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

Mustachless Market

You thought the market would close higher, didn’t you? You were over there, sipping on that sugary orange soda, like a fucking loser, rooting the market higher—while watching that bastard of a clip— showing Meredith Whitney all scared and shit of shorting banks.

Let it be known, “The Fly” no longer supports the work of Meredith Whitney. He will now work to support Michael Mayo and all of his endeavors.

The trading action in SRS is abusive to the sensibilities of all investors, long and short. It’s impossible to bank coin, while the market zig-zags around like a lunatic top.

Into the bell, I sold out of my AAPL position, which has been in my portfolio for years, cost basis of about $50. I am sure the stock can run higher. But, every time I feel like it’s ready to rip off the balls of a few million bears, it succumbs to fuckery and trades lower. So, I am out.

In my trading accounts, I remain long TLT, TQNT, ISIL, CIEN, EZCH, STAR, GU, DE, TLAB, SRS, SSG and FAZ.

My only short is ACC.

Bottom line: you’re fucked if you do, fucked if you don’t.

Enjoy.

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Beware of the Dip Buying Imbeciles

Aside from the WRI sale this morning (I still have 5k long), I will not be selling anything today, no matter what. I do not trust the fervor and tenacity of the bears to bring this fucker lower. As long as men in tight rubber pants are bouncing around on CNBC, exclaiming “the economy is getting better,” it’s best to be cautious with overweighting on the short side.

Oil and other commodities are getting nailed to their respective coffins today, helping oil/gas/ag stocks trade decidedly lower. For some odd reason, there are a lot of buyers in tech today, led by RIMM and AAPL. Very, very odd.

Nonetheless, should this market trade higher today, I’d be willing to scale the Empire State Building naked or flash by the Fast Money set, neat Times Square. I am absolute in my convictions that the market, led by stupid banks and dastardly CRE will trade lower today.

Top picks: Short ACC/long GU.

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Fly Short: ACC

I sold short 10,000 ACC @ $19.30.

Disclaimer: If you sell short ACC because of this post, your kids will grow up to be bankrupt and homeless. And, you may lose money.

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A Special Message for Retail Investors

Pardon me, I do not mean to rain on your gay parade. I come with a message in hand, it reads:

Dearest Retail Investor,

Don’t pay attention to what the blogs say about us; we love you. To prove our love, we will give you what you desire more than anything else: more stocks and bonds. The market has been so difficult and “trying” these last two years; we felt it was our duty to reward the retail investor (you) via large/behemoth secondary and bond offerings. Some might say “companies are flat-out, stone cold, fucking bankrupt. Fuck your secondaries.” However, those miscreants are all liars and thieves, originated by jealous socialists or communists— who want to take your guns away and declare the Bible “fiction.”

In closing, we want to make you happy. Call your local broker and tell him you are interested in some dilutive constructive secondary offerings. In the coming months, we will be “gifting” you with so much supply, you will feel like a little girl in a barbie doll store.

Let’s rebuild America, one offering at a time.

Sincerely yours in earnest,

Wall Street

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Where Are the Shipping Idiots?

With the market “power blasting” forward, one would think the Dry Bulk Shipping crowd would be holding extravagant galas off the coast of California, celebrating the “new bull market.” However, much to their chagrin, the Dry Bulk Shipping index is down 18 consecutive days, dating back to 3/10, for a staggering loss of 34%. Now, I know what you fuckers will say: “the dbi means nothing, yada, yada, yadaling.”

Fuck off. It means China is one big fraud and it’s time to get long FXP in size.

As an aside, avoid all insurance stocks (AFL, AIZ, HIG, LNC, MET, PFG, PL, PRU, RGA, SFG, TMK, UNM) ahead of earnings and in general. In my opinion, amongst the opinion of others, the ratings agencies are about to take “the fucking ice pick of bloody murder” to the sectors neck, via egregious downgrades.

In general, business is horrendous. Moreover, with the stock market down, they are all saddled with massive unrealized losses, which are detrimental to capital ratios. As a result: credit downgrades are a comin’.

In other news, former DB analyst, Mayo, got “Rambo” on the banks this morning, telling his clients to sell them all. In short, I think it’s fair to say, EVERYONE knows the run up in the banks is unsustainable. At this point, it’s a game of chicken between the newly invigorated bulls, and old disheveled bears.

With my money, I will look to take profits on recent longs and add to a few inverse etf trades gone wrong. And, furthermore, sell short some fucking banks.

UPDATE: I sold 10,000 WRI @ $11.50

UPDATE II: I bought 1.000 SRS @ $39.65

UPDATE III: Instant Asshat Award Winner: Dick Bove-
Bank of America: Rochdale Securities’ Richard Bove starts Bank of America with Buy rating, interim price target of $14; says Bank of America stock price will ultimately return to its all time highs – Reuters (7.28 -0.32)

UPDATE IV: I bought 2,000 FAZ @ $16.75

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Ham-N-Eggers

I’ve been here, dominating the financial blogosphere, for more than two years. I can tell you, with utmost certainty, you (the internet leech) are always wrong. Through ups and downs, the one consistent indicator has been your inadequacy.

