Unless you’re prepared to take up arms against the government, I suggest chilling the fuck out and quit worrying about shit you have zero influence or control over.
After all, we are on this miserable planet for an undetermined amount of time. There is no point in trying to change something that can never be changed. It’s sort of like trying to make the Statue of Liberty a lesbian.
So, the government is giving us a green light to make money in stocks. Why not take it?
Sure, lot’s of short sellers got ape raped; but that’s Wall Street. It’s unforgiving and entirely inhumane.
If Wall Street was an easy place to make money, all you of pikers would own holding companies, making tender offers for distressed cdo’s.
I digress.
With my money, as always, I will press the envelope here, staying long a lot of Citigroup Inc. [[C]] and a variety of other long side bets. I like bank stocks with big short positions, like Synovus Financial Corp. [[SNV]] and Interactive Brokers Group, Inc. [[IBKR]] , and I will buy them in size.
For a hedge, like a rat, I will nibble on [[SRS]] and get long basic materials, such as Freeport-McMoRan Copper & Gold Inc. [[FCX]] and Southern Copper Corporation (USA) [[PCU]] .
Finally, I am not sure if I got lucky or if it was skill that made me switch from short to long yesterday. Let’s just say I got lucky for having a “calculator brain,” and for being a bad ass “space alien magician,” who drives diamond studded time machines—when all of you assholes are home sleeping like little bitches.
If you enjoy the content at iBankCoin, please follow us on Twitter
Sleep like us?
Fly honey, we are the queens of comatose.
Well I guess that sums it up. Not much more to say other than if this shit fails what happens next? An all out ban on selling stocks period?
Fly:
“Finally, I am not sure if I got lucky or if it was skill that made me switch from short to long yesterday.”
During your “No Curse Period”, I believe you contracted a bad case of unnecessary humility.
Bullshit I say. You are Da Man. You Rule Da Street. No need to apologize for greatness.
Nice one Fly! HAHAHA
you know what they say – “better to be lucky than have a calculator brain”
but if you got both …..
I was out walking the pooch when the market took off & I thought I was gonna seriously lighten up on the short side when I got back … too late …I’m fortunate to only be down a couple percents over the last 2 days.
I’ll say this: you’ve got balls of steel for holding any financials over the weekend. I’d wish you luck, but I’m on the other side of the trade.
Let’s see how long it will take before they raise the capital gains tax (and any other tax).
Crap I just woke up.
Does this mean I can’t short sale my house now?
Fly, you know the harder you work, the luckier you get and having a time machine, being a Roomanian space alien and Merlin’s apprentice does not hurt either, besides the insider info you are privy to ….. ooooh what a lucky man he was….great song
great traders will switch their entire market views in a matter of minutes. soros used to do it everytime his back started hurting.
fly proved his greatness in real time over the last 48 hrs
Luck is a skill… bottom line is, you chose to cover and go long, whether it was by some fluke or not, it could only happen because you had the right state of mind to make that decision. And of course, your state of mind is based on your perceptions, and your perception is made up of your thoughts, attitude and choices you make to put your 5 senses (or maybe 6 senses for you) in the right position to “get lucky”. So you had the skill to make the right choices to get lucky.
I myself happened to sell SKF JUST in time yesterday.
GOLD and OIL!
In my little piker-bitch world, I don’t know if I move my bullshit 5 figures in the 401k back into stocks, or stay in cash what with them determined to bust the buck. Can’t buy because it’s all asstarded still, can’t sell short because of the Govt. Cheese-heads. My 4 figure trading “account” has been getting plinked at in a laughably small fashion since I’m such a little nobody in the markets, but on a percentage basis it’s not so hot either.
I’ve been bearish on the US for two full years now, sitting on the sidelines, keeping a low profile during the booms, waiting for the day of reckoning. It lasted about 15 minutes–now everybody is bailed out except me. I still have to pay my 30 year fixed loan and watch my pathetic savings grow at a negative real rate of return at WFC.
Long story short, Wahh-wah-wah, I’m a crybaby. I’m not taking up arms against the government, but the only thing that rationality and using my brain has ever gotten me is a craptastic job I can’t stand, egregious trading losses and all the great obligations of being a responsible adult human being. Makes me want to burn down my house, pimp-slap my boss and go live on foodstamps begging for loose change from the likes of the Fly outside of the NYSE building in NY. It’s quite a WTF moment for me.
