Right after 2:30 today we were sitting at LOD, contemplating suicide. The magical 1812 line in the sand that everyone and their grandmother was watching finally broke. Sure enough, after a massive tweetstorm freakout of breaking 1812 we Ramped higher, ripping faces and sexual reproductive organs off in the process. We Ramped 26 handles in a matter of 15 minutes off the Wall Street Journal reporting that OPEC members might be ready to cooperate on a cut, citing comments UAE Energy Minister Suhail bin Mohammed al-Mazrouei gave to Sky News Arabia.
Thankfully this happened before my daily Ramp as it gave traders a chance to digest the truthfulness behind this rumor. Then, true to style, I Ramped us another 9-10 handles from 3:30-3:45. And guess what, we are still ending down 1% on the day.
This is a classic bear market as I’ve said it before. We gap down in the morning, Ramp in the afternoon, then close with half of our opening losses. The only people making money in this market are short sellers and people buying the daily Ramp. You will continue to get killed if you buy and hold.
If you enjoy the content at iBankCoin, please follow us on Twitter
