What a splendid day in the neighborhood. The temperature and humidity are perfect. And Bitcoins are crashing through the floorboards — taking all speculative measures with it.
Kaplunk! — hammered by 14% and counting
Ethereum was up 21% earlier in the session, and now it’s down — because the world is ending.
On the equities side of the ledger, tech’s brightest and best barely down. Only Apple is down more than 3%, thanks to a couple of downgrades. Everything else is down around 1-2% — hardly crash worthy. However, as we dial down the market caps, the losses become more extreme — as should be expected. Nevertheless, losses are extremely manageable and I’m sure the dumbest amongst you are ready to hop back in.
If this is the beginning of a real drawdown, you will soon begin to rue the day you bought dips, especially in tech. The concentration amongst Wall Street’s most stimulated is at an extreme now. Never has there been such a time when ‘hedge fund hotels’ held so many FANG or FAAG stocks. It’s only a matter of time now before that trade unwinds, for the benefit of posterity.
The safe havens are now found in beaten up sectors, like retail, oil and REITs, while gold and bonds are ignored by the risk averse. This tape is especially detrimental, as the standard correlations, at least for now, are being ignored. To me, this means we’re in for an unusual event, perhaps an extraordinary decline in the not-too-distant future.
I am long stocks with 70% of my assets, 20% reserved in cash, and another 10% in TLT/GLD. I am broadly diversified and have minor losses for the day. My portfolio will adjust, according to my model, each and every Friday.
The one stock I am watching for risk appetite is NVDA. It embodies all that is sacred and wrong with this society.
Let the games begin.
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Jack be nimble Jack be quick don’t burn off your FAAG dick with these stawks.
You suck at rhyming. Dig this
Old Mother Hubbard
Had nothing but bones in the cupboard
And then I fucked her
Old mother Hubbard
Went to the cupboard
To get her old dog a bone
She bent over
Rover took over
And she got a bone of her own
Dice!
yup
:Mic drop:
2nd attempt at under-11 Vix streak
BROKEN
You lose
You controllers lose
I outlasted you, under 11 streak
GONE
I thinks a big reason NVDA went up so much because of the ridiculous demand for graphics cards due to the speculation in all these crypto currencies. People are buying dozens of them per rig. Not just for video games anymore. Thoughts?
Agree. There’s mining software that is CUDA friendly (NVidia specific technology).
Just think of all of the video cards running 100% of the time mining coins. What a colossal waste of heat and power. It wouldn’t surprise me if someone claims this contributes to global warming and forces some higher-power to shut it down… (but not before Winklevoss twins have sold out).
The cards more suited for mining are AMD
Not position for it but mentally prepared to see v-shaped deadcat bounce into the fed meeting announcement here. Also, the QQQ’s reversed fairly hard today and put in a nice hammer right on a couple major support areas. So maybe more pain on a medium term basis, but very short basis seems like lots of reasons to get long or to cover shorts.
This so much more entertaining.. an organ grinder and his per monkeys…
http://www.huffingtonpost.com/entry/trump-cabinet-meeting_us_593ebc52e4b0c5a35ca1acbe?i2&ncid=inblnkushpmg00000009
Wonder who was named the Apprentice?
Traders, this is a financial blog you dog
Regards
Chuck Bennett
We going higher you monkeys
Regards
Chuck Bennett
A Carlsburg? Of all beers…
http://68.media.tumblr.com/tumblr_lknm53reL91qi2bz9o1_500.gif
U mad bro?
Meant for “It is Showtime”
Crypto is volatile. A 20% dip barely phased crypto traders.
You either believe or you don’t. But regardless I believe it’s a failure to not have some investment in crypto as a hedge…..against everything.
Slowly the tide will turn (is turning already).
Buy now or see you at $10k Bitcoin.