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
21,152 Blog Posts

Revenge Pending

It was a week from rural Romania for “The Fly,” as the biggest bull run in 5 years decapitated much of his year to date gains— and humbled him into eating Lucky Charms cereal.

Looking back, it is true my erroneous bragging upset Mother Market, causing her to punch my face in with brass knuckles.

Nonetheless, I have made my peace with the dumb bitch and will start banking coin, shortly.

During the day, I did many things, which I neglected to report in my idiotic “Fly buy, Fly Sell” posts.

For one, I sold some [[SMN]]. Those evil bastards NEVER go up. It’s a blend of pure death for short sellers. If ag goes up, it goes down. If ag goes down, the gold part of the component buoys shares.

Under no circumstance can SMN trade up. I hate the people who concocted that ETF, with great vigor.

Also, I blew out of most of my gold position, via [[GLD]] and [[DGP]].

With the proceeds, I took advantage to re-weight back into short banks and brokers, via [[SKF]]. And, I bought more [[SRS]]. At the moment, my only b/d short is [[MS]].

Finally, I added to my [[FXP]] position. It’s a funny thing with that asshole ETF. The country in which the components are domiciled (China) is being obliterated with egregious stock market losses, yet here in the states—they are robust.

It’s not like speculators are getting poleaxed in China— big money is. Look at the banks. They are all down 40-50% year to date. In my book, the weakness in China means something.

All of our companies point to rampant consumerism in China— for our bullshit products. If everything is so great, then why is the Shanghai exchange down nearly 50% over the last 6 months?

Off to eat a hotdog.

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Aint So Bad

My double inverse ETF’s are barely down. This rally no longer scares me.

Hell, to get me scared, the market needs to climb another 13,000 points.

I just can’t see myself betting with a loser like Dennis Kneale. As you know, “The Fly” would never do that.

Just so you know, prior to today, I had nominal exposure to [[SKF]]. Today’s purchase under $100 is my first meaningful buy in the fucker, since it was last under $105 a few weeks ago.

However, I did get my balls blown up on [[SRS]].

[[SMN]] just rolled on my fucking face, with great big giant spiked wheels and shit.

Forget it. I no longer hate bears. “The Fly” was a little heated this morning for missing some great trades. I will get it all back and more, as always.

Stay tuned.

NOTE: I sold all of my gold today, in order to raise cash.

NOTE II: Watch LIBOR.

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Desperate Measures

In a unprecedented move, “The Fly” has begun eating a giant bowl of Lucky Charms cereal, in order to help turn his luck around.

Developing…

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Fly Buy: SKF

I bought 5,000 [[SKF]] @ $99.75.

Disclaimer: If you buy this stock because of this post, you haven’t learned your lesson yet.

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We’re All Rich

While I’m busy destroying myself in the monetary sense, I might as well go physical too. I’m gonna go swing over to the local deli and demand that Chef fucker prepare some fried bacon for me, cooked in lard. I don’t think standard run of the mill bacon has enough cholesterol.

Whatever price he wants to charge me is perfectly acceptable. Inflation does not concern me.

Speaking of inflation, my gardener has jacked up prices on me, citing “high fertilizer costs and gas.” That fucker is hitting me with surcharges, which I have no problem with.

I know people that make 45k per annum and love inflation. This one guy said “it makes me feel rich.” What he meant was, he feels rich buying such expensive items. Normally, he might spend $200 on groceries. But now, with rampant inflation, he spends like $500. He says “it makes me feel high end.”

This is true.

People like buying expensive stuff. It gives them a sense of entitlement. Think about it.

If you were buying new a bottle of wine for a very nice occasion, would you go with the $10 Fetzer or an expensive bottle of Haikko?

Exactly.

We’re all rich, one way or another.

With regards to the market:

I’ve yet to do anything. I’m sort of just wandering around, throwing darts at my monitors. Anyway, I’ll be sure to update you as the day progresses.

Off to eat some bacon.

UPDATE: Funny as a homo-hammer. Take your money out of [[WM]] now. Whoo-hoo!

Hat tip: Crude Broker

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Losing Coin with Honor and Dignity

I am sitting here, like a true gentleman, losing vast sums of appreciating U.S. dollars, with great poise and grace. I am not panicking or throwing stuff at people down the hall. No, “The Fly” is all about honour [sic] and reason, when it pertains to dealing with setbacks.

Quite frankly, this is the best recession ever. Just today, we have the dollar gaining big time versus the yen, gold crashing through the floor boards and oil shitting the attic. On top of that, [[GOOG]], [[CAT]] and [[HON]] posted kick ass numbers, giving confidence to those who have been loyal to the bull case.

At the same time, [[C]] posted God awful numbers, but its stock is still up huge.

What a shocker.

The commodity bubble is being deflated, which in effect, can fuel a rally in U.S. equities for the next several centuries.

In all seriousness, there is no way I am shorting up here, in the face of a break out in the indices. I’d rather go play with a pinball machine, for the next 10 hours, than try to time a new top in the banks, like some sort of degenerate OTB guy. If that’s the case, I might as well come to work in a wife beater T-shit, cigar in mouth, and drink beer out of an aluminum can, with “impunity.”

In closing, I would like to let my new bear friends know that I hate you and wish a slow painful death for you and all of your pets. Moreover, I believe you are all stupid assholes, who somehow tricked me into disbelieving in Goldilocks (U.S. economy). If I ever find out where you people live or eat, I will dispatch my entire goon squad of Brooklyn jerk-offs to punch the ears off your stupid heads.

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Fly Responds to a Leech in the Comments Section

The leech wrote:

Guys can I get an honest answer here, no bullshit.

At what price would you really be worried about oil and gas prices? What will crush the consumer? Bull or Bear I would like to know. Thanks!

Fly Response:

No price worries “The Fly.” Actually, like I said before, I hope and pray to God every night, false and real, that oil “super spikes” to $400 per barrel, in order to alleviate traffic in NYC.

“The Fly” looks forward to discussing these matters, and more, in the near future.

Another leech wrote:

At what point does Uncle Ben start defending the dollar?

Fly Response: When oil is at $400 per barrel. Weak dollars make it easy for us to sell our tanks to Egypt.

NOTE: China is down another 2.6% 4.5% in early trade. Is anyone paying attention to this debacle? Anyone?

Back to sharpening my knife.

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Never Bet Against Cajun

Full disclosure:

I was going to stupidly bet against [[GOOG]] today, until Ragin’ emailed me and told me not to.  Luckily, I heeded his advice. I’m a big believer in momentum and  having a hot hand. Let me tell you, RC is on fucking fire. All of you should bow down to his glory and show him some respect.

For now, the trend remains up, as bad news is good and horrendous news is great.

On the long side, I still like oil plays, like [[RIG]] and [[NOV]].

Looking at [[SKF]], I’m sure there will be a great entry point soon, under $105.

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