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
19,125 Blog Posts

The Party Ends, As the Nasdaq Gets Diced Up and Spit Out

It was a nice run folks. The evergreen feeling of invincibility was shattered during today’s session, as the tech heavy Nasdaq bled out by 35 (as of 3:35p). You’d be interested to know the tech sector now makes up 25% of the entire market cap in the market, valued at $10 trillion.

Perusing over my self made indices, old man stocks were immune to the sell off — thanks to gains in KR, NKE, JNJ and ED. This was a very typical risk off day — stocks down and TLT/GLD up. Not much to discuss there.

My quant related trades, designed to chase alpha and follow trends, only shed 0.10% and was higher most of the day. On the other hand, my discretionary trades caught the wind cock in a lightening storm treatment. Outrageous losses were endured in HMNY and OSTK, hedged only by gains in XXII and COHR. My median losses were -1.3% in that account today. The fucking Moviepass idea isn’t something that I’m obsessing over and won’t sell it because it’s down. It is my lotto ticket. I will, however, blow the fuck out of this son of mother’s whore OSTK if the Bitcoin markets don’t recover soon.

God knows that I want nothing more than to enjoy my life, one that has been enjoyed with extreme leisure, while all of the Bitcoiners suffer in the fires of perdition. This version of reality is foreboding and awfully downcast for me. Stocks have played second fiddle to the garrulous shit-talkers in the cryptos for too long and I’d like nothing more than stark and grim conclusions in the blockchain soon. I’ve never come across a more ignorant group of idiots than the bitcoiners, and I was a very active and aspirational dot com trader back in the bubble days. Everyone loved trading the dot coms — but at least we knew the gains were on lease and would eventually be revoked. These cocksuckers believe bitcoin will trade to a million. I hate them and wish they’d stop talking.

My day has only just begun. I have lots of things planned, none of which includes some dirty martinis. Instead, “The Fly” must toil about the Princeton area and after he’s done toiler, he’s gonna toil some more.

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19 comments

  1. it is showtime

    Fairly apparent a couple days following the Hurricane irma monday-programming, a-nother fully coordinated additional leg was in the works. We’ve seen it over a dozen times where the surrounding logic shows a pre-scribed, multiday index run.

    youre not getting 24. K…

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  2. Dr. Fly

    ^ Does anyone ever know what he means?

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    • natehois

      Never

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    • ericbakerbruce

      Yes, I speak gibberish. He said that he’s having fish for dinner.

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    • dragun

      Its what happens when you put gas in a shopping bag and sit on your couch all day with the bag strung over your ears like a feeder bag.

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    • ironbird

      Maybe. Showtime is warning of the lunatic nature of ugly old women. Good luck trusting one.

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    • cancel19

      I think he is a bot. One of these daze he will be right, me thinks.

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    • it is showtime

      Fly is a literary genius. Most of you are milky flops.

      My longterm exposition has exquisite accuracy.
      (let me tell u ‘boi. if you only knew)
      There indeed was another coordinated leg-up, which officially started after irma hit florida, and they piggybacked the index gains on the headline. And you’re not getting Dow 24 Thou

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  3. doji

    You used the word, “Perusing”, without any disclaimers. This confuses me.

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  4. the dude

    With due respect I’d sell the $HMNY and keep the $OSTK. Allow me to rant, if you will.

    The tell on $HMNY is this: they admit they are selling $10 bills for $9. They admit it full on. But they plan to become profitable by advertising, selling data, and GETTING A SHARE OF THE CONCESSION STAND revenue from theaters. Are you fucking kidding me? Do people laugh when they say that at the roadshow? If the founder didn’t have a pedigree this would never have seen the light of day. And the financial structure is such that even if it remotely works the common shareholders will be more diluted than a concession stand Coke. Reminds me of the Blockbuster plan of going cash flow positive by selling candy and snacks in the video rental stores. Who knows, maybe its a freekin genius idea, but I’m not in.

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  5. cancel19

    Ah yes, the Martini the only civilized drink.

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  6. bushwacker2

    Tech was 37% of market cap during the dotcom days. We could be near a top now, but then again, we could have more gas in the tank before we run out.

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  7. awanka

    I always see traders get a twinkle in their eye when they talk about the dot-com days. Seems like you couldn’t lose on a trade.

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  8. justindetray

    Until you could! When the music stopped there were no chairs!

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