I cleared out all of my positions at the open, booking small gains in UVXY, SQQQ and my oils. I only tool small losses in SHOP and NVDA for an overall score of +90bps. While not exactly what I was looking for, it seemed the market had other ideas and wanted to rally. Since, I have placed just 3 positions on: SQ, MOS, with a TZA hedge. I am more or less done for the day, since I do not believe the rally nor do I have the appetite to fade it.
The market is now subservient to news flow and that news is wholly unpredictable, making this trade incredibly hard. There is some risk reward opportunities in Russian stocks — but fuck off if you think I’m interested in any of that.
The obvious play here is LNG/Oil — but even those are fading now because Wall Street is fucked in the head. The way it works, the way it always has worked, is a mechanism over supply vs demand. People took lots of oils in their inventory due to this conflagration and have now decided to sell, irrespective of the fundamentals. In the short term, price fluctuations is maddening; but on a long enough time frame the numbers and the letters all line up and make sense.
For now 85% cash, reading a book, keeping one eye on my newswire.
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Whats your LNG play?