iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
21,264 Blog Posts

Waiting for the Close to Place Bets

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.

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.

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