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
21,323 Blog Posts

Respectable Ramp — Unsure About Tomorrow

The markets closed strong, up more than 110 NASDAQS — led higher by an array of tech stocks. A close like this, typically, leaves traders feeling good and strong about the future — since the price action was bullish. In bear markets it is exactly days like this that lure people back in, only to horrendously cut off their heads the following day in broken elevator trading action.

I cannot tell you for certain what tomorrow brings. I, like you, felt good about the close — but I still reduced my exposure and took on a hedge because I do not trust it. My process of trading is almost mechanical.

Buy strong stocks near session highs towards end of day in order to mitigate intra-day risk and sell at the open the next day. Trade lightly mid-day, mostly cash, and then buy those strong stocks near session highs again, perhaps with a hedge via inverse ETF.

Following many months of failed starts and charts to nowhere, I am not inclined to believe anymore and trust the market is going to break out now. If it does, I will participate, but not wholly, and instead miss out on some of the more ribald gains. I am +190% for the year, grateful to have had achieved much in the fist quarter and no longer find it necessary to chase every rabbit down every hole.

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6 comments

  1. soupbone

    might be titanic man is finally right. China is turning inward bigtime. what more trade tarriff could possibly be contemplated?

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  2. Mr. Cain Thaler

    XLM breakout. It is the one true crypto.

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  3. Mr. Cain Thaler

    Stocks want higher so badly and bonds are trying to help them.

    But energy and food are green as far as the eye can see. This rally is doomed.

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  4. tha pirate

    The leftist run business propaganda channel with the bald fool is giving every reason EXCEPT the obvious as to why there is a shortage of workers out there: WHY WORK FOR MONEY WHEN THE GOVERNMENT IS HANDING OUT FREE CASH TO MAKE EVERYONE DEPENDENT AND VOTE THEMSELVES MORE ‘free money’?

    As long as the Democrat Socialists give hand outs hard work will be discouraged and GDP will not recover. Why is that so ^%$ng hard to understand?

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    • Mr. Cain Thaler

      That was a big part of it early on, but I’d say the stock market more than doubling over the last year probably let a bunch of 50 year olds retire a decade early and now the damage is done.

      Lol only a stock market catastrophe will fix our labor shortage.

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  5. Mr. Cain Thaler

    Oh good lumber back to $800 /100b.f.

    I was just saying to myself, “Cain,” I said, “construction costs are not nearly high enough. Fuck these people and fuck the suburbs.”

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