Big spike off the jobless numbers. I stopped paying close attention to the numbers when they stopped meaning much to stock prices — but we’re in the ballpark of 33 million unemployed. My guess, we bottom unemployment at 66 million on the same day stocks hit record highs.
Everything is back to normal. WTI is +10% to over $26, gas prices at the pump and SOARING, SAAS stocks are hitting RECORD highs. Things are really great. Heck, look at that new IPO DraftKings, DKNG — filed for shares and still shot higher. Hell, there isn’t even a thing called sports anymore, but alas we are drumming higher.
Now if you’re a cynical fact based trader, this is frustrating beyond belief. I get it — but you cannot let reality get in the way of a little fantasy. This morning I sold some of the stocks I bought yesterday.
Here was my catch.
CWH +6.7%
JMIA +6.6%
NEWR +4.8%
I held onto my inverses, while added three additional stocks to my ledgers. I was strongly considering closing out my inverses and I might still do it — but it looks like the market is basing here and might trade sideways for a few hours or more. In the process of trying to find stocks to buy, I noticed only banks were keeping their highs, and select retail, so I ditched my plans to cover the shorts and be patient.
Option B would be to double down on them, which I really do not want to do. The trend is higher, so betting heavily on the short side would mean I was attempting to find a counter-trend. The timing on those trades are tricky.
As of now, I am 45% cash, with a blend of both long and shorts.
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