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
18,678 Blog Posts

After the Bounce, Don’t Forget to Sell

I’m already counting my chickens before they’re hatched. This much is certain: we’re do for a stupendous rally, in spite of all of the horrible horribles. It’s important that the weak get washed out and the tree of speculation be nourished with the blood of the uninitiated.

Futures were down 300 last night and now the open is somewhat of a snooze fest, down by only 132. I see sell orders piling up and people tripping over themselves towards the exit. This is precisely the conditions for a mania, people doing things without thinking, acting both rash and incoherent — because they’re trying to save themselves from destruction.

TOO LATE — you’ve already been destroyed.

I have 50% cash and 50% insanity. I will be minding those position and stopping out of them should be take another spill lower. I can always get back in.

Good luck.

PS: Once we bounce and rally hard, you’ll be tempted to believe the worst is behind us and that we’ll rally right back to the highs. This is the sort of thinking that gets people killed. The RETEST THE LOW-FAGS will be out in force immediately, requesting we pass the crucible of relieving the horrible times before heading back up, so bear that in mind.

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3 comments

  1. numbersgame

    I bought AAPL calls (near 215), but sold some of the QQQ calls I bought yesterday. I won’t be holding any QQQ calls after today, but instead a neutral,hedged mix of stock options, expiring next week or the week after

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  2. ferd

    PMs are where the action is today.

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  3. ferd

    Time to get your Gint on.

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