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
22,556 Blog Posts

I BOUGHT THE DIP

I was going to short the fuck out of the tape because I really really want the market to collapse. But then I thought twice about it and conjured up all recent dips and how THEY mechanically stop markets from careening lower when needed most, so then I covered my shorts and kept a 70% long book, 30% cash.

My positions are moderate and if we bounce tomorrow, I won’t make a huge amount of money — but perhaps enough to erase todays -0.5% decline. I rarely get taken to the woodshed in any large drawdowns, since I play both long and short — as a professional risk manager should. If I was ONLY bullish, I’d be dead right about now.

Much of what we are seeing in this tape can be viewed cathartically via the Elon Musk twitter feed, who is absolutely losing it. Here are a few examples.

I’d be lying if I wasn’t entertained and hooked into the whole “FUCK THE ESTABLISHMENT” cunts vibe Elon is giving out. But then I remember he’s the wealthiest man in America and, like Trump, enjoys hearing himself breathe. I won’t be fooled into advocating for Musk — but will secretly enjoy and support him from the rafters. It’s important to have balance in all things and even though Musk has short comings, like all of you, he is serving a purpose to expose his ilk — which is partly demoralizing, partly invigorating. I haven’t made a final decision on this chapter in The Ending of Pax Americana; but it’s damned well entertaining. That’s for sure.

Ok, let’s hope for some upside tomorrow, so that I can sell and profit and then sink lower when I throw some shorts back on.

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5 comments

  1. Mr. Cain Thaler

    Musk is an adept and skilled political weathervane and I do enjoy which way the wind is pointing.

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    • roguewave

      A leader is a person who finds a parade and gets in front of it.
      Mao

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      • moosh

        Does anyone have thoughts on Elon Musk creating a payment system, thus explaining possible extra downside for $pypl and $sq?

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  2. purdy

    The people who run the place, after decades of being able to easily program Americans to do great evil, may finally see push-back as the dollar collapse exacts a price – and robs them of their ability to buy our complacency with fiat. I think they know this, and they have set themselves up with the tools to bring the hammer down. I doubt they go quietly.

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  3. traderconfessions

    Musk is an ass clown as you suggest. He just won’t STFU. Funniest is how many people give a shit about Twitter. World was better when losers spent time on pornhub.

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