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.
Reminder: never visit China https://t.co/zHxAjrKyiD
— The_Real_Fly (@The_Real_Fly) February 21, 2020
WELDED INTO BUILDINGS https://t.co/qPiucb6Dfh
— The_Real_Fly (@The_Real_Fly) February 21, 2020
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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Was in Houston chinatown last nite (sipping Sauternes) and it was desolate. The fear is real.
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!
Yup. Asian restaurants, markets, and even Costcos are less crowded now. This is SoCal.
Neighbors might be considered food, in this situation.
I only hope that we’d handle things half as well as the relatively compliant, relatively unified, cooperative, Han population.
Volume holding up on GILD after the opening rumor trades.
My snout is tingling, Mr. Fly. There’s a whiff of fear in the air like distant truffles.