RACKED WITH LOSSES

I was tempted to get long some oil just before this blog — but seeing I’m already down 2.5% for the session I chose to do nothing. I didn’t have a particular fancy, other than a macro allocation into oil. Seeing it nearing $75 WTI gave me the idea that frackers and marginal drillers would pounce higher. The truth is, the past 2 weeks I have been RACKED with losses — down 10% over the time period. Although I am still up more than 3% for the month, I feel like I’m down 30%.

On top of that, my crypto positions, which I never look at, are of course RACKED with losses as well, in spite of my basis on ETH being so low. Nevertheless, I am still adversely affected by this reversal of fortune. While it’s true, I intend to buy ETH and the blood for the next year or so during my monthly buys — it’s still dreadful to have watched my position shrink by more than half now. At this stage in the crypto collapse, I would not be surprised to see a 90% downside from top to bottom.

Back to my absurd trading:

I am 40% cash, down too much to take any more risk, and this market isn’t conducive to upwards momentum at the moment. One might believe me to paint a gloomy picture; but it’s probably just me — cold as ice — death to equities.

Developing.