Traders Stepped In To Chase $DRYS After a 2,000% Run, And Then Got Clown-Raped

It was a good run, a solid and effervescent spike from $4 to $100 in a fortnight, and it ended with the death of overzealous traders strewn out across the floor, ‘fag boxed‘ for  chasing a dream that never materialized. While some of you might view my approach to the market as somewhat moribund and methodical, it wasn’t always that way. Not too long ago, I was like you, a degenerate gambler, hopped up on caffeine and fast money — approaching the market like a jackass entering a casino. After 18 years of spellbinding pop and drops, I finally decided to extend my life by giving up on the high beta aspects of my investment career.

Today’s move in DRYS will be forgotten, a footnote in time, in a litany of outrageous stories of short squeezes and crashes that define the essence of wanton speculation. This sort of pin action has been occurring for well over 150 years and will continue to persist as long as men with money and a dream trade the market.

Had you bought DRYS this afternoon, hoping for a $100 roll, you got annihilated. Thanks for playing.

It’s actually a positive sign for the markets to see this action. For a long time, stocks have marked time, only to enjoy runs in IPOs or beaten up basic resource plays. Although I’m pessimistic about the markets in the medium term, I like to see people enjoying the markets and trading as I have in the past — because it’s fun and potentially very rewarding.

Just know what you’re getting into before pulling the trigger on a trade like this; otherwise, you’ll be out of the game before the real fun even happens.

All attempts to drive coffin nails into the crude trade have hitherto proven to be a waste of time. The men in dresses from the middled east have been Johnny on the spot with renewed lies and deceit, each and every time crude falters. Today, there are unfounded rumors that Iran will, in fact, agree to freeze their production — something they’ve said was utter and complete horseshit in the past. They much rather see The House of Saud suffer under their suicide vests than agree to their terms for oil production freezes.

Nonetheless, it has caused a barn-stormer of a rally today — sending WTI up almost 6%.

Art Cashin marvels at the stupidity of crude traders.

The spike in crude has resulted in a fierce rally in energy stocks — up more than 4% as a group.

I wrote about this earlier in the week. The CEO of Packetsled is now dutifully unemployed, after threatening to kill the President elect, Donald J. Trump. His VC overlord’s could permit him to fuck up the valuations for the next round of financing.

“We want to be very clear, PacketSled does not condone the comments made by Mr. Harrigan, which do not reflect the views or opinions of the company, its employees, investors or partners,” the statement read.

“PacketSled takes recent comments made by our CEO, seriously. Once we were made aware of these comments, we immediately reported this information to the secret service and will cooperate fully with any inquiries,” the first statement read.

This is the last tweet from Mr. Harrigan.

my lack of judgement and offensive commentary. I wish you all well.

— Matt Harrigan (@mattharrigan) November 13, 2016

In hindsight, I bet Matt regrets being such a jackass. After all, he wasn’t really going to kill Trump. Any serious assassin worth his salt doesn’t declare so on social media. Moreover, he lost a sweet gig at a company he loved and for what?! You fucking idiot.

Ladies and Gentlemen, bear witness to a most grotesque and unique circumstance. The ultimate squeeze is upon you. The rallying of Trump’s enemies while Obama is still in office. This is the fear trade that was written about in Wall Street lore, warning us of its eventuality.

All of the shit that is supposed to sell off and screaming higher today, as a massive wave of speculation breaks through and entices all of the very low and down traders in America.

Mexican pesos: boom.

The House of Saud lives another day. More OPEC rumors equals shills chasing crude, means sharply higher prices.

Even the FANG bangers are participating in today’s decadence.

Also, it is being reported that Trump may in fact ‘keep parts of Obamacare’, which must have Obama happy today.

Lastly, the very honest main stream media believes Trump will not go after Hillary Clinton and her band of pizza loving archetype criminals, after he appoints a new AG. Madam Not President must be pleased.

This is all theatre, naturally. Trump hasn’t taken power yet, so this is the quiet before the storm, the ebb before the tide rolls over and washes away all of the very horrible and despicable mountebanks who’ve abused the system for the past 20 years.

Mexico will pay. The Chinese will cease robbing America blind. Obamacare is toast. And Hillary is going to prison.

I haven’t seen moves like this since 2007, when the homies were topping out — readying to destroy western finance. The BDI edged higher again, up 2%, which of course meant DRYS doubled again.

More than that, DRYS is up from $4 just two weeks ago to more than $90 today. This shit is real. This isn’t a dream.

In Exodus, we separated the dry bulk bulkers from the tankers. The morons at Yahoo finance are too lazy to figure this shit out for you. Look at today’s gains.

These are the very lowest of the low stocks. I have no doubt we’re reaching an apex in the recent rally, one that is sure to lay waste across Wall Street. But none of that matters now. There’s plenty of time to protect yourselves before Trump takes power and the market drops off the table.

