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
23,325 Blog Posts

As Usual, You Are Wrong

So [[BAC]] steps in to buy the bag of shit Mozilo built, and you think it’s 1998 again?

Seriously, some of you guys are fucking retarded and have no business speaking, or thinking about speaking, to “The Fly.”

No one ever said making immense coin was easy. The market will try its best, everyday, to trick investors.

When things look bad, the market goes up. All of a sudden, the markets roars higher, it’s time to sell. Misdirection at its best.

Look at the airliners. Just the other day, they all looked like hell on a bullet; now they’re ripping the heads off the bears–medieval style.

Some of you are all worried about [[FXP]] going lower and shit. However, “The Fly” has done significant homework on the components of FXP; and he can tell you, if properly motivated, they are 50% overvalued—based upon historical valuation comparisons.

For fucks sake, some of their banks are trading 60x earnings.

Finally, I do not believe the CFC-BAC news will carry much water. Look for a take-under and resumption of asshattery.Keep in mind, none of these deals will help Joey Bag-o-Donuts pay his mortgage.

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The Tanned Rally

On the news that [[BAC]] will buy [[CFC]], prior to bankruptcy, the market is ripping.

My guess, the financials bounce hard here and follow through tomorrow.

I will look to buy back [[SKF]], sub $100.

This market is so damn volatile; my head is spinning.

NOTE: Short oil is still working well.

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Ben’s Helicopter RPG’d

The market is fading. That was gay.

Basically, the Fed just fucked the market, until its next meeting. They should be cutting rates now. Instead, Ben and his dumb friends opted to jawbone Wall Street with promises of lower rates, which got played out rather quickly.

So, barring a surprise rate cut, prepare yourselves for the “homo-hammer of certain death” to rain down on you, as equity prices get knee-capped by Fed inaction.

Top pick: [[DUG]]

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Helicopter Ben to the Rescue

It looks like the Fed is prepared to do some serious rate cutting.

In reality, everyone knows the Fed will cut rates. So, this is not breaking news. Nonetheless, I think people are content with hearing it come from the horses mouth, as opposed to just rumors.

Without a doubt, substantial rate cuts will help the economy, long term. However, short term, nothing changes.

I’m not buying the pop, nor am I shorting it.

I’m just eating snacks and shit.

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Fly Sell: DECK

I sold short 1,000 [[DECK]] @ $139.

Disclaimer: If you short DECK because of this post, your home will go to zero. And, you may lose money.

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Oil is for Asshats

I know many of you oil whores will disagree with me. However, I drive a plutonium powered time machine, while you’re sitting there, in disbelief, eating low-end snacks.

If oil goes to $70, [[XOM]] loses.

If oil goes to $125, XOM loses.

There is not a scenario, in an election year, where XOM can win, in my unhumble opinion.

Plus, as the market continues to melt away like a cheap candle, big winners in the oil sector will become a source of funds, rather than a viable investment vehicle.

There are two ways to play it:

1. [[DUG]] to get short the major oil companies.

2. [[DCR]] to get short crude itself.

On the long side, I still like select Ag stocks, but will not buy them yet. Right now, the only sector I would buy are consumer staples, like [[CLX]], [[PG]], [[CL]] or [[K]].

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Fly Wins Again

Fuck China.

NOTE: In case you were wondering, yes, the market data (excluding quotes) on the left hand side is in real-time.

Tell me who else has that?

IBC bitches.

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Oversold Squeeze

Granted, I sold some of my inverse ETF’s; but for the most part, I was lit aflame today—with big dicked losses in [[FXP]] and [[EEV]].

I got greedy, betting against a country (China) that knows nothing but green. So, at the end of the day, I am humbled.

All in all, today had terrific bottoming action. If you had the stones to buy when things looked bleakest, you banked some serious coin today.

Going into earnings, I am not optimistic about the market. However, should the Fed step in or some sovereign fund throw a few billion at a beleaguered financial, the “guns of revenge” will quickly turn and fire automatic rounds at the bears.

Then again, if your time horizon is more than 2 days, it still makes sense to reduce equity exposure.

Top pick on a bounce: [[RIMM]]

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