Circling The Wagons

I have been busy, over the past 72 hours, looking for new banks to sell short. [[WABC]] was on the top of my list; but that fucker is already swan diving. However, it’s worth noting, it is still richly valued.

Some other names that pop out are: [[HDB]], [[PCBC]], [[BXS]], [[HBHC]], [[ONB]], [[CVBF]], [[FTBK]], [[TCB]], [[AF]] and [[VLY]].

Regarding “The Five Reverse Horsemen” of agony and profits, I am retiring four of them. I am claiming victory, if I may be so bold.

The lone horseman is [[PACW]]. However, over the next week or so, I will add another 4 names—giving me a full cast of “horsemen.” Just like Saturday Night Live changes their cast of idiotic comedians, “The Fly” does too.

Look you, I don’t have time to teach you everything. I will give you some fucking shortcuts.

Don’t bottom fish dead institutions, like [[FRE]], [[FNM]] and [[LEH]].

Just-don’t-do-it.

“The Fly” knows all, while you’re just some asshole who reads the poetic scribblings of an internet genius,

[youtube:http://www.youtube.com/watch?v=JlAUdPTr6ZI 450 300]

I sold 10,000 @ $30.35.

[[FNM]] and [[FRE]] need to raise Dr. Evil type money. There’s no fucking way they can do it. Therefore, the American taxpayer will foot the bill. No fucking problem. Who cares about moral hazard? We are the United States of Bailouts.

On top of that, [[LEH]] is ready to fold up tent. [[PZN]], [[FED]], [[SOV]], [[SFI]] and [[RF]] too.

I swear to you, we live in interesting times. Everything I see is horrid. I try to think of a way where we can get out of this mess intact; but then I get distracted by the ice cream truck outside.

However, “The Fly” is not on fire, at the moment. As a matter of fact, those fucking engineers from [[JEC]] are giving me the business, thanks to a dastardly Goldman upgrade this morning. I can’t believe it. That other stock, [[MXB]], never goes down—despite its ridiculous valuation.

In short, I have a problem. I need to take control of these losses and execute a few good trades.

In general, the market is trying to bottom, like it did with the BSC collapse. However, it cannot.

Oil is pile driving guys like “Donny,” and major financial institutions are on the precipice of failure. Do not try to catch a bottom. Trying to catch a bottom in this market is equal to stepping up to Mike Tyson and punching him in the face. Not a good idea.

Top pick: [[FXP]]

UPDATE: My short exposure includes: long FXP, long [[REW]], long [[TWM]], long [[SMN]], long [[DUG]], short [[PACW]], short [[CAT]], short [[TEX]], short [[VMC]], short [[JEC]], short [[MXB]], short [[HRB]] and short [[CATY]].

Some of my longs include: [[AIZ]], [[RIG]], [[ARD]], [[PCZ]], [[CLNE]], [[DGP]], [[FTK]], and [[BAP]]

Hank Paulson, U.S. Government Fannie/Freddie Buyout Team, Goldman Sachs

Hey assholes. I’m over here getting the stuffing knocked out of me with these banks. Help a Government brother out and buy some already. Will ya? By the way, Fannie Mae is well capitalized; but we’ll buy them out anyway and stick the shareholders with donuts, or just kill them.

Good talk.

Developing…

[youtube:http://www.youtube.com/watch?v=K-XdsNPDef4&feature=related 450 300]

Check 3:06 for iBC logo.

What a day. People from all market biases were poleaxed today, as everyone scrambled around looking for the next play. However, at the end of the day, they were reduced to scrambled eggs, then eaten by hungry misfits, who possess large pools of money.

It appears [[LEH]] is going to repeat BSC. I mean, it’s sort of uncanny how recent history is repeating itself.

With that being said, I sold short some [[PACW]] here. As you know, it is part of “The Fly’s Reverse Five Horsemen.” Without a doubt, that fucker is heading for single digits, like [[PZN]].

On the day, I gave back some gains, thanks to the dastardly action in [[SMN]] and [[FXP]]. I really can’t win with those God forsaken etf’s. Also, I lost a small bundle in [[JEC]].

Finally, with oil exploding to the upside today, you have to get long some rig makers, like [[NOV]], [[RIG]] or [[DO]]. Additionally, I like [[HP]], [[ARD]] and [[PCZ]].

Stay tuned for some more bullshit market action tomorrow.

UPDATE: AMKR shit the shower, via big warning. Amkor is the second largest in the packaging and testing of semiconductors space. A key tell, if I may be so bold.

I sold short 10,000 [[PACW]] @ $14.80.

Disclaimer: If you sell short PACW because of this post, Iran will bomb your house, with their new missiles. And, you may lose money.

I bought 5,000 [[RIG]] @ $144.75. And, I bought 1,000 [[FXP]] @ $82.37

Disclaimer: If you buy RIG or FXP because of this post, the SEC will investigate you for bad mouthing Lehman.