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
20,406 Blog Posts

Next: Oil Stocks Will Die

Earlier this morning, a Goldman Sachs analyst predicted U.S. recession is an absolute certainty in 2008, giving it a “10 out of 10” chance. She feels the Fed will lower rates to 2.5% and the unemployment rate will soar to 6.5%, by 2009.

Should this occur, bet your bag of “homo-hammers” oil stocks will get knee-capped, as investors look for a “source of funds.”

There are so many ways the oil companies can lose here.

Should oil gap above $100, I am 100% confident the democrats will ring the “bells of communism,” calling for a windfall tax on big oil. And, as the market gets hairy, fund managers will blow-the-fuck-out of [[XOM]], [[COP]], [[CVX]], amongst others, in order to raise cash.

As you know, the best way to play XOM getting its hair piece pushed back is via [[DUG]].

By the way, I’m no currency guru (just stocks), but converting bullshit dollars to renminbe (China’s currency) seems like a dunk shot. Currently, the dollar is at an all-time low, versus the Chinese currency, as pressures build for China to revalue its currency.

There is an indirect way to play this, via an online bank named “EverBank.”

Apparently, it allows you to open up a checking account tied to the renminbe.

Finally, look for all stocks, except Chinese ones, to come under pressure today, at least in the morning. Aside from the Goldman recession call, [[BBY]] said business blows.

NOTE: If [[FXP]] has the balls to open up under $76, I’m buying it with both hands.

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The Important Matter of Transferring My Neighbors Money

To my own personal spending account that is.

I have documented my disdain for all of my neighbors, on this blog, regularly. In the past, they’ve accused “The Fly” of “being unfriendly” or “throwing empty Monster cans” on their front lawn.

Now, I’m depleting their 401k plans and Keogh’s, in a very clever way.

This is a whole new aspect, of being short the market, I have never thought through. Which is, by making money being short, while the market tanks, I am taking my neighbors market losses and using it to buy myself stupid shit— like a new coat or pair of alligator shoes.

Silly shit.

Just today, I saw my neighbor, Steve, and asked him: “Hey Steve, how’s the market?”

He replied: “Oh man it’s tough. My 401k is down like 10%, since mid-December.”

Then it hit me, like the nuclear bomb must have hit Einstein.

If the market continues to trade lower, “The Fly” can markedly increase his net worth, to the detriment of his fucking neighbors!

A wonderful plan and vision, indeed.

I will use this new energy to my advantage and “sack” my neighbor “Steve’s” bullshit 401k plan, covertly.

God willing, the “Great Depression part II” will afflict the markets, making “The Fly” the only rich guy on his block, which will endow him with enough coin to buy every house on his fucking block. With the new property, I’m sure he (“The Fly”) intends to convert them into high end arcades, fake haunted houses or some shit like that.

Developing…

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Fly Buy: EEV

I bought 1,000 [[EEV]] @ $77.77.

Disclaimer: If you buy EEV because of this post, all of your stocks will file for bankruptcy protection. And, you may lose money.

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Rolling Stones: Miss You

[youtube:http://www.youtube.com/watch?v=thPJ7tKuXGE&feature=PlayList&p=8AF18B710B3DB739&index=17 450 300]

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PLOP: Bulls De-Balled, in Late Trading

The market shit the shower today, in dramatic fashion, thanks to the spastic ‘tards at [[CFC]] and [[T]].

Right now, I have zero confidence in the markets ability to sustain gains. As a result, I’ve been selling into this bullshit, all day.

Plain and simple, before we can bottom, there has to be bankruptcies and extreme pain.

My advice to you is this: take a look at your portfolio today and analyze how you performed. If you lost money, you need to sell more stock or hedge, via inverse ETF’s (prominently featured on the front page for weeks).

Worst case scenario, the economy slips into deep recession and your favorite stocks get cut in half.

Don’t be the dumb guy at the baseball game, waiting for a foul ball to come your way. The odds of you timing a bottom are slim to none, mainly because you’re too stupid.

As for [[MVIS]]—

It’s funnel action, as everyone wants out. Full disclosure, I have sold more than 80% of my position and will revisit it, late 2008.

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Boing

Finally, it appears the market is bouncing, with a full heart.

All of the old momo stocks are running, such as [[VMW]], [[SIGM]], and all of the solar crap.

Immediately following CFC’s bankruptcy denial, the market started to recover.

It’s all bullshit, as far as I’m concerned—until earnings. All this back and forth trading is mere fodder for the big move, which is coming soon.

So, with my money, I will continue to sell into rallies, while bulking up on shorts.

On a side note, “The Fly” spits on those who correct him in the comments section. Just know and understand, should “The Fly” make minor grammatical errors in his commentary, it was done on purpose. You know, in order to test you hatfuckers, and shit.

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Need a Loan?

“The Zilo ain’t going nowhere”

Angelo Mozilo, CEO, CountryWide Financial 

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CountryWide Chapter 11 Pending?

I’m not an alarmist, but that’s the rumor spreading around Wall Street.

Just know, the stock is down the most since 1987.

According to Phoenix Partners: Countrywide debt protection costs rise to 26% upfront from 20%.

Basically, defaults are going through the roof at [[CFC]]. This turkey looks cooked (no pun intended, regarding CFC’s heralded CEO, Mozilo).

Anyway, if chapter 11 is imminent, I believe it would have a devastating effect on the markets, more so than Enron.

In short, do not buy stocks right now.

UPDATE: CFC just halted!

“The Fly” wins again, sort of.

UPDATE II: Countrywide says not substance to rumor it is planning to file for bankruptcy protection

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Darn Stupid Chinese Stocks

It’s so fucking warm in NYC today; I feel like going to the beach. Seriously, oil/gas is going lower.

As for [[MVIS]]–

Fuck you; I warned you. Don’t come crying to me, like a little bitch, saying: “it’s another ARWR, iiG or MCHX.” Fuck that. If you bought the stock, alongside me, you are up nicely. I will not elaborate further; except to say that I effectively blew out of all of the above stocks well above where they are now. Moreover, iiG was a 25% profit.

As you know, all of the big banks and brokerages are going belly-up. Take a look at the action in [[SCA]], [[ETFC]], [[CFC]], [[ABK]], [[MBI]], [[MTG]], [[PMI]], [[CCRT]] and [[MS]]. How is this decline in the financials different than the dot com blow up of 2000, price wise?

Furthermore, what happened to the general market after the dot coms were ripped to shreds and why?

Answer those questions accurately and you may be able to make some money this year.

Finally, it’s worth noting, I fucking hate anomalies, such as Chinese stocks. They just won’t go lower. [[FXP]] is getting “mushroom clouded,” thanks to the upward action in [[CHL]].

God willing, soon, it will get its head chopped off too.

For now, making money betting against the financials, via [[SKF]], is like running downhill.

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