A Very Violent Start to the New Week

Here we go again. The Markets came tumbling out of the close and dip buyers are out in force, sopping up the whole mess with their thirsty sponges. I got caught flat footed in a pastiche of longs, so I sold my biggest winner and loser of the day to raise some cash.

SAGE +12%
IVR -14%

Looks rather benign, but I have 10 more stocks on the books that say otherwise. I am DRAWING the fuck down now and should markets reassert themselves lower, I’ll be in the undesirable position of having to liquidate several more positions in order to protect myself from further losses. Sure, I suppose I could snooze a little and wait for them to come back. Then again, what exactly am I waiting for? We don’t have an economy. This is the definition of smoke and mirrors, so I have to be exactly right — or I’ll get fucked in these longs.

I do like gold here and I really haven’t even begun to look at the possibility of hedging. I see the dip buyers and admire their zeal, but I’m not sure about the direction yet. We could be setting up for a fresh leg lower here, as I am long a fuckload of nonsense stocks. That wouldn’t be a nice thing for dead olde Fly. I really need to think about this some more — feel the vibes and try to not double size fuck myself out of greed.

The volatility seems to have calmed the fuck down a little. The best thing for markets in the coming week is a good old fashioned snore fest. The very last thing we need is for LIMIT DOWN live hand grenade pin action to reverse the good sentiments of the past month. In the back, front, and side of my mind — I know we’re gonna retest the lows. I don’t want it — because I too want this shit over and done with. I want to frolic near the beach, throwing sand at Mrs. Fly and the kids — downing martinis (after summer begins). This quarantine lifestyle is ridiculous and fucked.

BY THE WAY, I just read an e-commerce stat that said books were flying off the fucking shelves. Shameless plug here for my two books, written in a feverish haze during 2017. They’re basically my life and what I went thru getting started, making a fuckload of money, and then how I lost it — circa aughts.

Also, in case you’re just tuning now — House iBankCoin finally launched a merch store after only 13 years.

I know — a lot of fucking promotion in just one blog. But look at the bright side, I got rid of those FUCKING ADS for you. I finally got sick of them enough where I wanted them gone and for good. No more pop ups or anything to inhibit reading my prose.

Futures will be open in about an hour. IG Dow Spot are flat, so I am expecting a boring session. BTW: never short a boring tape.

More on that later.

It only took me 13 years to open a merch store. Fly Jr helped craft these works of art. Get your share of the greatness that is iBC merch here.

This morning I made the decision to relinquish my emotional desires to preside over the market under flames and ashes, in favor of longs. I sold my inverse ETFs for losses and ate the pill like a man and pressed on — in spite of the heady session which looked like it wanted to roll over for most of the day.

My tell was small caps higher by 4% and copper +2.5%, in spite of the weakening. My actions, once again, led to fucking gains. I did not break or fold, but adapted, like every trade should, to the whirlwinds around me.

A few orders of business to discuss.

ALL THIRD PARTY ADS ON IBANKCOIN HAVE BEEN ELIMINATED.
AN iBC MERCH STORE WILL BE OPENING SOON
THE FLY WINS AGAIN

God speed.

This morning I made the decision to relinquish my emotional desires to preside over the market under flames and ashes, in favor of longs. I sold my inverse ETFs for losses and ate the pill like a man and pressed on — in spite of the heady session which looked like it wanted to roll over for most of the day.

My tell was small caps higher by 4% and copper +2.5%, in spite of the weakening. My actions, once again, led to fucking gains. I did not break or fold, but adapted, like every trade should, to the whirlwinds around me.

A few orders of business to discuss.

ALL THIRD PARTY ADS ON IBANKCOIN HAVE BEEN ELIMINATED.
AN iBC MERCH STORE WILL BE OPENING SOON
THE FLY WINS AGAIN

God speed.

I had no idea the ads were fucking HIJACKING browsers. I apologize for this and after years of running third party ads for absolute fuckheads, iBankCoin will no longer support them.

A new era of eloquence and winship is upon you. DOWN WITH FUCKHEAD POP UP ADS AND THE ASSHOLES WHO RUN THEM. There will be a day very soon when these people are rounded up and executed and their remains fed to wild giraffes. Until then, enjoy iBC related ads.

Exodus is still accepting new members, FOR A LIMITED TIME ONLY. Our servers simply cannot handle the influx.

