It must feel good to be a bankster today.
Bank stocks haven been consolidating for the past month and have now broken higher, based upon zero news or motive. Year to date, credit rating agency Moody’s is higher by 59%, naturally. And, MasterCard and Visa are higher by ~50% — because people are eschewing cash for cards. Didn’t you know that, silly goose?
The mighty Goldman have been hampered by losing to Morgan Stanley all year, only managing to gain 1% for 2017, while MS is +20%. You’d be amused to learn that MS is just $6b in market cap away from GS. When MS surpasses GS in cap, everyone at GS will kill themselves.
I was going to buy VERI when it touched down in the $20s. It did so this morning and subsequently shot higher like a rocket ship shortly thereafter. I missed my entry point because I was busy doing something else.
On my stock front, YELP, COHR and FIZZ are moving higher, while XXII and HMNY dive lower. I’m not making an excuse for the XXII loser, but I am waiting for news to materialize, so the day to day grind is not all that important — same with HMNY. People are hating HMNY’s guts now — but they’ll come around.
Retail is truly a waste of time. The ups and downs are virtually untradeable and only serve to trick people into ruin. While discretionary trading is fun and great, there’s something to be said about my systematic approach using the quant. It’s care free and does the job just fine. Then again, if I was long VERI in size right now, I’d probably be telling all of you to suck my dick.
Related: Nothing to worry about.
— Holger Zschaepitz (@Schuldensuehner) October 18, 2017
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