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
22,033 Blog Posts

MONKEY BUSINESS

A miraculous turn of events has led the markets straight up into the final hour of trade. Before the miracle rally Stocklabs was OS and I had intended to buy TQQQ, which would’ve been nice but I was distracted by an urgent phone call. With the 500 point rally and the NASDAQ V-shaping higher, I am once again BEARISH on the tape in the short term. These sort of rallies do nothing but delay the inevitable flush out right down the fucking drain and into the sea.

All day we had Monkey Pox scares and I took a nice 10% weighted trade in GOVX for a 17% gain, which would’ve been 100% had I waited a little. Nevertheless, I am content with my 2% daily gain without ever having more than 20% of my money allocated. I closed with TZA at 10%, TNXP (Monkey Pox) 5% and CHK at 5%. My returns for the week was 3.2%, now up 5.4% for May and +33% for the year. My intention is to remain low volume during this rotation/liquidation and only take larger stabs during periods of high conviction.

Reason being: Almost every earnings call is bearish. Commodity stocks are no longer trading inverse to the markets and aren’t safe. The safe havens in secular stocks have been uprooted thanks to the rushed decapitation of the consumer, vis a vie TGT, WMT, COST, BURL, ROST etc.

Permanent bulls are just lazy thinkers and have resorted on time to save them from their poor trading skills. For over a decade the market has rewarded people for being patient, providing they bought good stocks. I do believe “this time is different” — mainly because the Fed is now working against the interests of the market. Plus, the war in Russia/Ukraine is going to have profound ancillary effects, such that you will be eating bugs by next year.

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10 comments

  1. txchick57

    look at the reversal on weed

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  2. it is showtime
    it is showtime

    Like I said 6 years ago a normal society would have, and benefit from, journalistic documenting of manipulation apparatus and mechanism on their financial system.

    I then went on to document the overt egregious plain view persistent absurd level programming of US stock indexes next few yrs

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  3. metalleg

    You’re all a bunch of conspiracy theorists. The indexes went up because it’s a Friday and everyone is happy.

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  4. soupbone

    When I started out in stocks, trades involved delivering the stock certificates to the broker within 3 days. Once my portfolio is storm-proofed a bit more I think I will go back to holding the certificates instead of the big bank and broker. I’m sure they will frown on that.

    The silver lining: bad economy and market = bad election results, very bad. We have the same marxism going on up here but it’s globally irrelevant compared to USA. But on a per capita basis same boat or worse. The November election will surpass all before it in under-handedness.

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  5. Cricket

    Apparently Sri Lanka has defaulted on its national debt (reportedly for the first time in it’s history). The first of many in the emerging world due to the strengthening dollar. Remember what happened in the 1990s Asia Crisis? Dollar and stocks rocketed.

    EUR is reaching parity with the USD (again). Global default/war risk could drive huge international money flows to the US markets. Last man standing. Such an unpredictable time to invest.

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    • metalleg

      Last man standing will be gold.

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      • roguewave

        “The crypto capital markets must be allowed time to heal after the blood letting concludes. Therefore, it is asinine to attempt to fathom legitimate price targets. But I shall say this– given my macro view about the inevitability of more money being printed, I will close my eyes and trust the Lord.

        Therefore, I am a buyer at Bitcoin $20,000 and Ether $1,300. These levels roughly correspond to the all-time highs of each asset during the 2017/18 bull market.”
        Arthur Hayes

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        • purdy

          I think we’d all agree that printing has enabled powerful people to live out their sadistic wet dreams at the expense of the average slob. So I don’t understand why people think Bitcoin will be a winner longer term …as it robs these assholes of their power.

          Future headlines?:
          “Terrorists purchase weapons with Bitcoin …drug cartels facilitate their killing of our children with Bitcoin …badboy Putin accepts Bitcoin for nat gas …funding his bid to take over planet earth ….Xi uses Bitc…..” and such.

          “Today the president signed into law the bill declaring that transacting in, or holding, Bitcoin …or any crypto is punishable by crucifixion. Have a nice day.”
          .

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          • roguewave

            Misdirected animosity.
            What is the primary medium used by Terrorists, drug cartels, nat gas traders, traders of anything?
            Fiat USD
            It’s simply a medium of exchange.
            What are used to kill thousands each year? knives. By your logic owning a knife should be be grounds for execution. Simply a tool. Use one to slice bread or someone’s throat.
            How did people escaping hitler carry (a very small amount) of their wealth out of the country? gold in their clothing
            Try getting through an airport with a pocketful of gold coins.
            12 words works better

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          • purdy

            I guess I wasn’t clear enough.

            Misdirected animosity is the tool that they use repeatedly and, from their point of view, successfully.

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