If you entered today thinking tera caps were going to strum higher — you were met at the door with a metal pipe to your face. MEGA CAPS were annihilated amidst rancid breadth. The Nasdaq shed nearly 100 points and all trading patterns were UPROOTED, making for a very devilish day.
I was placed into the meat grinder and GRILLED on the stove medium rare and eaten whole, a loss of 2.9% for the session. I closed out with a blend of really shitty stocks and SQQQ — 70% cash. I am mindful of my inability to capture the essence of certain trading days. Everything I sold gapped higher and most of the things I bought plummeted with great alacrity.
When in these squalls, I find it best to keep pushing and never really walking away from the terminal. While I might end up losing every cent in my trading account, it’s not likely to occur. Also, I have a long and storied, some might say rich, history in being able to outmaneuver cantankerous tapes, which is what this is. Do not pretend to enjoy this sort of market — the uneasiness of apocalyptic fundamentals paired nicely with a printing press to make all of the baddies go away. But sometimes, and this goes without saying, the bad guys really do win and you’re left in a murderhole counting your own fingers of your severed arm.
I do not pretend to know the exact direction of the market. But we are in October, a month infamous for market dislocations and calamity. I would not be surprised, nor disappointed, to see us down 10% within a fortnight.If you enjoy the content at iBankCoin, please follow us on Twitter