Fly Sells: Chinese Shit

I’m out of all Chinese names, except JRJC.

I sold out of CHL, FXI, WX and YZC.

I love how these failed CEO’s defend their equity by citing their industries “replacement cost,” in an effort to justify their stocks valuation.

With that logic, the “replacement cost” of SIRI must be in the billions. After all, acquiring a kick ass radio personality must be in the $500 million range, right?

Wrong.

No one gives a shit about your fucking satellites.

I was just listening to an interview with the CEO of MOS. He was incredibly bearish on the demand/supply situation, regarding his companies products, citing “warehouses full” of potash. He said his company has 4-5 weeks of supply on hand, and nowhere to sell his shit, due to nonexistent demand.

Then he rambled on talking about “replacement cost” as the only viable reason to own his companies stock. What a joke.

Personally, I sold out of most of my FXI/CHL, saying “goodbye” to Chinese fuckery for good. Moreover, I am done with YZC and WX. I kept BUCY, MT and JRJC, while buttressing my cash position.

Essentially, and most unfortunately, “The Fly” has not been capitalizing on this disaster. As a matter of fact, I’ve been slowly bleeding out, losing 1% here, 2% there. Year to date, I am still up around 5-6%, but it should be a lot more.

Now, the first mistake I made was going long into this crock of shit. I do not want to compound the error by potentially selling at the bottom, then turning around and shorting at the top.

So, my game plan is simple: get small and let my current shorts do their work.

I will sell off enough longs so that my DUG/ERY/EEV positions can “work their magic.” I think it’s a foregone conclusion that the S&P is heading for 740 within days. With that being said, XOM is days away from being routing, in a very non friendly sort of way.

Bottom line: Taking losses on longs. Building up cash to 50%+. Letting existing short positions “work their magic.”

Federal marshalls raided the offices of Stanford Financial? Ha!

There really is no point trying to paint the pig gold anymore: America is dead.

The country you grew up with and cherished is dead. It has been replaced with some fuckhole of a place, where its politicians are imbecilic morons and its populus stab one another in the back for a little extra fiat currency.

With that in mind, it’s important to note that the dollar is up big this morning. The world knows if we go down, they’re fucked. So, it’s not a surprise to see them, desperately, trying to support our system of shit. Nonetheless, the outcome looks certain now. We will likely follow that cock sucker Geithner right down the rabbit hole.

In other news, “The Fly” is not “enjoying” today’s meltdown, being 55% long. You might be amazed to know that I really don’t give a fuck. It’s a brand of abject, stoic not giving a fuck that I am working on, all thanks and praise to this wonderful fuckhead of a nation, The U.S of A.

Nevertheless, I am banking tremendous coin on my DUG/ERY/EEV positions. I will likely sell them into this mess.

As for my longs: clearly, the market broke down. I should be selling them. First, I want to see how the day progresses; then I will make a decision.

UPDATE: I sold 75% of my FXI position, just south of $25. And, I sold all of my CHL, just south of $45.

The world is as sweet as industrial rain right now. I cannot tell you how emphatic I am to behold world conversion to unified boorishness. Through magical cigars and laws of the black art, the United States will throw solar beams of energy at its friends, who will bask in our glory and receive gifts of wonderment with great zip—never mind our enemies.

The equity markets will applaud the passing of tedium, in exchange for a more livelier variety—one that gives the commonality something to gawk at.

Nevertheless, I beg to differ with your plans to gallop the drudgery, through stockpiled subsistence and purified h2o. Rather, I advocate the distribution of mutton sandwiches and ample supplies of sweet nectar be afforded, while partaking in sport, so that you may bear witness to the final chapter of this epic comedy of woe.

Or, you can go to the park and toss the fucking football around with your stoopid [sic] friends, eat a philly cheese steak and down a few fucking beers, while the country burns to the ground (burp).

UPDATE: Peter Schiff’s response to his own fuckery.

Whole industries are on the precipice of outright collapse. As a point in fact, whole countries are already in free fall. The Russian economy, for example, is in extremely dire straights, with the Ruble dropping by 2/3rds in recent months and corporate balance sheets in shambles. It is estimated that more than 400 billion dollars in Russian corporate debt needs to be refinanced this year, most of which is financed by European and Asian banks.

Aside from the banks, autos, commercial Re and insurance firms are next up on the chopping block. Most of these firms have disastrous exposure to the capital markets. And, moreover, their policy holders are going bankrupt—har, har, har.

Stocks that will be in the line of fire include: MET, AXA, ING, AEL, PRU, LNC, PL, AZ, HIG and ZNT just to name a few.

As for our banks: I really want no part of them, long or short. I do think they go lower. However, bearing witness to one short squeeze after another, over the last 2 years, has conditioned me to stay away from the sector, whenever it is at or near new lows. If forced to bet against a few names, I’d sell short PACW, MCO (fuckers), WABC, EWBC, PCBC, CATY and CMA.

However, again, I would not be surprised to see some sort of asshole rally, over the next few weeks. My money is better served betting against oil/gas and commercial Re.

UPDATE: Follow iBankCoin on Twitter. Soon enough, all iBC related articles will be linked there, in a very spammy way.

http://twitter.com/iBankCoin

Apparently, Peter Schiff is embarrassed by this clip and wants it removed, according to the vlogger who posted it. At any rate, before the vid is pulled, what is your opinion on this sort of fuckery?

Fuck all of the bullshit, debating the stimulus, while bitching and whining about the market. Hey, if you fuckers want to do something about it, quit paying your taxes.

That’s what you should do: partake in a good old fashioned tax revolt. The next time the IRS comes knocking, tell them to go fuck themselves amidst their God damned federal printing presses. See where that gets you.

Oh, you should stop paying your mortgage too. While you’re at it, stop paying for your car, the kids education and even groceries. Just walk into your local Whole Foods, fill up a wagon with organic shit, and walk the fuck out, as if you owned the place.

The alternative to that shit written above is to form a militia and sing fancy songs with them, while living in exile— on a swamp somewhere.

See assholes, life must go on, whether you like it or not. You can build out nuclear bomb shelters and move your family into them. But the only cool thing that will result from that is your vacated house being used/violated, by the local teenagers, in order to throw keg parties inside of it.

On a very personal level, I don’t give a fuck about government. Fuck them and their asshole ways. I have an excellent tax attorney, who helps me find tax shelters. As long as government doesn’t fuck with my business and blog, I am cool. Hell, life is too short to worry about the end of times. We all go inside coffins, made from pineapples, eventually.

I know, you zealots out there are worried about future generations. Hey, I got news for you fuckface, they don’t give two homos and a queer fiddle about you. When you get old and weak, they will liquidate you and use your body to fertilize their corn fields.

What if China stops buying our Treasuries, sending the dollar into free fall? How very scary.

That’s an easy one. Everyone will take out their guns and start shooting each other in the face. Hey, we’re Americans. We love to shoot things and make believe we’re egregious cowboys on some sort of wild coked out expedition, in search of gold. Well, with a little help from the Chinese, we can do that for real, ransacking each others homes for gold rings and chains.

Bottom line: quit being such a fucking pussy.

In other news, FAS players are dead. Fucking dead, I tell you.

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This was a special request by “Crude Broker” over there in Queerville, TX.