Good Times

I know, you guys are just panicking here, with the markets cliff diving through 10,000. You must be like “OMG, ROFL, LOL, where is Fly, I’m gonna die.” It’s true, some of you doubt my stock market prowess, despite demonstrating clear superiority dozens of times, live on iBC. It doesn’t really matter; because I really don’t care.

But, you will be happy to know, I have like 3% of my capital long stocks. I have short positions flowing from my ears. I am simply steamrolling the competition, via outrageous gains today.

For you common/internet folk, have a looksy at Vulcan Materials Company [[VMC]] and [[SKF]] . I am mushroom clouding it, with great vigor.

In between sips of ambrosia, derived from a diamond chalice, “The Fly” is planning his next attack—this time on the long side. As you know, it would be stupid to short more, down at these levels.

The big picture, sorry to steal a non-copyrighted phrase from Mr. Big Picture himself, is the end of globalization via coordinated financial meltdown. The ramifications will be severe.

With zero leverage on the long side now, commodity stocks are getting poleaxed, especially oil. Frantic deflation is checking those turban lovers at the door of poverty. I would not be surprised to see oil south of $50. The ball is rolling downhill and it’s gaining momentum.

By the way, ABB Ltd (ADR) [[ABB]] will lose middle eastern infrastructure projects as a result of the oil collapse.

With my money, I am looking for a long idea. But, at the same time, I am not covering any shorts. However, sometime soon, I will blow out of most of my [[SRS]] , north of $105.

Hey, and it isn’t even Halloween yet!

JPM killed LEH

It is highly likely [or a certainty on my planet] that J.P. Morgan was INSOLVENT and was “BAILED OUT” last Monday, September 15, to the tune of 138 billion dollars. This would explain why the Fed and Treasury dictated that Lehman fail – to disguise or otherwise obfuscate the recapitalization of or illicit transfer of 138 billion to A MUCH SICKER, TEETERING ENTITY, J.P. Morgan Chase.

Germany bailing out home lender

The government and the Bundesbank have said that Hypo Real Estate, the nation’s second-biggest property lender, is too big to fail.

Citi continues its efforts to rape WB shareholders

“Any such agreement between Wachovia and Wells Fargo is illegal,” Vikram Pandit, 51, Citigroup’s chief executive officer, said in an e-mail Friday.

Solar is for hopeful idiots

Without incentives, we don’t have a market, period,” said Paula Mints, a principal analyst at Navigant Consulting (Palo Alto, Calif.), speaking at a solar event sponsored by the IEEE here.

PC demand is non-existant

“We may see zero to five percent growth this quarter which would be very unseasonable.”

Semi cap ex in panic mode

A decline of 20 percent in worldwide fab equipment spending was expected for 2008, but the sector was originally projected to rebound and grow over 20 percent in 2009, according to a report from SEMI (San Jose) in August.

Icahn on the bailout

In my view, the primary factor that got us into this mess is the egregious mismanagement and short-sightedness of boards and CEOs of these institutions, who took inordinate and leveraged risks with stockholders money, not simply external factors like the housing market slump.

Nvidia sucks

Nvidia is having a hard time selling its cards at the moment, due to them being fairly average in the performance department, overpriced, and rotten.

Russia is collapsing

So what’s killing the Russians? All the usual suspects — HIV/AIDS, tuberculosis, alcoholism, cancer, cardiovascular and circulatory diseases, suicides, smoking, traffic accidents — but they occur in alarmingly large numbers, and Moscow has neither the resources nor the will to stem the tide.

Can oil producing nations survive downturn?

“The question is whether we are going to have a rolling back of globalization and therefore emerging markets will not be able to continue growing in the same way,” he said. “I think the globalization process will continue but a lot slower.”

European car makers look for 55 billion EU handout

“We’ve seen that the U.S. industry is now getting $25 billion worth of support in terms of financing,” Marchionne said yesterday in an interview at the Paris Motor Show. “It would be absolutely necessary that the European Commission do exactly the same thing. It was $25 billion for the U.S., in our case it’s 40 billion euros because we have twice the capacity.”

Steve Jobs has a secret factory

The factory, as Jobs described it, had everything: robots, lasers, tolerances within one 10,000th of an inch, defect rates of less that 17 parts per million — one tenth the rest of the industry’s — and the speed to turn out 60 machines a day.

D-Day approaches for derivitives

“There is a lot at stake,” said an executive at one big dealer. “This is a crisis time, and if these auctions do not go well, or if the amounts investors and dealers have to pay is seen as not being fair, it could have further negative repercussions on the CDS market.”

Regarding this weeks CDS auctions: “The Fly” will be watching, while eating absurd amounts of popcorn, like this guy:

[youtube:http://www.youtube.com/watch?v=E4hi_YnX7tw 450 300]

Today’s closing comments come courtesy of Greg Solomon. “The Fly” is too busy bathing in victory, with great humility, of course.

