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
22,785 Blog Posts

Where Did All The Bulls Go?

What the fuck? I was just about to get me some [[BAC]] or [[FED]] or [[LEH]] up 50%, over the last 5 days. That shit looked cheap.

Are you telling me the economy is in the shitbox? I thought America had a ‘goldilocks economy’?

My inverse etf’s are outperforming; but I am vexed for not have the balls to short FED yesterday.

In an effort to ‘dip my toes’ back into the murky market waters, I took the liberty to buy more [[FXP]], [[SKF]] and [[SRS]], if you don’t mind. After some recovery in my disheveled portfolios, I shall and will short some banks. As sure as I’m sitting here, I will have my revenge against those bastards.

My new longs are not working: [[CLNE]] and [[FMCN]]. As you understand, this makes matters worse. However, being able to have a time horizon longer than 2 days gives me comfort in knowing “The Fly” is never wrong.

For those of you who are stuck in [[RIG]], unable to get out, be patient. The company is going to report earnings soon. I expect there will be a bounce. On that bounce, let go of some shares.

Keep in mind, everyone is killing the energy names, acting as if oil is $30 per barrel. Asshats.

I suspect, the decline in crude will be short lived. Once it starts gapping up again, there will be a frantic panic to get back in RIG, [[SU]], [[UPL]], [[OXY]], [[ARD]], just to name a few.

All of the assholes who were short banks are now short energy stocks.

You know how this story ends, don’t you?

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The Castration of the Bears Continues

Seeing [[CLNE]] down, while natty is taking a dirt nap, reminds me how cruel Mother Market is. What a fucking bitch/whore.

That stock, mind you, should be sprinting higher, on the back of T. Boone Pickens’ pitch to congress and lower natural gas prices. However, due to the capitulation in commodity related names today, anything and everything with the word “energy” in it is being clubbed like a retarded seal.

It is, without doubt, a buying opportunity.

Look, I was lucky enough to dodge the knifing action in [[RIG]], but not lucky enough to avoid other losses. Still, I endure painful “paper losses” in [[SKF]], [[SRS]] and [[FXP]]. Nonetheless, like the hard headed creature I am, I continue to buy more.

My losses from top to now are just short of 20%, putting my year to date returns around 37%.

The agony.

On the long side, I own [[WB]], [[LAZ]], [[JOE]], [[FMCN]], [[BAP]], CLNE, [[CLX]], [[MVIS]], [[HD]], [[SBUX]], [[GD]], [[LMT]], [[HANS]], [[PCZ]] and [[NOV]].

Basically, seeing the market run, I forced myself to just buy shit. I had to.

Having a heavy shot bias, I deemed being so one sided to be fucktarded. So, I hedged some of my shorts, with a variety of longs.

As for the banks, the proprietary iBC software spit out a variety of names yesterday, including [[FED]], [[UMPQ]], [[STI]] and [[MBI]]. Under normal conditions, many banks are still significantly undervalued, trading less than book value. However, I cannot get myself into the mind set of going long now, with exception to WB.

If you lost some coin during this squeeze, do not fret. Things are not always as they seem. Soon enough, “The Fly” will be pistol hot again, enabling you (internet leech) to bank a little coin, allowing you to, once again, feed your family a few tacos with sour cream.

Off to throw some surplus firecrackers at people.

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Off to Dunkin’

Once again, I am afraid to be seen in public, consuming coffee from a homo pink cup. People around my office are rich again, as the market climbs. They drive yellow Ferrari’s and never visit Dunkin’ Donuts.

Let it be known, they go to Starbucks.

My conundrum: [[SBUX]] coffee blows moose balls. I’d rather drink a cup of motor oil, than that shit they shovel at “The ‘Bux.”

However, I do not want to be viewed as “poor” or “blue collar,” via being seen at Dunkin’.

So, I will stealthy sneak into my local Dunkin’, wearing a fake mustache and dark sun glasses. Should anyone recognize me, I will “accidentally” spill hot coffee all over their fucking face.

Wish me luck.

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Expect More Green

The last great hope in retail, [[COST]], reports terrible news, yet the market shrugs it off. The banks, led by the dastardly idiots at [[FED]], shoot higher, despite their recent 50% gains.

If you are looking to allocate capital, try to find stocks with high % of shares sold short. Personally, I like [[FMCN]] and [[HANS]] here. Call me crazy, see if I care.

Naturally, I am very tempted to go ‘all in’ on [[SKF]], down at these levels. However, this melt up has a different feel to it. It’s utterly fucktarded, with a twist of lollygagging.

I have no interest in the machinations of Congress or what some asshole at the Fed is doing. All of that shit is for the birds. I spend my time trying to bank coin, while concocting new ways to punch off the mustaches of old men with canes.

I have given up on oil, as you know. I will reduce my exposure to the sector, and look to buy more [[CLNE]].

On a side note, the Godly folks at iBankCoin have been working diligently on trading software, which uses all of the parameters I look for, when screening for stocks. Basically, this shit will cut down my research time from 10 hours to 10 minutes—leaving more time to throw raw chicken legs at my trader/servant or punch holes through the bullshit sheet rock in my office.

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SKF Long

[youtube:http://www.youtube.com/watch?v=mA8xAaJ0LZs 450 300]

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The Mother of all Short Squeezes

We are living in historic times. I’ve been in the market for a long time. I can tell you, without pause, I have never seen a short squeeze like the one taking place in the banks right now.

Banks that were teetering on bankruptcy last week are now ripping higher, to mind numbing levels.

Listen to me, very closely: do not chase the banks here.

I was very tempted to go long [[STI]] and [[UMPQ]] for a trade too; but it’s too risky. Don’t kick yourself for missing an opportunity, others will come.

The first error was missing the rally. The fast track to the poorhouse is when you exacerbate the first error by chasing stocks, near the end of their run, effectively missing the bottom and marking the top.

Be patient and wait for your trade.

In other news, I am happy to be done with [[RIG]] and all of my fucking bank shorts. What a nightmare.

At the present, I have a clean head and will be allocating capital soon.

Despite the new bull market we are in, I still think the next best trade is to sell short. The exuberance is high and the supply of cocaine to money managers is prolific.

They look like shit, but, stepping into [[SRS]], [[FXP]] and [[SKF]] represent fairly low risk/high reward trades now, in my opinion. In addition, with commodity weakness, there is upside to both [[VSE]] and [[CLNE]].

In short, the big money in the banks has been made. Don’t be a fucking jackass and buy here, only to regret it two days from now. Look elsewhere for buying opportunities.

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