During the entire election season, the catamites at CNBC tried to derail Trump. They’d bring on all of his detractors to assuage Wall Street to believe Hillary wasn’t a criminal bitch (no sexism!) with malicious intent to destroy the country. On the print side, CNBC is even worse than the elitist slobs on the teevee.

On the print side, via their website, agitprop rules over the content like they’re living through a Trotsky led revolution and Trump was at the vanguard of everything that was bad in the world. Meanwhile, the crony capitalist mercenary bankers, who’ve gutted this economy from crown to root, press forward with their agenda to globalize the economy — promoted and supported by CNBC.

Here is what passes as journalism at CNBC this morning. Hard news guys, like John ‘do you want to have dinner tonight‘ Harwood.

Don’t you get it, you stupid shits? You’ve won the election for Trump, you and the other liberal elitist news organizations. Blinked by your hatred for Trump, you came off like SHILLS to any clear thinking person watching and reading your garbage. Now you just look ridiculous, bitter and acrimonious, in the face of harrowing defeat.

Show some grace and have some dignity for yourselves, god damn it.

Get ready to be destroyed. Fed’s Rosengren has been waiting patiently to destroy the economy for some time now. Apparently, his time has come, coinciding with the Trump inauguration. Bear in mind, this recent rally we’ve enjoyed, predicated upon some magical inflation present which has been absent for nearly a decade, will be poleaxed into submission once the Fed hikes in December.

The history books will attribute the current rally to the vainglorious President Obama and the crash to come to President Trump. In other words, it’s a fucking trap!

Rosengren is out this morning, talking greasy, letting the world know the Fed is gonna go in December.

“With the economy close to full employment and inflation nearing the Fed’s target, it was not surprising that the futures market’s probability of a tightening in December has been high – in the vicinity of 75% – with some volatility around the election,” he said. “Absent significant negative economic news over the next month, the market’s assessment of the likelihood of tightening in December seems plausible.”

According to the CME, the chances of a December hike now stand at 85%. Barring a massively bad economic data point, it looks like Trump will inherit an economy being torpedoed by the Fed, tightening, with the dollar already at 11 mo highs.

The dollar is in high demand.

Nothing has changed since Trump won the election, other than a hockey stick spike in copper and stocks. Credit has tightened with yields soaring and EM currencies are at 7 year lows versus the dollar. Has everyone already forgotten what happened to stocks last year after a December hike?

Trump is gonna have his hands full.

This 26 min clip is festooned with all of the typical liberal crazed sterotypes. I did not have a chance to see it all, but I skipped though some of the pivotal points and was quite pleased with their mental breakdown.

This is care trolling at its finest — sheer and utter worry and panic over the ‘terrifying’ future that Trump will impose on idiot liberals.

The Twitter account for The Kincannon radio show is reporting that a CNN reporter told them Hillary went apeshit on both Robby Mook and John ‘let’s have pizza for an hour’ Podesta — forcing her to be briefly restrained.

CNN reporter tells me Hillary became physically violent towards Robby Mook and John Podesta around midnight; had to be briefly restrained.

— The Kincannon Show (@kincannon_show) November 14, 2016

Frankly, I’d likely have Podesta sent to a black site for the fuckery he caused with the email scandal. Without question, he caused her the Presidency. Think about all of the Saudi and Qatari money that needs to be returned now and the fate of the Clinton Foundation — utterly rudderless and without a purpose — now that the pay for play feature has been revoked forever.

The reporting of his positions is meaningless subterfuge at this point in his net worth arc. I wouldn’t be surprised to learn that his reported positions were merely press releases to misdirect the public into onerous investments. His malevolent position against life, liberty and the American way make anything he says or does suspect.

The only interesting thing about his renewed interest in ABX is that he timed the top in gold when he sold it earlier this year.

Soros Fund Management LLC bought 1.78 million Barrick shares in the third quarter, taking total holdings to 2.85 million, according to a regulatory filing. The fund rebuilt its stake in Barrick, one of the world’s two largest gold producers, after selling 94 percent of its holdings in the second quarter to cash in on the stock’s best first-half performance ever.

The billionaire investor’s purchase comes after Barrick began steps to cut costs and sell assets to lower its debt. The Toronto-based producer reported third-quarter earnings that topped analysts’ estimates even as gold prices posted their first quarterly decline this year.

Barrick shares have fallen to a seven-month low of C$19.86 as haven demand for gold wanes amid prospects of rising U.S. interest rates. Bullion has slipped more than 7 percent since June, in part because of speculation that U.S. President-elect Donald Trump’s pledge to increase infrastructure spending will widen the deficit and boost yields, hurting the appeal of non-interest bearing gold.

“The Barrick train keeps chugging as the company’s continual focus on lowering the cost per ounce of gold produced is paying off, positioning it well for the long term,” Bloomberg Intelligence analysts Kenneth Hoffman and Sean Gilmartin said in an Oct. 27 report.