Today has done nothing to change my short bias. First of all, a gap to start the week is never your friend. If you were bearish heading into the open, you had to cringe at the decent gap down. It was something we needed to deal with. We did, that is good news.
Now we have a bit more unfinished business from 8/10. A gap left behind in our hurry to trade lower. This may need resolution before anything else happens.
Also, my goodness is this tape slow with the occasional accent of gregarious buying. To short is to fight the tape. I did not short scalp today. Instead I will wait until the selling starts then start pressing the leverage buttons.
I did however re-enter BIS a few moments back. Biotech will soon be the scene of the ultimate comeuppance—one that is written about for years. The slippery slope of self enhancement has convinced baby boomers to bid these companies up to holy valuations. Soon the gods will strike down this tower of Babel. Estranged biotech investors will then scuttle back to their state sanctioned work and spend 30 more years building up their retirement funds. Then, just as they see the golden horizon, the grim reaper will show up demanding his dues.
I am here to press my edge dammit, and it is a short edge until otherwise stated. Good day.
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you thought Z was a gap down today?
I did…I did, was spinning a few plates, saw it trended on stocktwits, clicked over to it, didn’t bother checking “the why” and just went off. I feel no shame.
The price you pay for breakfast game. The eggs/spinach/toast all come out perfect at the same time…but you miss out class c shareholder spinoff creation.
Gotta feed the machine, bro