I got caught leaning hard this morning, long for the sake of short term trading. I booked a loss of 10% in MAR today and have about a dozen other stocks bogging me down now. My sense is that destruction lies in the not-too-distant future, yet here I am trying to buy dips. The rationale is of course greed and the idea that sporadic jumps are customary in bear markets.
I was fortunate to buy IFRX in the After Hours last night at $4.85. I sold it today for a 33% gain. Even with that, I stand to lose some money today — due to my bullishness. I am not, however, throwing in the towel just yet, since I do believe in financial rigging and all of the bells and whistles that go with it. I am comfortable being net short towards the close of trade, much more than intra-day, where mean reversion trades are known to take place.
The news is grim, more than 4k Americans dead from COVID-19, soaring unemployment and massive liquidity issues in just about every sector. The hopium depends on a quick resolution. However, last night Trump said to prepare for a hellish two weeks, and the WH projected up to 240,000 dead when it’s all said and done.
Markets look to be settling in here, down 700. I will take a look at things and make adjustments soon.If you enjoy the content at iBankCoin, please follow us on Twitter