I started the day in ruins, down 120bps, but traded my way all the way back to green via Chinese Burritos — all down miserably after Chinese authorities cracked down on a sundry of businesses like true Marxist edge lords. I have since sold all of them and removed myself from the market with just 1 stock remaining, +55bps for the day.
I do consider +55bps a “gentleman’s return” and might forgo any other entrances into the market today, for fear of making too much and coming across as “ribald”. On the topic of Chinese stocks, this is a classic bounce and I am sure many made money. I would remind you however to be careful, for these stocks are like little time bombs waiting to detonate inside of your portfolios.
If you must, look for one’s down 5% for the session near session highs, which is what I did and you can do inside of Stocklabs. Since 2008, I have quarantined all Chinese stocks into one industry called “Chinese Burritos” for exactly this scenario. You might not remember because you’re young and ignorant but once upon a time Chinese companies with wrought with financial scandal, hiring nefarious accountants to lie and cheat and also steal.
Into the mid morning session, I expect things to slow down. If I were you, I’d slow down too and enjoy the warm climes — perhaps take some sun onto your ugly faces and revel in the glory of our dystopia.If you enjoy the content at iBankCoin, please follow us on Twitter