Thanks to “King Dollar” and mind boggling losses in the financials, the market is running. God willing, we shall see another 300 billion in writedowns, in order to get an even bigger short squeeze. After all, [[MER]] losing more than 40 billion, over the past 6 months, is a good thing.
“The Fly” relishes the idea of buying broken banks, in the midst of a horrific lending cycle. It’s sort of like hiring a secretary with two broken arms and a speech impediment—always a good idea.
Thankfully, I went against my better judgment and bought a few banks yesterday. Hell, I did it for the sport of it. As a result, my [[UYG]], [[STI]] and [[MS]] positions are speed racing, while my dumbass shorts eat dirt and feel the blade of bullshit.
Also, as an aside, my 200% inverse ETF’s are not fairing too well, as Mother Market deems it necessary to debank “Plutonium Petey” for having too large a gain, year to date. I will accept this punishment, only on a temporary basis.
Just know, for every [[BWLD]] there is a [[ERTS]]. For every [[DNA]] there is a [[ELN]].
Without delving into detail, I can tell you the banks have overextended themselves, yet again. If you want to buy stuff, look around in other sectors. The banks are too volatile and home to many degenerate OTB guys.
With my money, I will buy more [[MS]], while waiting for the top to hit the banks, giving “The Fly” an opportunity to “average down” on [[SKF]].
Look, there are many things I can be doing now. However, I choose to handle one thing at a time. Right now, I need to punch my way out of the SKF-SRS-FXP box I find myself in.
Aside from that, I am long [[WB]], [[LAZ]], [[JOE]], [[HD]], [[BAP]], [[AIZ]], [[MVIS]], [[SBUX]] and [[CLNE]].
NOTE: Long MS-short [[TCB]] is a great pair trade.
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