The Dow is down by ~400 points and the bond market is dislocated today, with the 10yr down more than 10 basis points to 2.43%. Just yesterday, stocks were invincible and could not go down. Today, we are enduring nothing but tragic horrors.
Most of my stocks are tanking, pausing for a few minutes, and then tanking again.
Unlike previous occurrences, I am not reacting to this pin action.
My course is action is simply to watch the market, eat intermittently, and then watch the market some more. I have no interest in betting against stocks, other than position long in TLT. I also have 20% of my account in cash, and another 20% in gold.
Am I enduring the pangs and the bangs?
Yes, of course I am. I own stocks like COUP and AYX. However, I’m not concerned — not even in the least.
My sense is today sucks — but the dips will be purchased next week and bears will be shredded again. My opinion can change, however, and I reserve the right to say the exact opposite of what I just said now.
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I sold. Holding NUGT TMF SPY Dec 2021p. Small positions in FAZ DRV.
Future longs will be short term trades.
Fly, I do admire your ability to go with the flow, cut your losses, and adapt to the market that you have, as opposed to the market that you want.
What’s really funny about this amrket is that the news that is dropping it today (invertign yield curve, failing China talks, dropping World growth) are nothing new.
I sold out of TVIX (I’ll keep reloading until VIX hits at least 20) but keeping my long bonds.
There’s this free daily technical analysis video put out by a small asset management company. They like to look at VIX futures as an indicator. I have no affiliation with them, but I like free stuff–
https://vimeo.com/325966828
Note that AAPL is down only 1%, after having moving up more than 12% the last 2 weeks. That is why I sold TVIX
Today is to punish all the late comers who finally decided to buy yesterday.
Become too bullish on blowjobs and get your dick chomped off, pal.
Hahaha 1 on the metaphor