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
23,150 Blog Posts

Death to GM

I really do think going for the ‘Hail Mary’ put on [[GM]] is worthwhile. Apparently, they need to raise 10-15 billion dollars, in order to stay afloat.

No fucking way that happens, without pain.

On the GM death dance, I like short steel here. I like it so much, I am buying [[SMN]] here. That’s right, “The Fly” can’t lose.

Also, I hope you took my ‘fuck the industrials’ advice and bet against [[CAT]], [[TEX]] or [[FWLT]]. I still like them to go lower.

Finally, [[PZN]] will hit single digits. However, I cannot find stock to borrow. If you are lucky enough to get stock, then sell it short, go fuck yourself.

NOTE: I like short [[MXB]] here too.

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Fly Buy: WFSL, HRB

I covered my [[WFSL]] short, buying 10,000 @ $18.25.

I covered my [[HRB]] short, buying 30,000 @ $21.90.

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Fuck Steel and Fuck Coal

I know that pony tailed maniac from Fast Money tells everyone to ‘giddy up’ for coal. However, I will tell you, with great vigor, once Obama gets elected, he is going to take that fucking coal and throw it at your face. That’s right, democrats hate coal. Plus anyway, the whole ‘clean coal’ concept is Hollywood baby. All fiction.

With that in mind, “The Fly” is a big supporter of betting against the pony tailed one, via large short sales in [[BTU]], [[JRCC]], [[ACI]], [[ICO]], [[MEE]], [[CNX]], [[WLT]], [[PCX]], [[NCOC]], [[HW]] and [[YZC]]. This is a sector with a lot of meat on it. When I told you, “money managers will look for a source of funds,” I was referring to the strongest sectors—like coal, oil, natty, ag and steel.

Let me get it out there, I fucking hate steel. There is nothing I find funny or unfunny about it. I loathe it. I want it to be dead.

With that in mind, why not jump on the ‘steel funeral bandwagon’?

While the banks take a breather, the ‘global growth’ plays burn. They’re crashing today. Eventually, this will permeate the general indices, forcing the Dow to swan dive. Short [[CAT]] at will, if I may be so bold.

Anyway, here are some steel stocks to bet against:

[[SCHN]], [[NUE]], [[X]]], [[MTL]], [[MT]], [[STLD]], [[AKS]], [[WOR]], [[MEA]], [[SUTR]], [[HAYN]], [[GGB]] and [[PKX]]. If you want, throw in [[RIO]], [[BHP]] and [[PCU]] for good measure.

You momentum faggots thought you could get away with buying shit, after 400% moves, right? I don’t think so. Eventually, Mother Market corrects the overzelous type and puts them to bed.

Enjoy your rest.

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Still Going

I have no interest to trade this market, ahead of 4th of July festivities.

I’ll have you know, I intend on lighting egregious amounts of dynamite and mortars, in order to rattle my fucking neighbors. They’re the snooty type, always looking at “The Fly” in an odd way. You know, the “how the fuck does that young man have more money than me” type of look.

Thus far, the trading session is going according to plan. We’re going lower, even my oil stocks. People are just tossing in the fucking towel, exclaiming “fuck it, sell it all.” The oil plays should work, under normal market conditions. However, this shit is not normal. This is end o’ world trading, where investors are cutting each others necks, in order to make a wooden nickel.

With that in mind, I refuse to buy anymore [[RIG]], above $145. And, I will commence massive buying of [[REW]], whenever I get motivated to do so.

For the most part, the banks are played out, both long and short. They are becoming a waste of time. I do like the idea of being short [[HRB]]. However, in practice, it’s as boring as a one legged goat.

With my money, I might add to my [[FMBI]], [[WFSL]] and [[TCB]] short sale trio, or not. Maybe, I’ll just fuck around with [[EEV]].

One thing is for sure, [[FXP]] is on its way to a hundo. Both [[CHL]] and [[LFC]] are broken. Feel free to bet against them with impunity.

Top pick: REW

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Just Shut Up

Quit talking; you’re making me sick. If any of you talking heads were within 30 yards of me, I’d have your mustache knocked off with an idle lamp post.

The market reversed today, off the lows. Under normal circumstances, I’d say we were heading higher for the next week or two. But, something is different this time. There’s some sort of dark cloud over the market, which isn’t going to disappear after one intra-day reversal.

The market needs a catalyst to jump. It needs Warren Buffett to step in and rip the throats out of the bears, via buying out [[C]], or something like that.

However, we all know, that’s crack pipe dreams.

Instead, we get to enjoy the constant and persistent cornering of the oil markets, at the hands of ‘sovereign wealth funds.’

Please, don’t tell me the 900 billion dollar Saudi Arabian ‘sovereign wealth fund’ isn’t buying massive quantities of crude futures. The oil bubble will pop, when those fuckers endure an $80 down day in crude. You’ll know oil is going lower, when the cameras shift to the crude traders in Dubai, showing despair— and men with their turbans in hand.

