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
22,563 Blog Posts

Ouch!

I bit the bullet, despite my visions of death, mayhem and spiraling markets.

I reached my pain threshold and decided, “no mas.” A regular surrender monkey, if you will.

The problem, there are too many short sellers. Plus anyway, I’m over here bleeding out like some sort of fucktard, while shit is ripping.

Today’s moves include:

100% cover of all bank shorts, with exception to [[SKF]] position.

100% sale of [[RIG]] positions, mainly to rebuild capital.

And, finally, first serious entry into [[CLNE]].

Should the slide in natty be sustained, CLNE will continue to rip higher. I like the name short and long term.

Finally, it’s worth noting, I took staggering losses today, thanks to my hard head and dumbass bank shorts. It’s a lesson learned in hell, while stewing myself in volcano soup.

In order to recover from such asshattery, it’s back to the drawing table, one fucktard at a time.

Off to eat a hot dog and glass of murky tap water.

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Fly Buy: CLNE

I bought 50,000 [[CLNE]] @ $13.85.

Disclaimer: Don’t bother.

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Time to Rebalance

Fuck this. I am raising cash here, due to my money losing positions. As a result, I will eat small and large losses. However, the bigger picture is to preserve gains and get a clean/unbiased look at the market.

I will hold my inverse etf’s, mainly because they are small positions. However, I have decided to ‘clean slate’ on a variety of long and shorts, in order to stop the bleeding and regain my footing.

More on this later.

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Today’s Leaders are Tomorrow’s Losers

Today’s winners on the Dow include:

[[GM]], [[JPM]], [[WMT]] and [[HD]], while [[AXP]], [[MRK]] and [[VZ]] lag.

In the Nasdaq, the lion share of the gains can be attributed to strength in the following:

[[SBUX]], [[LAMR]], [[PCAR]], [[GRMN]] and [[EBAY]], while [[AAPL]], [[QCOM]], [[YHOO]], [[BIDU]] and [[ADBE]] lag.

In addition, financial related names are catapulting higher, as amateur shorts get squeezed and coked out money managers average down. My guess, the market will remain range bound, with wild swings between 10,750-11,650, until September.

If you are going to keep skin in the game, remember to be hedged.

Top pick: long [[FXP]]

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Fuck You, You’re Dead

My readers aren’t half bad. Most of you are simple folk, who enjoy lunch breaks and a nice ham sandwich, every once in awhile. It’s the other assholes on the internet and television that bother “The Fly.”

If you think about it, it’s sort of retarded, getting mad at other people who voice opinions. However, just know, “The Fly” is all about authoritarian rule and labor intensive boot camps for those who go against him.

Case in point: CNBC

This network will eventually kill me, via cardiac arrest or stroke. It makes no sense to watch them, since they offer zero value. However, since they are apt and keen on spreading market moving rumors (Gas Man, Faber, Cramer), I am forced to watch them. Forced, mind you.

At the end of the day, I wish none of these people fortune.

In other news, the market is teetering here. Mr. Mortgage nailed that [[AGO]] short. I complimented him for it and his reply was very “robot-esque,” as always. He wishes death to both [[HRB]] and [[NLY]]. I believe he wanted me to pass that message along, sort of like some twisted/demented chain letter.

I am taking the liberty to short more [[HDB]], UP AT THESE LEVELS. This stock is really starting to piss me off. At first, the sudden rise was humorous. I even called friends and family to take a gander at it; so we could laugh together as it climbed. But this is just ridiculous. It’s starting to cost me money.

I just sold out of my [[VLO]] trade. Fuck that noise. I’d rather buy more [[RIG]].

In short, expect this rally to die with a whimper soon. The fundamentals do not support higher equity prices. And, just because gasoline is at the bargain discount price of $4.30 per gallon, that doesn’t make poor people shop at [[M]].

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Fly Sell: HDB

I sold short 1,000 [[HDB]] @ $84.05

Disclaimer: If you sell short HDB because of this post, the government will stop handing out cheese and you will starve. And, you may lose money.

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Ignore the Green

No, I am not going to pop off on a tangent, complaining about how stupid everyone is for buying stocks, into horrendous earnings. Instead, I will point to the catastrophic declines in a multitude of names and predict pain for those of you who are sentimental about “summer rallies.”

[[AGO]], [[SFI]], [[RF]], [[CATY]], [[WM]], [[AXP]], [[NCC]], [[FTBK]], [[FED]], [[COF]] and [[MBI]] are being flame broiled, then tossed in the trash can. I can’t look at [[CAT]] and feel all warm and fuzzy about ‘global growth’ when this shit is happening.

So sorry.

Seriously, one would have to be mentally ill and fitted for a sleeveless dinner jacket, in order to get bullish now. The only thing the bulls “have going for them” is the lack of a giant hurricane to knock over those fucking rigs in the gulf. Other than that, it’s pure agony.

In short, there are many money managers out there who are into the ‘goldilocks economy.’ After all, if you were the architect for a new economy in a vibrant civilization, America’s hodge podge of banking fuckery would be the ideal choice for the perfect monetary system, no? This shit is like a well oiled muffler with a bullshit engine inside, constantly needing some asshole to push it down to the next repair center.

Short [[GM]].

In other news, I still like [[RIG]], despite the sudden lack of ‘killer ‘canes’ in the gulf. In addition, the rally in [[HDB]] is borderline absurd. Sell it twice.

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