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
21,309 Blog Posts

Get The Fuck Off My Blog

I’m back. Moreover, I do not appreciate shit from “oldmantrader” grabbing the headlines. How egregious.

While I was away, the market made a nice comeback, with the exception of the banks.

Listen to me: either the banks are buys or sells. You cannot have it both ways. It doesn’t matter that [[C]], [[BAC]] and [[MER]] have raised a gagillion dollars, due to their writedowns. It doesn’t matter because those “writedowns” will likely become “writeoffs.” Anyone who thinks they have it all figured out, due to past references, I am telling you now: you are naive.

Home prices have not bottomed. The underlying “collateral” behind all of the toxic paper is in depreciation mode. Therefore, it is fair to say the following will occur:

Banks will be forced to “writeoff” the bullshit paper on their sheets—instead of sticking a bandaid on the problem, via “writedowns.”

Banks will continue to raise capital, in a very dilutive way—pressuring equity prices lower.

Many thrift and regional banks will be closed, by the FDIC.

Now, that doesn’t mean some drunk stock trader can’t make coin in [[RIMM]] or [[AAPL]].

Short the banks: that’s my position.

Aside from [[SKF]], I am short [[LEH]], [[MER]], [[DSL]], [[WM]], [[FHN]] and [[FED]].

As for long ideas:

If you do not have energy stocks in your bullshit accounts, you have no right or business managing real money. You’re better off paper trading and sending your fucking results to that queer Dinosaur, at the end of every day.

With oil above $125, I love [[CLNE]], [[NOV]], [[ARD]] and [[IOC]].

Finally, with dry bulk shipping rates through the roof, I may bag some trades in [[NM]], [[DSX]], [[EXM]] or [[PRGN]]. I can’t buy into [[DRYS]] or [[GNK]] after their “balls on fire” run. Not for me.

UPDATE: Here is a worthwhile report on the shippers.

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The Weak Shall Inherit iBC

[[HPQ]] buying [[EDS]] is egregious. However, it can lead to sympathy runs in EDS competitors, such as [[CSC]], [[RNOW]], and [[UIS]]. However, the only real winner is EDS, naturally.

I bought a little [[ACS]] today, as a play on California food stamps. Amongst many other things, ACS handles the the call centers for California’s Food Stamp Department: ROFL.

Aside from that, “The Fly” made several masterful acquisitions today, namely in [[IOC]] and [[VSE]]—while taking a number of low blows in his inverse ETF holdings.

Nonetheless, it’s important to note, as the market gyrates up and down—[[DSL]] and [[CORS]] are on their way to zero.

I liked the action in [[OMNI]] today, following their “sneak attack” earnings miss on Friday afternoon. The stock should have been down today, but it wasn’t.

Also, I like the action in [[CLNE]].

At the end of the day, the market is likely to remain range bound, as high energy costs hold the consumer hostage.

Finally, “The Fly” will be unavailable for blogging duties tomorrow, thanks to important meetings and other Godly activities. In my place, I leave the blog to you: internet fucktard.

Don’t fuck it up.

NOTE: Jeremy (iBC’s IT dept) will explain how all of you can make headline stories, via the Peanut Gallery, later on tonight.

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Fly Buy: VSE

I bought 5,000 [[VSE]] @ $6.25.

Disclaimer: If you buy VSE because of this post, you will fall victim to vast amounts of static shock. And, you may lose money.

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I’m Winning, Again

Despite todays bullshit rally, Chinese stocks, led by [[CHL]] and [[LFC]], are receiving multiple “homo hammers” to the head. As you know, [[FXP]] is “The Fly’s” largest position.

However, just to clarify, I am not up on the position, as of yet. Many of you must be thinking: “why is this asshole so happy about a down position”?

Answer: Because I have seen the future and it has lower Chinese stocks prices in it.

Those fuckers (China) are running with 8.5%+ inflation growth. Who gives two fucks and a ladle if they grow at 10%, while inflation is so out of control?

Enough about me. What are you losers doing?

Let me guess: reading some winners blog, while making believe you are Gordon Gekko, minus all the money and shit?

Look you, I’ve got a lot of personal wins going on here. You’re all lucky and blessed to have such a “God-Broker” blog during the day, helping the unwashed understand the markets.

Regarding the markets:

Don’t you think it’s time to “go away in May”? After all, we’ve been on a terrific run as of late. With my money, I like my chances short [[POT]], up at these levels, while long a refiner or two—for a trade. Due to extreme negative sentiment on the sector, the refiners are due for a prolonged bounce, despite my past joke—calling them “the new airlines.”

My watch list includes: [[VLO]], [[TSO]], [[HOC]], [[DK]], [[SUN]], [[ALJ]], [[WNR]] and [[CLMT]].

Also, for a trade, I like some of the ethanol plays. These stocks have been pummeled to death, then killed again in their afterlives.

In the ethanol space, my watch list includes: [[VSE]], [[AVR]], [[BIOF]], and [[PEIX]].

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So What!

Seeing [[FDX]] up, after their abysmal warning, is amazing. And, let’s not forget about [[MBI]].

Just know, the market will never make any sense. It will do all sorts of things, in an effort to bankrupt you, in the most egregious way possible.

As for “The Fly” and his holdings:

My recent buys, [[CLNE]], [[IOC]] and [[RACK]], are doing fine. Naturally, my inverse ETF’s are eating dirt, as dollar strength brainwashes morons to get long equities.

If you were lucky enough to be long [[RIMM]] and [[AAPL]], over the last 3 years, you banked profuse amounts of coin. I still believe the market has more downside than up. Therefore, I will continue to trade around my short positions, and book profits on my long positions, whenever I deem appropriate.

Right now, my top picks are long [[RACK]], [[NOV]], [[CLNE]] and short [[MER]].

NOTE: Due to a busy schedule, I will be out tomorrow, unable to blog. While I’m gone, I will allow all bloggers, tabbed and untabbed, to have headline power. That should be interesting.

UPDATE: “The Fly” wins again.

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