Fly Buy: SMN

I bought 1,000 [[SMN]] @ $36.68.

Disclaimer: If you buy SMN because of this post, Gasparino will punch your lights out. And, you may lose money.

Take a look at [[EWM]], which is an ETF representing Malaysia. I’ll have you know, Malaysia is the biggest producer and exporter of palm oil in the world.

The primary driver for palm oil these days is for energy needs. It is used as a biofuel and is deemed a “clean fuel” by all the greenies.

The biggest producer of palm oil is a company named Sime Darby, which represents more than 9% of EWM. See Sime Darby chart here.

Last year, Malaysia’s economy ripped higher at a 6.3% clip. They do not expect to slow much (5.6%), during 2008. The risk, of course, is slowing growth in the U.S., who is Malaysia’s biggest consumer of manufactured goods.

If you’re looking for a direct play on the burgeoning demand of palm oil, EWM is the way to go. Thus far, I have no position and have been waiting for a meaningful pullback to get in.

I’ve been all over the place with my commentary, as of late. Often times, I react very emotionally with words to market sentiment. However, I am much more narrow minded in my position bias.

Here is a current look at my top 10 holdings:

1.  [[REW]]

2. [[SMN]]

3. [[SKF]]

4. [[SRS]]

5. Short [[LEH]]

6. [[RIMM]]

7. [[FXP]]

8. [[AAPL]]

9. [[GD]]

10. Cash

[youtube:http://www.youtube.com/watch?v=U88xWuP63Qg 450 300]

When “The Fly” was young, he always tried to apply the “figure four leg lock” on his friends, but had zero success. Frankly, I think wrestling was lying about that too. That shit doesn’t hurt.

Nonetheless, it sounds ominous and the bulls are in a tough spot today, with soft GDP numbers and weak employment data.

As you know, in an amazing twist of events, just yesterday “The Fly” aka “Senor Tropicana” was ready to throw in the towel—right at the top of the range. However, after a few shots of espresso and some “talking to” he regained his financial manhood and towed the line.

With regards to today’s trading:

Things look bleak, with massive losses in [[TMA]] and a variety of bank stocks—with notable exceptions to [[FNM]] and [[FRE]]. As you know, both Fannie and Freddie are operating flawlessly— combined losing more than 6 billion over the last 3 months. Well done.

Within the DOW, [[GM]], [[AIG]] and [[JPM]] are underperforming.

And, let’s not forget about my bagel dilemma, which seems to be affecting the shares of [[BAGL]].

On the bright side, energy stocks look ok, with nice gains in [[EOG]] and [[RRC]]. [[WNR]] posted a ridiculously bad set of numbers—giving new meaning to their ticker symbol annunciation.

Finally, shares of [[AAPL]] are on the rise, due to positive guidance at a Goldman Sachs conference yesterday. And, [[S]] is gapped lower on horrendous quarterly results and elimination of their stupid dividend.

All in all, it looks like a good day to be long [[GLD]], [[UDN]], [[SKF]] and [[SRS]].

NOTE: Go check out Gunners’ post on [[VNO]]. Great stuff.

It looks like someone has a small margin call of 300 MILLION. No problems. 300 million in space cadet money is equal to 1 “vanillian” space dollars, which as you know is very “doable.”

Perhaps my theory that some “corn cob fuckers” were propping up the banks, in order to prepare them to absorb bad news was true?

CNBC loses again.

NOTE: [[TMA]] only has the “good mortgages,” right Charlie?

[youtube:http://www.youtube.com/watch?v=tyaWGbtH84Q 450 300]

Come now. How can the producers of CNBC allow their reach and influence be continuously abused by people with an agenda? I mean, how many fucking leaks of the pending monoline deal will they facilitate?

It’s obvious and evident, the underwriters are attempting to prop up shares of [[ABK]], in order to price an offering. This is all very manipulative, is if you ask me.

Within my client base, I have many people in the audit business. From what I can tell you, anticipate significant disclosures of bad credit exposure, within the next two weeks.

From what I hear, Goldman Sachs will not give quotes on some of their illiquid CDO’s, without the third party buying an instrument. In other words, the auditor’s are scratching their heads, trying to value the toxic crap, within the banks’ books. They [auditors) are very nervous, with memories of Andersen Consulting Arthur Andersen fresh in their minds.

Finally, the market, yet again, managed to finish green. Understand there is a concerted effort to reflate equity values, in order to absorb bad news.

With my money, I love Vestas Wind Systems, which trades on the LSE—ticker symbol VWDRY.pk. Buy it and forget it.

And, I will continue to nibble at [[GFI]], for a long term hold.

UPDATE: Homes in Detroit selling for almost zero! Take that Dennis Kneale.

UPDATE: Charlie Meatballs’ daily “fuck you, you’re dead” report was benign.

In other news, that Wisdom Tree commercial, regarding their Indian ETF, is starting to get on my fucking nerves.

I bought 3,000 [[FXP]] @ $81.50, 1,000 [[UDN]] @ $28.50 and 5,000 [[GFI]] @ $14.40.

Disclaimer: If you buy the above stocks, you too will become a mirror of the market trend. And, you may lose money.