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
19,617 Blog Posts

Retest the Lows Fags: GET IN HERE AND TELL ME WHY WE’RE GOING LOWER

I can hear these people in my thoughts, as I eat, as I drink coffee, as I sleep.

“We must retest the MUH lows in order to MUH capitulate and put in a MUH bottom.”

These words have been bandied around Wall Street for generations, by what I like to call “Retest the Lows Fags.”

These are men who amble around Wall Street, waiting for catastrophe, shitting on all recoveries, pitching for a retest of the lows for reasons that are nonsensical to the thinking man.

According to this chart, we have 1,200 points of heart pounding downside left.

While I am cautious about espousing this view, especially since its been suckers bet for a long, long time, it certainly is alluring.

The NIKKEI is +1.6% and fading here. WTI is +0.77%, BTC ripping higher by 16%, and Dow futures are down 212 points.

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42 comments

  1. sarcrilege

    Self-fulfilling prophecy, that’s why. Everybody is staring at the same paint by numbers TA.

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  2. fryguy15

    Fake news. /Xbt is down today and /ym is down 120 points not 212.

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  3. tonka

    All major pullbacks since 2008 have been the same:

    1. Crash
    2. Sideways
    3. Lower low
    4. More sideways
    5. Back up

    They all look like a blip looking back on the chart. Feels like a knife edge while we’re in it.

    Whatever happens, I just hope this one is different. Straight back up would be fun cuz why the fuck not? The less sense it makes the better.

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    • it is showtime

      it’s called a CB commandeered machine

      highest vix spike which may or may not be synthetic
      since 2011
      if you believe concerns on inflation caused that I have
      a bridge 4 u

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      • tonka

        It’s amazing that someone who has been so wrong for so many years still talks like they know exactly what’s going on.

        You have as much credibility as zerohedge

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        • john_galt

          no, worse

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        • it is showtime

          Are you in denial or just a nutbag

          what is wrong about the CBs having primary control on the last several years of global index direction
          what is wrong about the highest vix spike since 2011
          what is wrong about surmising the blatant anomalous character of the crack this week
          what is wrong about suggesting that the tiniest almost-nonexistant flicker of inflation causing an abnormal vix spike is kinda suspicious

          I’ve been saying this exact scenario was most likely to happen. My writings reflect almost precisely an endgame convergence over the last 3-6 months.

          Someone shoot tonka out of their misery

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          • tonka

            We get it. You have made up your mind about how the world works. Unfortunately the last thing we need in this world is another person hanging onto their unbending beliefs until they are proven correct, or they die, whichever is first.

            Too many people mistake stupidity for conviction.

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          • tonka

            And worse yet, you actually believe you’re the contrarian. As if believing the market is rigged by Central banks is a minority opinion.

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        • it is showtime

          You’re like a badly written foil, A guy who comes into the scene, To muddy the protagonist, Provide consternation and reflective sounding dialogue

          I’m not clinging to beliefs im a truthteller. You realize all that ive done is process and observe logic ( and patterns ) and get closer to what is actual truth

          ???????????????????????????????? lol
          How is that unfortunate? Are you in between meds?
          The differentiation between what is supposed to be unfettered markets, and what literally became indexes with If-Then subroutines and For-Next subroutines, which necessarily have to have been given instructions, by a person…

          You don’t think that distinction has merit?

          ??????????????????????????????????????

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          • s.k.

            What are your positions? Name a few with cost basis and percentage of portfolio?

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          • tonka

            You’re not processing and observing. Youre just looking to confirm you’re unchanging beliefs. The further the market goes up is more proof to you it’s rigged. Once it goes down it’s finally seen the truth you’ve always known. You’ve positioned yourself where you can claim to be right regardless of what happens. And any move in either direction can only strengthen your conviction. I cannot think of a more useless position to be in. Zerohedge personified.

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  4. ferd

    Because Sarc is the only one talking beans, bullets, bars and bunker. Still too much complacency out there.

    Tonka’s scenario is a reasonable guess..

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  5. doubleplus

    -350 or whatever last week for no apparent reason, a solid crack – they BTFD. ‘Murica.

    Last Friday – suddenly talking teevee idiots are talking “correction.”

    Monday – no comment required. They buy the scare Tues morning, ignore XIV and the catastrophic fucking probability that AH trading can literally wipe accounts clean to the bone. Big day, big wins, shoulder slaps – let’s get a drink, good times. Party on.

    I’m in index funds and will keep buying. I hope we go down 50% in the next year so I can buy the long term discount.

