Fly Buy: $NUGT

I averaged up in NUGT, based upon the law of Mathematica and reason. We have a clear breakout in gold now.

I bought NDRA and then I bought it again. I stand before you a DOCTOR OF MEDICINE — doing rigorous research and partaking in scientific experiments of the secret kind — all the while investing, mightily, into upstart scientifically based equities.

TRY TO STOP ME.

Basis for NDRA is $2.52.

I played stickball in a parking lot in Brooklyn as a boy. I didn’t grow up on an oil derrick, like I’ve led some to believe. I’ve never been an oil man. I was more of a street man — cavorting around the 5 boroughs in search of a good time. As a young adult, I listened to rap music and played chess in my spare time. Again, I never was an oil man.

The older I got, the more delirious I became, often yelling at shadows in my bathroom, declaring myself to be a “DOCTOR OF MEDICINE” on the internets. When people would ask, ‘what sort of medicine do you practice, good sir?’ — I always answered ‘the good type.’ I went thru periods of manic, trading the stock market, becoming accustomed to the many eccentricities of its character. I took on these traits and made them my own — ‘CEO of Exxon this, the Guru ar Disney that.’ I became a living embodiment of all of my trades — ‘VIX TITS ALL OVER YOUR CHEST.’

It has been a long journey, but I can confidently say, without equivocation or pause, I am most certainly not an oil man now, never have been or will be. Now I say this now during a curious moment of self-introspection. I warn you, there will be a day, typically after a period of zeal, that I will hop on here and declare, once again, to have grown up inside of the Texas Tea, breathing the embers into my lungs from the fires that grew bright in the night, as my Father lit a cigar to celebrate yet another massive oil find.

This is a lie.

I might tell you that I grew up inside of a special part of Brooklyn, one rarely talked about by others because it possessed so much oil — we kept it secret. These riches enabled us to buy off the press and make everyone keep quiet about it. We had so much money, we had our own police force and even went as far as to erect a wall around our property, in order to keep the riff riff out. Behind this wall, which was festooned with barbed wire and pictures of people killed for trespassing, was an immense amount of oil — just sitting their in pools as black as tar, visited by families who wore clothes from the late 19th century, umbrellas on sunny days — men in their T model Fords smoking their pipes and listening to their children frolic in the car as the yankee game was being broadcasted through an antiquated, yet wondrous, tinny car radio.

This is also a lie.

In my previous post, I feigned acceptance in the fact that BPTH had risen 37% AFTER I sold it.

Lo and behold, the Gods decided to make management file an offering, thereby nuking the share price.

I am now happy to report to you the stock has collapsed and the universe is back on its proper axis.

Honest to God — I do not feel bad about this at all. I ended up stopping out of this stock yesterday for an 8% loss. If my cost basis was better, I almost certainly would’ve held into today’s open — because that’s the play — right? The end of day rippers become next morning rippers for lotto winning lottery tickets.

I’m not mad, mind you, because I lost the right to own it. I lost the right, mind you, because my cost basis was poor and wrong.

I could’ve held and then risk a monster loss, which not only creates bad habits, but it messes up the flow of things, having to incur outsized losses.

Had I waited, literally 5 minutes, my basis would’ve been 5% lower and I would be enjoying a 38% rise right now. Instead, I am fucking blogging to you faggots, trying to convince you and also myself that I’m not mad, bro. Not mad (dot dot dot) at all.

Thank God I closed out the majority of my shorts on Friday. Still, I took a fucking drubbing in LABD and DRIP today, as is customary whenever I decide to be an inverse oil man. On top of that, I took a hazardous trade in BPTH that ended with an 8% loss — because I was pining for the big dick swinging days of late last week. But those days are over and all we have now is upside surprise in stocks — an overall melt up befitted for gentlemen in high finance.

My Quant sperged out, higher by 2.25%.

I took OLED for a quick spin and bagged 3 points intra-day — and I bought some SOXS here for the downside reversal to come. I’m still long NUGT and have about 70% in cash inside of my rudderless trading account. I’ve been so degenerate in that account, trading in low brow names for quick profit, I am a fish out of water now that the overall market broke out. Oh, I also bought some OKTA today, in order to gain some exposure to SAAS.

In short, this is the level where I went short last week, so we aren’t breaking out or anything like that. We’re just vacillating and consolidating recent gains. Should we break higher from here, I will take all the shorts off and reallocate long.

And, yes, you can buy stocks even though they’re high. Bull markets are built upon gains that compound.

My day trade is closed in BPTH — for a loss of 8.5%.

I closed out another day trade in OLED for +2%, for a net loss in my FUCKING DAY TRADES of -6.5%.

Well played Fly.

I bought here, $36.55, for the end of day sprint.

As tempting as it is to buy TVIX, that product is fuckery. I like short semis here because of its tight correlation to the market. The trade is simple.

Hold until it breaks lower — or cover if the SMH breaks $105 to the upside. Since we’re up against resistance now, might as well take a trade that will mint coin if we reverse.

All of this jargon about Chinese trade wars and an equity bubble, meddling by the Fed, is more or less obfuscation, as it pertains to present levels on the Nasdaq — right near recent highs.

The only reason why I’m hesitate to short here is because the transports just went on a 12 day losing streak and are only now bouncing. In the big scheme of things, markets held up amazingly well. I still own LABD and DRIP and will likely hold them for another day. If you didn’t get long last week, setting up for a bounce, you missed a big day. But markets aren’t contained in a single day and guess what — tomorrow is a new day to bank some coin.

Small and micro caps look dead to me. The degenerate trade is over — move on.

Big allocations into tech is underway. On an intra-day basis, I don’t like the idea of buying with the Nasdaq +120 — but maybe some end of day purchases will work. Shorting here isn’t a terrible idea either, if you’re of the belief we’ll continue to butt up against and fail at $175 for the Qs.

With my money, I am heavy cash in my trading, as always 100% long in Quant — higher by 162bps for the session.