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
23,599 Blog Posts

MONDAY LOOMS ALREADY!

I’d like for the markets to crack asunder come Monday, perhaps a bit more. I am positioned in a pastiche of healthcare stocks and short the semis at 12% and saddled with a 25% cash position. My intent with this portfolio is to net 25 to 50bps per session. Today I closed up 26bps and nearly +1% for the week, which sucks but it’s better than losing money and better than most traders for the week of chop.

If you’re new to trading, you just have to get used to summer trading sucking like this. If you’re a pro, you need to decide the fate of the semis now: are we oversold enough to warrant a bounce and new highs, or is this day two of a 5 day rout?

No one gives a fuck on day 2 of a sell off. People don’t start to pay attention until day 4 and then they begin to panic after a full week of horrors. I am always going to sell short at the onset of a selloff because of the off chance it blossoms into something wonderfully terrible. You might be thinking ‘well tough guy, if you’re so sure, why not go all in short?’

Because I’m not a fucking idiot and do not trade with ego. Nothing is certain, just opinions foisted out there with varying degrees of conviction. It would behoove me as a gentleman and internet scholar to pretend to know for sure markets were destined for the trash can, as fun as that may be.

Bottom line: the ultimate goal here is to destroy the stock exchange, cause citizen upheaval and truly fuck the ruling elite in a manner that will inspire writers to pen horror stories about the ordeal. We are getting there, but not just yet. As a manager of money, you ought to be paying very close attention to politics these days.

Hagw.

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