Quick Sell-Off Brings Out the Worst in People

Today was a bad close, ahead of tomorrow’s employment data. However, don’t expect Senor Tropicana to be right all the time. My call for a BROKEN ROBOT melt-up was and is wrong, as the market slides here, down nearly 1%. It seems people are somewhat tentative with all of the bullshit talk of Fed tightening into the teeth of double digit unemployment. If that occurs, down we go, no net. But it’s my belief, the Fed and our Government want to keep the carousel ride going for as long as possible.

Nonetheless, it’s days like today that remind you how awful it feels to trade on emotion and get it wrong. Just yesterday, I went “all in,” buying a variety of stocks, only to see them drop here into the bell. Granted, my losses are muted, with W.W. Grainger, Inc. [[GWW]] , Green Mountain Coffee Roasters Inc. [[GMCR]] and [[YONG]] not too far away from yesterday’s purchase price. The point is: being overzealous is always a killer.

If tomorrow’s employment data is bad, we will sell off. If good, we melt-up. It really is that simple, unfortunately.

The highlight of today’s session was the harsh reversal in the banks, despite Bank of America Corporation [[BAC]] paying back TARP.

To sum up today’s tape: more of the same market fuckery. Better luck tomorrow.

Chinese related stocks have gone ape shit to the upside again. Back in the old days, I’d call such stocks “Chinese Burritos.” I’d encourage you pikers to “get your share,” and I still do.  The great thing about Chinese Lotto is that everyone is a winner. You simply deposit coin into the Chinese Lotto machine and a small fortune is won, nearly every time, thanks in large part to sweet unabated communism, coupled with nefarious accountants. I joke. I kid.

Some of the household names that Dad discusses at the dinner table are Baidu.com, Inc. (ADR) [[BIDU]] , Sohu.com Inc. [[SOHU]] , PetroChina Company Limited (ADR) [[PTR]] and Ctrip.com International, Ltd. (ADR) [[CTRP]] . But they’re old hat. We want new lotto winners.

By the way, today’s lotto winner is [[FFHL]] .

Some chicoms to monitor ever so quietly include: [[HEAT]] , [[YONG]] , [[CMFO]] , Fushi Copperweld, Inc. [[FSIN]] , [[GFRE]] , China Medical Technologies, Inc. (ADR) [[CMED]] , [[GSI]] , VisionChina Media Inc [[VISN]] , AirMedia Group Inc. (ADR) [[AMCN]] , [[CTFO]] and [[CHNG]] . I could go on and on. I have a great PPT screen here (oh, you’re not a sub, so fucking sorry. har, har, har. No robster for you).

The point here is this: eat your supper while it’s still hot. Don’t live your life always wanting. Chinese Lotto will not last forever. But it’s here now you stupid bastards.

At any rate, aside from that, the market looks fine at these levels. I am not scared of double dips or poor employment numbers. I am sorry but those sort of things are irrelevant at a time when BROKEN ROBOTS and coked out traders are running this market higher.

Chew on this Cramer: EQIX .

Can you say “$100 roll?” Say it you son of a bitch.

The air smells good today. Can you smell it? I walk around with a chestful of energy this morning, ready to punch a few dozen holes through the bullshit sheetrock that surrounds me. The market is poised to trade up and there is nothing you and your stupid friends can do about it.

“The Fly” will work diligently this morning on making reckless amounts of cash, in the name and honor of proper asset management. My only agenda is to make money. If you suckers benefit from that, so be it. As long as you come to the site and tell your retarded friends about how fantastic I am, I have no beefs with you.

It’s spring weather in the deep fall, here in NYC today. I have multiple errands to run, all to do with immediate family related events. However, in the meantime, take a look at a few small float scorchers, namely: EFUT , YONG , CMFO, HURC and GROW .

Additionally, PLAY CHINESE LOTTO. I will touch on that topic later on today.

For a minute, put the cynicism aside and recognize what this man has done. He has taken Bank of America Corporation [[BAC]] from the precipice of  oblivion, in the process getting bitch slapped by the Government, to turning his business around inside of 1 short year—allowing him to pay back Barney Frank and some of his homo friends. Incredible.

In my estimation, this is incredibly bullish for equities, as it demonstrated massive availability of private capital for publicly held companies.