Just four short weeks ago, these message boards were filled with predictions of mushroom clouds detonating over Los Angeles and bombs disguised as flowers being dropped out of rainbow colored blimps, over NYC. Now you’re all foam mouthed bullish—like rabid dogs or squirrels— gnawing away at dead bank carcasses and shit.

Much to my delight, the rainbow/blimp/flower/bomb scenario never panned out. However, I am still hopeful that some errant nuke might find its way west of Nevada.

“The Fly” has been busy with a lot of tedious shit, as of late. Every weekend, Mrs. Fly makes sure that “Mr. Fly” has no more than 5 seconds of idle time available to himself. After all, it’s spring time; there is much work to be done.

Look you, I’m selling banks, like a fur coated pimp in the South Bronx, into earnings. Unemployment is on the rise, especially in the Carolinas.

Here are some recent stats:

Employment Data – South

Unemployment (%)

Change

Feb-08

Jan-09

Feb-09*

Y/Y

M/M

North Carolina

5.2

9.7

10.7

5.5

1.0

Charlotte-Gastonia-Concord

5.2

10.5

11.7

6.5

1.2

Greensboro-High Point

5.4

10.6

11.6

6.2

1.0

Raleigh-Cary

4.1

7.9

8.8

4.7

0.9

Winston-Salem

5.0

9.2

10.4

5.4

1.2

South Carolina

5.7

10.3

11.0

5.3

0.7

Charleston-North Charleston-Summerville

4.6

8.6

9.1

4.5

0.5

Columbia

4.8

8.4

8.8

4.0

0.4

Greenville-Mauldin-Easley

4.8

9.2

9.8

5.0

0.6

Myrtle Beach-North Myrtle Beach-Conway

6.7

14.3

14.3

7.6

0.0

Based upon the BBQ sauce lovin’ hillbillies from the south goin’ broke, I want to sell short BBT. However, at the same time, due to government liars and cheats, I will pair that trade with a little STI; pardon me for suggesting such a thing on a Sunday evening—my apologies.

In short, get ready for some real good ol’ fashioned anti-climatic earnings, starting with the losers at AA, followed by a fresh round of government fuckery via uptick ruling.

[youtube:http://www.youtube.com/watch?v=f-E63NXKavM 450 300]

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Conflicts of Interest?

You decide.

The upgrade of Kimco’s share price, by one of their lead underwriters (Merill), immediately following a shockingly dilutive secondary offering and reduction of their dividend, should raise an eyebrow or two at the SEC, providing they actually gave a fuck about these sort of things. I am sure they are quite busy now, trying to figure out who the short sellers are and how to effectively redecorate their offices.

At any rate, the God fearing folks over at Zero Hedge raise the subject of conflict of interest, with regards to the underwriter/publicly traded company relationship. Back in the go-go days of the late 90’s, it was standard operating procedure for the winning underwriter, of a much coveted deal, to return favor by upgrading the stock of their new client. In this case, believe you me, investment bankers are starving. A $700 million dollar raise is worth collusion, as evidenced by the fast fire upgrade and pump of KIM‘s share price.

Apparently the days of “pay to play” are back.

NOTE: Back in March, CS downgraded KIM, citing the company needed to raise $1bill, in order to get back in line with acceptable leverage ratios. With that in mind, even after this recent $700 mill raise, Kimco still needs to raise more capital.


CS_KIMFree Legal Forms

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Late Night Thoughts

No way the market has bottomed.

No way the economy is getting better.

No way Obama gets reelected if he allows the banks to bid up eachothers toxic assets with tax payer dollars.

No way Q1 earnings will buoy the market higher.

A little dose of reality is in order.

Indeud.

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THE DEATH OF HORATIO CLAWHAMMER

It’s all over folks. HORATIO CLAWHAMMER has been pummeled to a pulp and tossed into a toxic lake, just south of Asshatville. Let me just say, I’ve been through a lot of short squeezes. Most of the time I skirt them with hedges or quick fire covers. However, this fucking melt up in commercial real estate caught me off guard. I did not see it coming.

I can accept being off on my [[FAZ]] purchases, since banks will be banks. Those dastardly bastards! But this annihilation of SRS, in such short, graceful order, is very, very disconcerting.

My only other short, FXP, hardly moved.

As for my longs: TQNT, WRI, CIEN, GU, ISIL, STAR, TLAB, ERX (sold), DE and EZCH— they did great.

Bravo. Bravo for the man who bought chips and won, then got mugged on the way home, by a gang of big booted clowns.

Off to eat hotdogs, without the bun, and a hot mug of beer (I don’t deserve cold).

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