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
21,492 Blog Posts

FALSE BREAKOUT AND COLLAPSE

You thought the market was back to normal, normal as in small capped stocks ripping the faces clean off bears. We had all of the SPACs and early 2021 stocks performing admirably this morning; but the tape was led higher by NVDA and mega caps who outshined everything else.

Then the tape weakened and then it collapsed — red candle after red candle on the $IWM, all the while NVDA and mega cap fucked faces held up, masking the sickness.

The mistake I made was loading up and thinking for a moment we were in the clear. I had visions of Grandeur, pomp and circumstance — me gallivanting though-out the house ordering Mrs Fly to “cook me dinner.” Alas, after it’s said and done I managed to piss away my 1.7% gains and cloth myself in the garments of a homeless man — now down 1%. I do not even possess hope anymore, as I’ve sold out from my positions and went short, all but assuring some sort of malevolent chicanery is soon to overtake my person.

I will of course need some longs, JUST IN CASE. But truthfully, we’ve been on a big run and there’s nothing wrong with a little pullback before another leg up. I am just so accustomed to failed rallies and bullshit that I have resigned myself to CATACLYSM and look forward to it.

Bottom line: I am +10% for October and I’d cut my dick off clean before I let those gains dissipate into the final week. I tried a very bullish book and we collapsed on it, so now it’s back to basics, methodically whoring myself for 1-2% gains — limping into the final week of trade.

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4 comments

  1. og

    Tesla got everyone too excited.

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  2. duuude

    The MIL curse and Halloween loometh

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  3. roguewave

    According to Armstrong, Weimar hyperinflation was triggered by a forced loan (Dec 1, 1922) which collapsed the city of Mainz. Money printing alone didn’t iceberg the loss of confidence.

    Also, Sleepy floated a bill trying to take 10% of everybody’s salary and force it as a loan to the government paying an annuity. If that succeeds at some point; confidence could titanic.
    or not

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  4. soupbone

    another leg up LOL. Burlap works still.

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