Like I said, fade the opens, fade the closes. I was up 230bps this morning off the backs of uranium and then bore witness to it sell off and went back to cash +175bps. I placed a few more tracers out there, but am 70% cash, still +170bps. It was tempting for a long time to buy more — basically go all in with visions of grandeur. Good thing I hadn’t since market have done little — but we’re barreling into the afternoon hours and Stocklabs is of course in an OVERSOLD state, so I am tempted once again.
The plays are in basic materials, especially with the UK electricity crisis underway and the overall shortage of gas set to plague the entire continent.
??BREAKING: This is simply incredible. ??
UK day-ahead baseload electricity prices jump to a fresh all-time high of £354 per MWh on N2EX. Intraday prices for peak demand are much, much higher.
To put into perspective, that's 700% higher than the ~£45 average 2010-2020 price pic.twitter.com/iJqQJysaHu
— Javier Blas (@JavierBlas) September 13, 2021
Into the final hours, I am likely to allocate more long — no matter how fucked the market looks. Oversold conditions never feel good but usually end up heading right back up.If you enjoy the content at iBankCoin, please follow us on Twitter