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
23,376 Blog Posts

I Can’t Sell

I know the market is up big; but I cannot/will not sell out of my stocks, at such low levels.

From Corning Incorporated [[GLW]] to TriQuint Semiconductor [[TQNT]] to ADTRAN, Inc. [[ADTN]] to DryShips Inc. [[DRYS]] to Flotek Industries, Inc. [[FTK]] , the overall constitution of my portfolio is one of the cheap nature. I insist, this market has more froth left in it. However, truth be told, about an hour ago I pared off some of my General Cable Corporation [[BGC]] position, just for the sake of selling something—to be honest (so sorry for the redundant nature of my sincerity).

With oil spiraling higher, you must look toward undervalued oil/gas names, especially beaten down parts makers, like Smith International, Inc. [[SII]] , Graham Corporation [[GHM]] and ummm Flotek Industries, Inc. [[FTK]] .

Into the bell, I am “The Fly.” I am victorious.

[youtube:http://www.youtube.com/watch?v=lcWVL4B-4pI 616 500]

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The Gods Are Smiling

Flotek Industries, Inc. [[FTK]] is pushing $2.30 and the market is enjoying the splendour [sic] of weak kneed bears, who are entirely docile and thoroughly impotent. Perhaps they could use massive dosages of viagra, injected into their large brains. All I know, the stock market Gods have blessed me with the gift of touch.

In a market like this, anyone can make money. But, in order to make big money, one must have a marmoreal/catatonic nature about them—unflinching in the face of big crocked gains. I will have you know, right here and now, Plutonium Petey is not easily aroused by stock advances, unlike most of you High Schoolish toolboxes.

Into this spike, I will sit back and enjoy a fine cup of illy, while counting the zeroes in my checking account.

Top pick: Flotek Industries, Inc. [[FTK]]

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Fly Buy: EQIX

I bought 1,000 Equinix, Inc. [[EQIX]] @ $97.60.

Disclaimer: If you do not possess or know someone who owns a time machine, DO NOT follow Le Fly into stocks. You can lose money, in extraordinary fashion.

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Good News is Good News

The fact that we are not plummeting on “good news” means we are not done going higher. Both Goldman Sachs Group, Inc. [[GS]] and Citigroup Inc. [[C]] reported solid numbers: yet, here we are hanging around eating grapes, while our servants polish the expensive silverware. The market offeres subtle hints, very quietly, from time to time. Today is one of those “tell days.”

Nonetheless, I am not in the mood to buy stocks. I told you before, I intend to lighten up into frantic rips, while conducting myself like a gentleman, being a net buyer of stocks, on dips.

I am pleased to see [[ENTR]] above $3 again. Many of you scurried away like small rats when it tanked several weeks ago. If ENTR’s technology is adopted, broadly, by the major cable players, without a doubt, the stock will be double digits. Personally, I’ve been waiting for this technology to reach my home for years. The fact that Verizon Communications Inc. [[VZ]] is using 6 chips per every Fios install is reason enough to own ENTR. Now that Time Warner is using them in their boxes, you would have to be mentally impaired to sell the stock now. It’s sort of like throwing away a lottery ticket, before looking at the numbers.

On dips, I like Flotek Industries, Inc. [[FTK]] , Equinix, Inc. [[EQIX]] , TEKELEC [[TKLC]] and ADTRAN, Inc. [[ADTN]]

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$100 Roll

Which stock will roll past $100, straight to $105, first?

No. Ticker Hybrid Change (Daily) Hybrid Score Price
1 APA 17.46 2.96 99.62
2 EQIX 47.97 3.64 97.85
3 NEU 23.81 3.38 97.29
4 ICE 36.65 3.43 97.29
5 AMZN 51.71 3.55 97.18
6 GHL 62.94 3.21 95.63
7 MTD 21.50 3.73 94.39
8 BIO 46.69 3.77 94.31
9 ABV 18.83 3.85 94.29
10 GWW -20.88 3.07 93.25

My money was on POSCO (ADR) [[PKX]] (success!) . Now it’s on Equinix, Inc. [[EQIX]] .

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10,000 Apologies

At the close of trade today, I expect to see 10,000 (give or take) apologies emailed to me, from my many detractors aka men of low standing. For months, “The Fly” aka Senor Tropicana has been telling you “we’re going to 10,000.” The same person who brought you “DEATH TO ALL BANKS AND BROKERAGES” and “MAY ALL BEARS DIE SLOWLY,” now brings you “WE’RE GOING TO 10,500, ELSE I WILL SHOOT MYSELF IN THE FACE WITH A HOWITZER.”

There are many similarities between blogging and managing money. For example: most people want to manage money, but, later on, find themselves too stupid to make a living at it. Similarly, lots of people have blogs, but lack the creative fire or passion to make them special. As you know, all too well, Le Fly is a master in the arts of money management and blogging. Many people take wild swings at me, trying to take my crown; but every single one of them miss.

At this stage in the rally, I can only tell you what I am doing: I remain long, with 10% in cash reserves. Thus far, for the day, I sold out of my POSCO (ADR) [[PKX]] position, save a 1,000 share token position, and legged into a 5,000 share lot of Equinix, Inc. [[EQIX]] , north of $97.50.

