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
20,331 Blog Posts

THAT’S WHAT YOU CALL CAPITULATION!

The sound of blood moving down Wall Street like rivulets was pervasive today. Traders attempted an afternoon gambit, rallying back from down 1,000 to 250. I attempted to partake and bought a variety of stocks, only to end up selling them before 3pm for marginal losses and gains. The delta was not meaningful to me, after enjoying such a glorious session.

What transpired into the close can only be described as capitulation — traders giving up the ghost, deathly afraid of what lurks behind the next corner.

Over 8,400 people in the state of California are under observation for the Coronavirus. Everywhere I look, commerce is being shut down. The end of globalism is upon you, as borders shut and people seize up with fear. The only solution is massive central bank intervention, which might happen this weekend.

I stand before you a very victorious man. My gains capsize your small boat and sink you and your passengers to the bottom of the ocean. I bought several virus plays into the bell, not because I had to or even wanted to make money, but because I found it to be fun. A rather obnoxious excuse for the purchase of a pennied stock. But that is a social construct that is as ridiculous as the traders on Wall Street Bets and their inane options trades gone awry, blown the fuck out like the millennial faggots they are — a cheap and tawdry denizen for low IQ traders to rally together to find enough courage to lose all of their coin in unison.

“The Fly” doesn’t share that culture and only wins, as evidenced by the results found inside of the hallowed halls of Exodus.

Good day to you.

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32 comments

  1. joekook

    Fly wins again, incredible picks

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  2. ericbakerbruce

    Is Exodus better than Socrates? Serious question for anyone that knows.

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  3. it is showtime

    #Fuck
    #
    #you
    #
    #All

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  4. cancel19

    ERC new acronym for Emergency Rate Cut! Got it!

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  5. numbersgame

    “30yrs going to 1.75”
    -> hit 1.740 @10:35am, then trennded up, spiking up at the clsoe, contraindicating the stock market move

    “10s looks like they want 1 and a quarter”
    -> hit 1.242 @10:35am, then trennded up, spiking up at the clsoe, contraindicating the stock amrket move

    Now I’m only 20% bonds (sold some today), 20% *long* SPY opened position today), 40% cash, 25% you’ll-find-out-soon

    I hope you bulls *really* see this as a buying opportunity for your grandkids, and don’t sh!t your pants again tomorrow. I’d rather cash out my long stock position before the weekend.

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    • alty

      You can call me out specifically. It’s ok. Definitely been picking a few things up for the grand kids this week, maybe all of 0.4% of portfolio rebalanced though. I have until late May before the 401k and IRA purchases reach the IRS max for the year so plenty of time to pick up more clearance items if I’m so fortunate. Sold a couple 315 SPY puts at the close today I had opened on Monday and sold some new vertical puts expecting some kind of bounce these next few days.

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      • Dr. Fly

        Nothing wrong with buying dips for long term

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      • numbersgame

        Feel free to call me out on how “wrong” I was on bonds, as they blew through key areas overnight for new ATH.

        I guess I was also REALLY wrong on the market being to complacent in terms of VIX in the 14s, as now it is 40fucking5

        Does anybody still think that I was exageratting how infectious the coronavirus was?
        https://ibankcoin.com/flyblog/2020/02/12/buy-stocks-buy-cryptos-live-richly/#comment-566062

        While there was no way to no when CHAD first announced the virus in Dec, buy the end of January it was obvious to me this was not SARS 2
        “As a reminder, the market can remain irrational, but viruses don’t give sh!t and move even faster. Hold on to your TLT”
        https://ibankcoin.com/flyblog/2020/01/30/will-things-go-back-normal/#comment-565721

        BTW, this message isn’t just addressed at you: I’m sure their were many others that just didn’t post it. However, for soem reason, you decided to single handidly and repeatedly prove the axiom:
        “It is better to keep your mouth closed and let people think you are a fool than to open it and remove all doubt.”

