FLAT, Like a Gentleman

I recovered all of earlier losses, with very little trading, because the universe reached back and grabbed me by my lips and tossed me forward, as a gentleman of my stature and circumstance should. It wasn’t easy watching the market do nothing throughout the day, but I managed to remain entertained through a little of this, and a little of that.

Note of importance: nothing stops the pressure higher. However, if you’re trading today’s hot stock — you are literally playing financial roulette. There has been a rotation into more macro oriented plays. If you don’t believe me, look at CLF, X and other big industrials. Fact of the matter is, momentum stocks are no longer pistol hot. Recognize that you’ve been climbing a slippery wall of feces and fall back into the bosom of the market — grab macro exposure and let the rippers populate a minor part of your exposure.

I closed out the week down nearly 200bps, making that two bad weeks in a row. However, I am still up 5% for the month and possess an unreal mind for this business and will, without question, outstrip you. You might try to do better than me, but you’ll fall flat on your fucking faces — as you should.

Gone are the days of Le Fly day trading for sport and pleasure — in are the days of Gentleman Fly, who is of course BOOZE FREE, positioning into the marketplace with both style and grace, leisurely perusing the markets and losing coin with panache.

I will be back to trading soon enough — but for now I am opting for a more “broad spectrum” approach, whereby I hold a pastiche of large cap stocks and trade around them with runners. For today, such a stratagem has yielded a -0.8% return. Of course I am angry at this loss and curse some of the stocks that got me here, but I am never seen losing my cool or acting in a way that is counter-Gentleman.

Yes, I have pared down some positions, those underperforming and yes I am actively looking for new stocks to fulfill my fixation on change. But I’m not going to pare down to a large cash position and solely rely upon my trading prowess for returns right now. Franky, that is no way to live a life and it burns you out fast. The net result of a portfolio of ghastly firecrackers is ruin and cataclysm, in that order. It tethers you non-stop to the screen, sears your fucking eyeballs straight out from your head, and keeps you dancing on the tip of a needle — because the second you walk away — BAM! your shit is down a quick 25%.

No thanks and fuck you.

Gentleman Fly comports himself in a manner that is consistent with modern trading etiquette from the very best people in America.

Into the slow drawing molasses hours of 1-3pm I intend to WALK THE FUCKING DOGS, grab a bite, casually glance at the monitor whilst reading a fine book. If motivated, purchase some equities, and then go back to reading my book. I might even, if I might be so bold, smoke my estate pipe and eat a piece of pumpkin pie.

I have discarded my day trading ways and now conduct myself as I’ve always had — an extreme gentleman of the most profound and gregarious proportions. I closed out four trades today (DDD +8.4%, ZI -6.66%, GRWG +3.1%, and GDRX +3.5%) and simply sat back and watched my portfolio, built with great stocks, edge higher.

Today’s gains were +120bps and my recent additions were mostly in the oil space.

Presently, I have just consumed an avocado toast and will depart for tennis for an hour of practice. I have nothing to concern myself with because I realize my position is solid, cock-strong even, and nothing in this universe can stop me.

Good day.

I grew up in the tar sands of Brooklyn, a little known enclave out in east Flatbush. While on the oil derricks, I’d look out into the ruinous landscape and dream of one day becoming a hot shot stockbroker on Wall Street. Now that I am a professional blogger, shit-poster on Twitter, master and commander of a trading room/software executive, I pine for the days of when I was an oil man. Deep down, I’ve always been an oil man, always will be, ever since the day I was born. When oil was negative 70 dollars per barrel a few months ago, I felt devastated for all of the families out in Brooklyn who were probably resorting to armed robberies instead of horizontal drilling for heavy sour crude — just to feed their families.

I gaze upon the market today and see nothing that I like, except for oil. Being nearly fully invested, I could only afford one pipeline play for now, but will look to acquire more as I pare down some of these positions.

A quick recap: I have done the opposite of what I wanted to do, going all in on large caps, leaving me with only a few active trading positions. I sold one of them this morning, DDD +8.1%.

Thus far, I am tracking the NASDAQ, off by 32bps today; but I am still optimistic for happenings.

US 10yr is +3bps to 0.844% and Ethereum is $414. As you know, I allocate a percentage of my income into ETH each and every month and will continue to do so for the next two years. I view the largest systematic risk to me in my lifetime as THE FUCKING COLLAPSE OF THE DOLLAR, due to everything that is wrong with this country. Ergo, cryptos is a fine hedge against that. You can do gold; but then again — you can’t do shit with gold. It’s not transactional you boomer fucking retards.

I had to remove myself from the tit of the trading turret and accept what I was seeing. I was not seeing a bearish tape, per se. The fact is, the broader indices were doing fine, yet the Bubble stocks were being skinned alive. Well hello! What the fuck do I need, an engraved invitation?

Far too often we only see what we want to see. As humans we enjoyed being lied to, told fantasies of fat fucks plunging into our homes to leave us shit we do not need. These things and beliefs make us feeeeeeel better, as we are emotional beasts who care soooooooo much about feeeeeeeeeelings.

Well fuck all of that. “The Fly” said “fuck what you think, asshat — you’re going all in on large cap stocks” and that’s precisely what I did. Granted, I did so and ate another 50bps of losses due to the market sell off, late in the day. But I am a better man for it — believe me. I was fighting a losing battle — the last Japanese soldier holding down some deserted island in the 1970s.

The momentum high beta stock trade is over. Those stocks are in the process of getting folded. The rotation into big caps is here is happening and you’d be a fool not to believe me.

