It’s no surprise to anyone who has read this blog for any decent amount of time that whenever I decide to leave the confines of my home — markets collapse. I was prepared for this eventuality and in spite of the NASDAQ -100 and risk on stocks off by 3% today, I’m up 16bps. Even so, the Gods attempted to kill me this morning with an out of nowhere on no news crashing of BROS for 7%. Despite all that, my 5% positions ensure limited destruction on a stock by stock basis.
The pin action looks poor and since I’ll be away until Thursday, expect markets to continually decline.
BBBY just went from $4 to $23. Meme stocks have been lifting off in recent weeks. It’s all about short squeezes and groups of people pooling together to propel stocks higher. This is the oldest trick in the book and Wall Street has been doing it for decades. But now with the internet, civilians get to do it and so we diminish their achievements by naming it something stupid like “meme stocks.”
UPDATE: As soon as I published this the market blasted off. Ok back on the road.If you enjoy the content at iBankCoin, please follow us on Twitter