Markets are +215 and I am having a miserable day. The fucking Nasdaq is +152 and I sold my DRIP on Friday, which is flying today. In its stead, I have FAS — which is lower, a bunch of old man stocks and some fucked mortgage plays. I was angling for financial rigging and a run today and got it — but not in the way I expected. Today’s run is laser focused on tech, healthcare, and tankers — naturally. I was FIRST to the tanker trade and have now watched that ship sail right by my nose.
DECISION TIME: cut losses or press on stubbornly?
It’s never a good idea to press on — because that’s what losers do. The right thing to do is reset and move on — forget about the bad trades and look at Dave Portnoy making a mockery of finance. That makes everyone ok.
The US 10yr is down a staggering 12bps to 0.62%, whilst markets are up. This is not your typical correlation and suggests someone or something is fucking with the matrix. My guess is the Fed. If you’re wondering WHY stocks are up as the global economy is completely shut down, the answer is simple. Stocks trade on emotion, the delicate line between greed and fear. The fundamentals will matter, but at a time when they matter. Now everything is settling into place and traders don’t know what the true damage to GDP will be. This is similar to many other black box trades I’ve mentioned before.
Eventually, the fundies will matter and stocks will get fucking cremated. Until then, we have a short squeeze taking place in one area of the market while the area I happen to be long is getting poleaxed.
Oh, crude is down nearly 7% to $20. There’s no point in discussing it any further. It’s going to zero.If you enjoy the content at iBankCoin, please follow us on Twitter