Long live “the Fly” as I live vicariously through his never ending state of victory!! Here’s hoping some can rub off on me…
Prospectus, have you tried therapy?
Prospectus,
Two things: Unless you are 50-65 years old, I would suggest your 401k not be in equity. The largest moves up happen quickly and by the time you it back, you will lose the run. Second, egregious is copyrighted by the Fly. No posers.
I meant not be in cash. Sorry. At least do bonds or something.
Bought SKF, sold Oct 100 calls. Net cost under $81/share.
Financials can’t go too wild on the upside from here, as it could make Uncle Sam less generous ($900 billion instead of a big $T).
Who provides the paper and ink for the treasury. Is there any play on that?
lol Chuck
Anyone watch SPG last 5 secs before close? It dropped 5 points!
money will be printed on toilet paper, effective immediately. The ink will be a suspicious brown, stinky substance.
We all lose.
My most gregarious fellows, I hate to tell you, buy whomever we elect is going to raise taxes. This country is, how can I put it in technical terms…hmmm…”Broke as fuck?“
Prospectus, in a few well-written paragraphs you have described how the system is set up to fuck the little guy while the brokers, bankers,
and Corporate CEO’s prosper.
I say put a 110% tax on all income above $200K.
And treat ALL income the same: Interest, wages,
dividends, cap gains, and lottery winnings.
It would take away the incentive to steal and pillage as now done by the filthy useless rich,
and cut the price of a ball game ticket to $5.
Bob Pasani is gay. He little speech just before the bell rang made me throw up on my gator boots.
he sniffs pickles
I wish I was still alive and then I too could be a Treasury Secretary and steal money from both Wall Street and the Taxpayers. Sure would have been easier than robbing banks.
Chuck good call
“Crane & CO. If the bill isn’t worth the paper it’s printed on, then Crane & Co. didn’t make it, and you can take that to the bank!” Quote from Google Finance
too bad they are a private company
You know this country’s fucked when…
The best golfer’s black, the best rapper’s white, the best, the most powerful men in the world are named Bush and Dick, who’s the second family member to be president following the “bush and quail” administration, and a “conservative” president with a “conservative” “free market” administration during a time of national economic crisis when we’re trillions of dollars in debt, rather than doing the conservative thing of bringing the troops home, cutting medicare, medicade, taxes, and most importantly government spending, hunkering down, and rebuilding, we add MORE programs, more restrictions, more wars, more spending, bailouts, and something the most liberal president save for maybe FDR wouldn’t dream of… nationalized the entire insurance business. What’s next, the government buys out all real estate and all banks and we are required to work for the government to live in our own house? Government buys out all grocery stores and makes farming illegal?
“You can look at me with those judgmental eyes all you want, but I bullshit you not. I will bleed on the American flag to make sure those stripes “
*…stay red”
There’s someone else (?) calling themselves “The Fly” on the internets.
http://theridgewoodblog.blogspot.com/
Who dumped 1.5 million shares of SNV at the close for a dollar off?
WTF!?!?!?
I saw that.
I am trying to find out if that is a reprint or real.
Fucking stupid market.
Please be a reprint – I’m getting all diamond fillings as I wight.
A Fitch downgrade? Huh? Today?
Fly, you will find this amusing-
I went to my real-life broker Wed. for the first time in ages. (Wachovia Securities, if you must know. I miss A.G. Edwards.) At first I didn’t recognize the guy, as he used to have a prominent mustache. When I asked him about it, he said it was turning gray, so he knew it was time to shave it off.
I’m dubious of the veracity of his claim. Based on what he told me about his 401k, I think it was punched clean off!
My weekend has been ruined, thanks to this bullshit SNV after hours print.
What manipulation!!!!!
Fitch news is old. Plus,thats pre bailout era.
A quick look at Yahoo. Sorry.
“I bought 20,000 Synovus Financial Corp. (SNV: 11.35 +3.18%) @ $12.75, 20,000 Citigroup Inc. (C: 20.65 +24.02%) @ $20.10 and 1,000 (SRS: 68.80 -14.27%) @ $72.34.”
Not a good sign when fly loses on a few trades when the market is up big.
Yes, we are all VERY worried about The Fly’s losing trades.
Back office chatter suggests that a lot of trades that went off this afternoon are actually going to be busted.
Ozark, can you explain, “…going to be busted…?” Several bad decisions collapsed on my head this week and I’m a little retarded. Hope it’s temporary.
Mr KC Bill:
For tomorrow, do you like any of the college tackle football games?
