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
23,482 Blog Posts

Fuck You Bulls; You’re Dead

There’s no plausible scenario where the market can rally today. Looking at key stocks in important sectors, there is too much red for a recovery to magically occur. Stocks are getting kicked in the scrotum, as the “must retest the lows” camp takes control.

The biggest negative, once again, are the financials—with typical losses in [[ABI]], [[MBI]], [[C]], [[LEH]] and [[SOV]].

In addition, Ag stocks are breaking lower, alongside basic materials. Frankly, I’m shocked to see a certain someone break his promise of Lent, in order to buy [[BOOM]]. That fucker, mark my words, is breaking lower.

Other stocks with notable breakdowns include: [[AAPL]], [[INTC]], [[ORCL]], [[GILD]], [[DECK]], [[EDU]], [[APOL]], [[CRM]], [[INTU]], [[CTXS]], [[PMI]], [[GHL]], [[CALM]], [[UA]], [[BID]], [[CTRN]], [[SIGM]], [[AMD]], [[TSCM]] (boo-ya), [[RATE]], [[GM]], [[JPM]], [[AXP]] and [[VMW]].

In the bull camp, very few stocks stand out. Actually, the ones that are up are worth fading—which includes [[AMZN]], [[LULU]], [[NVDA]], [[GRMN]] and [[ESRX]].

Quite honestly, I’m making buckets of coin in my reverse etf’s, while giving up a few pennies in long term positions. During the remainder of the day, “The Fly” will drink multiple cans of Monster Energy Soda, while throwing jumping jacks out of his office window, mainly for fun.

Oh, and I may buy more [[SRS]].

Comments »

DJ Tiesto

[youtube:http://www.youtube.com/watch?v=BZmE3fUKU5U&feature=related4 450 300]

Comments »

You Lose, Again

At the end of the day, I got smoked out of my [[RIMM]] short, taking a “ball busting loss.” However, since I’m still long RIMM, it was a wash, basically.

This is a losers market, with exception to the pending “palladium supercycle,” powering shares of [[PAL]] and [[SWC]] to unsustainable levels.

Banks and commercial re got lit up again, enriching “The Fly” with many points in his [[SKF]] and [[SRS]] positions.

My market position is the following:

Inflation in food commodities and oil/gas will decimate the consumer. This will lead to significant earnings short falls at big retailers, like [[M]], [[KSS]] and [[JCP]]. Specialty retailers, like [[DECK]], may be able to squeak out another quarter or two of “mind numbing” growth, but will fail—eventually.

The credit crisis will spill over into commercial paper and real estate. Liquidity in the capital markets will dry up, forcing money losing companies to either fold tent or seek unfavorable capital injections.

Oil stocks will begin to disconnect from the price per barrel and trade lower, as recession expectations dampen forecasts. The same goes for Ag. Despite ridiculous wheat prices, stocks like [[MON]], [[AG]] and [[POT]] will fall.

In short, everyone is a loser. Get short RIMM and find a myriad of upgrades waiting for you in the morning, effectively ripping your face off.

All in all, despite RIMM, I was up 1.2% today, erasing yesterday’s losses.

Comments »

Thoughtful Market Thoughts

Ara K. Hovnanian, CEO, Hovnanian Enterprises

First of all, that weird dude from [[HOV]] is a fucking liar, saying the bottom for the housing market will occur in late 2008. He has no time machine and has not won a championship in many years.

On the bull side, I can see [[RIMM]] melting up to $120+. Really, there is a massive squeeze occurring and little reason to sell the stock, considering they just guided up.

As expected, [[WBD]] is sprinting higher. Russia is corrupt. Therefore, Russian stocks are corrupt. To me, that seems like a viable investment approach, while planning my WBD trades. For now, I have a small position in the fucker, waiting for more corruption.

[[NTRI]] is going to $10. They blow.

[[DCR]] will go to $20, providing oil goes to $80.

[[LEH]] will be in the 40’s, shortly.

And, finally, should the market rally, [[FMCN]] may be good for 7 points of upside.

Nonetheless, I’m still bearish and hope for the country of New Zealand to be invaded by aggressive, yet patentless, space invaders.

UPDATE: Fuck large buildings, via [[SRS]].

Comments »

Fly Sell: LEH

I sold short 2,000 [[LEH]] @ $54.25.

Disclaimer: If you sell short LEH because of this post, you will never learn from old mistakes. And, you may lose money.

Comments »