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
23,488 Blog Posts

Oil Reigns Supreme

The near term fate of this market is completely dependent on the price of crude. If you’re like me, watching every tick, like some sort of box watcher, you know the market wants to go lower. Crude is just waiting for an excuse to spin higher, effectively leaving everything else crisp to a cinder.

At the same time, some energy related names are taking a breather. For me, that means FTK. Let me tell you something, right now, FTK is a fucking steal down at these levels. Should they give robust guidance, the stock will print $30 quicker than Dick Bove changes his opinion on bank stocks.

Elsewhere, I am big fan of SRS, short MER, short LEH and short FED. For some odd reason, FXP tortures “The Fly” with counter-intuitive moves. If FXP was a person, I would have punched its eyebrows off long ago.

I am bottom fishing some ethanol stocks here, specifically VSE, AVR and BIOF.

And, finally, I am a net seller of AUY. The quick move has already been made. The near term game plan is to raise cash, reevaluate the market, then get back in.

A pit stop, if you will.

NOTE: My degenerate OTB pick is LEI.

Comments »

Position Update: FNSR

via Briefing:

FNSR Finisar profiled in Barron’s Online (1.82 )
Barron’s Online reports Finisar has rallied about 36% in the last week, mostly on the strength of a presentation by Chief Executive Jerry Rawls at a technology conference held in Boston by JPMorgan. But at a recent $1.82, Finisar shares are still off 51% in the last 12 months, and down almost 100% from its price back in 2000… The JDS Uniphase merger ultimately unraveled as parts of the co were sold off and the high-flying stock lost almost all of its value. One concern is that the deal looks as if it was done for the cash alone: Finisar had $76 mln in cash and cash equivalents at the end of the January quarter, but $177 mln in long-term debt. Picking up Optium in an all-stock transaction gives Finisar an extra $48 mln in cash from Optium’s balance sheet. But it’s unlikely the deal is just about the money. The merger would advance Finisar’s standing in equipment that runs phone cos’ fastest networks. And Finisar has been disciplined in its own expenses, suggesting it will wisely manage the cash it is acquiring. If Finisar can cut costs through the merger and boost profit margins, its stock could rise from its depressed valuation of roughly 12.6 times to something closer to the multiple on the Standard & Poor’s 500 index, perhaps boosting its shares to $2.20, a return of over 20%.

Comments »

Long Live the Recession!

The soup lines are back. Fuckers are so poor, they’re on sandwich lines, fighting for the ham on white.

Personally, I had another rifuckulous day, up nearly 4%, thanks to bountiful gains in SRS, SKF, FTK, FNSR, BIOF, PCZ, MER short, POT short, LEH short and WM short.

While it’s true, today “The Fly” bought a bunch of bullshit stocks, just know it was barely a meaningful dollar amount. I’ve learned my lesson, via sharp uppercuts to the scrotum, and will not overweight microcrap.

One thing to note: I cannot stand that stupid CNBC commercial, with that idiot doing tricks with the sign. I guess they are trying to target a younger demographic for their ludicrous “Million Dollar Challenge” contest. Again, assholes, your target audience SHOULD be older men with money, not some jerkoff living at his Grandmothers house—trading 10k at E-trade.

In closing, I am here to reinform you that “The Fly” is a Godly investor, with a glorious track record—just in case you forgot.

Off to drink “some rich mans whiskey.”

Comments »

Fly Buy: PZE, LEI, FTK

I bought 2,000 PZE @ $14.05 and 2,000 LEI @ $5.27 and 1,000 FTK @ $20.66.

Disclaimer: If you buy the above stocks because of this post, you will be fired, inside of 1 week. And, you may lose money.

Comments »