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

Get Long the Suckers Rally…

…if you’re into losing money and shit.

While it’s true, the market is severely oversold; long term, the market is rich.

Anyway, if you’re looking to play this bounce, keep an eye on internet plays, like [[OMTR]], [[NILE]], [[VCLK]] and [[EBAY]].

On a dead cat bounce, I like [[LFT]] here.

However, for the most part, you should be using this rally to lighten up and “get flat.”

Mark my words, during the first two weeks of January, the market will have its stupid head lit aflame, in a bad way of course.

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Bulls Clipped by 10:30am

Just forget about buying stocks. You’re over there, like an idiot, trying to catch a bottom again. I fucking told you: the market is a bad ghetto now. You can get shot waiting for a bounce.

On this failed rally, it makes loads of sense to buy [[FXP]], [[SKF]] and [[EEV]].

However, it’s worth noting, I am not selling any of my longs—just in case.

Seriously, you’re far too stupid and poor, to fuck around in this market.

Go play some low-stakes poker or something, instead.

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Fly Buy: FXP

I bought 500 FXP @ $83.50.

Disclaimer: If you buy [[FXP]] because of this post, your Christmas tree will fall on you. And, you may lose money.

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Bulls Charge at the Open

Today looks like a perfect bounce day, but beware. The underpinnings are still weak.

Despite “magic,” [[GS]] is now down on the session, making “The Fly’s” [[FXP]] for [[SKF]] swap, which was executed yesterday, look extraordinarily “time machinish.” Albeit, I only sold a small piece of my FXP position, it still fits my mantra, which is: “The Fly” is winning, even when it appears he’s losing, badly.

If I were addicted to sharp heroin needles, I’d weigh 105 pounds, keep a long beard, and be buying stocks, right now. However, since it is not the case, I will reserve my cash for other stuff, such as: overpriced items on [[EBAY]] or late night runs to Toys R Us, at the request of Mrs. Fly.

In short, I’m gonna buy more FXP and SKF, sometime today. Until then, I will just hang around the office, waiting for the voices in my head to communicate sage financial advice.

UPDATE: “The Fly” wins again, vis a vie [[GS]] going lower. Don’t fuck with me, if you want to keep your fucking eyebrows attached to your head.

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Goldman Pulls a Rabbit Out of its Asshat

Of course, [[GS]] just obliterated earnings estimates, much to the chagrin of those who bet against it. For the record, I have no position in GS, just [[SKF]], which is scheduled to gap the fuck lower at the open.

Aside from Goldman “magic,” [[BBY]] posted kickass numbers, and guided higher for 2008.

Perhaps [[CC]] will, finally, bounce in sympathy.

In short, today looks like a rally day, with a variety of names 2-3% higher—including [[FRX]] (no, I didn’t buy it because of Chuck, morons).

Early going, I won’t fight the rally. I may nibble at some bottoms, while frantically preparing a meatball sandwich.

NOTE: Despite Goldman’s smoking hot numbers, the stock is barely up—a very bad sign, indeed.


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Late Night Thought

I’m so right it hurts.


  FRX FDA approves nebivolol for high blood pressure

Fly & Chuck Bennet win, again.

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Betting Against Goldman

The bull camp of Goldman Ball Sachs is disgusting. For some reason, those ‘tards believe [[GS]] can keep doing it.


I don’t care how smart and well they cheat, the firm will suffer, as the market melts into oblivion. Aside from market and credit losses, how about m&a?

Look you, now is not the time to paint your face blue, get drunk, then buy stocks. During “Santa time,” people are oblivious. No one cares about the market. And, those who are paying attention are as nervous as a cat on a hot tin roof.

Late in the day, I took some profits in [[FXP]], catching more than 20% in a short week.

With the proceeds, I bought more [[SKF]].

Essentially, I’m betting against GS, and all of the hatfuckers who cheerlead for them.

Fuck Goldman.

Finally, sometime soon, the market is going to get a relief rally. When it happens, all of the talking heads will tell you to ignore inflation data and weak retail sales. They will say: “financials are a great value here.” However, what they fail to acknowledge, as always, is the “E” part of “PE.” Meaning: earnings will be absent in the financials, for most of 2008.

Look for the market to correct to the tune of 10-15% in 2008.

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Fly Buy: SKF

I bought 3,000 SKF @ $102.14.

Disclaimer: If you buy [[SKF]] because of this post, 2008 will be your worst trading year ever. And, you may lose money.

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