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
18,706 Blog Posts

Come Bear Witness to My Market Mastery

I anticipated this retesting of the lows, which we’re doing now. I was 70% cash heading into today, long LABD and TMF.

What were you doing — fuckhead? I bet you were long GE.

That’s who I am, and you’re nothing.

Good Father?

Fuck you, go home and play with your kids.

I am also long TLRY, which is spiking like a motherfucker now — because America has a love affair with drugs.

My only errors are staying long DOCU and DBX. But I had to be long something, otherwise I’d have no exposure to the upside. I also bought SOXL this morning, hoping for a bounce — but not depending on it. Don’t get it twisted, young man; I depend on nothing.

Long term, we’ll all be dead. In the interim, markets are behaving in a manner that looks and feels like a bear market. Sure, things can change. But right now we have to trade the market in front of us, not the one we hope to have.

You cannot repeat the past. We are but shadows on the wall, haunting refrains in the narrative of man. Make your time here count for something. Get off your asses and protect yourselves from the doom that is fast approaching.

My stop on SOXL is $91.

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12 comments

  1. ferd

    Testing now? The lows are about 5% south of here.

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  2. Dr. Fly

    My bubble Basket is -4% today at levels reached on 10/29. Stocks are at the lows, regardless of what indices say

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  3. numbersgame

    AAPL driving the market: it has tested the July support (~$195), which I think will hold until Thanksgiving, but it will test $188 later this year. Unlike AMZN or NFLX, AAPL storty is about growth and profit, instead of growth and price momentum.

    I’d buy TLRy at $100 – for a trade…Sell at $118 – ii won’t reach $120 this time.

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  4. soupbone

    ‘the economic data is still positive’ – type statements are still abundant. A meaningless thing to the stock market which is contemplating 6 months from now.

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  5. acehood

    Higher low is bullish. Get ready to flip long.

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  6. Marc David

    Time to buy!!!

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  7. og

    Thought SAAS names would do better since so many are getting bought out.

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  8. soupbone

    This barf session might just be the beginning

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  9. numbersgame

    On Thursday Retail Sales for October will be released. These sales occurred during a dismal market, so it will be a good measure of consumer resilience.

    Also, it will be an preliminary view into whether this will be a letting-off-steam, short/shallow bear market (with a good economy as background) or something bigger, if retail sales turn downward. Will future econ news be “worse than expected” (froma few months ago) or just outright bad? O course, Black Friday weekend is coming up as well.

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  10. jbandy

    What we are witnessing is a cyclical (i.e. short duration) bear market in the context of a secular bull market. Don’t let the word “cyclical” fool you–it will be very painful. About another 10% downside on the S&P 500

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    • numbersgame

      I think it’s too early to tell for certain, but I’m inclined to agree with you.

      One big question mark is China. They are most defientely NOT in a secualr Bull market. Too much malinvestment. How will that affect the global economy and the US?

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