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

This is Great

Fucking NYC weather is sadistic. My bones are still rattling from the cold weather. I need to get the hell out of New York, in exchange for some island—where I can throw sand at people and drink healthy servings of bourbon, while watching the sun set.

In other news, it appears I am going to get sucked back into the market, 100%. Today’s economic news (jobless claims, housing starts) is being viewed as bad. As a result, stocks are getting their faces punched in.

Much to my chagrin, I find myself saddled with a bunch of longs. To offset any further deterioration, I may be forced to spend the rest of my cash on shorts, namely DUG and FAZ.

Sure, I could fuck around with individual names. However, I took it upon myself to buy FAS, UYM, amongst others. Therefore, if I want to stop the bleeding, I am forced to take on some 200-300% downside etf’s, or just sell out of my longs.

I could sell the longs and just call it a day. But, I find it far more interesting to navigate the market with both long and shorts running simultaneously.

At the end of the day, this market is fit for the criminally insane. The daily fluctuations are enough to drive any man to a remote island in the Caribbean— for an extended vacation.

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Possible Short Squeezes

Most of the time, short sellers are right. When you see a stock with a huge short position, it’s because intelligent people did the research to find out how bad the underlying company blows. However, during periods of glee and outright joy, heavily shorted stocks can provide traders with big dicked gains, in short order.

I compiled a short list of names worth perusing and monitoring, in the event the market rallies for more than 2 days. (Note: I have zero patience with heavily shorted stocks, mainly because they are ticking time bombs. If I am unable to catch the inflection point, most of the time, I sell heavily shorted names within 3 days—and move on.)

Remember, most of the stocks below are shorted for a reason. Failure to adhere to strict risk management guidelines can lead to your dumb ass getting “River Twiced” on such said names.

SYNA
CMG
FSYS
NFLX
LTM
FDS
UA
BKE
GNK
NRF
WNR

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Good Evening

Woodshedder special request:

[youtube:http://www.youtube.com/watch?v=W9WyW-LeVhs 450 300] [youtube:http://www.youtube.com/watch?v=JTGNEZARSdM 450 300] [youtube:http://www.youtube.com/watch?v=5uKnPB43Dog 450 300]

In other news, I am so glad, as well as comforted, that the old hack boss from Time Warner, Parsons, is the new Chairman of [[C]]. I am sure Carl Icahn is equally pleased, if not more!

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Run DMC: Here We Go

[youtube:http://www.youtube.com/watch?v=ZDSK3qmj_lo 450 300]

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BADA BING

I didn’t want to get long egregious amounts of stock; but I had to. My hand was forced by that fucking asshat Ken Lewis, CEO, Bank of America.

Granted, prior to the report that he bought 200,000 shares in the open market, “The Fly” was nibbling on select equities. However, after I was informed of that news, I bought millions worth of a variety of names, namely ABB, FAS, PFG and UYM.

In addition, I hedged out the remainder of my SRS position, going long URE.

I am still short oil, via ERY and DUG. I am prepared to buy them both lower. It really is a negligible pair of positions, in comparison to my new longs.

Bottom line: I am 50% long, 10% short and 40% cash. My neighbors are members of the Italian mafia and I am so fucking sick of this bastard of a market.

Nonetheless, I ended the day higher, thanks in large part to my Godly buys. I’ll have you know, the losses in my shorts were and are entirely meaningless. I will also have you know, I intend on making Donkey Kong coin in EEV, SRS, ERY and DUG, in due time.

NOTE: God willing, I will get the opportunity to buy back FAZ in the low $40’s. God willing.

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Fly Buys: FAS, ABB, PFG, URE, UYM

I allocated 50% of my cash in the above names, FAS, south of $9.20, ABB, south of $12.50, PFG, south of $15.50, URE, south of $4.45, UYM, south of $12.80 and TNA, south of $24.70

Disclaimer: Just watch.

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Oil Unfun

I should have stayed in cash and ate sandwiches. Instead, in my infinite wisdom, I went long a financial that traded off from my basis and I bought some 300% short oil garbagio that cut off my fucking head. Between yesterday and today’s small trades, I built up a quick 40k+ paper loss.

While 40k may seem like a lot to most of you bar hoppers, it is of small consequence to Senor Tropicana.

However, losing money is not something that should be afflicting me and I worry, with great intensity, that my early losses will force me out of retirement, effectively depleting my cash reserves.

After all, if so inclined, I can just sell out DUG, ERY and PFG and make believe it never happened. But that would mean capitulating in the face of abject stupidity, as the retarded Texas tea baggers at XOM near $80 per share.

I will not capitulate.

So, the only course of action is to begin a campaign of effective dollar cost averaging. Being that I already dug myself a small ditch, I will refrain from buying more, until I am able to obtain a decidedly lower price or an inflection point arises.

With other capital, I am somewhat optimistic about the near term prospects for the markets and may begin buying some stocks, later on this afternoon.

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Get in the Deflationary Vortex

All of you fried rice loving meatloaf throwers are not only wrong when it comes to reflation and growth in Asia; you’re exactly wrong.

See, good Sir, the money that is being created or printed is being thrown into a deflationary vortex, mind you. The destruction of capital, worldwide, far outweighs the bullshit trillion dollar stimulus package.

And, I hear many of you discuss the virtues of Chinese banking institutions. As a point in fact, you praise the Asian lenders for being smart and not having fucked up balance sheets. Well, I have news for you again, good Sir, Asian banks, particularly Chinese ones, are fucked on a spindle.

The decline in property values is rapidly accelerating in Asia, indeed. Furthermore, the nonsense capital ratios you read of, regarding Chinese banks, is all fiction. Wait until the Western dollars file out of China, then tell me how self sustainable their bullshit economy is, with their low standards of living, coupled with industry after industry being sustained by government incentives aka life support.

To bet against Asia and their currencies, I like EEV.

Look, I’m not here to throw acid in your face. “The Fly” is all about sharing the wealth of ideas, while kicking old men (47.5 and older) down shockingly big storm drains.

Hell, I make lots of mistakes. Just this morning, after giving a big huffy puffy chested lecture about “staying on the sidelines,” I went out, like an imbecile, and bought PFG a buck higher than where it is now. I deserve the loss and more.

It’s hard sitting on 90% cash. You have to be a special type of animal to just box watch and do nothing. If the weather was warmer, I could go swimming or go for a jog. But, NYC weather is like a fucking Siberian wasteland in the winter. I’m trapped and have no choice but to invest.

As for the markets:

I warned you about “Getting in the Funnel.” Some of you heeded my dire warnings, while most of you laughed, did a few lines of low grade blow, then bought USB on Guy Adami’s rec. Now, I am warning you about entering “The Deflationary Vortex.” You can do so at your own volition. However, just know, “The Fly” is never wrong for a period longer than 3 weeks. Furthermore, the dollar will punch your lights out, should you choose to sell it short.

Finally, I want to sell short all oil stocks, going into earnings. To do this, I have opted to short cut it by staying long DUG and ERY. However, at the moment, all of my positions are light.

I still have a 90% cash position, so you know.

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Fly Buy: ERY

I bought 5,000 ERY @ $41.72.

Disclaimer: If you buy ERY because of this post, you will spend all of your idle cash on utter bullshit. And, you may lose money.

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Fly Buy: PFG

I bought 10,000 PFG @$15.30.

Disclaimer: If you buy PFG because of this post, all bank stocks will go to zero, taking your deposits with them. And, you may lose money.

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