline’s AAA rated. The whole situation is surreal and wreaks of misconduct.

It’s not a surprise to me, when at dinner parties or other “high-end” occasions, to hear people bitch about Wall Street, unwilling to invest in the long term viability of America.

Now, the great rage is commodities. Wall Street is spitting out commodity ETF’s faster than Gasparino wolf’s down meatballs (no offense to chop meat lovers). As sure as I’m sitting here, 10 bucks says commodity prices top out within 6 months.

I say this with certainty because Wall Street bankers are ALWAYS wrong. They feed people what they want. Most of the time, the masses or unwashed are 100% wrong.

With regards to bad tips:

Throughout the years doing business, I’ve been the recipient of terrific tips and horrendous ones. It’s the nature of the tip business. The “tipper” has an agenda. Always keep that in mind when taking a tip for face value. Upon receiving bad tips, “The Fly,” without warning, will send a few bored guys from Brooklyn to the “tippers” house to spray paint “I’m a fucking jerkoff” on the side of his house.

In general, trading off of tips is a bad idea.

Top pick: [[SRS]]

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Time Machine Special, part II

The market will trade higher on Monday.

You’re welcome.


UPDATE: By the close of trading on Monday, Gasparino will have already eaten 30 meatballs.

Still Developing…

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UPDATED: Damn You Gasparino/Sinners!

May your fucking meatballs burn, prior to being placed in “gravy.”

In other news, for those of you who enjoyed Ducati’s rantings, go visit his new blog. See, I’m not a complete asshole.

And, Ragin’ finished organizing the stock contest brackets.

[youtube:http://www.youtube.com/watch?v=FKtbYbW-Khs 450 300]

UPDATE: Since the devil made Boomer buy some fucking [[BOOM]] on Friday, violating his promise of Lent, “The Fly” has decided to slap his name in the “Disgraced Peanut” box, where he will keep dubious company (BOTD). And, his column has been banished from the front page.

Sinners will not be fucking tolerated on this Godly site.

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A Timely Defeat for “The Fly”


Pardon me, I’m going to leave the office now and drive my car into a wall of dynamite. Nothing vexes me more than having my face ripped off, in late day trading.

Just when people started going home and volume thinned out, BAM, Charlie Gasparino leaks news of a pending bailout for [[ABK]].

Holy fuck nuts.

Not believing in such absurd theories, I threw some bad money after good, via fucktarded inverse etf’s. This, my foolish internet friends/enemies, is the worst stock day of my life (utter lie).

I’ve been through many arduous campaigns and “battles” throughout the years. However, this swift decapitation of “The Fly” will be archived, for a period of years, as the worst time machine defeat—EVER!.

To remedy the twisting feeling in my gut, I must exit the premises of the fucking office, hit my trader/servant in the head with an idle bagel, then go home and drink “poor people beer.”

With my money, I’ve been had.

Without doubt, the pending bailout will mark the bottom in U.S. indices and enable the DOW to shoot for 13,000. Concerning my short positions: they will die without honor.

NOTE: With the deepest regrets, “The Fly” finished the day down 0.66%.


  ABK AMBAC Fincl: FT story discusses ABK bailout (10.71 +1.48) -Update-
  FT reports a group of banks is preparing to inject $2 bln to $3 bln into the troubled bond insurer Ambac, which is racing against time to come up with fresh capital to avoid a sharp cut in its triple-A credit rating that could trigger wider financial market turmoil. The money from the banks would be part of a plan to split Ambac’s operations, people involved in the discussions said. Ambac is also considering raising fresh equity from shareholders. It is not clear how much capital it will need, or what credit ratings the split businesses would have. The group of banks looking at supporting Ambac includes C, WB, BCS, RBS, Societe Generale, BNP Paribas, UBS and Dresdner. These are the ones with the most exposure to guarantees supplied by Ambac on structured bonds and derivatives, the value of which could fall sharply and result in billions of dollars of write-downs if the insurer’s credit ratings fall far below the triple-A level.

UPDATE II: Mish’s take on this Ambak shit.

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I bought 1,000 [[SRS]] @ $113.91, 1,000 [[DUG]] @ $40.10, 500 [[SMN]] @ $39.53, and 500 [[EFU]] @ $90.00.

UPDATE: I bought 1,000 SRS @ $112.35

Disclaimer: If you buy the above stocks because of this post, your gold clubs will be stolen. And, you may lose money.

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Fuck You Bulls; You’re Dead

There’s no plausible scenario where the market can rally today. Looking at key stocks in important sectors, there is too much red for a recovery to magically occur. Stocks are getting kicked in the scrotum, as the “must retest the lows” camp takes control.

The biggest negative, once again, are the financials—with typical losses in [[ABI]], [[MBI]], [[C]], [[LEH]] and [[SOV]].

In addition, Ag stocks are breaking lower, alongside basic materials. Frankly, I’m shocked to see a certain someone break his promise of Lent, in order to buy [[BOOM]]. That fucker, mark my words, is breaking lower.

Other stocks with notable breakdowns include: [[AAPL]], [[INTC]], [[ORCL]], [[GILD]], [[DECK]], [[EDU]], [[APOL]], [[CRM]], [[INTU]], [[CTXS]], [[PMI]], [[GHL]], [[CALM]], [[UA]], [[BID]], [[CTRN]], [[SIGM]], [[AMD]], [[TSCM]] (boo-ya), [[RATE]], [[GM]], [[JPM]], [[AXP]] and [[VMW]].

In the bull camp, very few stocks stand out. Actually, the ones that are up are worth fading—which includes [[AMZN]], [[LULU]], [[NVDA]], [[GRMN]] and [[ESRX]].

Quite honestly, I’m making buckets of coin in my reverse etf’s, while giving up a few pennies in long term positions. During the remainder of the day, “The Fly” will drink multiple cans of Monster Energy Soda, while throwing jumping jacks out of his office window, mainly for fun.

Oh, and I may buy more [[SRS]].

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