I had an eventful day, clawing myself out from a 1% hole by heavily shorting the market into the final hour. We then saw an equally absurd spike that just about poleaxed anyone who shorted into the hole. You’ve got to be fast and take those 1-2% swings in tapes like this.
I ended up down 42bps, a little better than midway and with an $SQQQ position representative of 22% of my holdings, another 20% in stocks long, and the rest cash.
I’m fairly confident we splash lower on Monday and turn higher into what is almost assuredly going to be one of the best rallies of 2023.
It doesn’t seem likely now because we’re all so glum and depressed. But the sun also rises and Pax Americana can still shine bright, if only for a week or two. We might reminiscence over better times when stocks flailed higher during pompous circumstances — all of us rich and chest strong — skipping out on leg days because our $300 pants were enough.
We shall have better times soon, rest assured. After all, this is all we’ve got left.If you enjoy the content at iBankCoin, please follow us on Twitter