BREAKING NEWS EMERGENCY ALERT

I just sold short 100,000 shares of Jeremy @ $22 and 100,000 shares of Woodshedder @ $0.73.

At the time of this post, “The Fly” was long 1 million Ragin Cajun @ $350 and 500,000 Alphadawg @ $155. He has no position in “Danny,” which happens to be trading a notch under $1.

NOTE: My IQ is much higher than yours.

[youtube:http://www.youtube.com/watch?v=H5xt6IhWONs 450 300]

The egregious powers of “The Fly” are strengthening by the minute. He is fighting many battles on numerous fronts, and winning on all of them.

In other words, “The Fly” is Godzilla and everyone else is Japan.

During today’s tape, I made massive quantities of coin, while heavily caffeinated, on short [[CSE]], short [[EWBC]], short [[FED]], short [[CYN]], long [[RIG]] and long [[NOV]]—just to name a few.

I gave back a little in my [[HRB]] short; but that’s okay. I have lots of firing power. My ammunition drawer is filled with nuclear bomb grenades and mustard gas. Fuck around, I’ll throw some mustard gas in your face.

As an aside, it appears the banks are sliding down the sloppy slippery slope of sloth. I suspect we will see many more dilutive capital raises, to go with egregious writedowns, almost immediately.

“The Five Reverse Horseman” of death and fun had a splendid day, as did most regional banks.

Towards the end of the day, I started a short position in [[FMBI]], and added to my [[REW]] position. In short, with such an ugly tape, there is no fucking way tech will skirt the selling programs.

Eventually, the pain will become too great for money managers, forcing them to raise cash. When this happens, I suspect REW will sprint to $65.

I sold short 2,000 [[FMBI]] @ $20.45.

Disclaimer: If you sell short FMBI, the rule that all $20 bank stocks eventually go to $5 will no longer apply. And, you may lose money.

S&P DOWNGRADES OPINION ON
SHARES OF EAST WEST BANCORP
TO SELL FROM HOLD
Recent Price : $7.57
Recommendation:
After widening our loss assumption for EWBC’s commercial loan portfolio, we are lowering our ’08 EPS estimate by $0.45 to $0.47 and ’09’s by $0.68 to $0.98, and we are cutting our 12-month target price by $9 to $6, which is about 6X our ’09 EPS estimate – below California peers.We believe EWBC’s commercial real estate and construction loans, which make up over 65% of the company’s loan portfolio and have above-average exposure to California’s Inland Empire, will see losses accelerate in coming quarters as housing market problems spread to other areas of the local economy.

I say, let them burn.

At the present, I am short [[EWBC]].

[[CSE]]

Booyah!

Slogan Update: “Fuck you, you’re dead.”

With oil gapping here, I love me some [[RIG]], under $160. Take a look at [[NOV]], [[SWSI]], [[HP]], [[IO]], [[DO]], [[DVN]], [[NE]] and [[WFT]]. This sector is booking higher, mind you, booking.

With the space on fire, you have to love the “Godfather Pimp” of the drillers aka “The 1 million ton dragon of oil Godliness”: RIG.

Day rates for deep water rigs are through the ceiling. Trading under 9x 2009 numbers, I feel the stock can hit $200 by October, no problem.

Frankly, there are very few stocks “The Fly” buys or shorts, without fear of being wrong. Shorting the “Five Reverse Horsemen” is easy and so is being long “RIG-Daddy” aka “short seller widow maker.”

[youtube:http://www.youtube.com/watch?v=UmkhXdSC62w 450 300]

I bought 40,000 [[MVIS]] @ $2.85.

Disclaimer: If you buy MVIS because of this post, your dog will chew through your kitchen cabinets. And, you may lose money.

I just finished reading this crap, and I am appalled. Clearly, this fucker is talking his book, being short [[MVIS]] and all. What makes this article criminal, is the scurrilous rumors he is perpetrating on a low volume, micro-cap stock.

As some of you know, last year MVIS was “The Fly’s” largest position. I made lots of money in the name and, eventually, gave a lot of the gains back. Nonetheless, I have always found the CEO, Alexander Tokman, to be honest and responsible.

This hedge fund manager who says MVIS gave away the Pico projector market to TI is full of shit.

First of all, the big market is not for a stand alone projector, but embedded. Also, Microvision’s technology is far superior to TI’s. While it’s true, at some point this year, MVIS will probably need to raise capital. It’s also true, they will have no problem doing it.

As a matter of fact, I like the stock here, under $3, and will begin buying some. If you recall, when I got out of the stock, in late ’07, I said I’d get back in late ’08, or when the stock represented a decent value. At these levels, I believe the stock can bounce.

Bottom line: MVIS is a highly speculative play, with a rough balance sheet and has fierce competition. However, it is my belief, their technology in the cellphone projector space is dominant to TI’s and worth a shot, considering how big the market is.

Remember, there is no fucking way TI can put that LED crap inside a cellphone, without melting that fucker down. Lasers are the way to go.

NOTE: A colleague of mine spoke with the company and they feel the Seeking Alpha article is a “deliberate and malicious attack by a short seller.”

UPDATE: I just got a note: A special MVIS shareholder conference has been scheduled for 1pm eastern.

UPDATE II: The conference was sponsored by a banker, not the company. It went well. Basically, it was a fireside chat amongst shareholders, with a few bullet points with regards to how retarded the Seeking Alpha guy is. In addition, he mentioned the possibility of seeing several volume orders, prior to year end.

Bottom line: I like the stock here, under $3.