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
22,421 Blog Posts

NOT FOOLED AGAIN: WE RALLY HARD TOMORROW

Today was a classic bottom. We had pandemonium in Asian trade, paired with blowout FX markets and bonds — not to mention Apple’s warnings. Today we reversed up and closed with nearly 90% breadth. Granted, we had a limp close — but I believe that to be a trap.

By the textbook, based upon the collapse in the 10yr, rise in Euro and GBP — we should continue higher tomorrow and climb the wall of worry into the quarter end.

I spoke to an old friend of mine yesterday. You might know him as “The Devil.” I will have you know, he made the call — went long yesterday into the panic, and more or less shares my opinion for continuation.

IF we fade tomorrow and continue down, we might really see a panic. But let’s not even think about such a scenario.

I closed +150bps in trading, +313bps in quant and +10% in algo account — no hedges into tomorrow’s grande show.

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

13 comments

  1. soupbone

    Amazing how the market loves what can destroy it. Bond purchases by BOE is a good thing now.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. teslawasright

    Fly – What ever happened to Eric ‘the oil barrel’ Bolling? Did he eat a ribeye and crash off the New Jersey bridge?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. bob smith

    Funny how the first oversold dead-cat bounce is so certainly declared “the bottom.” Sorry folks, it doesn’t work that way.

    These bounces lure in those who trade on emotions rather than rational thought. Sadly, they will lose much of their investible money before a true bottom occurs. It cost me a lot of money to learn this lesson but it was worth every penny.

    I don’t day-trade for those reasons. I suck at it like 99% of others. I also don’t take CNBC analysts seriously because they rank among the biggest liars on this planet.

    • 1
    • 0
    • 0 Deem this to be "Fake News"
  4. traderconfessions

    Who turned the heat off in NC?

    In tumbling markets VIX and $NYMO are the ones to watch for reversals. Can’t argue with yesterday’s -124 or so buy signal but I think we need one more surge in VIX. But then again the market doesn’t let traders check boxes so you might be right .. or wrong. It’s just gambling after all.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. txchick57

    Looks like you got fooled.

    • 1
    • 0
    • 0 Deem this to be "Fake News"
  6. purdy

    Is having nuclear warmongers run our country bad for stocks or something …WTF?

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

      February 2022. Biden tells reporters that if Russia invades, “then there will be no longer a Nord Stream 2. We will bring an end to it.” When a reporter asked just how the US would complete the task, Biden ominously said. “Trust me, we will do it.”

      Seizing assets w/o due process; opened a door
      Destroying infrastructure; opens another. All infrastructure worldwide is now fair game. Retaliation: incoming

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  7. purdy

    Confirmed turn in UUP today. Is this just another run back to the rising 50sma for the dollar, or is it thee end-of-empire turn …where we pay for 20+ years of printing to pay for our warmongering idiocy?

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