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
22,654 Blog Posts

More of the Same 2022

Software stocks are in fact shot to pieces — off by 7% for the session. CRM is your tell. This is an especially grueling tape because micro capped biotechs are again running alongside oil and chemicals, making it increasingly alluring to those wanting to partake. The simple fact of the matter is, those industries can be rugged at any moment. Look at the divergence between small biotech and large, vis a vie $LABU — hammered to dust.

Along the chain of market cap performance, tera caps are doing best — off by 0.2%, which is great in comparison to the small caps -1.35%. Bear in mind, breadth is decent at 52% because of widespread gains in financials, oils, gold, and other commodities. If you’re buying today, you’re either interested in the tech dips or the aforementioned momentum.

Some of you have managed spectacular gains the past two days, while I sit here down 0.5% MTD. Admittedly, I am behaving like a sort of pussy, cowardly watching from the safety of cash. But am I supposed to chase drillers already up 7% for the session, or a micro capped biotech +25%? It seems to me the easy money has been made and I am more likely to screen myself a deeper hole than escape from the pangs of mediocrity.

I do have a plan and will execute it after 3pm.

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One comment

  1. Mr. Cain Thaler

    Rest in Power, Cathie Wood
    ARK Fund (2014 – 2022)
    Her epitaph will read:
    “ARK’s first four ETFs were seeded with capital from Bill Hwang of Archegos Capital.”

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