On days like this, I always love to watch the closing bell on CNBC. Say what you want about the network, they are an integral part of our culture in finance, making Fox business look like a fucking clown shoe with bad actors and corny parlour tricks.
Stocks were rocked, again, to the tune of 365. The NASDAQ dropped by 3%, led by those fucking FANG stocks. There isn’t much to discuss, other than the aftermath of this decline. I’ll be posting some data regarding this decline tonight.
Look, I entered 2016 in 75% cash, and 25% TLT. As the market dropped, I legged into SPY. These oversold levels are pervasive and haven’t been seen in my lifetime. While the 2008-2009 declines were dreadful, there were respites. You’d see large drops and small blips higher. It was tradeable. This shit is black hole, give me your money so I can toss it into my flaming barrel of garbage, trading action.
Regarding my SPY position: it is now a leveraged one. However, I do have that TLT hedge and the factor of time limitations to mitigate my risk. Within a few trading days, I will begin the process of unwinding the position, win, lose or draw. If I should walk away from this debacle down 3-5%, I’d consider it a good start, all things considered. It’s a long year and there will be many opportunities to make it all back.
Stay tuned throughout the evening, as I am will sure to post a ton of content tonight, well into the Vampire hours of european market openings.
If you enjoy the content at iBankCoin, please follow us on Twitter
Yes, you are correct, CNBC is the yardstick of the Markets but that certainly does not make them right most of the time. Noise. Noise that we must listen to because of what we do.
I don’t really care about Maria at all but I think she had something to do with Keith McCullough appearing on Fox and I do think his team brings some unique and quite good insights.
I don’t know if I am going to make back what I lost on UWTI even if given the whole year. I wouldn’t be surprised to see a bounce to 195-200 before China or whatever provides the proverbial nail.
acct weighting
10percenters >
SDOW
TECS
FAZ
DRV
Greaterthan10ers >
BIS
EPV
EWV
– Faithfully yours in capital evaporation & evisceration and societal breakdown, showtime
7 FOR 7 BATTING 1.000
I have TLT but also an ongoing position in TMF, selling calls against it; premium is rich if you can tolerate the bumps.
Bull market in reverse.
6 comments in two hours? The troll indicator is telling me we have further to fall before the bottom is in.
This is not 2008
Slowdown, recession possible
I bought some today, not for tomorrow, but for a year from now.
It may be a crummy year, but the bottom may be at different times for different stocks over several months
This is not 2008. It is worse than 2008, but we will rally from here. Markets don’t collapse in January. Wait until September.
aren’t you the guy who got his face ripped off in leveraged vix products last year? Or were those paper trades? It’s easy to spout nonsense when you have no skin in the game
FIG
Now it’s Das Rally time!
If the market doesn’t go to zero.