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

COME AND LOOK AT THESE LOSSES

I nailed the market, but was wrong on positioning. Had you told me on Friday that stocks would rise 500 today and mortgage plays would be down, I’d punch you in the face twice. But that’s exactly what happened. I sold out of my shit today that felt like the market was down a thousand. Could they rebound? Sure, but then I’d be emotionally attached to them and that’s fucked.

Here were the disastrous results.

(VTR -7.7%)
(AIV -2.6%)
(NMIH -16.4%)
(NMIH -10.5%)
(BHR -23%)
BHR -wash
(NYMT -15.7%)
(ORC -11.5%)
FAS – wash

Normally I stop out at 10%, but couldn’t because of the gap downs. My only other option was to TRIPLE DOWN and I don’t do that unless I am 100% sure of a directional shift. So here I am, a loser amongst losers, shooting the shit — talking losses.

The FAS trade didn’t look too bad, but I had no interest in owning it since it’s weak in an otherwise strong tape.

I have since acquired 4 or 5 new stocks and hope to report those losses to you shortly.

If you enjoy the content at iBankCoin, please follow us on Twitter

13 comments

  1. edge

    Hard to trade today. I’m up a little but this market scares me. Made my last trade a couple of hours ago. Seems like the kind of market that is setting peeps up.

    • 1
    • 0
    • 0 Deem this to be "Fake News"
  2. purdy

    Losing trades?? Piff.

    Perhaps you should see if you could pay Numbers to share his real-time entries with you; he always buys low and sells just a tiny smidge off the top.

    Better yet, give him his own tab so that he can, like Trump, congratulate himself for his imagined wins in peace.

    • 3
    • 0
    • 0 Deem this to be "Fake News"
    • numbersgame

      I know you have a hard-on for me, but I don’t swing that way.

      BTW, what part of “I’m long a few stocks that I’m willing to hold through S&P 2000” is that difficult to understand?

      Fly, here is why you mortgage trades lost money: because the FED is buying MBS. https://www.zerohedge.com/markets/mortgage-lenders-demand-fed-bailout-after-blaming-fed-forcing-staggering-unprecedented

      • 0
      • 0
      • 0 Deem this to be "Fake News"
      • purdy

        LOL. I’m not the one who takes the time to research and link to past posts. Now off with you ..go spread your shit on those seeds.

        • 2
        • 0
        • 0 Deem this to be "Fake News"
        • numbersgame

          Actually, I didn’t do any reseach at all. I usually just bookmark my own post, but marked yours on a hunch that you’re still a dickhead that needs further humiliation.

          Do you have any more hot trades for us? You’re 0/1, so you can’t go anywhere but up.

          As i said before, if you had just posted on why you think EBAY isn’t worth $31, that would, have been fine, but instead you decided to level a personal rock attack from inside your glass house. (Still don’t understand what got you so hot and heavy about my EBAY post).

          • 2
          • 1
          • 0 Deem this to be "Fake News"
  3. awanka

    Always appreciate the honesty, Mr. Fly. I’m sitting out of the markets for the moment. I don’t know if I’m missing out on a great opportunity here, but I can say it has done wonders for my emotional well-being.

    • 3
    • 0
    • 0 Deem this to be "Fake News"
  4. superpositron

    You got ‘Davey Day Trader’d’.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. flea

    You’re an honest man, Fly. Guess that’s why we’re here.

    • 2
    • 0
    • 0 Deem this to be "Fake News"
  6. tjnyt

    I am with you Doc, we may see jackals fleeing the end of the day.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. tjnyt

    Last night “emedtrader’s” post scared me for the first time, I was thinking to do just telemed from home. I was expecting 1 K casualties but saw US deaths under 2500. I think WS is seeing light at the end..

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • heckler

      On 60 mins last night NYC mayor said he wanted to legally enforce making doctors come help the city

      • 0
      • 0
      • 0 Deem this to be "Fake News"