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
21,324 Blog Posts

Heavily Long Now Into Weekend Glory

I did a lot of soul searching today and spent most of the day short — but switched to heavily long around 3pm, as markets stabilized and began to uptick.

I closed the session more or less where I started, +58bps, 40% cash, and long an array of upside ETFs intent to profit from what I view as an inevitable bounce.

We had strong penny stocks today, weak in almost everything else. There were small pockets of strength in so many different places. But I didn’t expect to catch lightening in a bottle via individual stocks, as the prevailing trends has been to fade rallies. You get into a stock +7% hoping for it to run another 3-5% and next thing you know you’re kicking out a 2.5% loss. The one’s that do run and rare and not too predictable — stocks like HLBZ and LGHL.

China stocks are in a bear market and we saw the hot commodity sector take a breather today. I was somewhat constructive because SAAS was solid most of the session and the afternoon buyers showed up with zeal.

Bottom line: I closed the week up, not too much, but up nonetheless. I am a streaky trader and can go on long periods of wins without drawdowns and I am hoping this is the beginning of many weeks of uninterrupted success. I felt in control and on top of the market for most of the day.

Have a good weekend.

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4 comments

  1. irma vep

    Happy weekend!

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  2. Mr. Cain Thaler

    (Laughter) Goldman is saying Evergrande has over 2000 onshore and over 200 offshore wholly or partially owned subsidies.

    This is going to make Worldcom and Enron look like warmup practice.

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    • Mr. Cain Thaler

      There is no way in hell their true liabilities are $300B. Bullshit. I call bullshit.

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  3. cll

    Friday: Go “Heavily Long” PLEBS!

    Monday: “It’s China’s fault that you lost money.”

    In short, nothing new on this website.

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