I had stepped into today cocksure and strong, feeling the vibe of downward spiraling markets. I had inverse ETFs and the NASDAQ was down 100. But then markets began to turn higher and all of the alternative energy stocks, led by SUNW, started to triple in value. Quickly, like a fucking moron, I followed suit. The next sequence of events can only be learned from a complete moron, so play close attention.
I ran some screens and chased whatever moved. If It was energy related, alternative energy, I gobbled it up. If it was up 50% on strong volume, I deemed it to be a good value. Almost immediately I was rewarded with gains, as the TIKTOK/Robinhood cadre of investor chased with me. I was one of the kids now. I wasn’t too nuts, still 60% cash, but beta was off the charts.
But then markets started to tank and I got left with bags of shit burning at my door. I started to stomp them out, but it was too late. The damage is ongoing, as I have several of these burning bags of shit still burning at my door. My intra day losses are now in excess of 3% and it would’ve been worse had it not been for position sizing of 5%.
There is a lesson tucked in here somewhere. However, for the moment, you can chalk it up to abject stupidity fueled by FOMO.If you enjoy the content at iBankCoin, please follow us on Twitter