iBankCoin
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
23,433 Blog Posts

Classic Bottom

Despite the grim prospects for the world, in general. The fuckery in the stock market must come to an end now. After an ass kicking for the ages, followed by wild jargon of apocalypse, it’s time to asshole dip our way back into the arms of Mother Market.

However, do it small and don’t get all nervous and shit.

For example: if you’re rolling with 100k, buy 1,000 [[UYG]] and 500 National-Oilwell Varco, Inc. [[NOV]] , or some other commodity stock, then walk away.

With my money, I am up so fantastically huge, I can afford to take insane stabs; but I won’t. This time, towards the end of the year, I want my gains to stick. Hence, I will be trading light, until some celestial trade comes my way.

Look you, we all know the economy sucks. Moreover, the stock market will eventually touch down on 8,000 Dow. But, we are way oversold here.

Actually, there are no models, aside from the Armageddon one, that supports being short here.

Do yourself a favor and call a bottom. You’ll feel better about yourself in the morning.

If you enjoy the content at iBankCoin, please follow us on Twitter

56 comments

  1. Anton Cigur

    Welcome back from retirement.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. nncoco

    Oversold – squeeze – oversold – squeeze…

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. The Fly

    Thanks dude. I went on vacation to the Bermuda triangle. I had the time of my life.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. The Fly

    I’m going for a walk.

    See you fuckers later.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. Aris

    it certainly has a bottom-ish feel, but i think a real mercy rally is being delayed by continued distressed selling.

    that said, i think we’ll break right though 9000 in the not too distant future.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  6. j

    Fly

    Question, Do you mostly prefer to trade from the short side as I’ve only discovered this egregious site very recently.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. Anton Cigur

    When you’ve got a time machine, anytime is vacation time.

    Bermuda. Triangle. Nice.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  8. alphadawgg

    Just sold 6,300 DXD @ 80.15. Basis was 67.65 last Friday. I’m happier now.

    I may sell my EFU and EEV here as well.

    Looking for some long entry points.

    Costanza developing…..

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  9. Greekpunk

    Good idea on NOV, Fly…I just snagged them for 29.90…unreal

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  10. Chuck

    any thoughts on the effect of the short selling ban’s expiration (due at midnight tonight). Little impact or help the markets rally?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  11. Bad News Bears

    Don’t do it Fly!!! Don’t even think of going long here… Got pictures of you out for your walk….
    http://www.metacafe.com/watch/1182873/scary_mountain_walk/

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  12. howard lindzon

    i am with you on this one, but treading lightly myself

    buying qld and sso and apple as you know

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  13. Dinosaur Trader

    I think the day is young.

    -DT

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  14. Anton Cigur

    When you trade dinosaurs, everything looks young.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  15. Juice

    Ever-cheerful Denninger outlines the case of armaggedon, which is NOT off the table, according to him.

    http://market-ticker.denninger.net/archives/602-Time-Is-Up-Congress-And-America.html

    The “no short” rule will ultimately be cited as the reason that the market crashed, being that there were no shorts to cover and thus hundreds of stocks, on that fateful day, went “no bid” and had their prices collapse to zero – all at once.

    Oil will collapse in price to $20/bbl. Unfortunately nobody will have any money to buy gasoline, or a car, so it won’t matter. As in The Depression millions of automobiles will be scrapped after being abandoned by their owners for lack of insurance and registration fee money. Cheap scooters will become the dominant form of transportation for those with jobs, as they will be all most people can afford.

    As credit collapses distribution of food and other essentials will break down. Unable to access credit, trucking companies will be unable to get goods to market. The current distribution system for food requires travel of over 500 miles from production to consumption; this is untenable in a market where stable credit is unavailable. Food distribution will be severely impacted and in some areas may break down below critical levels.

    Unemployment will reach 25% within two years. Median income will fall by 30% nationally. Foreclosures will reach 20 million homes. The government will step in with HOLC-style remediation but it won’t matter – the unemployed won’t be able to pay irrespective of the price.

    House prices will fall to well under $100,000 nationally on a median basis but with lending all but non-existent you’ll need 50% down. A few people will make out like bandits near the bottom, being able to buy up homes for $10,000 each in blocks of 10 at a time – for cash. 60% of America will be renters; nearly half of all homeowners will ultimately lose their homes to foreclosure.

    Civil unrest will break out in major cities when incomes fall but the cost of food and essential services fail to come down materially, leaving millions of Americans hungry, broke and homeless. Unlike in the 1930s America will not quietly stand in soup lines – instead they will riot, loot and burn. The National Guard will be called up but will find it impossible to exert meaningful control without shutting down all commerce in the affected areas. The decision will be made to cordon off the cities and deny entry to anyone who does not live in that specific neighborhood, essentially shutting down commercial activity. GDP will fall by 30%.

    The S&P 500 will fall to 150 and flatline, a 90% loss. CNBC and Bloomberg will cease broadcasting. Volume will fall to 10% of former levels.

    Bleak outlook?

    Yep.

    Quite possible?

    Yep.

    Can it be stopped?

    Yes, but not for much longer.

    The markets are perilously close to a tipping point where they will collapse, after which all of the above will come to pass, and Congressional action (or inaction) will be irrelevant.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  16. Breaking News

    Fly buys 100000 uyg…baloney

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  17. o-oh

    bad time for a walk …

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  18. Bad News Bears

    Juice,

    So your saying when this shit goes down we won’t have to watch that stupid scottrade fucker in his helicopter commercial???

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  19. Chuck Bennet

    You girls should listen to the Fly, he is the cause of all this. Him and his friends have fucked the world.

