iBankCoin
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
23,374 Blog Posts

My Trade is Complete

I covered all of my shorts, with exception to [[CLF]], [[MXB]], [[PACW]] and double inverse longs: [[FXP]], [[DUG]], [[SMN]] and [[TWM]].

Here are some final parting thoughts:

Was it a good idea to raise Fannie Mae’s GSE portfolio caps to $730,000? Everyone with an IQ over 100 knew it was a horrid idea.

When will CNBC stop inviting fucktards who have been poleaxed in this tape, in exchange for stock Gods like “The Fly”?

Finally, beware of more “this is the bottom” calls.

Top pick: long [[RIG]], short MXB

NOTE: [[FED]] hit 5 and change today.

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How’s That Decoupling Working Out For You?

I always find it amusing when talking skulls espouse the theory of “foreign decoupling” from the U.S. wreck. Please, for the zillionth time, there is no such thing.

As sure as I’m sitting here, Asian and South American banks will get compressed into small pieces of candy, for the bears, on the news of a widespread/global housing crisis. If you thought the California real estate market was nuts, wait until you see what happens to the speculators in Hong Kong. Those fuckers will be swinging from lamp posts.

Swinging, mind you.

Assholes like Cramer have been sucking the balls off of South American banks. For what?

Those ham hockers know how to run financial institutions like “The Fly” knows how to operate a server farm.

Just in case you thought “foreign assholes” have been laughing at our banking crisis, take a look at their banks:

[[IBN]], [[HDB]], [[STD]], [[MTU]], [[NMR]], [[BBV]], [[RBS]], [[BBD]], [[ITU]], [[UBS]], [[CS]], [[DB]], [[BNS]], [[AIB]], [[SAN]], [[BCH]], [[BMA]], [[BFR]], [[BLX]], [[CIB]], [[BCS]], [[HBC]], [[KB]], [[LYG]], [[MFG]], [[NMR]], [[SHG]], [[WF]], [[UBB]] and [[WBK]].

From my vantage point, thus far, the only bank unscathed is [[BAP]] aka “The Bank of Cocaine.” Obviously, they’re an “ag play.”

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ROFL @ FNM

What the fuck?

[[FNM]] just hit an iceberg, called California. Abandon ship and grab onto any floating doors and shit.

My “Reverse Five Horsemen” of agony keep printing coin: [[FED]], [[PACW]], [[DSL]], [[CORS]] and [[FHN]].

Folks, we have a full fledged panic in the markets, with wheel chaired bank stocks leading the way. Sadly enough, I know some very good people who are heavily long banks now, trying to catch that allusive bounce.

There will be no bounce, only the “black flag.”

On this “Fairy Fannie” move, [[FTBK]], [[FMBI]], [[WFSL]], [[MI]], [[STI]], [[TCB]], [[WB]], [[ACF]], [[PJC]], [[BBT]], [[CYN]], [[RF]], [[PZN]] and all of the brokerage stocks, amongst many many others, are receiving the “Death Ax of Indecision.”

If you’re still long the market, please see your local shrink for a dose of psychotropics and sedatives.

NOTE: On this FNM move, other “GSE playas” are feeling the pain: [[NLY]], [[CMO]], [[MFA]] and [[ANH]]

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SURRENDER!

There is no need for “The Fly” aka “Senor Tropicana” aka “Old Man Killa” aka “Plutonium Petey” (my name is not Petey) to risk his assets. He already won.

I’ll have you know, whether you appreciate it or not, I have mountains of capital gains, thus far. Moreover, I don’t need your advice.

I know that came out of left field, in a very unsolicited/assholish type of way; but it’s true.

The banks have vomited all over themselves, and I have not. At this juncture, I have decided to start covering my bank shorts, even though I feel they go lower. In order to save myself the hassle of posting egregious “Fly Buy/Sell” blogs, consider this post your fucking memo.

From [[PACW]] to [[BBT]], I have had my fill. It’s time for me to move on, retire, and open up an old man walking cane factory. Sadly enough, I believe many of those “old man canes” will be faulty, causing millions of elderly men to fall down multiple flights of stairs.

Upon reading this post, I am sure many of you “cup fuckers” will cry foul. You will say: “Hmmbbahh grafggh jaromba kalalaka.”

Just know, “The Fly” doesn’t speak your caveman dialect, nor does he wish to visit your home for a fine Chardonnay.

Top picks: short [[MXB]], short [[CLF]]

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Fly Sell: CLF

I sold short 3,000 [[CLF]] @ $99.50.

Disclaimer: If you sell short CLF because of this post, you will become addicted to oil. And, you may lose money.

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Fly Buy: FMBI, TCB

I covered some of my [[FMBI]] short, buying 10,000 @ $16.60. And, I covered some of my [[TCB]] short, buying 10,000 @ $10.85.

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Fly Buy: FXP

I bought 2,000 [[FXP]] @ $84.95.

Disclaimer: If you buy FXP because of this post, aliens will fuck up your corn crop. And, you may lose money.

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Banks Can’t Bounce

The market is trying to bounce here; but the fucking banks are not cooperating. Once again, they need a catalyst to sprint higher. You can’t buy them on weakness. Look at [[FED]], [[WB]], [[FMBI]], etc. I can go on and on.

The fact of the matter is, investors are deathly afraid of the banks, especially the regional variety. My shorts in FMBI, [[TCB]], [[PACW]] and [[BBT]] are working just fine.

However, it’s worth noting, non-bank shorts are not doing too well. My positions in [[FXP]], [[REW]], [[TWM]], [[SMN]] and [[CLF]] are clubbing me to sleep. Fuck, just looking at CLF makes me want to go take a nap.

Other banks on my hit list include:

[[WFSL]] (I should not have covered), [[CMA]], [[CYN]], [[SNV]], [[PZN]] (no stock available) and [[EWBC]].

On the long side, I like [[RIG]], [[HANS]] and [[RIMM]] for a trade.

NOTE: [[MXB]] is 10 points rich too. I like to bet against the name. However, at the moment, the volume is very thin.

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