Regards

I am 75% long now, an array of shit stocks based off the triple inverse feelings I have for stocks. I really and truly loathe the long trade now, which is why I am taking it. The notion we should quickly sell off and dissipate into clouds of dust seems both juvenile and simple to me. Wouldn’t it be crazier if we fucking RAMPED into the close. Most traders would hate it.

On the other side of this paradigm is my pride, little old me making a JACKASS out of myself in front of millions. Why, just yesterday I was calling for the apocalypse and a RETESTING of the lows. Today I sold my inverse ETFs and went long. Surely that sort of arrogance is deserving of a nice hard lashing across the face with a horse whip. I bet a whole bunch of you are waiting for Le Fly to fail, in order to make fun of him. Be honest.

That’s just too bad it’s never gonna happen, pal.

See there are two types of people in this world pal — people who fuck and people who watch. DO NOT FUCK WITH ME — I will snap your legs off like King Crab shells.

I have no fear, positioning in grandiloquent fashion — highly tethered to the emotions of the markets — long.

I sold out of my inverse ETFs first thing in the morning — because I felt the dip was faux and a trap for bears — once again — to be lured into a snare that would end up decapitating them.

Here were my results from this morning.

BLUE +4.8%
(APT -5%)
(TZA -9.7%)
(SOXS -14.2%)
FAZ – wash
(DRIP -2.4%)
SPOT +0.9%

Net net, not a catastrophe, but certainly not good. What can I say? I took a shot and missed. The game changed, so I am attempting to change with it. In the after-hours last night I bought some mortgage plays, which are hovering around my basis now and I also allocated some money to the long side today — which can still blow up in my face. I am trying to resist the temptation to go long more than I am. The problem with going long in size now, aside from the obvious, is the specter of Friday and how superstitious Wall Street is about holding shit over the weekend.

There is a chance of course I could get “DOUBLE BOGGED” on both the long and short side, so I am keeping my exposure limited for the time being.

“Pandemics are not covered.” States and companies want them to pay — but he says fuck off. UNCONSTITUTIONAL! “The loss potential is infinite.”

His advice: THE GOVERNMENT AKA THE TAX PAYER SHOULD PAY.

The billions in share buybacks by Chubb over the past years.

And their bountiful free cash flow.

Thoughts?

UPDATE: Gilead is walking back the markets jerk off festival in the AHs. Clearly, at this point it does not matter. Futures are already out of the bag and people have lost their fucking minds. I bought 4 mortgage stocks in the AHs session to join the parade.

IT DOESN'T MATTER. THE BALL IS ROLLING SON — +1,000 DOW PIECES HERE WE GO https://t.co/N99g2IMMXq

— The_Real_Fly (@The_Real_Fly) April 17, 2020

About an hour ago two major news events hit the tape.

1. Boeing is REOPENING their fucking plant to build great big beautiful airplanes.
2. Gilead might’ve found a cure for COVID-19

The University of Chicago Medicine recruited 125 people with Covid-19 into Gilead’s two Phase 3 clinical trials. Of those people, 113 had severe disease. All the patients have been treated with daily infusions of remdesivir.

“The best news is that most of our patients have already been discharged, which is great. We’ve only had two patients perish,” said Kathleen Mullane, the University of Chicago infectious disease specialist overseeing the remdesivir studies for the hospital.

Granted, the sample size is small and two people did die — but it’s something. As such, futures are going wild and I am getting CLEANED hard in my inverse ETFs. The IWM is + 4.5% in the AHs, up more than usual because it was lower today. Almost everything is running hard, from PACKED CRUISELINERS to PACKED CASINOS to PACKED AIRPLANES. Everything. With this cure, we can all pack in tightly and sneeze into each other’s faces again without worrying about imminent death.

Oil is up, banks you name it. We’re going to have shit FLYING OFF THE HANDLE tomorrow, +20-30%. Nothing at all in the way of stopping us. Now I know what you’re thinking — “what the fuck will you do Fly, long those BASTARD inverse ETFs?” Remember, they’re 5% weighted positions. I will adapt and live to trade hard another day. Will I acquiesce and join the party? Of course. But I will NOT sell them in the AHs before everyone had a chance to review the data.

Will this mean SHARPLY higher prices forever?

We’re +0.5% on the QQQs YTD without an economy. Think about it.