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
19,984 Blog Posts

Position Updates: DUG

Will one of you fuckers get to the PG and post a chart of the obvious breakdown of [[XOM]]?

You lazy fuckers.

See, I already knew it was coming, while many of you believe oil can do no wrong. Tell that to the shareholders of [[VLO]] or [[TSO]].

Anyway, my point is: XOM is the biggest component in [[DUG]]—double inverse oil stocks.

A clean breakdown in XOM means more well deserved profits for “The Fly.”

UPDATE: My boy Ragin’ just threw up a chart. Thanks for nothing you lazy Woodfucker.

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Fly Buy: SMN

I bought 2,000 [[SMN]] @ $49.

Disclaimer: If you buy SMN because of this post, the price of gold will got to 10,000, rendering your paper currency worthless. And, you may lose money.

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Fly Buy: DUG

I bought 20,000 shares of [[DUG]] @ $43.25.

Disclaimer: If you buy DUG because of this post, you will not be included in the upcoming Gov’t stimulus package. And, you may lose money.

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Guess Where MER is Going?

Merrily Lunch is going to its brand fucking new book value of 29 smackers. What did they lose, like 15 billion or some shit? I think they marked down some of their notes to 34 cents on the dollar. What a joke. The only thing mildly entertaining about the [[MER]] call was all the fucking “F-bombs” dropped in it.

Aside from that, [[ABK]] is going to have its credit rating slashed. Well, gee-golly-wiz, about fucking time. Look for [[MBI]] and [[RDN]] to get cut too.

What does this mean?

Well, for starters, they will all go bankrupt, barring a bail out. Then, all of the fuckers who own mortgage backed notes, will have to write them down some more, following fresh rating cuts—post fucked MBI and ABK.

Essentially, it’s one heck of a domino effect that will decapitate the heads of strong headed bulls. Should you choose to ignore these issues, well then, good luck losing your capital.

With my money, I am going to load the fuck up on [[SKF]] and [[SMN]], ahead of tonight’s flurry of banking earnings reports.

Also, should [[FXP]] dip to the low 80’s, I’ll be a big buyer.

UPDATE: More vintage Cramer.

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China Tightening the Noose

Today, the Chinese gov’t boosted bank reserve requirements, again—in an effort to curb inflation. Unfortunately, for them, it will likely lead to a precipitous “fuck you too,” as the U.S. slowly drifts into recession. They have to delicately balance runway domestic inflation, at a time when their biggest consumer (U.S.) is eating pavement.

By the way, inflation is at an 11 year high in China.

Keep in mind, there is no such thing as soft landings.

Aside from that, the communist oracle’s in Beijing have decided to implement good ol’ fashioned price controls on meat, eggs and cooking oil. As a result, bank and food related stocks are getting punched in the cock, in early Shanghai trading.

And, to top off the shit pie, their currency (renminbi) just hit a fresh high versus the dollar.

I may regret selling some of my [[FXP]] today.

At the time of the post, the Shanghai composite was down nearly 3%.

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No Reason to Buy Stocks

With today’s spike in my inverse etf’s, “The Fly” was up another 2.8%, much to your chagrin.

Aside from a surprise Fed cut, there is no reason to be long stocks. I mean, really, aside from price action, is there any fundamental reason to go long? The downturn in the economy has just begun. There is a lot of pain left for bullish hand fuckers.

As sure as I’m sitting here, [[INTC]] will print $15, sometime in 2008. The end user is hamstrung. Do not get sucked into PE ratio value traps. The “E’s” are all lies.

Beneath the surface today, [[ABK]], [[MBI]], [[RDN]] and [[PMI]] were obliterated. Should any of them go belly up, look out below; the financials will get drawn and quartered.

Towards the end of the day, I initiated short positions in [[DOW]], [[DD]], [[FCX]] and [[MON]], via [[SMN]]. Additionally, I bought more [[DUG]], anticipating a cascading sell-off in [[XOM]]. And, I bought a little [[SKF]], on this dip.

The notion that the financials have bottomed is laughable. If your brokers are telling you to go long, fire them—for they fucking suck meatloaf.

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Fly Buy: SKF

I bought 2,000 [[SKF]] @ $112.

Disclaimer: If you buy SKF because of this post, Bernanke will raise rates. And, you may lose money.

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