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
23,139 Blog Posts

Fly Buy: DECK

I covered some of my [[DECK]] short, buying 2,000 @ $104.50.

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Sell the News

The [[ABK]] news was entirely irrelevant. So, with all the facts on the table, it is clear that the banks were using and manipulating CNBC, via Gasparino, in order to prop up shares of ABK, in order to price an offering. As you know, “The Fly” predicted this, long ago.

Now that the news is out, investors/trading fools are selling the banks with great vigor. However, as sure as I’m sitting here, the “cup fuckers” who run our banks will leak more potential “good news” to CNBC, in an effort to get their share prices up, prior to the release of their 10-k’s. Maybe a potential [[MBI]] news? Why the heck not?

What’s amazing to me is the ridiculous stupidity and naivety of big dog money mangers, buying into this hype. To put things plainly: going long now, without hedges, is nothing more than riverboat gambling. Do not be surprised, at quarter’s end, to read headlines of hedge funds closing up shop.

For the most part, they all suck.

With my money, right now, I’m going short [[MON]]. Fuck those seeds.

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$1,000 Gold Will Sink the Market

With gold up more than 25 bucks, it’s easy to assume it will eclipse $1,000—shortly. In my opinion, the pervasive decline in the dollar, coupled with high commodity prices, will eventually wreak its havoc and put the market into a fucking sinkhole.

At the end of the day, finished food prices are out of control. The headline of $1,000 gold will resonate with the “worst case scenario” crowd, helping the market fuck itself in an expeditious fashion.

I think the easiest trade in the world, right now, is to be long [[GLD]] or [[DGP]] and short the dollar via [[UDN]].

In addition, I believe the market will finally fade the [[ABK]] news, causing a cascading panic “get the fuck out of the market now” effect.


NOTE: I hate that Wisdom Tree Indian ETF commercial. Every time it airs, I feel like throwing a bowl of hot soup at the television. However, unfortunately, I never have hot soup nearby.

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Two Bears and a Bull

[youtube:http://www.youtube.com/watch?v=czb4jn5y94g 450 300]

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No, the fate of the market will not be decided by the coked out morons at CNBC. They can replay the same ol’ homo-gay [[ABK]] rumor news, at 3:45, everyday, for the next 10,000 days, for all I care. It will not change a thing.

While it’s true, thanks to the friendly help of the imbeciles at CNBC, the market put in a “faux bottom” yesterday. It’s also true, we have yet to see the 10-k’s.

What is “The Fly” talking about, you gingerly ponder?

Well, I want to see the annual reports of all the usual suspects, including [[C]], [[BAC]], [[IMB]], [[WM]], [[WB]], [[LEH]], [[GS]], [[MER]], [[MS]] etc. The auditors WILL NOT sign off on half measured writedowns. They’ll want the entire kitchen, not just the sink, to be disclosed.

Until we see them, I would not be surprised if the market bounced here, led by ag and basic resources. With my money, I will not chase stocks. Instead, I will use the spikes to sell them.

The real question I have for you is this: How is CNBC permitted to disseminate market jarring news, almost everyday—20 minutes to the close, without an SEC investigation?

It is mind boggling to me, that Gasparino is allowed to get on his pulpit and spread rumors, without anyone raising an eyebrow.

With that being said, [[DECK]] looks good to buckle under $100—sometime soon.

NOTE: Very long [[SRS]]

FDIC ‘very concerned’ about commercial real estate, Chairman says – DJ
  DJ reports the FDIC is increasingly wary of potential bank losses from a downturn in the U.S. commercial real estate market, Chairman Sheila Bair said. “While I hope that the (commercial real estate) market has a soft-landing…we want our insured institutions to be ready and fully prepared to work through a sustained downturn,” Bair said in a speech at the Independent Community Bankers of America conference in Orlando, Fla. Bair said the FDIC is particularly concerned about the potential for the current housing crisis to lead to broader problems in banks’ loan portfolios. The worry is especially acute for community banks, which typically have highly concentrated commercial loan portfolios.

NOTE II: The refiners are in a miserable downturn, all near or at lows, including [[TSO]], [[VLO]], [[HOC]], [[WNR]], [[ALJ]]. I’m wondering, with the driving season right around the corner, are they screaming buys?

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I’m Back; Fuck You Gasparino

May your meatballs be filled with granite.

Keep in mind, tomorrow “The Fly” will gift you imbeciles with the best market commentary, ever seen, read or heard of, on the internet. I have outrageous things to discuss, such as: “Gasparino and the art of meatball tossing,” “[[ABK]] and a few girls out,” “Maria and the cocaine crew,” “Pisani and the NYSE piss off the FBI,” and much much more.

Special praise and thanks to the second rate bloggers at iBC, who tried to fill my extra large shoes. And, finally, I would like to thank all of you “chinese food fuckers” (I have no idea what that means) who were buying [[FXI]] at higher levels.

I will see your FXI will a heavy dose of [[FXP]].

Be well, or not.

NOTE: iBC is preparing for war.


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Great Job Loosers [sic]

I’m gone for one day and my fellow iBC “lamb fuckers” drove traffic down— a mere 40%.

Not bad for a day’s work.

At this rate, should my meetings extend for a few more days, there will be no traffic to speak of, upon my return.

Much obliged to Woodshedder and his 22 hour (and counting) blackout.

Fuckers. Heads will roll for this affront.

NOTE: For you “home gamers”: LEH is done for.


“When I type words into my computer, it makes my stocks go down.”

Dinosaur Trader, 2008

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My meeting has been pushed up for Monday-Tuesday.

If Jeremy is reading this, give the other lower tier tabbed bloggers “headline power” now.

While I’m gone, be sure to keep this fucking site clean. I don’t want to come back to a heap of goat shit.

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