Early Going, Tricked

Tesla is up sharply post earnings, after the company reported a much larger than expected FCF beat and pitched the idea of the company not being an auto company but a robotic AI play. On the news, shares of $UBER are sharply lower, since Tesla is focusing on ROBOTAXIS. I don’t see how this adversely affects $UBER but the stock is lower and so the fuck am I.

We are seeing a very odd rotation out of secular/risk off names and mildly into high beta, but not quite. We are vacillating here, churning up fools like me and spitting them out like sunflower seeds. I am hammered lower 118bps and wit each move I make, I exacerbate the situation.

Presently, both my longs and shorts have moved against me in unison, as the Gods punish me for sport. If I sold everything right now, they’d all trade up, long and shorts together. All of the things I rotated into this morning is down more than 1.5%, whilst the secular stuff I sold is slightly higher. Clearly the move was premature and now I pay for the sins in spades.

I just moved to 57% cash and sold the losers from the morning, which is likely to now spike the market due to my 18% short position in the inverses. I’ve endured these pangs before and will endure them again. The market is an unforgiving bitch when wrong and if I was smart I’d get real small real fast and try to avoid thinking I could make it all back today because clearly I haven’t the slightest fucking clue about this tape right now.