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
23,598 Blog Posts

There is No Muscle in the Russell

I shall not jump on thee banded wagon and regale the “heroes” who venture out into the market wilderness for profit. Those rapscallions are being lured into an indelible trap, from which they may not escape. I had immense hedges at the open but covered them promptly and just a short while ago I initiated them again — against the backdrop of a 100% long only book. You have to understand, I am fighting my inner demons here to go full Mumm’rah and 100% short the market until it breaks in half.

Nevertheless, I am pleasantly +80bps in otherwise sanguine trading.

I do believe we are hours, if not days, away from a full frontal attack by the bears on any number of financial institutions. If you haven’t gazed out into the battlefield recently, it is strewn with bank investors and executives of “cool” banks. Soon, the bears will be on the initiative again — forcing more defensive actions by the Fed.

Who is on offense here and who is playing D?

Small caps are still under pressure and I intend to bulk up on my TZA position into the close. I depart tomorrow evening and may trade a little tomorrow — due to my being a degenerate stock market addict.

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