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
17,993 Blog Posts

Sold $SQQQ — Took the L Because the Market is Glorious

I’m in an idea rut for my trading account. A short while ago I was gung-ho about steel and oil, but then I got bored of it and sold it all, save AKS. I took a position in BLCM, which is doing fine today, and also a hedge in SQQQ. I sold SQQQ today for obvious reasons — booking a 9% loss in the process. I know, now that I’ve sold it’s gonna go straight up. But only supreme assholes of the first magnitude think like that. I had a plan and I schemed. Now I have a 9% loss.

Truth is, betting against bull’d up markets are hard. Exodus flagged overbought two days ago and that is an even better indicator for continued strength in the market than our oversold. Reason being? Momentum tends to beget more momentum. Look for the market to strengthen over the next 5 trading days.

I am mostly cash in my trading account, sort of unsure about where I want to invest. It is times like this that I am grateful for having a systematic approach in my main account. The money is invested, has been invested, dictated by rules I set forth, controlled by robots. Perfect.

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4 comments

  1. mushroomz

    Robots, AI, editing. Check out the top holdings of funds like ARKK, IFLY, and BOTZ for ideas. I picked up some SSYS because I think the manager of the ark funds is wicked smart.

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    • numbersgame

      Intersting ideas.
      ARKK seems to invest in stocks who’s price float above reality:TWTR, AMZN, TSLA, NFLX – all here. 14 months, 0 gain, then the next 14 months, it doubles. Bubble basket.

      BOTZ seems to be robots (hardware), not AI (software). For example, no GOOG among top holdings, but it does have 9% in NVDA

      IFLY is drones, so I think that’s a good play

      Stratasys has been making rapid prototyping machines for over 20 years. The favored technology, fused deposition modeling (FDM) builds up plastic models by extruding it layer by layer. It is a brilliant, yet simple, concept. This is also 20-year old technology that hasn’t changed much (although I’m sure it has been refined).

      It worries me that they are selling a mature product, which has already reached the consumer market, yet they are still not profitable. I think the problem is that now they have too much competition and the margins are too low. It might be a case of buy the product, sell the stock, kind of like Tesla.

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  2. Cricket

    Cobalt?

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  3. acehood

    TLT; too many ppl short bonds

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