Fly Sell: FMBI

I sold short 2,000 [[FMBI]] @ $20.45.

Disclaimer: If you sell short FMBI, the rule that all $20 bank stocks eventually go to $5 will no longer apply. And, you may lose money.

S&P DOWNGRADES OPINION ON
SHARES OF EAST WEST BANCORP
TO SELL FROM HOLD
Recent Price : $7.57
Recommendation:
After widening our loss assumption for EWBC’s commercial loan portfolio, we are lowering our ’08 EPS estimate by $0.45 to $0.47 and ’09’s by $0.68 to $0.98, and we are cutting our 12-month target price by $9 to $6, which is about 6X our ’09 EPS estimate – below California peers.We believe EWBC’s commercial real estate and construction loans, which make up over 65% of the company’s loan portfolio and have above-average exposure to California’s Inland Empire, will see losses accelerate in coming quarters as housing market problems spread to other areas of the local economy.

I say, let them burn.

At the present, I am short [[EWBC]].

[[CSE]]

Booyah!

Slogan Update: “Fuck you, you’re dead.”

With oil gapping here, I love me some [[RIG]], under $160. Take a look at [[NOV]], [[SWSI]], [[HP]], [[IO]], [[DO]], [[DVN]], [[NE]] and [[WFT]]. This sector is booking higher, mind you, booking.

With the space on fire, you have to love the “Godfather Pimp” of the drillers aka “The 1 million ton dragon of oil Godliness”: RIG.

Day rates for deep water rigs are through the ceiling. Trading under 9x 2009 numbers, I feel the stock can hit $200 by October, no problem.

Frankly, there are very few stocks “The Fly” buys or shorts, without fear of being wrong. Shorting the “Five Reverse Horsemen” is easy and so is being long “RIG-Daddy” aka “short seller widow maker.”

[youtube:http://www.youtube.com/watch?v=UmkhXdSC62w 450 300]

I bought 40,000 [[MVIS]] @ $2.85.

Disclaimer: If you buy MVIS because of this post, your dog will chew through your kitchen cabinets. And, you may lose money.

I just finished reading this crap, and I am appalled. Clearly, this fucker is talking his book, being short [[MVIS]] and all. What makes this article criminal, is the scurrilous rumors he is perpetrating on a low volume, micro-cap stock.

As some of you know, last year MVIS was “The Fly’s” largest position. I made lots of money in the name and, eventually, gave a lot of the gains back. Nonetheless, I have always found the CEO, Alexander Tokman, to be honest and responsible.

This hedge fund manager who says MVIS gave away the Pico projector market to TI is full of shit.

First of all, the big market is not for a stand alone projector, but embedded. Also, Microvision’s technology is far superior to TI’s. While it’s true, at some point this year, MVIS will probably need to raise capital. It’s also true, they will have no problem doing it.

As a matter of fact, I like the stock here, under $3, and will begin buying some. If you recall, when I got out of the stock, in late ’07, I said I’d get back in late ’08, or when the stock represented a decent value. At these levels, I believe the stock can bounce.

Bottom line: MVIS is a highly speculative play, with a rough balance sheet and has fierce competition. However, it is my belief, their technology in the cellphone projector space is dominant to TI’s and worth a shot, considering how big the market is.

Remember, there is no fucking way TI can put that LED crap inside a cellphone, without melting that fucker down. Lasers are the way to go.

NOTE: A colleague of mine spoke with the company and they feel the Seeking Alpha article is a “deliberate and malicious attack by a short seller.”

UPDATE: I just got a note: A special MVIS shareholder conference has been scheduled for 1pm eastern.

UPDATE II: The conference was sponsored by a banker, not the company. It went well. Basically, it was a fireside chat amongst shareholders, with a few bullet points with regards to how retarded the Seeking Alpha guy is. In addition, he mentioned the possibility of seeing several volume orders, prior to year end.

Bottom line: I like the stock here, under $3.

I bought 3,000 [[RIG]] @ $152.

Disclaimer: If you buy RIG because of this post, someone on a Ducati998 will crash into your living room. And, you may lose money.

I sold short 25,000 [[HRB]] @ $20.87.

UPDATE: I sold short 5,000 @ $21.20

Disclaimer: If you sell short HRB because of this post, the next time you visit an amusement park, you will fall out of the roller coaster. And, you may lose money.

[[CSE]] is ripping out the intestines of longs. It’s that simple.

People should just refer to me as ‘Bosox,’ since I keep winning. If you think about it, it’s not fair for one man to bank all of this coin. But then again, I believe in natural selection— so it is fair.

Many of you are haters, even some of my tabbed bloggers—saying shit like: ‘when you brag, it’s time for the market to go down.’ Fuck you, where it hurts.

Check out my “Five Reverse Horsemen” : [[FED]], [[DSL]], [[FHN]], [[CORS]] and [[PACW]].

I’ll have you know, if I could have a 6th horseman (I cannot), [[EWBC]] would be the favorite to win that spot, no doubt.

Be alert. Sometime soon, the bulls will make an effort to take control, citing egregious shit, like “we successfully retested the March lows.” Just get ready for it; because CNBC will make sure you hear it.

Once again, the only viable place to park cash is in energy. I’ll have you know, at the present, [[RIG]] is my biggest position, passing [[FTK]]. FTK is great; but RIG will break bear backs soon.

Finally, [[PCZ]] is worth a shot here too, under $60.

Top picks: RIG, short HRB