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
23,376 Blog Posts

MARKET CRASHES TO THE TUNE OF 1.2%

Amidst woeful trading action, “The Fly” staggered into the bell, losing a whole 2% of his holdings. It’s a regular MANSON MURDER at THE HOUSE OF FLY TODAY. Unlike many of you burlap shirt wearing goat fuckers, I don’t keep all of my coin in one stock—much to your chagrin. In addition, most of this morning’s sales were done in the green, prior to the bottom dropping out of tech ([[SONS]], [[ARUN]], etc).

I must admit, it was tempting to go long some health care names today, such as [[CI]], [[ENZN]] and [[BiiB]]. But, I made an oath, on Jupiter’s stone, to take the day off, in order to eat sandwiches and/or throw unsuspecting old men down idle manholes.

My take on the market is that we rally on the end of the Government “stress tests.” Look, the people want to buy the stocks (Italian accent). Do not get in the way of the people who are buying the stocks, you corn on the cocks (accent off).

Tonight’s homework will be to build two lists.

1. Stocks that should be bought on dips.

2. Stocks that should be bought on strength.

Frankly, I am sick and tired of the market already, partly thanks to lack of REM sleep. All “The Fly” does is work, work, work, with very little time to unwind and just punch people in the chest. I am bored.

Okay, I am done for the day and you will be lucky to hear from me again (today), barring some sort of hysterical news.

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Shut Up, You’re Embarrassing Yourself

90% of you bloggers and backseat drivers are not qualified to give opinions or advice, pertaining the subject of equities. You little trollops have been smacked about the cheek and gums, for the better half of 8 weeks. Need I remind you, one day does not make a trend.

Sure the market is ugly today, especially ahead of the ever heralded “stress test” results. However, there is a distinct possibility, market participants will step in tomorrow, on news of government rubber stamps and banking bliss, with very large buy orders—effectively depositing your carcass into a dried out pond.

Without a doubt, cash or no cash, today is a loss for “The Fly,” with one of my cooler positions, FTK, getting bled out in a very uncool way, thanks to HORRIFIC earnings. Nonetheless, it’s important to remember, wealth is not created in a day, contrary to the recent action in frothy penny stocks.

My game plan: With 65% in cash, I am done for the day. I don’t care if the market goes down 2,000 points from here. I can’t keep micro-managing like this, for it is driving me bananas. I will wait to see how the “stress test” results are received, then figure out when is the best time to reallocate funds.

I will not initiate any new shorts.

NOTE: I still own SRS/FAZ from MUCH HIGHER prices. I will hold onto those bastards too, despite my in style, mustard seed, green shoots-like demeanor.

NOTE II: The decline in TLT is troubling, due to the fact that rates are shooting higher. Good for commodities/bad for everything else.

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Consolidating My Positions

Despite my belief that all dips should be bought like “Pac-man drunk on vitamins,” I’ve been selling out of my small cap positions, into strength. I sold out of SONS, SD and ARUN, and will look to sell more, providing the market is kind to me.

Attention detractors: I am not switching my opinion from one hour ago. Instead, I am in the process of reallocating assets towards bigger market cap companies. The penny stock bonanza is great, while it lasts. However, when the party ends (FTK, TMR), all you are left with is some old sea-hag, with saggy tits and a receding hairline.

I view my foray into the underbelly of the market as an experience, which thankfully provided me with a much needed “power boost,” with repsects to my year to date performance numbers. However, like everything else in life, all things must come to an end.

What’s left of my small cap portfolio includes LVLT, TMR, ATHR, FTK, SD (I sold 90% of my position), FLOW, ABK, GMO, BRCD and OVTI.

As you read this now, my cash position stands at 65%. I will be patient with my new buys. I see the market has reversed and gone lower. So, with that in mind, I will go eat a sandwich.

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Fly Buy: FTK

I bought 20,000 FTK, between $2.62-2.70.

Disclaimer: If you buy FTK because of this post, your wife will put all of your savings in FAZ, without you knowing it.  And, you may lose money.

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Fly Sell: SONS, ARUN, SD

I sold out of SONS north of $1.90

I sold out of ARUN, $4.95

I sold out of SD, north of $10.20

I sold BRCD @ $5.90

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Buy All Dips

I’m getting mushroom clouded in FTK this morning, while my SD position eats shorts like Pac-man drunk on vitamins. Thus far, this morning is bitter-sweet for me.

The good news: I have lots of cash reserves (35%) to buy dips and shall do so when the market opens.

Look, the market is going to run higher again today. There is no point in sticking to your bearish thesis, in the short term, while the market is simply handing out free money.

Bottom line: With the ECB cutting rates again, I want to play the inflation game, via getting long oil/metals.

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Late Night Prayer

VNDA is up 800%+ in ah’s trading, thanks to FDA approval for one of its drugs. Dear Lord, allow me to find the next VNDA.

Amen

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