Until then, oil is going higher and there is nothing you or your stupid friends can do about it.

For the day, “The Fly” was flat, losing less than 0.3%. I had gains early; but they were stolen from me by asshole auto stock lovers.

All in all, the sentiment is still extraordinarily bearish. On any spike, get your list of stocks worth shorting ready for action.

With my money, I am ready to sell [[EWBC]] above $8, [[FMBI]] above $20 and [[TCB]] above $13.

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Fuck Yeah!

I got psychopaths around me, calling a bottom—yet again. That’s it, the market reversed, from ‘deep out of the money’ to green. Therefore, we are going to ‘power spring’ up, led by the bumbling jackasses from [[GM]] and [[C]].

This is the part when I am supposed to get scared, scurry along, and cover my shorts, right? I think Cramer just said: “hey, shorts, you won. Now, why don’t you cover your shorts”?

Well, I don’t want to. I’m a fucking baby and I want more money.

See, the money I have now is old. I want new shit, so that I can buy new rims and diamond teeth. Also, I need new speakers for my Lexus. The shit I have now barely makes the street vibrate. I want my system to pump so fucking loud, that when I ‘roll up,’ people will think some sort of fucking war is coming their way—an invasion of sorts.

Oh, by the way, the market is soooo oversold, according to some cotton picking oscillator—as per Bobby Pisani.

Seriously, the only stocks Senor Tropicana is interested in are big ass rig makers, like [[NOV]] and [[RIG]].

Buy the dips; life is better that way.

If you’re short the market, do whatever the hell you feel like doing. I have no interest in covering my shorts. I just don’t.

Top pick:RIG

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I’m Calling for More Blood, Right Here, Right Now

I decided to do nothing. I am content with my bank shorts, which include [[FMBI]], [[WFSL]], [[HRB]], [[TCB]] and [[PACW]]. And, I like betting against tech, via long [[REW]].

It makes me feel all warm and fuzzy inside, to be able to annihilate my neighbors 401k plans, via short sales.

If you are wondering “what the fuck is wrong with iBC now”?

Do not fear.

The site is a bit slow today, following Vincenzo’s (our IT guy) latest cold room calamity.

Apparently, he was breaking bread on top of the server, effectively using it as a plate, while he was busy watching a stupid European ‘football’ game. Finally, too many crumbs fell into the server, causing it to catch fire and rudely interrupt Vincenzo’s football game.

Over the next few days, iBC’s erroneous server issues will be resolved, God willing of course.

With my money, aside from ‘doing nothing,’ I will buy some [[RIG]], [[EEV]], [[FTK]] and [[PCZ]].

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Dumbass Bottom Callers

What’s with morons who find the need to call a bottom in stocks and a top in oil everyday? You’d think after getting punched in the nose, with brass knuckles, these fuckers would stop speculating. Nonetheless, the asshats at [[MS]] are ‘calling a bottom’ in [[LEH]].

Good luck, bucko.

Call me a cynic, but something tells me the palsy’s at MS are somewhat concerned about their counter-party exposure to LEH.

The industrials are cracking here, as predicted. Shares of [[TEX]], [[ETN]], [[ITT]], [[JEC]], [[CAT]], [[CMI]], [[TXI]], [[CW]] and [[VMC]] are doing the ‘toilet bowl shuffle.’ I suggest leaning on them, especially CAT.

Oil is ripping higher today. I like [[PCZ]], under $60.

There is a possibility the market will try to bounce here, considering today is the first day of q3. However, just know, all rallies are to be sold into, not bought. You have to program yourself to do the opposite of what your optimistic instincts tell you. Being positive in a bear market will get you nowhere, and fast.

When “The Fly” was born into this industry (’97), fire and brimstone (Asian crisis) was tossed onto his lap, as he was told: “go make a living kid.” Then, after being lucky enough to ‘catch a bottom,’ he was taught another ancient lesson in warfare, via the ’98 collapse. Following that, “The Fly” coasted for two years, making scores of freshly minted coin, during the dot com era of ’98-2000— only to have it promptly snatched away during the historic and biblical collapse of 2000.

As you know, the rest is history.

I’m a fucking pro at bear markets. During my career, I’ve been dealing with them perpetually, while supporting a family and an egregious lifestyle. I cannot be gulled into bullshit.

Don’t get hoodwinked into believing the ‘goldilocks story’ or the resiliency of the U.S. economy. It’s all bullshit. The market will bottom, when enough people have lost money and there is nothing else to sell.

In my opinion, there are plenty of industrials and ag related names worth shooting at.

For now, I will hold off on placing new bets against the banks. They’re due to bounce. Instead, I may raise cash, via taking some profits and wait to reload over the next week—or not.

I’m unpredictable and busy eating potato chips, at the present.

More on this later.

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