Following a glorious week of splendor, “The Fly” had his balls busted to the tune of 3.1% today, thanks to a sharp decline in FTK. However, I did catch 10,000 shares long, near the lows of the day. Also, late in the day, FXP knifed lower. The ridiculous part of the FXP decline is that it shouldn’t have traded down. CHL and LFC make up the majority of FXP‘s bear bets, and they were down.
Will some-fucking-body explain this Chinese fuckery?
All day, I covered numerous shorts. They were all egregiously profitable and big wins for “Senor Tropicana.” However, my cash position was very low (less than 1%); therefore, I felt like bulking up in the event of a classic bounce—following a sharp decline.
AAPL, RIMM and other big tech charged higher, as retards manned trading turrets.
In short, I have little interest in making big directional bets. Instead, I will trade here, invest there, sort of bouncing around like a loose cannon ball—ready to explode. Without a doubt, the economy will continue to slow and many banks will be closed.
Shockingly, the leverage in the system is at all-time highs, following the “credit crisis” hitting the front pages. My guess, all of our brilliant bankers are stuck with their bullshit leveraged bets and are afraid to sell—which may lead to a domino effect—leading to massive write-downs.
In my opinion, all of the banks will report disappointing numbers and will have a very difficult time raising money in the future. While it’s true, the banks have raised an enormous amount of coin, over the last 6 months. It’s also true, that is their detriment now, as the main underlying asset behind their paper depreciates at an alarming rate.
However, I am waiting for a bounce in the financials, before reentering short. At the present, my only short position is FED and a little LEH.
Aside from the banks, I have POT short and a myriad of 200% inverse ETF’s.
For now, my top pick has to be FXP, due to its fuckery.Comments »