We’re oversold. We’re so oversold, it’s scary. Scary for you — I really don’t give a shit. We have a vapor locked menace taking place in the crude and equity markets and there’s nothing you can do to stop it.
You might feel induced to buy dips and you might even enjoy a 100 point rally throughout the day; but the trend is, inexorably, lower. Those are the facts on the ground, losses on top of losses, an auto-catalyst that has taken the hopes and dreams of Turkey fevered Americans and CRUSHED THEM INTO THE GROUND.
The aspirational and the weak have been turned into pillars of salt, bearing witness to their portfolios being destroyed.
If you didn’t play this recent downturn perfectly and have losses, you’ve lost the privilege to buy into the blood. Got it? You blew it, myself included. If I was short more semis and had more cash and didn’t lose 4% yesterday, I could buy today. Instead, I am 85% cash, long 10% TMF, holding my dick — doing nothing.
I’m not buying this shit and I’ve been doing this forever. Markets do not respond well to illiquidity and poor technicals, which is exactly what we have now — a witches brew of indecorous ruin just around the bend.
If you’re reading this and have listened to me before and I’ve served your interests well, heed my warnings when I say “go eat a sandwich” and “stay the fuck away from the market.”
RIP 69. It was fun while it lasted.If you enjoy the content at iBankCoin, please follow us on Twitter