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
18,680 Blog Posts

Guillotines Everywhere — Beware of Reversals

After such a glorious run up, one should expect the market to moderate a bit here — perhaps even plunge just about the time when everyone else gets back in. As you know, I did buy RIOT this morning, basically due to my unchecked greed. But I also sold BITA for a 10% win and still own a great deal of rapidly declining inverse ETFs.

Why, I could imagine the glory now — seeing the market reverse and decapitate all of the late comers, while I nosh on a vegan snack of my choosing, profiting handsomely and terrifically in my ETFs that are designed to lose money.

Heck, I deserve the wins, me being the benevolent kind hearted person that I am.

Some of you, on the other hand, are awful people and deserve nothing other than the black flag. As God is my witness, I will pray for your extinction.

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15 comments

  1. roundwego

    Vix too the moon.

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  2. stocksnblondes

    Agree on taking some off the table. We had a solid technical bounce, but the machines aren’t done chopping heads off this year.

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  3. aflow90

    Lots of stuff (banks in particular) failing at resistance. Breadth drying up too.

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  4. Dr. Fly

    Banks have overshot to the upside. I can prove it.

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  5. stocksnblondes

    Truth is–we aren’t done going up until the machines/algos say so. Kind of feels like 2007-08 when the market kept rising in the face of obvious evidence of the credit crunch/crash, until it didn’t.

    Not suggesting that we are in for a 2008-type situation, but the point is the market doesn’t always have rhyme or reason. That said, I’m positioning my portfolio more conservatively this year than last with the expectation that it won’t be smooth-sailing on the whole. When rising interest rates, inflation, and/or Fed balance sheet tapering starts to have a sustained impact on stock prices–I have no idea. But it will eventually.

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    • numbersgame

      The macroeconomic situation was much worse in 2007-08, although rising oil prices and rissing mortgage rates sound familiar…

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  6. Marc David

    Attn: CryptoPricks

    Think you’re going to cash out your $$$$ and then go to another country? Best hurry. Over $50k in taxes owed, and your passport app can be denied and you get to stay here.

    Revocation or Denial of Passport in Case of Certain Unpaid Taxes

    https://www.irs.gov/businesses/small-businesses-self-employed/revocation-or-denial-of-passport-in-case-of-certain-unpaid-taxes

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    • moonshot

      How will they know there are unpaid crypto taxes?

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      • Marc David

        If you move a large sum from an exchange into Fiat at your bank.. they’ll know. And now it’s up to you to explain how you came into a random $1M.

        Some of these exchanges are being asked to provide customer details and who knows if Coinbase or the others will send out a 1099. I assume if they want to stay in business, they’ll conform.

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  7. acehood

    SSC needs to trade Up because God decrees it.

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  8. bennyhill

    No more free Exodus??

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  9. smarticusrex

    I read a disturbing thing on the Internet today. A doctor wanted to know how long a man would be conscious after he was guillotined. So, he asked a man about to be guillotined if he would try to continuously blink until he could no longer blink. After he his was lopped off, he continued to blink for 30 seconds. The end. Go about your day..

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  10. og

    One of my best months ever. I’m scared.

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