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
23,420 Blog Posts

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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Fly Buy: CMO

I bought 2,000 [[CMO]] @ $13.65.

Disclaimer: If you buy CMO because of this post, the writers strike will last for 30 years, effectively bankrupting all writers. And, you may lose money.

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Fly Buy’s: REW, TWM

I bought 1,000 [[REW]] @ $ 64.55 and 1,000 [[TWM]] @ $83.50.

Disclaimer: If you buy the above stocks because of this post, Bernanke will cut by 200 basis points, at the next Fed meeting. And, you may lose money.

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Race to Zero

The action in the financials is very alarming.

Aside from [[CFC]], [[WM]], [[PMI]], [[ABK]], [[MBI]], [[SCA]], [[RDN]], [[MTG]], [[ETFC]], [[ACF]] and [[SOV]] all look like they’re heading to zero.

Is it possible?


Apparently, the prospect of rising unemployment, coupled with the credit crunch, has investors running from anything related to financials.

Today, I covered some of my [[LEH]] short, but regret it already. Also, I sold my final 2,000 shares of [[SKF]], for a monster gain.

With the proceeds, I will, stubbornly, bet against [[CHL]], [[LFC]], [[PTR]], amongst other China names, via [[FXP]].

And, I have a very rich cash position. Hopefully, we can get a sustainable bounce, so that I may use it to sell short LEH higher.

God willing, of course.

NOTE: It looks like the news of [[DD]] going after [[MON]] got out.

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Fly Buy: FXP

I bought 2,000 shares of [[FXP]] @ $74.30.

Disclaimer: If you buy FXP because of this post, the next time you visit China, the Government will have you arrested. And, you may lose money.

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