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
19,864 Blog Posts

Book the Loss

If you are still holding onto losing positions, dump them already.

For me, the new year is a refresher. It’s a clean slate for everyone. The great equalizer.

I can go on.

If you wouldn’t buy certain stocks in your portfolio, with new money, then it’s time for you to bite the bullet and sell them, right now.

Think about it this way: if I gave you 100k to invest today, what stocks would you pick?

That’s what your portfolio should look like, not yesterday’s hot stocks.

Anyway, I’m heeding my own advice and selling many losers. For now, I will leave the proceeds in cash, while planning my next attack.

As for today’s trading:

[[ABK]] is receiving the “knife of certain death.” Eggs are on fire, via [[CALM]]. And, dry shit is melting up, via [[DRYS]]. That’s really all you need to know about today’s trading session.

Enjoy.

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Year End Review: It Was the Best of Times: It was the Worst of Times

It has been a moderately successful year for “The Fly.”

During the early going of 2007, I was as hot as a pistol, with smoking gains in [[MVIS]], [[BWLD]], [[CENX]], [[NTRI]], [[LNN]], [[IVAC]] and [[HANS]].

Then, all of a sudden, things stopped working.

First, I got knee capped by a variety of bullshit stocks, like [[ARWR]] and [[MCHX]].

Then, the [[MVIS]] bandwagon got “dewheeled,” sending “The Fly” scrambling for safety. For most of the summer, I was forced to endure painful declines in a variety of key holdings, like [[NTRI]] and [[BWLD]].

I missed out on a lot of big winners, particularly in the solar sector. But that’s ok.

I find it easier to buy and sell what I understand. Most of my big mistakes come from speculative dice rolls, which end up being long term capital losses.

I must say, during 2007, the market was very difficult to game. The retailers, ethanol, homies, trannies, banks, semi’s and networkers all blew the fuck up. And still, the major indices are up, year to date.

Amazing.

To put things in perspective: I went from being up 47% in June, to up 20% now. A staggering decline, yet still up nicely.

Because of this, I forced myself to divorce from key holdings and put protective hedges on accounts, via inverse ETF’s.

Furthermore, I made sure not to take unneeded risk in momentum sectors, like solar or emerging markets.

To sum things up:

The only reason why I’m still up 20% is due to my long term strategy to hold quality stocks. Within my top 10 holdings, three of them (RIMM, AAPL and GME) enjoyed triple digit returns in 2007.

However, going into 2008, I seriously doubt they can repeat. The law of large numbers will eventually kick in and those stocks will become legacy.

So, like every new year, I will be hard at work, trying to identify the next RIMM or GME. Additionally, I need to stick with my short sales longer. Looking back, I nailed short calls on [[CWTR]], [[HLYS]], [[RACK]] and [[LAZ]]. However, due to my bullish disposition, I covered them too quickly.

In 2008, I believe China will drop significantly, enriching those who hold [[FXP]]. Also, on the long side, I sense agriculture and filtration companies will do well. Stocks like [[MON]], [[MOS]], [[VMI]] and [[DCI]] should be bought on dips. Also, considering we are entering an election year, many sectors will be jolted by poll stats.

In other words, investors will have to be nimble in 2008, in order to adjust to the political headwinds and economic instability.

My goal for 2008 is to double my 2007 return of 20%. If I cannot accomplish this task, without doubt, I will be moving to the cold mountains of Romania, where I will milk goats for the duration of my life.

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DevilDog Found!

[youtube:http://www.youtube.com/watch?v=p21nZmtq56M 450 300]

This video can also apply to other shit talkers.

Very funny.

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Fly Sell: LEH

I sold short 2,000 [[LEH]] @ $64.45.

Disclaimer: If you sell short LEH because of this post, a real bear will chase you into your house. And, you may lose money.

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Sell it All

The news from Pakistan is not good. Aside from that, the market was extended, which equals loads of pain ahead for the bulls.

While it’s true, “The Fly” loathes beartards, it makes sense to do some serious selling, up at these lofty levels.

I don’t know why I’m so bearish. It’s rather perplexing. Whenever I see stocks, I want to sell them.

During Christmas festivities, I was the guy, near the fireplace, who told you, : “sell everything fuckface. We’re going significantly lower, soon.” Then, I’d walk away and grab another shot of whiskey, much to your chagrin.

The purpose of this site, is to provide actionable ideas. However, as you know, from time to time, “The Fly’s” time machine transforms into a shitmobile, effectively losing everybody money.

I’ll have you know, the shitmobile is parked in the garage. I’m now driving a brand new, space aged, pimped out, time machine— not to be confused with time masheens.

My point: “The Fly” is much smarter than you, and wins all the time, even when he appears to be losing. Over the last quarter, I snagged sweet trades, such as [[GRMN]] @ $85, [[RIMM]] @ $100 or [[VMI]] @ $74.

What did you do?

Eggsactly [sic].

Let’s not forget, my fellow blogger here at iBankcoin, Danny, was right 72% of the time, booking a 123% gain in [[RICK]].

As for today’s trading:

This is not a buy on the dip scenario. I want to sell short [[LEH]] and go long [[FXP]] and [[SKF]].

Then, I want to go eat a sandwich, drink a few Monster Energy Soda’s, while throwing empty glass seltzer bottles at my trader/servant.

Viz.

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