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
20,864 Blog Posts

DARK CLOUDS REEMERGE

I tried to run away from the clouds–but they caught up with me. Today marked a pivotal day for me, as I resigned almost half of my trading positions to the graveyard of failures. I could’ve worked with them and built them up, in order to exit cleanly. But, very simply, I was scared out of today’s market.

The problem that I had was concentration. I was too focused on energy and had several positions approaching -10%. At -10%, I either cut losses or double down. Looking at SOL, EMES, BITA and ARWR, I found nothing in those names that said they were going to trade higher tomorrow, so I cut them loose. I tried to hold them, Ringo, I really tried. But the dark clouds have followed me to this place and engulfed me in its bearish cloak of antiquity.

I cannot be more bearish than what I am now. Figuratively, I want the world to end now. Actually, I expect it will end, in a giant heap of smoldering ruins, skeletons atop of recycled bottles of water atop of barrels of oil.

I am still long TNA, CLR, CYBR and about 34 other stocks, all of which I expect will lose me a dramatically gay amount of money. However, friends and foes alike, I am afraid of my very own shadow. There are people chasing me in the halls and they’re after my purse (tinky winky). Every time I stab them in the neck, or about the face, they fall and die. But then 5 minutes later, like some sort of Miami Zombie, they’re chasing me again in the halls–grabbing at my wallet.

This all sounds pretty nuts to you, I know. Join me in Vegas this November 8th and see if you will make it out alive, or perhaps my shadows will chase you too.

 

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36 comments

  1. Danny1980

    Futures look like a neutered Asian man right about now. Nothing Special just an inverted belly button filled with lint and piss

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  2. levrage

    It’s a two-sided market. Go delta neutral or go home. There’s no ignominy in cash.

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  3. J Livermore

    You won’t be in Vegas.

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  4. Lexapro Joe

    That sounds like I should return to safety with celerity. Good luck dealing with the zombies.

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  5. from gorby

    I’m going with opposite man.Calling a bottom

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  6. Patrick

    Vegas seminar will be 90min of you hurling a tennis ball against the wall followed by Q&A session with a ghost bartender.

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  7. GEORGE CLOONEY

    Fly the good Doctor still likes ARWR doesn’t he? Surprised you punted that one given catalysts are impending.

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    • Dr. Fly

      He does. And the good Dr is busy earning 10 million per annum and doesn’t give a shit about price change.

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      • GEORGE CLOONEY

        I mean, with all due respect Sir Fly (no Capone lackey), maybe you should take a page from his book then on this one.

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        • it is showtime

          Congrats. Your wedding finally got pushed out of the way for other news

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  8. Sooth Sayer

    He soothsays, and it does not come to fruition. He changes his mind and adjusts strategy.

    This will not save him millions, it will save his clients millions.

    Fly will be wandering down Prospect Ave. on a Thursday night. He will blend in with the ivy riff raff and drink the Beast at a few of the oversized houses that claim to feed the best and brightest youngins.

    My advice: Do not fall asleep in a horseshoe pit.

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  9. Bruce Keller

    I cut on Thursday, the day I retardly tweeted that that was the bottom. I KNEW there would be a bounce, and I didn’t care, because taking that much of a draw down when I didn’t even believe in my position was mortifying.

    It really is good to be cash sometimes. Fuck, it’s GREAT to be cash sometimes.

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    • TheHarper

      you claimed that was your most profitable day, now you speak of drawdowns?

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  10. inloworbit

    Blame the clam diggers for current market rumpus

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  11. Steve Tee

    I stayed out of oils past several months despite bargain prices ‘cos crude oil kept getting lower and there’s no way an energy stock can rise no matter how good the company is. Broad market looks like in a distribution phase now. Watch out below!

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  12. BlueStar: Contrarian Investor
    BlueStar: Contrarian Investor

    This market is shredding everyone. A very smart quant friend of mine told me that the best Factor YTD is 1 month reversal. Everyone is getter slaughtered. He did agree with me that when this happens the path of least resistance is lower over time. Vol is increasing exponentially. I got creamed in the rally of may/june.

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  13. alf44

    .

    “This market is shredding everyone.”

    This hasn’t been a “market” for a very long time !

    Old rules … Old analysis … Technicals … have become virtually worthless !

    Every session seems as random as a snowflake !

    —–

    It’s a Rock, Paper, Scissors “Market” !!!

    .

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    • alf44

      .
      … uhh … IMO !

      .

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    • BlueStar: Contrarian Investor
      BlueStar: Contrarian Investor

      Excellent. I will be stealing this wisdom and passing it off as my own.

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    • it is showtime

      There will be a 60 MINUTES report someday on what was “really” going on

      In the year 2025. Some deathbed confessions or what have you.

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  14. zuul

    Those dark clouds are but cracked cocaine plumes coming from bernanke’s house that he cannot refinance.

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    • Zuul

      If we close higher today, look out above.

      Nothing more bullish than horrible futures action overnight that is chewed up and spit out higher during traditional, non-futures-trading-psychopath hours.

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  15. Murph

    Geez FLY, you are worse than a teenage girl with your mood swings. Long and strong long-term with old man stocks and bonds.

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  16. fryguy

    Very doom-and-gloomy here this morning.

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  17. Flux Capacitor

    I like the Tommy Dorsey arrangement better.

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  18. runawaytrain

    Europe looks terrible + Asia Looks Terrible + the almighty dollar is going to destroy all the gains over the last few quarters as we can export crap we already have a hard time exporting…

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