I was out there naked just buying shit, acting like it was April of 2020 and Chamath was on top of his Twitter game. Then in dawned on me — “what the fuck are you doing Fly?” You’re in a motherfucking BEAR MARKET — trust nothing. So I quickly leveraged up my account and bought a 25% position in SQQQ and a 10% position in UVIX — which should stabilize me in the event of harrowing opens.
I closed the day down 180bps, off my lows but still a poor start to a new month. I judge myself on a month by month basis and the success I had last month is now gone and in its place is loss. I will now fight against this adversity and do everything I can to prevent the 1.8% loss to widen and then become untenable for me to achieve a positive return for June.
It is my instinctive belief the market wants higher. But that’s me believing again, a habit of all humans to aspire for something greater — part of our productive genetic coding that has creating all of the wonders in this world.
As we embark on this new journey, into fear, let me remind you that everything you see and hear in a bear market is a lie. The only thing that matters now is the fundamentals. Technicals count for nothing.
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Let the ball peening continue. We need north of 15 points for the Fed sought after price stability to even begin.
Unit then, choppy downward action.
The government is not going to tell the beaten up for 12 year schmos (middle and lower class) to fuck off.
Just short, or stay on the sidelines and wait for the bottom.
Your original instinct was correct. Market headed higher, dumbass!
What’s your MTD & YTD?