Do you think the Gators are favored by too much at the Vols?
Is Dame gonnna stack the box against State?
I need to gamble after this crazy, wild ass week of trading paper.
Thanks in advance.
The Fly is God
Fly good commentary. Great week fucker, you are you stacking bricks. Your posts are must read. In todays world thats saying something.
I made 25 pts on SKF yesterday…I bought FCX @ 63 and I’m getting my balls candled on SRS @$87. I’m pissed I wasn’t in the office for your C upper cut. Fast Money..HA.. that crew couldn’t shine your shoes on a sunny day.
Have a good weekend.
Hey Zombie
I drove my youngest son to Hot Springs,AR for a BBQ fest.
I’m going to study the card in the morning. Tennesee losing to UCLA and then UCLA getting worked by B
BYU is a little strange….but SEC and home field is always wild. Tennessee is a magical house and on my bucket list of places to watch college football.
I’m going to make my picks in the morning. I’ll post in the morning.
I’m playing UConn tonight just for a heat check!
Mr Fly, I wish i just had as much mojo as you have in your little pinkie. You are truly awesome!
Ok, cool. Looking forward to the picks.
Thanks, KC Bill.
Agreed about visiting Neyland Stadium at some point. It is a must for the college football fan.
I was lucky enough to see Payton Manning play there once.
The were 100,000 ponchos that day as it rained on the SC Game Chickens. Great road trip.
BBQ feast, eh? You guys ready for the Crimson Tide?
Vols are Gator bait.
ZILLIONS WERE MADE IN THE PAST DAY OR TWO….BY PEOPLE LIKE YOU NOT ME….I MUST BE DUMBER THEN A FLY SQUATTER<<<YOY? I DRANK ALL THE KOOL AID THE FED AND THE MEDIA HAD TO OFFER SAYING NO MORE BAILOUTS AFTER LEH>NOW I AM SAD. DID ANYONE ELSE FALL FOR THIS ?
TC: Point taken. Can the Gators cover the 7.5 though?
I usually don’t like laying 7.5 on the road.
Thanks.
Close. I wasn’t impressed by the U. Miami game a couple of weeks ago. Tebow wasn’t supposed to be running as much this year. So as soon as the running game stalls ( in the Miami game) off he goes to get the offense moving. He keeps that up again this year and he will get hurt.
Can someone explain to me the whole “long term” thing popping up everywhere?
-DT
Classic, fucking classic:
http://www.youtube.com/watch?v=Jen6d8zlVI8
Fly
Out of curiosity you told us you were short of all these bank stocks yesterday morning. We don’t hear anything about those. All we hear is about Citi.
What exactly have you done with your shorts? Do tell, bro.
DT: Long Term investing, or Long Term Capital Management?
The former is what losers say to themselves when a trade becomes an investment. The latter is a bunch of smart boy nobel laureates that nearly took the world down in 1998: http://en.wikipedia.org/wiki/Long-Term_Capital_Management
J:
Your reading comprehension is on an 8th grade level.
From yesterday:
All in all, I sold 95% of my (SKF: 100.00 -13.37%) , in the low 120’s. I sold 95% of my (SRS: 68.80 -14.27%) in the mid 80’s to mid 90’s. I covered my entire Legg Mason, Inc. (LM: 40.45 +9.32%) , AXA (ADR) (AXA: 35.95 +13.62%) , Pzena Investment Management, Inc. (PZN: 12.40 +33.48%) , PacWest Bancorp (PACW: 35.25 +9.37%) , Fifth Third Bancorp (FITB: 18.88 +18.30%) and Vulcan Materials Company (VMC: 83.00 +4.40%) short positions.
Then, I reversed course and bought truckloads of Citigroup Inc. (C: 20.65 +24.02%) , (ROM: 49.95 +6.50%) , (UYG: 21.96 +17.00%) and Freeport-McMoRan Copper & Gold Inc. (FCX: 73.52 +9.76%) .
I covered ALL of my shorts.
Pro,
Thanks, I mean, is it some subliminal joke I’m missing? Do you not see it in all the comments? An underscore followed by the words “LongTerm” mixed into the sentences?
Maybe I drank too much after the close.
-DT
Whoa, see that? It’s even in my comment now. I didn’t type that. I’m gonna walk away from the computer now…
-DT
Greetings, Comrades of the People’s Republic. It is my pleasure to inform you that my Comrades at Goldman-Sachs will engineer a crash of the US Equity Markets in October. They have correctly calculated that they will receive far more Government Cheese if Comrade Obama is elected. There is a .05 probability that Comrade McCain will actually clean up corruption on Wall Street. This probability rise to .90 should Capitalist Pig Bitch Palin succeed him. Comrades, we cannot afford this possibility. US Equity Markets must die. That is all.