    Regards

    Chuck

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  20. sniper6

    long? ammunition.

    short? faith, and patience.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  21. CAP

    If Europe is any indication we are heading to zero. Short at will.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  22. DPeezy

    Fucking schizo market. Pick a direction dammit.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  23. JakeGint

    Anyone pick up any of that RBS preferred?

    Still under $7, but firming considerably.

    _______

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  24. Breaking News

    This fucking market is being manipulated by SnP futures traders.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  25. Anton Cigur

    “Twitch” and “Spasm” are the new up and down.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  26. Breaking News

    Erin Burnett is an ass clown

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  27. Juice

    Bad news Bear … as you’ve pointed out, there are upsides to armaggedon

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  28. Yogi & Boo Boo

    Hey Juice, lighten up. :-). Take a walk, maybe a short vacation. The only thing that would scare me now is if some clown came out and said we should shut down our market because of too much selling. If that happened maybe Denninger’s future has a 1% probability.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  29. Yogi & Boo Boo

    Yes Jake. Thank-you for the idea. I picked some up yesterday at about 5.50. Sometimes it pays to be lucky… Wait. It always pays to be lucky. Thanks again.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  30. boca

    IMHO Smarminger needs to get a grip.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  31. charlie

    Dammit. Even with a global rate cut I still had my mustache punched off via shorting EEV.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  32. VIX

    I just keep climbing day by day…
    compare the percentage change in the vix at tops, and you see the vix is no where near peaking. It needs to actually have a huge LEAP compared to it’s recent movement to actually represent enough of a cleanout.

    Right now, it’s just hedgefunds shorting and selling at will.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  33. TraderCaddy

    Not a good time for a walk in NYC. I saw the movie Escape From New York the other night on TV and NYC didn’t look too safe. Too radioactive and lots of shooting going on.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  34. j

    Juice

    Stop it with that pessimistic talk okay.

    the world will not end.

    Anyway, he’s fucked up his prediction and the guy just doesn’t know what the fuck he’s talking about.

    Homes at the bottom will NOT cost 10G. They would under his scenario cost $10,000,000. A breakdown under paper money would look like Zimbabwe.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  35. VIX

    The Vix has climbed gradually in comparrison to the previous days moves. Normally, it moves much greater than it did the few days before it, leaping to the peak.
    And read that post way back comparing the daily volitility in the 1929- 1931 to now…. the market has plenty of room to continue being MORE oversold.
    Theres an old saying “if you think a stock is cheap now, just wait until tommorrow and it’ll be even cheaper.”

    Right now, it looks as if all the crazy youtube end of world scenarios are panning out.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  36. Jesse Livermore's Ghost
    Jesse Livermore's Ghost

    Do I need to come back there and crack yoose guys up side the head. Whadda ya think this is 1907? Go out and buy some rails or something.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  37. The Fly

    I’m back. Buying more NOV, because it’s idiotic.

    Today is idiot day. Try it.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  38. VIX

    j, I don’t think so…
    The reason is because the 1 quadrillion dollar derivative bubble. Guess what, there simply isn’t enough wealth in the world to pay all the deriivatives. Maybe a few people betting on the right side ofr the right derivative will cah out and control LOTS of money and be able to buy every business out, but how can supply and demand set inflation when there simply aren’t enough home buyers out there to make up for the demand. People will panic, and want the money so they can quickly use it to buy a damn sandwich before they need 30,0000 to do it. People will sell there housse in order to pay for short term needs.. In an end of world scenario, the economy WONT be in balance.. Hyperinflation certainly can have home prices fall dramaticaly

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  39. Mork from Glork

    AAPL is about to break out if you ask me. Shazbot!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  40. Mork from Glork

    Yup. 98 coming?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  41. Todays tape looks exactly like like yesterdays.

    Odd.

    No.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  42. Mork from Glork

    Nope. Nvrmnd

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  43. Bad News Bears

    Wow it is exactly the same….

    Mork,
    I don’t see how you can be bullish on any tech right now.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  44. Joe 5-pack

    But I haven’t liquidated my 401k yet!!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  45. Ass Napkin Mike

    Did she just say “collapsing like a wet taco” ?

    What the fuck is that????

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  46. Market Fool

    Art Cashin is the new Nuriel Rooboni

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  47. Greekpunk

    Personally, I’m a Joe 40, not a Joe Six-Pack.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  48. Breaking News

    CNBC RATING AT ALL TIME LOW…
    Just say anything

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  49. Mork from Glork

    It was just for a constanza trade. my stops are so tight…

    here comes the wash out. egg-regious!

    http://tinyurl.com/52ajdk

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  50. Joe 5-pack

    The DOW under 9000 trade wont happen until we rally some first IMO.
    Although there are many idiots hanging on there seems to be two
    idiots for every one of those calling how many more thousand points
    lower we go.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  51. The Contractor

    Art Cashun looks like he’s seen a ghost.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  52. Global Depression
    Global Depression

    4Q GDP will be negative 4%. 1Q09 will be -5%.

    The scary thing is that is priced in and there’s still stock for sale.

    You’re all fucked.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  53. ZenProfit

    8 handle on Dow by the close today.

    Art Cashin will be vindicated.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  54. ToddinFL

    Fly, I laugh out loud whenever I read your posts. You’re quite the entertainer.

    take care

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  55. Ozark Hillbilly

    I was looking for support at S&P 970 but since the Fed blew its load early I think we can go lower today. I’m watching it close right here and I am still predominantly short (but not egregiously so since I’m sitting on a huge pile of cash). IMHO it’s worth the gamble if you already have make-your-decade type of gains.

    But if it bounces again around 970 and goes up into the afternoon, then I’ll get out except for maybe a few puts I’ve held awhile.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  56. Bad News Bears

    2:30 small bounce then right back down…. might see south of 9000 today…. will be close

    • 0
    • 0
    • 0 Deem this to be "Fake News"