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
20,344 Blog Posts

Without Question, We Will Retest the Lows

It’s one of those things that Wall Street loves to do — the olde retesting of the lows to make sure everything is swell. The cat calls for this to happen will begin to echo as we drop lower again. The closer we get the louder these calls will become until it’s inevitable. This is important to remember, since most if not all of you are now heavily long, caught leaning.

While I myself find myself long too, I also possess lots of cash and I am long several CMBS related names — which seem to be immune this morning.

Dow futs are -700 and Boris Johnson has CORONAVIRUS. The world as we know it is crumbling into pieces and toilet paper is now a luxury item. Don’t step to me with high multiple breakout names at a time when I can’t find papered towels and toilet paper at the store.

FUCK OFF.

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16 comments

  1. numbersgame

    BTW, how are those mortgage plays working out?

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  2. flea

    Can’t disagree with Monsieur Fly … and I don’t!

    If the lows get retested AFTER the Fed and Congress have massively shot their wads …

    Trap door: open.

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  3. purdy

    Pot stocks ripping …free federal money for the couchlocked.

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  4. sftradeallday23

    we are heading for a lower low for sure. I think it will happen next week on the unemployment claims number. I’m thinking we’ll see 10 million +. Reasoning for this is that Gavin Newsom said wednesday they had seen 1 million claims since March 13th. The california claim # for this weeks report was 150k and he also said they had seen 80k per day on monday/tuesday this week. that means up until wednesday there were 850k unaccounted for claims since the end of the reporting week with claims accelerating through the week with wed/thur/fri numbers still not accounted for. This looks like a 6 fold higher number coming in just for California. California went to stay at home first but many others were just behind.. I honestly think we will see 10 million + next week and the market will be shocked and at the same time we will be printing corona numbers from new cities looking like NYC that will make it clear we are looking at months of this.

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    • peaches

      or the orange clown tells the people who think God is a dollar bill that we’re the best while he hugs a flag and Jim Cramer hits a few red buttons really fast and TQQQ is up 188% in the pre-market again. bodybags don’t impact the effectiveness of buybacks.

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  5. bambam

    Not even close to 2009 levels. Market still feels way over bought and the chicanery is alive and well. Morale isn’t as bad. This might look bad on paper but it’s not the levels we need to truly have a new bull market. Weak Sauce!

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  6. natehois

    I’d be surprised if we go lower ever again. This is a natural disaster that was combatted with a two trillion dollar injection, zero interest rates, and a “reopening” of the country in just 4 weeks. I want nothing more than to get my favorite stocks at a 75% discount. But this ain’t it. It’s not pervasive enough. The shit is just going to go back to normal by the end of the year. Ad nauseam.

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  7. tjnyt

    Down 10% though reduced long by 50% yesterday, shorting tech, selling still rich calls. Bring on the collapse.

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  8. alty

    HYG up today

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  9. ericbakerbruce

    All because of a cold virus. Nothing more, nothing less.

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    • soupbone

      OK but the worldwide reaction and ramifications do not remind me of a cold. Reality will serve better than judgments most times.

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  10. edge

    Money WILL be thrown at the markets. No doubt.

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