        As for buying puts on Monday and holding them until today: since your losses don’t affect my gains, I’m happy for you that you were able to offset at least *some* of your losses this week, so you weren’t too deep in the red.

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        • alty

          You definitely spill a lot of words for internet points. It’s too bad even when you’re right, you have weak hands and sold too early. Another downfall of being a swing trader with a lot of insecurities.

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        • numbersgame

          So the best you can do is “you made a lot of money,” but you should have held knowing that Dow would drop by 1000 pts 3 times in a week.”

          I may take more risks than you, but we both agreed I’m not stupid.

          Your losses must be worse than I though because you just can’t let this go.

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  6. soupbone

    only just started, it carries on for a while

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  7. Fidel Cash Grow

    Well it’s good for us that markets always bottom on Fridays right Fly?

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  8. purdy

    Still so much uncertainty as to how deadly is the virus ..and how prepared/unprepared we are, etc ..at least there is for me. It’ll be interesting to see who wants to own the market over the weekend. Covered a bunch at the close as S+P is down to a decent support area and Naz is down to its uptrend line. But I remain short. The flush into the close didn’t feel like capitulation to me. But this is my first pandemic.

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  9. purdy

    I hope y’all have been slowly gathering some basics so that you can take care of yourselves and your families …and so that you are not a burden on your neighbors. Just in case.

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  10. rigged game

    Weeks ago I told you dumfuks the market was grossly overpriced and you should sell your long positions and buy TVIX.
    My advice was timely enough to give you that opportunity.

    Why were the USA (and global) stocks overpriced? Because Fat Lying Pig Trump convinced his Fed Lapdog Jerome Powell to pump a hundred billion into banks /.brokers monthly, solely to run stocks up.

    And you clowns totally missed the BIG PICTURE, mesmerized by crazy bulls on CNBC talking the market up, and the Fly having you day-trade in SHIT stocks – so you missed the BIG PICTURE.

    You had a once-in-a-generation opportunity to get rich. But noooo.

    You all BLEW IT! And how is your 80% “core position” doing, Fly?

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  11. indexjoe

    Just 30% this week in trading account no big deal

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  12. heckler

    Anyone heard from Hartman lately? Lol

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  13. awanka

    Charred wreckage and plumes of black smoke, Mr. Fly.

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  14. sierra water

    Definitely watching Dunkirk while going to bed tonight… So I can desensitize.

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  15. Black Swan

    “The only solution is massive central bank intervention, which might happen this weekend.” Those days are long over.

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  16. purdy

    There are not yet a lot of reports of empty shelves in the states, never-mind closed stores and factories. Went out shopping last night and there were no masks worn ..no gloves …and there were little kids crawling and touching stuff. Even if we we bounce, it will not be sustained until after the unaware become aware and until smart money becomes confident as to how the economy will function under the restrictive measures needed to achieve containment success …or, alternatively, there are solid treatment protocols for a widespread virus.

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  17. numbersgame

    TLT vs SPY YTD: +20%. Suck it bulls

    Of course, that was yesterday’s news. The real question: is it over? The bloodbath in the overnight trade leaves that question open. The news headline is pushign out scary headlines, but the financail drug dealers are saying to take out your shovel on TheStreet.com and MotelyFool. Of course, they won’t warn you about a bear market until stocks are down 25%.

    This is where techincal levels become important. Look at a chart from 2017 to today
    – Note the double tops in July and Sep 2019 (3020) . That is where I thought the market woudl hold on Thursday. That is the same point that Fly dicthed his long positions (~3pm)
    – Note the market top in January 2018 (2880). That is where the market (finally) bounced up overnight.
    – Now note the double tops in Sep 2018 and April 2019 (2940). That is the line in the sand that the market must hold today **at a bare minimum*** Really, a close above 3000 is needed to hold longs over the weekend.

    Ignore this post at your own peril.

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    • purdy

      Money managers are following the incremental move out of stocks and into “absolutely safe” gov’t paper playbook. Are you prepared for when safe isn’t?

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