I closed out the session 93% long, with about 4 trading stocks left. The remainder was invested in a manner befitting of a gentleman of my stature and standing. I did the exact opposite of what I wanted to do and I’ll be better for it in the morning.

Cope.

I covered my shorts and pulled off 4 consecutive day trades in MARA, MGI, OPTT and NKLA before settling into a morass of nothingness — despondant to the times I am living in now. Just a fortnight ago, I was kicking people down sewer pipes while printing my own currency in the market. Now we’ve morphed into this bastard of a tape — kicks and ruins all around me. You get kicked, and then ruined — in that order.

I am 75% cash and scared to death to increase that measure — due to the sickness of this tape. High beta stocks are getting absolutely poleaxed today, as the market shows little to no change. It’s the clandestine plunge that hurts the most. Typically, when you see the market diverge like this, smaller caps blowing out — money flows freely into large caps. And that’s exactly what we’re seeing today. The allure of cheap or on sale stocks will convince you to take a shot — but the hole is deep and by the time some of these fucking stocks bottom, like FVRR or JKS, you would have wiped out your account.

Bubble plays are off by 3.5% today, a tempting carrot to try to snack upon. However, the second you try to grab said carrot, Elmer Fudd will blow your fucking brains out onto the pavement.

Trade small and gravitate towards themes — and keep stops tight.

Yet again, I am bogged. This is the 6th of the past 7th down days for House Fly, as I am presently mired in a trading losing streak — mostly rooted in the idea, mind you, that stocks might fall. I keep getting lured back into the bear trade, only to be fucked and whipped upon the gibbet. The process continues, unabated, and I don’t know when I will learn my lesson.

I am starting out my day, thanks to FNGD, SQQQ, IRBT and a fucking Chinese burrito, down 2.3%, decreasing my MTD gains to just 2.9%. I am also adding new positions, which gives me an eery feeling of exacerbating an already tumultuous situation. At -2.3%, I cannot risk much, otherwise I’ll rout myself in a choppy tape. Ergo, I am presently 60% cash and I might as well keep it there until something breaks.

The Nasdaq is +76, in spite of the fact that there will be no new stimulus bill until after the elections. The big mover today is BTC, currently encroaching on $12,500 after PayPal announced widespread adoption of the crypto-currency. I have ETH exposure and although it’s not doing as well as BTC, it is at least rising.

My albatross for the day will be to decide whether or not to acquiesce to markets and close out shorts, or obstinately hold them in the “hopes” something will go wrong and markets cascade lower. I understand my position is a foolish one; and because of this, I hate myself for being naive. Nevertheless, during these arduous times, I am reminded of the innumerable occasions where I’ve picked myself out from the sewers and shot myself back into the sky, like an ICBM — destined to detonate over the heads of my enemies.

No stock better personifies the current mood of the market better than JKS. The symbol is perfect too, since it’s all about jokes.

The 5yr median p/s for jokes was 0.19, currently trading at 0.93x. The 5yr avg PE was 10x, now 30x. Why the sudden leap into retardville?

Being a Chinese solar company with very high growth and improving margins, people have it in their heads that a Joe Biden administration is bullish — based upon the idea that trade relations will be normalized. We are seeing similar moves in DQ and various other China-coms. Just today, WEI surged by 500%. It is a smorgasbord of perfidy and the Chinese Lotto pin action has never been more ebullient — a sure fire precursor to a dimly lit doom just beyond the horizon.

I closed out the session 70% cash, biased short, long two stocks — one of which has mechanical robot vacuums and the other a Chinese lottery play — in the hopes, the off-chance hopes, that I too can enjoy a 500% one day ripper tomorrow.

It looked bleak for a moment there, earlier today. Coming off a harrowing rape-tape yesterday, markets gave up on a +100 NASDAQ rally and sank fastidiously into the tar pits of hades. Then, slowly, and then all at once, everything shot higher again — thanks to statements from Pelosi discussing MOAR stimulus and wanton depravity. Soon, we will gratuitously hand out $1,200 to the poors and then watch them spend it all on cheaply made electronics and golden teeth.

I got caught with 20% short exposure in leveraged fucktard ETFs have been trading like the wind today, in order to mitigate my losses. I had been down 170bps, but after 8 consecutive winning day trades, I am down to only -40bps. I am only taking two new positions at a time — most gains have been between 10-20bps — fast scalps, because they’re fun and easy to do.

While I’m tempted to get out there and buy everything, I am checked by my staid risk management mind — which is saying now “fucked for face — do not squander a 5% monthly return for a fucking Chinese burrito high.”

The Nasdaq is +140. I’d fade it and do hope it collapses and mangles a great many of you — bankrupting and zeroing out accounts for sport, not pleasure.

Rep Hawley says the government will work towards ending the “tyranny” of Big tech. His full statement.

My full statement on today’s blockbuster Department of Justice antitrust suit against ?@Google? pic.twitter.com/gV3j4ShNNr

— Josh Hawley (@HawleyMO) October 20, 2020

The NASDAQ is +90 and this DOJ will never ever get anywhere under a Biden administration, so it’s more nothing. Super Joe is up 99% in the polls, with only militia members in favor of Trump — so I find it hard to believe any democrat administration will take on their biggest donors in big tech. Should they? I am not qualified to provide you with an answer. Do I hate Google? Yes I do.

Moving on, I cleared out the rest of my longs today, not because I wanted concentration in my bearish positions, but because my longs were doing worse than my shorts — 100% fucked. I start out the session already -150bps in the hole.

Pray for google.