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
21,514 Blog Posts

*** CARNAGE

Beneath the veneer of record highs for mega capped tech is a profound sickness in the market — weakness prevails in almost every facet of this tape, which also includes cryptos. Today was a telling moment and one that probably foreshadows stark times ahead — the crashing of stocks into Thanksgiving.

The damage was quite profound in tech, especially high valuation SAAS names, whilst strength was found in traditional safe havens like utilities and household cleaning stocks.

By Industry

I shed 118bps and am down another 55bps in AHs thanks to a fucking position in URBN. I am long but very hedged with large positions in UVXY, FNGD and TZA. The point was to slow things down and prevent being routed into Turkey Day. This drop is different because it’s coupled with a decline in junk bonds, notably visible in HYG and JNK.

This feels like it wants to swan dive and my only doubt lies in the seasonality factor, this being the “best week” of the year for stocks. I cannot help but to point out this is the 4th day down, a trait not seen since the harrowing days of September 2021. If we are to crash into Thanksgiving, behold a very grim and stark environment wrought with massive amounts of unwinding — for this bubble is like none other and built upon sand castles that is built upon swamp that is built upon air.

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6 comments

  1. it is showtime

    https://www.zerohedge.com/markets/fed-issues-stock-market-warning-valuations-surge
    Fed Issues Stock Market Warning As Valuations Surge
    MONDAY, NOV 15, 2021

    so they were actively surging futs last night, in 3 layer boombust, after their own ‘warning’
    the endgame antics being played are blazingly unfettered

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  2. chuckem

    Huzzah!

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  3. roguewave

    My major crypto holdings are down today and over 7 days, except for ENJ.
    ps
    If I’m not mistaken, that revenue officer in the NETHERLANDS put that lad’s dog to sleep, with his peace club. Nice folks over there.

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  4. purdy

    “the crashing of stocks into Thanksgiving” …or into the great reset and today’s 40 year high in terms of purchasing power of one’s US-based port.

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  5. Mr. Cain Thaler

    If you’re banking on inflation subsiding to 2-3% next year – glossing over housing costs and wage growth – then watching agricultural products double or triple in price has to have you sweating.

    We’re net exporters of ag commodities. Fuel is not a major input cost. It’s winter and farmers have months to track down fertilizer still if they even need any.

    None of the major talking points really apply.

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