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
22,662 Blog Posts

BREAKING NEWS:Moody’s Upgrades “The Fly”

Credit rating boosted to AAA, thanks to a cash infusion of 2 billion goat dollars— from the King of Romania.


UPDATE: S&P and Fitch are expected to upgrade “The Fly” to AAA, within hours.

Still Developing…

UPDATE II: “The Fly” may need a bailout, now that he has acquired AAA rating.

Still Developing, pt 2…

UPDATE III: “The Fly” will now begin insuring mortgage backed securities, providing he can get a bailout. Why wouldn’t he get a bailout? He’s AAA rated.


UPDATE IV: “The Fly” is too big to fail.


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Bear Stew

This week, the bears got their faces punched off, as the banks and homies danced on their own graves. In a odd twist of fate, “The Fly” played this recent run 100% wrong, following his genius early year calls.

Essentially, this week, Mother Market beat me senseless, with ricockulous losses in [[SKF]], [[EFU]], [[SMN]] and [[REW]]. Oh, let’s not forget the psycho move in [[LEH]] too.

I’ve never seen the banks run like this, ever. These fuckers are moving up with a vengeance, out for bear blood.

Trust me when I tell you, short sellers are being depleted entirely of walking around money—similar to what the bulls felt two weeks ago.

If you’re not careful, the market will bankrupt you, then drive you to the front door of your local mental institution.

Finally, it’s worth noting, “The Fly” is confident his fortunes will increase next week. The year is young. We’re just getting started.

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Fly Sell: LEH

I sold short 3,000 [[LEH]] @ $65.47.

Disclaimer: If you sell short LEH because of this post, MSFT will buyout MBI and ABK too. And, you may lose money.

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Fly Buy: SKF

I bought 1,000 [[SKF]] @ $93.80

Disclaimer: If you buy SKF because of this post, your computer will electrocute you. And, you may lose money.

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Quick Alert: Eating Oatmeal

Due to egregiously bad market calls, regarding banks, “The Fly” has decided to eat a bowl of “unsugared” oatmeal, then catch a flight to Romania for dinner.


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Bulls vs. ABK Bears

[youtube:http://www.youtube.com/watch?v=m6IvbeVGLQs 450 300]

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Irresponsible to Buy Here

Money managers know they cannot keep this charade going. They know, while this recent rally feels good, it’s all based upon far reaching assumptions.

For example: The recent buying frenzy into “early cycle” stocks (retail, homies, banks) is absurd, considering we are pricing the end of a recession that has not even begun.

Anyone manging their money on that premise is delusional or fucktarded.

Your choice.

I’ll say it again, Federal Reserve rate cuts do not ensure the market will go higher. As a matter of fact, markets do better when the Fed is raising rates. Furthermore, the only reason we rapidly emerged from the last recession (2000-2003) was due to the creation of the housing bubble, coupled with good tax cuts.

Do we really want to create another housing bubble? And, if the democrats get in, kiss those tax cuts goodbye, by the way.

Remember, we have a consumer based economy. As of right now, unemployment is on the rise. Wages are being squeezed. The dollar is depreciating. Credit is still very tight for people with 800 FICO scores. It is non-existent for people with damaged credit. Finally, home values are not reflating.

Tell me, over the next six months, how does this scenario change?

As far as I’m concerned, I cannot get overly bullish until the jobs market improves.

What good is a fucking solvent bank when people are unemployed?

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RECESSION vs. yhoo bid

Pardon me, I’ve been busy.

As you can see by now, crazy people are in control of this market. They’ve seized power and will drive up bank stocks, until their heads fall off.

This morning, the BLS data confirmed we are heading into recession, with the first reported loss of jobs in 4 1/2 years. What did people do?

Answer: they bought stocks.

After all, [[MSFT]] is buying [[YHOO]]. If MSFT is buying YHOO, then we must be booming. Anyone remember TWX buying AOL?

Look, I can bitch about the injustice until I’m blue in the face; it still doesn’t make stocks do what I want them to do. The market is a madhouse, where puppets and puppet masters perform dumb tricks, while drunk with greed.

My sense, the reality of slow growth will eventually kick in, effectively killing all those stupid puppets— with a few sharp ax blows to the head.

Back to work.

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