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
18,723 Blog Posts

CRASH, BOOM, CRASH — EXHAUSTION

It was a nice rally. I was in line at Whole Foods judging people in front of me very harshly. I peered into their little wagons and reverse engineered what they were having for supper — very disgusting and chaotic, believe me.

I’m back the turret now, having missed out on that spring. But truthfully, it’s best I wasn’t around to bear its witness. Too much churning at House Fly. This isn’t what I do best. I specialize in building systems, structures, portfolios, and momentum trading. When markets swing to and fro without rhythm, I get dis-jarred. When I get dis-jarred, I fucking lose lots of money.

I’ve made my bed, see? I’m in retail and some tech, and SOXL, 20% cash, trying to believe in the way of the future. There’s lots to take in, cross-currents to ingest. The short squeeze in natty is mind blowing and I feel it can trade to $7 soon — but I won’t take a position. If I had some healthy gains to speak of, perhaps. But it’s not for me.

The crypto markets have been bludgeoned to death, down in the deep double digits today. Total market cap is now $182b, down from $800b. You do the math.

I see markets are sliding again, hurting those who bought the rally. This is an evil tape, as foreboding as it is malevolent. I’ve been doing this forever, so I can get away with SOXL positions and only 20% cash reserves. In the money management world, 20% cash is like saying 100%. Those fuckhead advisors, leeching off their clients for basis points, do nothing other than fully invest them in low cost ETFs. Should that matrix get disrupted by an elongated decline, prepare to see disruption and liquidations, ad hoc.

Again, I’m letting my dreams get in the way of rational thinking here. Charts are bad. Things are broken. Stay in cash and wait for a better tape.

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4 comments

  1. bronze28

    when oh when do we put on the reverse beta UNG?? LOOKING at chart, it does not look sustainable but waiting for weakness before I get involved.

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  2. bronze28

    gap down on AAPL tomorrow to $180; then buy as RSI will be at Feb. lows.

    lol 🙂 ; sounds good.. until it does not look good.

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    • numbersgame

      I bought AAPL at $187. At $180, I’ll be leveraging in with a wheel barrow (cashing out other shorts).

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  3. the dude

    I am. And I will.

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