We’re at the lovely part of the cycle that denial has taken on levels of delusion and market participants pretend, mostly because it’s fun, that their version of reality is the one that will shape the future. For example, under normal conditions an earnings miss at CRM would result in most SAAS stocks getting hammered to pieces. But instead of focusing on CRM, the market chose to focus on OKTA — a marginal player who beat numbers and is +20%. The SAAS index inside Stocklabs is +1.7% for the session, a number that should be impossible with CRM down 10%.
The Dow is down 320, NASDAQ is up and crude is +2.5% but crude stocks are weak — because fuck you. I have to be honest here and just say it: I don’t agree with the bullishness of the market but I have to respect the price action. Because of this, I am forcing myself to maintain a 100% long only portfolio and will instead hedge and/or trade around it based on the machinations of my mind.
I sold out of November quant this morning, +1.28%. I will be issuing the final quant for 2022 around 12pm.If you enjoy the content at iBankCoin, please follow us on Twitter