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
19,768 Blog Posts

Bulls M.I.A.

This is stupid already.

If the market doesn’t hold these levels, we’re doomed.

The market has to hold these levels, else the whole kit and caboodle will start to unravel.

RIMM will be $80. VMW will be $60. AAPL will be $120.

The nasdaq will lose all of its gains for the year.

Although it’s a Friday, I expect to see big volatility today, as bullshitters and beatshitters battle to the death, or 4:00pm.

With my money, I sold out of GRMN, but did not buy RIMM, yet.

Granted, it’s a falling knife and looks like it’s heading seaworthy. Nonetheless, every once in awhile, I like to look at the underlying business–when deciding what to own.

RIMM is still expanding the business, better than anyone in the mobile space.

Today’s losses are being spearheaded by precipitous drops in Chinese related names. Once again, FXP (China double inverse) looks like an easy play–until it isn’t, naturally.

On the short side, I can’t find anything worth initiating. There is a lot of pile on action taking place. It feels like a trap.

Call me crazy, but I think the next 300 points is up, providing we hold these levels, of course.

Comments »

GRMN Shorts Mushroom Clouded

Lucky for “The Fly,” he’s been nibbling, not biting, at GRMN, over the past week. On news that the company would withdraw its bid for Tele Atlas, shares are skyrocketing, up more than 20 bucks, much to the shorts chagrin.

Har. Har. Har.

No Robster for you.

Once again, this should serve as a reminder and a lesson, don’t short leadership momentum stocks, who have already sold off.

With my small position, I will be selling GRMN, and adding to the fuckfaced stock called RIMM.

Comments »

Burn It All Down, Girls

Redemptions forcing selling. WFC‘s CEO comparing this market to the “Great Depression.” Doug Kass going bullish.

I could go on.

This trade is too fucking easy. Buy the close– sell the open– short the afternoon.

Repeat.

Look you, don’t do what I do. It’s past “funny sell off.” This is serious business. The last thing I want to do is contribute to the subprime housing crisis, via subprime internet stock picks.

With all the topping action in leadership sectors, it’s dangerous to buy here.

Me, I’m like that Astor guy in the Titanic movie, drinking rich man’s whiskey, as the fucking boat capsizes.

However, I will say, RBS looks like shit on a spindle. I hear some fucking “shoes may drop” on them.

Good. Braveheart cocksuckers.

In closing, the trend is broken. Don’t chase stocks down, while the floor keeps being lowered. In a serious recession, most of your stocks will be 20-50% lower, from today’s close.

Off to eat hot dog skins.

Comments »

Fly Buy: LFT

I bought 4,000 LFT @ $23.03

Disclaimer: If you buy LFT because of this post, China will buy your mortgage. And, you may lose money.

Comments »

Quick Alert: Periscope Up

The fucktarded CEO from Wells Fargo, John Stumpf, just felt the need to exclaim: “We have not seen a nationwide decline in housing like this since the Great Depression.”

Thanks fucker.

Going lower.

Comments »

Deadbeat America

So, thanks to a plethora of overzealous bankers, coupled with credit card dependent dreamers, we get a bear market.

Am I missing something?

As a result of the criminal lending that took place, RIMM, AAPL, VMW and the entire fucking DOW is going down the empty elevator shaft.

Some of my ‘smart friends,’ who are bearish, point to the huge miss at JCP. I replied: “who the fuck shops there anyway.” I guess the same fucktards who bought a $750,000 house, with an annual income of $75,000, who is about to get foreclosed on.

Looking at the financials today, I feel like throwing it all on the kitchen floor, then burning the house down.

Big losses are abundant in NFI, DSL, FED, CORS, CCRT, LAZ, MS, etc.

Across the board, there is carnage amongst momentum stocks, like VMW, EJ, POT, CF, RIMM, DRYS, TNH, etc.

In short, I find it increasingly dificult to fight this tape. As you well know, ignorantly placing long trades, over the last 4 years, has led to “big dicked” gains.

However, the longer this shitbox of a tape continues to melt its most fervent longs, the greater chance it will continue to slide.

I bought a little stock today, but nothing meaningful. Should this trend continue, I suspect “The Fly” will turn foamed mouth bearish, looking for the next CWTR to shit the bed.

Comments »

Fly Buy: RIMM

I bought 500 RIMM @ $104.28

Disclaimer: If you buy RIMM because of this post, your discount brokerage firm will file bankruptcy, effectively putting your bullshit account in escrow. And, you may lose money.

Comments »