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
22,158 Blog Posts

RAMP OR CRASH THE CLOSE?

Once again healthcare and tech are hard off session highs. They’re still up, but if you chased into the melt up you’re now down 3% for the session.

Chasers will never find respite in a bear market.

I actually don’t think we will pull back too much more into the close. Hell, we might even close at the highs. Whether we can follow through is another story.

Because financials are holding the market up and I happened to be 15% weighted FAZ, I doubled down and made it 30% because nothing says conservative like having 1/3rd of your account long an inverse ETF into a short squeeze on a Friday.

I’ll need to accumulate some longs into the close.

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2 comments

  1. purdy

    GDX set up long on Wed, then punished buyers by making a new 2yr low yesterday. It’s currently high and tight intraday. I am long here under the theory that anyone inclined to sell may already be out and gold may rip as demented fools destroy the dollar.

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    • metalleg

      You can’t lose with that bet. I asked Peter Schiff. He agrees with us.

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