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
20,416 Blog Posts

Bulls vs. ABK Bears

[youtube:http://www.youtube.com/watch?v=m6IvbeVGLQs 450 300]

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Irresponsible to Buy Here

Money managers know they cannot keep this charade going. They know, while this recent rally feels good, it’s all based upon far reaching assumptions.

For example: The recent buying frenzy into “early cycle” stocks (retail, homies, banks) is absurd, considering we are pricing the end of a recession that has not even begun.

Anyone manging their money on that premise is delusional or fucktarded.

Your choice.

I’ll say it again, Federal Reserve rate cuts do not ensure the market will go higher. As a matter of fact, markets do better when the Fed is raising rates. Furthermore, the only reason we rapidly emerged from the last recession (2000-2003) was due to the creation of the housing bubble, coupled with good tax cuts.

Do we really want to create another housing bubble? And, if the democrats get in, kiss those tax cuts goodbye, by the way.

Remember, we have a consumer based economy. As of right now, unemployment is on the rise. Wages are being squeezed. The dollar is depreciating. Credit is still very tight for people with 800 FICO scores. It is non-existent for people with damaged credit. Finally, home values are not reflating.

Tell me, over the next six months, how does this scenario change?

As far as I’m concerned, I cannot get overly bullish until the jobs market improves.

What good is a fucking solvent bank when people are unemployed?

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RECESSION vs. yhoo bid

Pardon me, I’ve been busy.

As you can see by now, crazy people are in control of this market. They’ve seized power and will drive up bank stocks, until their heads fall off.

This morning, the BLS data confirmed we are heading into recession, with the first reported loss of jobs in 4 1/2 years. What did people do?

Answer: they bought stocks.

After all, [[MSFT]] is buying [[YHOO]]. If MSFT is buying YHOO, then we must be booming. Anyone remember TWX buying AOL?

Look, I can bitch about the injustice until I’m blue in the face; it still doesn’t make stocks do what I want them to do. The market is a madhouse, where puppets and puppet masters perform dumb tricks, while drunk with greed.

My sense, the reality of slow growth will eventually kick in, effectively killing all those stupid puppets— with a few sharp ax blows to the head.

Back to work.

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Mad Money Observation

We’re coming out of recession!

Boo-yah.

Buy, buy, buy.

Don’t buy, don’t buy, don’t buy.

Off to grill a few hundred swordfish steaks.

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GOOG is for Asshats

I’ve been thinking (quite diligently) about this market and have concluded they (stock robot masters) are trying to bankrupt us all, with the up and down jerky movements of the indices.

Towards the end of the day, news hit the tape that [[MBI]] may “catch” a downgrade, after all. As a result, financial stocks pared back 1/3rd of their gains.

In addition, after the close, [[GOOG]] shit the shower, sending their corn can fucking shares down 50 bucks.

In addition to the last addition, if the payroll data is bad tomorrow, prepare to seek mental therapy, for this market will fall down an open manhole, effectively “debanking” many of you top tickers.

At the end of the day, I caved in and bought some [[RIMM]], in order to mentally hedge myself. You know, feel like I’m doing something constructive, while my motherfucking inverse etf’s eat dirt.

Speaking of dirt, anticipating a GOOG miss, I bought more [[REW]]. And, just for fucks sake, I averaged down on my arch enemy: [[SKF]].

My guess, the market swan dives 1,000 points, within the next two weeks—enabling “The Fly” to buy another high end sports car and tell all of you top tickers to “go fuck a jar of jelly.”

Time Machine NOTE: The Internet is Dead.

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Fly Buy: SKF, REW

I bought 2,000 [[SKF]] @ $96 and 1,000 [[REW]] @ $68.5.

Disclaimer: If you buy the above stock because of this post, tonights dinner will be ruined by flatulence. And, you may lose money.

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Fly Buy: RIMM

I bought 3,000 [[RIMM]] @ $93.

Disclaimer: If you buy RIMM because of this post, iBankCoin will sink into third tier status, due to DT’s egregious posts. And, you may lose money.

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Bullet Proof Tape

Nothing is bringing this market lower.

Whether it’s huge drops in foreign markets, miserable corporate profits, monster financial writedowns, the market keeps chugging higher.

As you know, their is a concerted effort at hand to buoy stock prices. Yet, I find myself betting against them. Fucking fucktard.

Looking at today’s tape, should the payroll data come in benign tomorrow, we’ll be up another 200.

Up until yesterday, my biggest position was cash. However, it’s not the case anymore. I refuse to chase the rally in retail, homies or banks.

I fucking refuse.

For now, I’ll ride this out.

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