Fly Buy: FTK

I bought 1,000 [[FTK]] @ $17.10.

Disclaimer: If you buy FTK because of this post, your neighbor’s landscaping will make yours look like a fucking junkyard. And, you may lose money.

I bought 2,000 [[RIG]] @ $144.85.

Disclaimer: If you buy RIG because of this post, your wife will begin a campaign to annoy you, on a very high level. And, you may lose money.

I’m just about all out of my bank shorts. Apparently, the price of crude is heading back down to $10. As a result, I thought it might be a good idea to reduce my bear bets. Keep in mind, all I had was [[FED]].

It’s interesting to see energy stocks hanging in there, despite the weakness in the underlying commodity. Basically, most investors think crude will, eventually, snap back.

For me, I am taking a small nick in [[SRS]] and [[VSE]]. This ethanol shit is really grating me. Nonetheless, I like the contrarian aspect of the trade. I’ll stay with it for awhile longer.

On the long side, I like [[CTSH]], [[RIG]] and [[FMCN]].

On the short side, it may be a good time to reenter [[FED]], if you covered lower, like the Godly one.

In short, they’re giving houses away in California, via 2 for 1 sales. What the fuck?

At the present, I’ve decided to start eating large quantities of oatmeal again. Over the past 6 months, “The Fly” has operated flawlessly, without the “luxury” of food, during work hours. In replace of food, I’d regularly drink a Monster or two, then guzzle some fucking coffee. But, now, I think it makes sense to eat oatmeal again. Don’t you?

Hey, check out this new offering:

New Issue Reverse Convert

Issuer – ABN Amro (Aa/AA-)

Maturity 1 year

Underlying GM

Coupon – 20%

50 % Downside Protection

Offered at $98.00

T/D Friday 6/06

S/D – T+3

Monthly Pay

Cusip 00083GSD7

^GARBAGIO^

OMG, You guys are dicks. You, you must buy a little [[LEH]] and [[WB]] in the morning, else we’ll poison your tap water and make the icebergs melt.

Hank Paulson, U.S. Banking Crisis Team, Goldman Sachs

Hey, guess what, asshole? We’re in a bear market. You didn’t think the market would be up in 2008, did you?

Unlike some of you, I have traded through a bear market, of epic proportions, and it’s not fun. Bear markets are chockfull of misdirection, where asshole dip buyers constantly give hope, but bearshitters crush them.

I have no interest in trying to figure out the daily machinations of the market. Instead, I’m geared, better yet, built, to endure over the intermediate term.

During today’s tape, banks got “deballed” in early, mid, and late day trading—spearheaded by the fortune cookie morons at [[LEH]].

I have a short list of banks/brokers worth keeping on deathwatch.

They include, “The Fly’s Reverse Four Horsemen”: [[FED]], [[DSL]], [[CORS]] and [[FHN]].

On the brokerage side, I despise: [[LEH]], [[MER]], [[TWPG]] and [[COWN]].

For good measure, I spit on: [[FITB]], [[HBAN]], [[WM]] and [[SUSQ]].

On the long side, I am losing patience with my ethanol plays. However, it’s worth noting, [[BIOF]] is being walked up like a motherfucker.

While it’s true, oil is at the bargain basement level of $125ish. It’s also true, natty NEVER trades down. That fucks America, in a preposterous way, too.

My favorite natty plays are [[ARD]], [[TXCO]], [[SWN]] and [[NGAS]]. I no longer sanction long trades in the refiners, after this recent run.

You’ve been warned.

All in all, we’re in a bear market. Don’t look now, we are quietly edging near the March lows. A few hundred points to the downside, then all of the assholes will come out of the woods to declare: “We’re gonna fucking retest the lows.”

Now, the market can get inside a little hand basket and venture off to hell.

“The Fly” is about to enter a few meetings. I’ll be back, later on this evening. While, I’m gone, make sure my positions cooperate.

Top pick: [[FXP]]

NOTE: In no way is this post an endorsement of Senator Obama. I’ll have you know, “The Fly” will be voting for Calvin Coolidge, yet again (think time machine).

Here are the components, for you chart lovers:

ICBC

CM Bank

China Life

China Mobile

Ping An

China Shenhua

CCB

China Telecom

CNOOC

Petro China

China Mobile represents 11%, iCBC 8.5%, China Life 7.7%, PetroChina 6.5%, etc.

[youtube:http://www.youtube.com/watch?v=Gg7qenzhnZ0 450 300]

Bernanke must be smoking crack pipe, worrying about “inflationary pressures” and shit. Things are more expensive “thanks” to global growth, not the “i” word. We, as Americans, martyr ourselves, so that people in India can have 1 1/2 meals per day.

The Chinese have tossed their bicycles to the junkyard, where they will be melted and sold on the open market, and replaced them with BMW’s. Everyone in the world is rich, despite a liquidity “crisis” of epic proportions.

Look at the shares of [[POT]], [[MON]], [[MOS]], [[CF]], [[CMP]] and [[LNN]]. Do the shareholders of those stocks worry about [[LEH]]?

Also, don’t forget about good ol’ [[X]]. That fucker is booking: I said booking, mind you, to $300.

Everything that can be eaten or smelted is to be bought, with impunity, for eternity.

At the end of the day, if a “bag o’ rice” costs you $200, that’s damn fucking good for the rice producer, no?

Or, if gasoline costs $400 per gallon, that’s chockful of good for the oil producer, no?

That’s “global growth” kids. That’s all it is. It’s a few guy making coin, off of a bunch of lazy retards. We’re talking billions of retards (lower-middle class), people. That’s a lot of money to take.

Scavenger economics 101.

Class dismissed.

I bought 5,000 [[QTWW]] @ $2.80. And, I bought 1,000 [[DAR]] @ $16.90.

Disclaimer: If you buy QTWW or DAR because of this post, the next time you go on a road trip, you will get 4 flat tires. And, you may lose money.