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
23,411 Blog Posts

Position Updates: AIZ

How can I go wrong with [[AIZ]]?

Tell me.

They provide property insurance to banks, regarding foreclosed homes.

Another Fly win.

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Bulls Win, Again

Bulls are just looking for excuses to get long. Today’s inflation data was phonier than a $20 Coach bag, yet we are sprinting higher.

It’s worth noting, bank stocks are not participating in this rally, yet.

Across the board, tech and industrial names are on the move. The usual suspects.

With the buckets of coin under my possession, I will sit this rally out. At this point, I am unwilling to commit new capital to new long ideas, and too stubborn to cover my shorts.

[[FNM]] up this much is a complete laugher. If I were long, I’d sell that fucker immediately.

If anything, I like the weakness in select energy stocks. They’re worth dip buying.

[[CLNE]] is down on very light volume. I like it here.

Finally, Chinese lottery stocks are out of control. Take a look at [[CAAS]], [[RCH]], [[KUN]] and [[SORL]]– just to name a few. My dice roll is [[NOEC]].

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Get The Fuck Off My Blog

I’m back. Moreover, I do not appreciate shit from “oldmantrader” grabbing the headlines. How egregious.

While I was away, the market made a nice comeback, with the exception of the banks.

Listen to me: either the banks are buys or sells. You cannot have it both ways. It doesn’t matter that [[C]], [[BAC]] and [[MER]] have raised a gagillion dollars, due to their writedowns. It doesn’t matter because those “writedowns” will likely become “writeoffs.” Anyone who thinks they have it all figured out, due to past references, I am telling you now: you are naive.

Home prices have not bottomed. The underlying “collateral” behind all of the toxic paper is in depreciation mode. Therefore, it is fair to say the following will occur:

Banks will be forced to “writeoff” the bullshit paper on their sheets—instead of sticking a bandaid on the problem, via “writedowns.”

Banks will continue to raise capital, in a very dilutive way—pressuring equity prices lower.

Many thrift and regional banks will be closed, by the FDIC.

Now, that doesn’t mean some drunk stock trader can’t make coin in [[RIMM]] or [[AAPL]].

Short the banks: that’s my position.

Aside from [[SKF]], I am short [[LEH]], [[MER]], [[DSL]], [[WM]], [[FHN]] and [[FED]].

As for long ideas:

If you do not have energy stocks in your bullshit accounts, you have no right or business managing real money. You’re better off paper trading and sending your fucking results to that queer Dinosaur, at the end of every day.

With oil above $125, I love [[CLNE]], [[NOV]], [[ARD]] and [[IOC]].

Finally, with dry bulk shipping rates through the roof, I may bag some trades in [[NM]], [[DSX]], [[EXM]] or [[PRGN]]. I can’t buy into [[DRYS]] or [[GNK]] after their “balls on fire” run. Not for me.

UPDATE: Here is a worthwhile report on the shippers.

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The Weak Shall Inherit iBC

[[HPQ]] buying [[EDS]] is egregious. However, it can lead to sympathy runs in EDS competitors, such as [[CSC]], [[RNOW]], and [[UIS]]. However, the only real winner is EDS, naturally.

I bought a little [[ACS]] today, as a play on California food stamps. Amongst many other things, ACS handles the the call centers for California’s Food Stamp Department: ROFL.

Aside from that, “The Fly” made several masterful acquisitions today, namely in [[IOC]] and [[VSE]]—while taking a number of low blows in his inverse ETF holdings.

Nonetheless, it’s important to note, as the market gyrates up and down—[[DSL]] and [[CORS]] are on their way to zero.

I liked the action in [[OMNI]] today, following their “sneak attack” earnings miss on Friday afternoon. The stock should have been down today, but it wasn’t.

Also, I like the action in [[CLNE]].

At the end of the day, the market is likely to remain range bound, as high energy costs hold the consumer hostage.

Finally, “The Fly” will be unavailable for blogging duties tomorrow, thanks to important meetings and other Godly activities. In my place, I leave the blog to you: internet fucktard.

Don’t fuck it up.

NOTE: Jeremy (iBC’s IT dept) will explain how all of you can make headline stories, via the Peanut Gallery, later on tonight.

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Fly Buy: VSE

I bought 5,000 [[VSE]] @ $6.25.

Disclaimer: If you buy VSE because of this post, you will fall victim to vast amounts of static shock. And, you may lose money.

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