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
19,219 Blog Posts

Reasons to Be Bullish and Bearish Here

First off, this morning’s moves — all of the lateral nature.

Sold CRON -5%
Sold DRIP -4%
Sold SOXS -3.3%

The breakout in crude isn’t something that I am willing to stand in front of, especially with an inverse ETF. CRON is a POS and the semis have some momo.

I bought the following SAAS stocks.

GWRE
NEWR
NTNX
SMAR

Chinese Burrito purchases

NIO

Inverse ETF purchase

TZA

On on hand, the QQQ’s may be setting up for a nice and beautiful long white candle. On the other, the small caps are weak and heading down — a divergence established by the overt strength in FANG stocks — thanks to the NFLX price hike.

Presently, I have two hedges, FAZ and TZA, and 20% allocation in TLT. In addition to my longs, I have 30% reserved in cash. Honestly, I do not have conviction in any trade now, mostly because we’re up against some resistance here, which is going to lead to a large directional move. Part of me thinks up and the other part down. We won’t know until we get past these levels, which I suspect will be resolved by the end of January.

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6 comments

  1. edge

    If the Qs break over the 50d I’ll probably sell half of my longs.

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  2. edge

    Sold a quarter.

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  3. tjnyt

    Where is the volatility, I want V..

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  4. tjnyt

    MMs busy planning their next move.

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  5. tjnyt

    As I said this market is not going down without a blast, climbing the wall of worries BS.

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