iBankCoin
The first hit is always on the house.
Joined Aug 2, 2009
1,847 Blog Posts

TODAY WAS A GOOD DAY

I’ve made more this week than I have an any single month in the last few years. I’ve been trying hard to keep the balance hidden, but days like this you have to look.

Holy shit.

The QQQ’s were the first to hit the 52 week high mark this week. The SPY is within fifty cents.

What about the market hitting overhead supply? Trapped longs?

Non-existent when you factor in the breadth readings over the last year. Like most have pointed out, smart money sold earlier this year. Why? There wasn’t shit worth trading. Now that the market presented an entry point, that cash was deployed. And there was more cash (as a percentage) readily available now than there has been in the last 20 years.

It would be one thing if that “supply” represented trapped buyers. Any indicators will illustrate distribution in the summer range. Not accumulation.

Now that we’re here, let me ask you, is this “frothy?” Is this “enthusiasm?”

You have to consider much more than price when answering that question, because I am still blown away at those that are not participating in this, or even worse, are fighting this. That’s why the market keeps trading higher. It will continue to do so til morale improves, lol.

I’m done with that argument though. Sincerely. Take it elsewhere. The heavy lifting was done back at the lows, where it needed to be. I’ll point out individual ideas from here, but you can have your market analysis back. I no longer require it.

OA

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51 comments

  1. freebie

    Nice. I’m 110% long plus some of your calls. If you were to hedge an overall portfolio here what would you use?

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  2. J Livermore

    In- fucking- deed

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  3. Heckler

    Big Ups G!

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  4. trashman

    That’s the most well deserved mic drop I have ever seen.

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  5. matt_bear

    bravo sir. you have been vindicated, though most truly never doubted you to begin with. i wish i was able to join you for more.

    I caught a small piece of AAPL, some IWM calls, and holding some tsla lottos. missed all the juicy stuff though.

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  6. MSGT HARTMAN

    HES has potential 35% upside from here…

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  7. joe

    my last 10 trades in a row made me money..whats wrong with this picture..yea, its frothy..there, I said it

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    • Option Addict

      But, would you say you are a fair representation of what the majority are getting from this market?

      We came from a privileged point of view.

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      • joe

        not at all

        and you nailed this entire move even tho I was highly skeptical

        you even predicted the ‘chasers’ to get through overhead supply…outstanding call OA …truly

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  8. granpa

    Picked up some of the SRPT I posted about earlier 25.60

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  9. djmarcus

    Just sold half of the LABU… ~37% gain… Great call man. Going to let the other 1/2 ride a bit and see what happens… Nice call.

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  10. mateo

    I’ve never witnessed such a clean and precise run of market analysis, all the more impressive because most found the inflection points and stretches of staccato chop so incomprehensible.

    Standing ovation.

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  11. lplongo

    Disbelief. As you said, whatever indicators will tell you that you can’t buy here, pointing overbought. I am seeing it now with a lot of what is coming up in my screens and I am trying to not lettign it turn me into Average Joe.

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  12. MSGT HARTMAN

    Vanguard is now managing >3T in assets…

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  13. Farmer2

    Great work, OA!

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  14. formergeek

    So incredible to go back and read the discussions from prior weeks. You see the deadly sins – greed, envy, etc.. – causing emotions that result in the old buy at the highs sell at the lows that fuels wall street

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    • Option Addict

      It really was. I am going to go back and print all of it off and save a hard copy.

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      • formergeek

        The only thing i wonder is if some of the trolls are actually fakes trying to get a sucker for the other side of their trade. Either way bless the trolls they show the way forward lol

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  15. jersey whale

    Didn’t even have to use the AK

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  16. josh

    Great calls, impressive. I’d sure love one more oversold signal to ride out the new year.

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  17. mo money

    Hey OA, great job!!!! Do you think there are more gains for Apple ahead, or take some profits? Thanks

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  18. GM

    Congrats OA on your profits.
    Interestingly, despite this little rally (past few days I mean), my ftse position is only 1% in the red as at today’s close.
    We will see what transpires, but many of my tiny teeny little band of bears reckon a huge swift and terrifying crash lies dead ahead.
    One question though please, if all the smart money sold earlier in the tear, what caused the August falls?
    Best.

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    • GM

      Year, not tear.

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    • Option Addict

      Ray Dalio’s Risk Parity strategy had some sharp realignment. FT.com had some great commentary on this prior to/and after it happened. Not much media around it….not that there would be anyway.

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  19. UncleBuccs

    lesurgeon – maybe? https://i.imgur.com/r6OLFwG.jpg

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  20. Chub

    OA- what’s on your target list to pick up over rest of the week. Thanks

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    • comella

      You a part of his paid service? You would know EVERYDAY!!! And make up SOOO much money and learning so much more than on here in the process.

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  21. velth

    My best trades have also been past few weeks. If only FIT hadn’t done secondary, but still big winners and small losses.

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  22. Jon v

    Shanghai going off

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    • MSGT HARTMAN

      My Burritos will go apeshit to the upside tomorrow. I thank the ChiComs for allowing yankee dollars to purchase their shares because they are figuring out, albeit slowly, that they need our cash money to keep afloat.

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  23. MRBIG

    I think you’ve found your niche as a market timer . Will
    be looking forward to your call on the market top .
    Your new tag should be “THE TALL TIMER ” a.k.a.
    “TRIPLE T “

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  24. Nocturne

    My god, the gigafactory announcement scared the oil bulls? Admittedly it is one of the legs of my short oi thesis going into 2016: incessant media hype on advances in car battery technology. Look at the 8:30 on 5 min oil futures chart. Could be nothing.

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    • Nocturne

      Inventory report a negative as production increased. Thank goodness for drop in imports, but that may change with this price spike. Cushing at 1:00pm.

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    • Nocturne

      For you oil bulls, 47.00 doesn’t offer much in the way of Fib or tech support. Better opportunity if you can get long at $46.40 before the Cushing 1:00 release. I like helping both sides and will be covering my 1/4 position short that I initiated from yesterday @ 48.00. Of course still a long term short.

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      • Nocturne

        My apologies, Cushing inventories are released at 10:30. Down 200k.

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      • Nocturne

        Sold 1/4 position SCO 79.05. Will look for oil bulls to defend 46.10 – 46.40 & may enter a day trade long oil. To further lower my cost basis on SCO. Helps with the decay.

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  25. traderconfessions

    Looks like rotation into software. .. MBLY and others moving.

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  26. thomasjefferson

    You may write again, but please don’t change the cover photo ever again. Actually that may be your best new avatar option.

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  27. k_melancon

    I was wondering what happened at 1040 in the market….then remembered Yellen was speaking….I suspect we will not go up until she stops talking.

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  28. granpa

    Ang. down in SRPT

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    • thomasjefferson

      I’m looking at $srpt too. Biggest one day winner I’ve ever had so I am trying to fight my bias to go back to the well. Just FYI I read somewhere that they report tonight (but haven’t confirmed with my own 2 eyes).

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