In a word: BROKENROBOTS

“We are pleased that Bank of America is moving ahead with plans to pay the taxpayers back in full,” the Treasury Department said in a statement. “As banks replace Treasury investments with private capital, confidence in the financial system increases, taxpayers are made whole, and government’s unprecedented involvement in the private sector” declines.

The bank plans to repay a chunk of the $45 billion in TARP funds using $26.2 billion in excess liquidity, such as cash and other holdings that can be sold quickly.

The remaining $18.8 billion will be raised by selling “common equivalent securities,” the bank added.

I’m gonna say “I told you so, fuckfaces,” in approximately 5 business days. This market is now rolling downhill, with only small unarmed midgets in its way. Broken robots and drunk traders now control the near term direction.

You’ve been warned.

Fuck it. I’m going to go with my gut here and shoot for a triple digit return, by releasing my cash position into the market.

I cut loose BigBand Networks, Inc. [[BBND]] , mainly because it was a fucking headache. I sold out of FBR and [[ENTR]] , mainly because they were small/legacy positions. Out with the old, in with the new.

I am legging into some Century Aluminum Company [[CENX]] , which is the most leveraged aluminum stock on the fucking planet, with zero hedges. And, I averaged in on some Green Mountain Coffee Roasters Inc. [[GMCR]] , just because. Finally, I took a stake in [[YONG]] , based upon recent Chinese-Ag trends. Additionally, the entire Ag sector is ripping higher, led by my The Mosaic Company [[MOS]] .

I have several other names on my buy lists, even a few airlines.

UPDATE: I bulked up on W.W. Grainger, Inc. [[GWW]] ,  Masco Corporation [[MAS]] and [[CBD]]

I bought 25,000 [[YONG]] in the $8.80’s.

UPDATE: I bought 20,000 Century Aluminum Company [[CENX]] , north of $10.60 and 5,000 Green Mountain Coffee Roasters Inc. [[GMCR]] in the $60.70’s.

Disclaimer: If you buy YONG because of this post, $8 Chicoms will cease going to $12 on no news. And, you may lose money.

I sold out of Ciena Corporation [[CIEN]] , north of $12.65,  the remainder of my [[ENTR]] , north of $3.20 and FBR, north of $18 and BigBand Networks, Inc. [[BBND]] , north of $3.30.

The fucking stock market is not a game, where you can just press a button and PRESTO— the market shits the shower and you become rich. I was one of you, a rotten bearshitter, one year ago today. However, the difference between me and you, I was waiting for bargains to buy stocks again, while you were sucking your own cock waiting for disaster. While you were stockpiling rice and beans, I was eating oversized sandwiches, filled with peanut butter and jelly, rooting for the little guy to get rich in the stock market.

Listen here you short selling idiot: you had your stock market crash, when it was decapitated to the tune of 60%+ in 2008. What do you want, another 60%?

Crashes do not occur often. Instead of being stubborn, waiting for the market to crash again, eat an oversized sandwich, filled with peanut butter and jelly and root for the little guy.

No one is suggesting the economy will roar back and everything will be okie dokie. The market responds to cycles. Right now we are in the midst of a recovery, whether you like it or not. In order for the market to fail, the cycle needs to mature then FAIL. Mr. Bearshitter, we are not there yet.

However, once we are there, I promise to let you know, via my prescient blog posts here on iBankCoin, in between bites of oversized sandwiches filled with peanut butter and jelly.

Cordially,

Fly

Woodshedder may not be the most prolific blogger on iBC, but he knows his system trading like I know how to walk like a Space Alien Magician (SAM), mainly because I am one.

With the help of Jeremy (IT guy/COO of iBankcoin Heavy Industries), we’ve developed an automated system that uses Wood’s back testing skills to select stocks which have a high likelihood of bouncing, with the added value of telling you (the internet leech) where to exit said picks. I’ve been using his system, along with my other methods, and I am thoroughly impressed. It is clean, easy to use, professional and effective.

My guess, after Jeremy is done with hacking into some Russian missile silos in Siberia, we’ll be ready to launch this product within a week. As always, pricing will be extraordinarily affordable, as iBC tends to cater to the poor/desolate demographic of the internets.

If you have any questions, feel free to quiz Woodshedder on this thread, or pest him via email: woodshedder_blogspot at yahoo.com.