As a point in fact UPDATE: Note the carnage in the infrastructure criminals, specifically Vulcan Materials Company [[VMC]] , Martin Marietta Materials, Inc. [[MLM]] , Eagle Materials, Inc. [[EXP]] and Texas Industries, Inc. [[TXI]] . Another Fly win.

It’s too late. Insurance and other low end lenders are toasty. I will not be participating in the mindless bullish thesis, following the cheap ass Congressional endorsement of the bailout. They are not really behind it. They will be battle axing the treasury forever, regarding the details of the plan and actions.

“The Fly” is in full recovery mode here, making up for earlier transgressions, making you dumbass fund mangers envious of my stock market Godliness.

Remember to nail a few bad auto players to the “wall of death.” CarMax, Inc [[KMX]] and AutoNation, Inc. [[AN]] look especially doomed right here.

By the way, I do not want my tax dollars going to the California Fat Cats. I understand the Governator needs $7 billion from the U.S. government, or else face potential default. Keep in mind, the whole country is in a mess because of the assholes who speculated in California. I say, let California burn to the ground. Let them secede from the Union and figure out a way to stop homeless men from getting foreclosed on their 750k dollar homes.

Immediately, I implore you, call up your local Congressman and demand they “say no” to the California fat cats. Us Main Streeters should not have to bear the burden of those ricockulous assholes.

…despite your bullshit youtube videos and incessant phone calls and intrusive faxes to local lawmakers.

Again, assholes, the government could care less what you and your idiot friends think.

On this bailout, I have decided to do nothing, until 3:30. At the present, I have boatloads of cash and nowhere to put it.

UPDATE: I changed my mind. I am buying blocks of [[SRS]] , [[SKF]] and [[FXP]] right here, right now.

Above is the state of the Hedge Fund industry, as evidenced by the Global Hedge Fund Index. I have never seen or heard of so many funds getting “ape raped” by the markets, than right now.

Every manager got caught heavily long commodities and global growth plays. From Agrium Inc. (USA) [[AGU]] to Olympic Steel, Inc. [[ZEUS]] , hedge funds are fucked and many of them are going out. At the end of the day, many of you will be shocked to see how many funds close. Even popular CNBC guest hosts (Einhorn), who accurately nailed the credit crisis, are down double digits. If you are managing a fund that is deep in the hole, you are done.

Most will close.

Many people are banking on a 4th quarter rally to help save the industry. However, it’s just going to blow up more people, as everyone tries to catch the “hot trade.” The volatility is killing people; and it will continue.

As for the markets:

I am selling most of my longs here. I am more comfortable with [[SRS]] and [[EEV]] , than [[ROM]] and other bullshit longs. The stock Gods bailed “The Fly” out today, via Wachovia Corporation [[WB]] magic. I am grateful for such gifts of coin and will celebrate my “non-win” over a few 2 1/2 inch rib eyes. And, I will drink a nice bottle of Bordeaux.

It’s too late for a bailout. The banks are circling the toilet bowl. Proceed with caution.

Top pick: SRS

So I might end up making money on Wachovia Corporation [[WB]] , after being wiped out? Huh?

I had accepted my fate of being a victim of the FDIC, being a dumbass shareholder of Wachovia Corporation [[WB]] . Following the FDIC “arranged merger” with Citigroup Inc. [[C]] , I thought WB was done. Lo and behold, Wells Fargo & Company [[WFC]] stepped in, urinated on the FDIC and C and offerred $7 in stock for the whole company, which means it (WB) can go higher, depending on the stock action of WFC.

Pretty cool, huh?

The idiots from Congress will vote today, on that big old bailout package that most of you hate. You got all worked up, faxing and calling your local congressman, demanding the bailout be thrown by the wayside. Ha! I guess you thought we lived in a participatory democracy.

Hey jackass, focus on things that you are able to control.

With my money, I will celebrate the life of Bob Steel and look to buy more [[SRS]] , sub $85.

NOTE: “The Fly” wins again, even when it appears he’s been wiped out.

UPDATE: I sold out of all my WB at $6.75, for a loss. I am afraid of the morons from the FDIC. They can still award WB to C, believe it or not. This WFC-WB deal is the way bad banks are supposed to be dealt with. Good bank buys a bad bank—not the bullshit FDIC arranged funerals. I fucking hate the FDIC and their non-capitalistic ways.

By the way, there is ZERO support for the bailout in the GOP. Make sure you are not heavily long. This bill may not pass, after all.

Wall Street is the new Al Qaeda,

[youtube:http://www.youtube.com/watch?v=GTQaocgjLqo]]

NOTE: Much to my chagrin, while getting lost driving the other night, I ended up in this guy’s neighborhood. I ate so many red lights, to avoid probable car jacking, the local drug dealers must of thought I was drag racing drunk.