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
22,010 Blog Posts

THE CLOSE WAS CRASHED, ALL HOPE LOST

I thought it was funny until it wasn’t anymore. I was barely down all session and then we STEAMED lower into the close. I closed down 1.7%, a formidable loss — but not my concern at least intraday. I am worried about tomorrow, which is why I sold out of my 2x TQQQ position and replaced it with a 2x UVIX hedge. I am in a 17% cash position and certainly exposed on the long side. In the event we violently flush in the morning, I will close out the UVIX and go long. If we gap the open, I will close out the UVIX and probably most of my longs.

I permitted myself to be comfortable today and didn’t take the selling seriously. There was immense damage done to the tape, in a number of stocks.

Irrespective of what the market does tomorrow, the next phase of this bursting of the bubble will be job losses, millions of them. By Fall we will be discussing how best to jumpstart an economy barreling into depression.

Perhaps a world war will save us, financially speaking.

If you enjoy the content at iBankCoin, please follow us on Twitter

5 comments

  1. txchick57

    UVIX and UVXY are a joke today. They should both be 20% higher than they are.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • discoordinated
      discoordinated

      I hope they aren’t more broken products

      • 0
      • 0
      • 0 Deem this to be "Fake News"
    • soupbone

      What sort of Jesus shit is that? Too late in cycle for that, far too late.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  2. tha pirate

    A world war with a nuclear Russia will save us? Gotta be sarcasm Cap’n.

    The border is wide open and there are ‘migrants’ from 150 different countries pouring in without being VETTED to illegally cast their ballots in 37 languages for the DEMs this November.

    The insane spending by Brandon has caused an inflation that is WIPING out the poor and lower middle class from gas to baby formula.

    Iran, N Korea & China are LAUGHING at us as the first 2 get their nuclear programs started and China’s CCP continues it’s long term plan to destroy the free world

    Our military and our schools have been decimated by reverse racist theories and bizarre lifestyle choices shoved down our throats

    US taxpayer money we do not have keeps being spent on “COVID”, Ukraine & who knows what else which then mysteriously disappears to who knows where

    Our Courts are under siege by the ‘progressives’ who leak out S.C. rulings and then brazenly intimidate judges at their homes

    After all this, the markets creeping lower are truly the LEAST of our problems, but for those shortsighted Americans who can only see selfish self-interest, I suppose it’s all that matters.
    -But hey, no more mean tweets.

    • 5
    • 0
    • 0 Deem this to be "Fake News"