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
20,793 Blog Posts

Late Day Thought

These retards (Brian Levitt, Oppenheimer & Doug Peta, Seligman) on CNBC, who still think the U.S. consumer is robust, are first class fucktards, of the asshat variety.

Keep in mind, they manage real money for real people.

And to think, “The Fly” was once employed by Seligman.

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Fly Buy: DUG

I bought 10,000 [[DUG]] @ $36.60.

Disclaimer: If you buy DUG because of this post, Cramer will grow his hair back, then steal your wife. And, you may lose money.

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Fly Buy: FXP

I bought 5,000 [[FXP]] @ $81.90.

Disclaimer: If you buy FXP because of this post, the next time you’re in Mexico, the policia will arrest you and hold you for ransom. And, you may lose money.

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The Next Shoe

Without a doubt, the ‘next shoe to drop’ is in retail. With unemployment rising, coupled with the ‘credit crunch,’ expect to see wholesale liquidations of some retailers.

If [[M]] is not careful, they could have a big crisis on their hands, like many others.

The companies with big overhead and inventories, like [[SHLD]], [[JCP]], [[KSS]], [[DDS]] and [[TGT]] will get devastated in a recession.

However, at the same time, incredible value will emerge, once the morons who run those companies stop wasting money, via buying back stock, and start closing unprofitable stores.

To me, despite what Cramer says, SHLD seems like the weakest of the pack.

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Fly Buy: EEV

I bought 3,000 [[EEV]] @ $78.80.

Disclaimer: If you buy EEV because of this post, the next time you make toast, you will get electrocuted. And, you may lose money.

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Bull Riding on a Horse

[youtube:http://www.youtube.com/watch?v=lBsO0b5pArg 450 300]

He was sent by the Germanian bears, about 2:10 into the clip.

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Position Updates: RIMM

With the market knifing lower, I am prepared to buy [[RIMM]] under $100, for a trade. I believe the stock is under pressure, due to the jobs numbers.

Plain and simple, RIMM receives a lot of their revenue from professionals. When those fuckers get shitcanned, well then, they cancel their stupid blackberry service.

However, it’s still too early to see that reflected in the company’s numbers. Like I said before, I expect the stock to get the stuffing kicked out of it, during the 2nd half of 2008—not now.

Therefore, on this dive, it makes sense to put in a limit order to buy @ $100 and below.

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