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
19,983 Blog Posts

Late Day Retards Strike Again

Here we go again.

Mark my words, you fuckers who keep fading the early day rallies, hoping for a “shit the bed” close, will soon be poleaxed.

Nothing works forever.

While it’s true, I believe the bears can break a few noses this afternoon, via late day fuckery. It’s also true, the market will not remain as predictable as it is now.

Bottom line: I’m fucking holding onto my weapons (cash), waiting for the perfect buying opportunity, which may come early Monday.

Viz.

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Position Updates: VMI

With the stock rallying hard today, my suspicion that a hedge fund was selling out, most likely due to redemptions, is almost validated.

Looking at their only publicly traded competitor, LNN, one could make the argument that VMI is 25 points cheap.

Aside from their burgeoning irrigation equipment business, VMI has a galvanizing division, which attracts short sellers– who are betting against metal stocks.

My best guess, VMI has bottomed and should continue to recoup the 20 points it lost, since they reported blow out numbers a few weeks ago.

Long term, “The Fly” thinks VMI will moonshot north of $150, providing the market keeps its marbles.

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Tradeable Bottom is Here

Ask me how I know and I’ll have your fucking eyebrows punched off.

My buy list includes: RIMM, VMW, VMI, HANS, BWLD, NILE and CFC (for tanned fun).

Providing “The Fly” is right about this, your invoices will be mailed, shortly.

NOTE: If I’m wrong, I’ll just erase this post and call you a liar.

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Fly Buy: XFML

I bought 5,000 XFML @ $6.72.

UPDATE: I bought 5,000 @ $6.77.

Disclaimer: If you buy XFML because of this post, your wife will leave you for Doug Kass. And, you may lose money.

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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.

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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.

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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.

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