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
17,091 Blog Posts

TRUMP OWES ABC NEWS AN APOLOGY; MARKETS PLUNGE

Are we still paying attention to the Dow? I’d say no, right? Both the S&P and Nasdaq cascaded lower from a robust open, as expected, with the latter seizing up and dropping dead — down nearly 70 NASDAQS. This is because the President can’t keep his trap shut, always taking to the computers to boast about the stock market and how awesome he is. Plainly, these are the tweets of a psychopath.

Will he get us all killed? I sure do hope so.

The big winners today were uranium stock — holy shit they sprung higher. There were 10%+ gains in CCJ, UUUU, UEC, DNN and URG.

Reason being: Kazatomprom, Kazakhstan’s state-owned uranium miner, said they’d slash output by 20% next year. The shitty country of Kazakhstan represents ~35% of world production of uranium.

Other strong sectors included lots of retail, like apparel, restaurants, auto parts, entertaining and grocery — all places that might be immediately impacted by tax cuts.

On the downside was tech, a most deleterious drop — which caused by Bubble Basket to plummet by more than 2%.

Some of the standout losers include IPGP, ANET, TTWO, VMW, NOW, AMD, SHOP, FSLR and thankfully NVDA.

My quant portfolio shed 0.38% and my discretionary didn’t do too badly, considering UVXY had been lower by more than 10% earlier. It closed down less than 3%. I enjoyed gains in my NVDA short and UCTT, while enduring losses in my BAC short, RUSS, AQ and WLK.

Judging by today’s tape, tomorrow could be a most heinous display of panic, one that will conure up grave memories of when Krampus came for Xmas and ate your portfolios. Do you remember when that happened a few years ago? The lot of you were dreadfully scorned and truthfully you deserved the beatings you took — because you were fat, greedy, and slovenly.

“The Fly” must be going now. I bid you good day.

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17 comments

  1. soupbone

    Even though we are at the model T stage of tech in general, I figure given the run tech is the first to be cannibalised. Folks are adaptable, into phones can lead to out of phones very fast.

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  2. dragun

    My quant was up nicely in the am over 100bps, then shed over 60 of them into the close.

    Tomorrow could be ugly

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    • Dr. Fly

      Contribute more

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      • dragun

        I will endeavour to do so. The model I run flashed all large caps Thursday night for the Friday market and punted all tech related and financials that were held throughout the month. Clearly, I did not time stamp anything in here.

        The quant model holds six equal weight ETF positions, is systematic and runs on a monthly rebalance with an absolute return strategy focus.

        If you’re interested I can start sharing my conviction list model of six ETF/SP100 constituents which may be more suitable with the readers here.

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  3. it is showtime

    The glaring next iteration of a fully coordinated additional leg following Hurricane irma
    We’ve seen it dozens, of times where the surrounding logic shows a pre-scribed run

    youre not getting 25 K

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  4. og

    Market looks like shit.

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  5. J Adabese (your pen pal)
    J Adabese (your pen pal)

    Avatar changed in honor of Thomas Durant.

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  6. tonka

    It’s always funny when he puts his foot in his mouth.

    But it can’t be a bad thing for the markets to have someone this vain in the charge of the country. He’ll want it up by hook or by crook.

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  7. J Adabese (your pen pal)
    J Adabese (your pen pal)

    The walls are closing in on Trump. Things will become more strange as the vice tightens.

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  8. Marc David

    My investing this year feels like I’ve got “Lexapros in a coffee cup running thru the city like Forrest Gump.”

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  9. masteroneass

    The only question is when Bill “satoshi nakamoto” gates is going to send his bitcoins to his bank account or tank it by dumping it on the market. Answer never it would reveal his true identity.

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    • tonka

      I hope bitcoin goes over a million.

      Top 100 richest people in the world become completely unknown until they start buying countries.
      Winkelvoss twins could buy Facebook in cash etc etc.

      It’d be awesome.

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  10. roundwego

    Trump cares for red states first. Hollywood and tech, he puts last.

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  11. tonka

    In other news, if you take Vanguard and BlackRock’s asset growth rate and project it out into the future in perpetuity, eventually they will own everything:

    https://www.bloomberg.com/news/features/2017-12-01/fallow-fields-show-crisis-in-hungry-venezuela-s-heartland-farms

    Cuz that makes so much sense…

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  12. MSGT HARTMAN

    AP: Dec. 4, 2017….It is reported that Bellview is overflowing with Democrats during this stressful holiday season. Joe Arpaio is erecting tent cities in AZ to handle the increased load on an already strained system. Wearing pink clothing is not optional. Bread and water is provided to all inmates free of charge.

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  13. cancel19

    Oh come on! He’s a great salesman. The other one couldn’t tie his Jordan Nike shoes.

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