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
16,520 Blog Posts

Gold Stocks Crater; Oil Crashes — All is Well on the Nasdaq Front

I’m blogging from the road today, watching stocks act retarded. With less than a 1% drop in gold, thr underlying equities are crashing — down by more than 5%.

It’s not time to buy the dip in gold. Be patient.

Crude oil is down nearly 4%, but the stocks are holding firm with losses in the magnitude of 2%. The next OPEC meeting will be held on my birthday, May 25th. I’m sure those shills will figure a way to boost markets, artificially.

I’m not a big fan of overexaggerating daily moves anymore. We’re living in a mean reversion world, which is why Exodus is so accurate. Gone are the days of crazy eyed momo set ups. This is a whack a mole market that rewards those willing to buy dips and sell rips, frustrating those who depend on breakouts for a living.

I’m long $OAS, getting clubbed out like a drunken trouble maker. All of my other holdings are doing fine — patiently waiting for war to break out. As a whole, the market looks fine, especially the Nasdaq.

Banks, tech and construction stocks are heading higher, amidst positive breadth. Buy dips, sell rips. In this case, oil is a buy.

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8 comments

  1. it is showtime

    Quagmire

    Inevitable

    Implosion

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  2. mongoosereflexes
    mongoosereflexes

    NFLX? dip needed before next rip higher IMO

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  3. fxtradepro

    No bid under Bonds, Gold or, XLU….0 flight to quality. Buy the dip.

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  4. roundwego

    financial are fucked. Tesla is going to crash.

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  5. uglyflint

    Of course exactly one year ago was long jdst and got my face kicked in.

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  6. sarcrilege

    Gold stawks are for chumps.

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