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
20,202 Blog Posts

BREAKOUT! Coronavirus Wreaks Havoc Across the Globe

The amount of Coronavirus in China surged last night, with more than 700 reported cases, 500 of which come from jail. Over in Iran, 18 sick in various cities, 4 dead. Israel even reported 1 sick. Over in S. Korea, the amount of infected patients doubled overnight. While many of you believe it’s just the flu, China has taken upon themselves to WELD citizens shut into their buildings and threatened to break their feet and teeth should they try anything silly — like venture outside.

These new numbers, coupled with the fact that today is Friday, stocks are plunging — sending the NasCrack down by 150. Fortunately for me, I am long SOXS. I also sold BTAI today for a 6% overnight win. Pro tip: buy any stock after they announce a secondary for a quick overnight pop.

I’m 55% cash now and have been missing on a lot of trades. I am not losing money because I’ve had some really big wins, such as overnight Tesla puts +228%. Nevertheless, I too am struggling to find a thread in this market and find myself over-trading for the sake of trying to define myself here. Perhaps it’s best to trade small while markets find themselves.

For example, the 30yr bond yield is at RECORD lows, at 1.89%. The 10yr is sinking fast, down another 7bps to 1.45%. Clearly, the bond market is telling us something is wrong. Don’t listen to what the talking heads have to say. Protect yourselves from the plague, raise some cash, and hedge your longs with some shorts.

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7 comments

  1. the good life

    Was in Houston chinatown last nite (sipping Sauternes) and it was desolate. The fear is real.

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    • heckler

      Yeah I went to the Asian market a couple of days ago and all the motherfuckers in there were wearing the mask. Scared the shit out of me so I beat it!

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    • og

      Yup. Asian restaurants, markets, and even Costcos are less crowded now. This is SoCal.

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  2. mad marsupial

    Neighbors might be considered food, in this situation.

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  3. purdy

    I only hope that we’d handle things half as well as the relatively compliant, relatively unified, cooperative, Han population.

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  4. purdy

    Volume holding up on GILD after the opening rumor trades.

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  5. awanka

    My snout is tingling, Mr. Fly. There’s a whiff of fear in the air like distant truffles.

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