My top positions include: Flotek Industries, Inc. [[FTK]] , TEKELEC [[TKLC]] , Corning Incorporated [[GLW]] , [[ENTR]] , General Cable Corporation [[BGC]] , Guess?, Inc. [[GES]] , Ceragon Networks Ltd. [[CRNT]] , ADTRAN, Inc. [[ADTN]] , DryShips Inc. [[DRYS]] , Sociedad Quimica y Minera (ADR) [[SQM]] , [[MWW]] , IAC/InterActiveCorp [[IACI]] , Align Technology, Inc. [[ALGN]] , Aracruz Celulose SA (ADR) [[ARA]] , Homex Development Corp. (ADR) [[HXM]] , Teva Pharmaceutical Industries Ltd (ADR) [[TEVA]] , Vimpel-Communications (ADR) [[VIP]] , TriQuint Semiconductor [[TQNT]] , McMoRan Exploration Co. [[MMR]], [[CBD]] and Equinix, Inc. [[EQIX]] .

Now you look at those positions, boy, and tell me what type of day I am having.

[youtube:http://www.youtube.com/watch?v=UtgXus3eiII 616 500]

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ATTENTION BEARS

While you dine at your favourite [sic] eatery, Le Chateau Feces de Bear, your life savings is withering away. Like sand in the wind, you are allowing all of your hard work and effort go up in smoke, all due to your thick skull. Believe me, I know the feeling, being wrong and digging in your heels. There is definitely a case for being bearish, but not now.

Think about it: do you really think the market is going to crash? Do you really believe the architects of this economy will allow 230+ years of work to fritter away, thanks to some overzealous bankers? Well, there is an argument that supports the notion that it does not matter what the government wants, since it will happen anyway. The country has too much debt and we do not produce anything of substance. All of these things may be true: however, as a nation, we still possess incredible wealth, through investment, and other nations invest here because we are the gold standard. All of the talk of China supplanting the US, as top economic power, is accurate–eventually. But for now, we have a recovery underway and there is nothing you or your stupid friends can do about it.

My advice to you: cut your losses and invest in what is working now.

Thanks to a Cramer pump, my TEKELEC [[TKLC]] is vamoosing to the upside. My opinion, following the Cisco Systems, Inc. [[CSCO]] for Starent Networks Corp. [[STAR]] deal, TEKELEC [[TKLC]] , Ceragon Networks Ltd. [[CRNT]] and ADTRAN, Inc. [[ADTN]] are prime takeover candidates.

In other news, my POSCO (ADR) [[PKX]] has catapulted to new heights, trading above $114 now. I bought the sucker a week ago, from $99 to $106. This is a classic $100 roll. I discussed such things ($100 roll) in The PPT and put up a custom screen, so that you—the non-ingrate—may attempt to duplicate my success.

In short, I like the market and all of my positions. Let the bears eat sod, while we eat cake.

UPDATE: I sold 6,000 [[PKX]], north of $114.

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UPDATE: INTEL MASSACRES SHORT SELLERS WITH ABSURD EARNINGS REPORT

While you prattle about nonsense, “The Fly” is making people rich. See pal, it’s not the amount of content that matters, but quality. Let it be known, not only am I blessed with the gift of gab and extraordinary writing talent, I know how to make money in the market. I do so, at will, without effort.

People go to your website, for the same reason why I go to art galleries: to laugh at people. You know, the artsy crowd, all sophisticated in their mannerisms, while observing steaming piles of potash, hanging from concrete walls: that stuff is hilarious to me. No one visits your site for financial advice. Moreover, if they do, once they find me, they will never visit you again, sort of like your dating experience in High School (rim shot!).

The very nature of this market is remarkable. On top of the “coming back from the precipice” trade, now we get to enjoy merger and acquisition stories. This is going to get fun.

On the top of my list, for possible takeover plays, are ADTRAN, Inc. [[ADTN]] , Ceragon Networks Ltd. [[CRNT]] , TEKELEC [[TKLC]] and Akamai Technologies, Inc. [[AKAM]] . It’s also worth noting, the Cisco Systems, Inc. [[CSCO]] for Starent Networks Corp. [[STAR]] deal is for $35 cash. With the stock trading a touch below $34, coupled with the prospect of a competing bid, STAR may be a buy, right here.

Finally, most of my positions did well today, putting my year to date gains over 80%. Over the next few days, I will be taking some profits, on a variety of names. In my experience, it always makes sense to sell when there is an abundance of buyers. My target cash position is somewhere north of 30%.

Top picks: POSCO (ADR) [[PKX]] , DryShips Inc. [[DRYS]] , Ceragon Networks Ltd. [[CRNT]] , ADTRAN, Inc. [[ADTN]] and of course Flotek Industries, Inc. [[FTK]] .

[youtube:http://www.youtube.com/watch?v=qHKOCUrKfMo&feature=PlayList&p=A424A0B5EE94F88B&playnext=1&playnext_from=PL&index=37 616 500]

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If the Space Alien Magican Gods Love Me

Flotek Industries, Inc. [[FTK]] will be $3 by Thanksgiving.

The Dow will be 10,500 by Thanksgiving.

My new/secret internet project will be a success.

General Cable Corporation [[BGC]] and TEKELEC [[TKLC]] will blow away earnings estimates and POSCO (ADR) [[PKX]] will go retardo to the upside.

The next time Mrs. Fly forces me to our local Whole Foods, the grocery bill will be less than $500.

The next time I fill my car with mums, fresh from the farm, they will not be littered with crickets, that proceed to bounce around the interior, tormenting the kids, while I am doing 70mph on the highway.

And, finally, all of my enemies, both real and fictional, will be vanquished, leaving me with nothing to do but slap my employees around with hot slices of pizza.

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