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
20,629 Blog Posts

Encouraging Signs for a Market Rally Today

Nasdaq futures had been down 300. There was panic in the air. All of the TikTok investors are leveraged out via unlimited buying power hacks on Robinhood and all seemed rather glum. And then the market opened up like a can of peas — breadth at 28%. I watched it closely and it kept ticking higher. I stepped into today, like a man, 3x long SQQQ, DUST and some longs. I immediately sold the weak stocks on the initial bump. I then perused the market for movers and identified they were found in the COVID-19 drug space — because we’re all gonna die from this thing.

I bought and sold the following stocks inside of 30 mins for profit.

ALT +4.6%
IBIO +4.5%
TNXP +7.4%

And I am still long one of the others.

Seeing breath climb to 45% and the market refusing to go lower, and WTI +1.3%, I closed out my SQQQ position for an 8.5% gain, which was 15% of my holdings or 3x normal. I also closed out DUST for 4% and paired everything down to the bones where I am now — 80% cash.

I do intend to redeploy cash back into stocks and I only did all of this to prevent losses. After all of this effort, all of this maneuvering, I find myself +0.15%. I suppose it’s better than -1.7%, which is what my fucking Quant is doing now. I imagine a great many of you with long term accounts are off by 1.5% today.

See pal, there are two types of people in this world: those up 0.15% and down 1.7%. I happen to be both of those persons.

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7 comments

  1. snoozer

    would be an impressive turnaround day if this holds. DOW down 350 at the open. Used the am to buy back some tickers i sold 2 days ago. CYBR at 98, couple of XL Spyders for the upcoming divy capture (e.g. XLE at 33.11). Few others. Also bought some LLY in the a.m. – seems under appreciation of the news given the reality that a vaccine is still far out.

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    • edge

      I see markets wiggling around in a bear flag, and the bottom of that flag is the 50d.
      We shall see, but I’m short. 80% cash.

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      • snoozer

        i’m a flat earther. Will be extreme volatility going into the election. and we will get that 10 % selloff everyone is waiting for, already got it once in tech, but if you are trading then you’ve just got to buy and sell volatility as the opportunities arise. and wait for lifetime events like march crash to readjust your portfolio and buy quality.

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  2. my2cintz

    “… there are two types of people in this world: those up 0.15% and down 1.7%.” I don’t know why but that made me LOL

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    • snoozer

      it’s sad if you believe this. the stock market is the greatest wealth creator in the world. i could retire tomorrow off my gains since the 08 crash. however, i am the opposite of fly, i was 100% day trader in 08 but have slowly moved over the years to wealth management. i trade perhaps 10% of my accounts. actively invest the rest.

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  3. ericbakerbruce

    can’t wait to read your autobiography

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  4. ha

    recommended listening

    Why Michael Saylor Converted $400 Million of the MicroStrategy Balance Sheet Into Bitcoin

    https://www.youtube.com/watch?v=DR8v_Dkd8Os

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