    Get long garbage! We’re impervious! Miller Time!

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    • it is showtime

      No apparent reason? The week trump makes the biggest gambit against corrupt power. Exactly there was no apparent reason, other than that, so what do the odds suggest

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      • doubleplus

        Look man. I always thought you were a bot – you’re probably a bot. Nothing personal. Take a break.

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        • it is showtime

          The fukin trolls just as the week the BULLSHIT STOCK MARKET is revealed HA HA HA

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          • doubleplus

            Nope, been here since 2013. Not a troll. Also not a bot. You do realize we’re agreeing on the market here, right?

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  6. masteroneass

    Fed dumping 50 billion a month. Trade deficit largest ever. 4.4 trillion in Fed balance sheet = apple msft fb goog amzn. 4 trillion lost in two days. Rate hikes wrong. Tax decreases. 8 years of BO. Parabolic market. Its cooked. Might have better luck trading cryptos for some decent volatility. Lets not forget Mr. Nakamoto. His entire intention was to stop this madness. Volatilty is your friend and the cryptos trade in perfect fibonacci. Enjoy watching the Radio Shack market go full bitconnect. BTFD.

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  7. ironbird

    Release the Rubiks Cube. Not complicated. Shoot the leader the “rank and file” Saints of Saints tend to panic.

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  8. bob smith

    Because we have to go back to the lows to get to DOW 9000. Math…

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  9. ironbird

    Lets call it what it is. The Judge Roy Moore rigged election selloff. Pretty much right back at that level. Banana Republic Revenge dump.

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  10. bob smith

    On BTC, check out the 3-month chart:

    https://coinmarketcap.com/currencies/bitcoin/#charts

    That is the infamous inverted U chart (AKA “frowny face”)

    BTC is GTZ

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  11. fxtradepro

    If you lost money in this mess, quite frankly you deserved it. You stayed at the party too long and now your the bag man, or the sucker at the poker table, whatever cliche you prefer. I looked around in November and saw morons of the lowest order making money in this market, not to mention cryptos, a retarded president tying himself to the success of the stock market nearly on a daily basis, and said it’s time to GTFO of dodge. With that, we need to see more panic in commodity related assets for this move to be “real”, so as of today and likely tomorrow, I’m a buyer of your margin call.

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    • Dr. Fly

      hindsight is 20/10.

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    • oilerua

      he’s been bragging about studying the shitcoins substance for a month or so .. never had so much laugh for a month

      he deserved to loose much more.. but eventually he’ll change is mind and behavior..
      frankly I’ve never read him shepping around so much non sense as of lately

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    • tonka

      There was a great article about the target store manager making 13 mill trading XIV. Great sentiment tell…except it happen 6 months and a out 50% below the top. Just like the move through $1,000 on Bitcoin looked like a parabolic blow off top.

      Reading sentiment is cool if it works out, but I can’t help but think it’s just luck. Far easier to just run a balanced portfolio and wait for something to happen. When shit hits the fan, sell fixed income and buy margin calls.

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  12. Angel of Death

    Harry Dent says Dow to 14,000 by April on FBN today. Apparently the Dow has a termination clause too.

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  13. bob smith

    That comical Harry Dent, always the optimist. Dow termination clause doesn’t kick in until after the Dow 10,000 hats have been dusted off (~ 9000). It’s in small print in the prospectus.

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    • Angel of Death

      We will get to 14,000 eventually? But is this the big one? And in only 2 months? I guess if it were the big one then yes you typically see a 40-50% move down in short time. See bitcoin. So it kind of makes sense, if you think this is the big one.

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  14. Raul3

    because the robot prophecies

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  15. oilerua

    we’re going lower so that we can go higher later , genius

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  16. joyous__ending

    There is a fund, bank, brokerage, country, or something caught way, way wrong in their portfolio. Until the culprit is found the market will be unstable.
    The rumors will soon be out about who, what it is.

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  17. dragun

    Retest is no different than the “cash on the sidelines”.

    The street needs a story to tell to keep the investor engaged.

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  18. gappingandyapping
    gappingandyapping

    Turn the chart upside down, would you buy it here on this multi-year breakout and one day of consolidating the breakout gains? There is your answer.

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    • ironturd

      I always wish I could somehow turn charts upside down and trade them that way. Know any software that does that?

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  19. gorby

    We will test the lows several times and then trade sideways for the year.

    The earnings need to catch up with valuations.Tax cuts (or loans distributions )

    are already baked in.

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