Fly,
Do bank earnings matter anymore? Their earnings should be shit since nobody is actually making payments on houses right????
Anton,
There is a lot of confusion, obviously, but “going to be busted” means that trades that people thought they had executed in their accounts are actually going to be canceled. GTC orders will be reinstated. This is coming from the market centers, not your broker. As I understand it, AMEX, NYSE, NASDAQ are all effected. It’s not an issue that is subject to appeal, per rule blah blah blah something or other.
Why? I don’t know exactly. We are in fast market conditions. How many trades are affected? Don’t know. Maybe just a few, but I don’t think I’d know about it if it wasn’t going to be some sort of an issue. But it could be a complete non-event for 99% of people. Just be sure to check your account before the market opens Monday.
And I probably don’t have to say this here, but don’t use any market orders next week unless you really don’t care what price you get.
Fly. Ur God. Hats off to you.
Question – how low do you think SKF can go? Can you pls look into your time machine and let me know?
Most appreciated good sir.
PS – Since DOW is above 11k again, Im assuming the non-profane fly will be back?
J:
Your reading comprehension is on an 8th grade level.
From yesterday:
All in all, I sold 95% of my (SKF: 100.00 -13.37%) , in the low 120’s. I sold 95% of my (SRS: 68.80 -14.27%) in the mid 80’s to mid 90’s. I covered my entire Legg Mason, Inc. (LM: 40.45 +9.32%) , AXA (ADR) (AXA: 35.95 +13.62%) , Pzena Investment Management, Inc. (PZN: 12.40 +33.48%) , PacWest Bancorp (PACW: 35.25 +9.37%) , Fifth Third Bancorp (FITB: 18.88 +18.30%) and Vulcan Materials Company (VMC: 83.00 +4.40%) short positions.
LOL. fly, stop being so edgy. relax. I didn’t see that comment.
I only saw this:
Then, I reversed course and bought truckloads of Citigroup Inc. (C: 20.65 +24.02%) , (ROM: 49.95 +6.50%) , (UYG: 21.96 +17.00%) and Freeport-McMoRan Copper & Gold Inc. (FCX: 73.52 +9.76%) .
I congratulated you on the citi deal, you ingrate. When someone congrats you, you could at least thank them. 🙂
J, fly wont be fly if he would be polite. He is what he is, take it or leave it 🙂
It’s not his rudeness, Ed. It’s her ingratitude and the self loathing that gets to me. It’s very gay. 🙂
Ozark,
Thanks for the followup. I had a problem with my E*Trade account on Thursday and wondered if there was something I, as an amateur, didn’t understand. There is (lots), but it turns out that problem was something else.
I’ll watch out for the market orders next week, thanks.
j, if there was a little smiley face emoticon for “go fuck yourself,” it would be right here.
Have a nice weekend.
Repeat emoticon.
Donny,
Nice find, btw. I just posted that.
-DT
Barry Ritholtz on the short-selling ban –
” Morgan Stanley and Goldman Sachs are screaming about short selling now. I can tell you from anecdotal stories and actual data that when Bear Stearns was going down, the two biggest shorting houses of the stock were Goldman Sachs and Morgan Stanley. “
Regarding the above; “live by the sword, die by the sword”
They should have let other hedge funds & traders take out MS & GS. Justice served. Probably even traders at MS & GS were taking down their own stock.
Ya think Harrold found himself holding a bunch of shorts that gapped up Friday?
Wow. Thanks for the footage of that rant, Donny. How much do you think Don Harrold lost?
So confused. Watching the Gators, Ryder Cup, and Tampa Bay Rays game all at the same time.
Go Gators, USA, and Rays.
Fly does IBC use wordpress mu?
johny boy – They use regular wordpress with the mimbo theme. Look it up in google.
Good call on the Gators, TC.
Didn’t bet either way on that one.
Dang, they looked sharp.
USC vs. FLA Title game looks happening.
College needs a friggen playoff system for Christ.
No shit, right?
thanks topper
FLY,
Do you still like CLNE? I think its poised to take off. If they are able to close Walmart to change over their fllet (or most of), its lights out. CLNE just needs one or two big time company’s and others will follow.
Big fan