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
23,326 Blog Posts

Fly Buy: REW

I bought 3,000 [[REW]] @ $76.50.

Disclaimer: If you buy REW because of this post, the next time the market crashes, your discount house account will be frozen, due to technical difficulties. And, you may lose money.

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Fly Sell: DECK

I sold short 2,000 [[DECK]] @ $123.

UPDATE: I sold short 1,000 @ $115.

Disclaimer: If you sell short DECK because of this post, President Bush will be seen wearing Uggs. And, you may lose money.

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Fly Buy: SKF

I bought 10,000 shares of [[SKF]] @ $118.

Disclaimer: If you buy SKF because of this post, Bernanake will fall out of his helicopter. And, you may lose money.

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Here Comes the Homo-Hammer

No fucking way we escape the “homo-hammer” today. Frankly, if we’re not down 3%+ today, I will be appalled.

However, since the market is down, it is possible “helicopter Ben” will swing by for another 25 bps cut or two.

Seriously, if you’re bottom fishing in this tape, you need to have your head examined. Perhaps you’d be safer eating breakfast at your local mental institution, than at work—buying stocks.

Just a thought.

Real quick, I will sell short more [[DECK]], while bulking up on [[SKF]].

Also, considering the consumer made a comeback yesterday, I want to sell her short, via [[SCC]].

Essentially, the game plan is to prepare for sudden death in the market today.


UPDATE: I’m also buying [[REW]], on that [[AAPL]] mess.

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Building a Warchest

Make no mistake, today was a major victory for the bulls. In the face of a “fuck you, you’re dead” sell off, the bulls clawed back and pared losses, significantly.

Not to be stubborn, I took profits on portions of my inverse etf’s, namely [[DUG]], [[SMN]] and [[EEV]].

Now, without a doubt, I feel the market will go much, much lower. If you believe the entire credit crisis warrants a minor 8% sell off, then go ahead and buy stocks—like a drunken idiot.

Again, at some point this year, I feel the DOW will be lower to the tune of 15% or double the current loss.

The reason why I took profits on some of my inverse etf’s was to build a fucking warchest. God willing, the lemmings who buy financial stocks will bid them up, over the next few trading sessions, enabling “The Fly” to bulk up on his [[SKF]] position.

As you know, I bought 3,000 SKF at the close, just in case.

Bottom line: if [[AAPL]] reports a good number, there is a good chance the market will spike higher tomorrow. I’m not interesting in making zillions, all at once. I’ll patiently wait for opportunities to arise, while holding a very large cash position.

The one thing I will not do is go long stocks, with the exception of special opportunities like [[CMO]], which is on fucking fire.

UPDATE: AAPL warned. Down we go. My [[REW]] position will shit all over the bulls tomorrow, much to their chagrin.

NOTE: In case you’re wondering, I was up 1.75% today.

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Fly Buy: SKF

I bought 3,000 [[SKF]] @ $121.50.

Disclaimer: If you buy SKF because of this post, your cock will fall off. And, you may lose money.

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Fly Sell: SMN

I sold 5,000 shares of [[SMN]] @ $53.

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