iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,533 Blog Posts

BLOODBATH

Over 900 stocks traded down more than 3% today. The divergence between the Nasdaq and the Russell continues in the most perverse way possible, with the $IWM hammered for 1.5% crossed against the NASDAQ’s gain of 0.52%. “Markets” were up but 65% of stocks were lower for the session.

Here was the upside breadth for every day this week.

Friday 35%
Thursday 35%
Wednesday 49%
Monday 51%

The game is concentrated to just a few stocks at the highest levels of cap. All other are being sold and if you’re trying to be cute and find “big winners”, you are getting manhandled. ‘Tis was the case with me today, giving back all of the gains I fought so hard for yesterday, losing 172bps for the session and it happened in slow motion, tick by tick, methodical and predictable drips lower. I restarted several times today, trying different approach and all came up flat. I ebbed slowly into $GME and that was perhaps my best approach, now with a 3% sized position down around 1% from my basis.

The market has been this way for me for many months now. I was tempted to short into the close but stopped myself due to a mean reversion call out of Stocklabs. It feels good to short into the hole because of the belief such a hole will turn into a crater and bury everyone in it.

For the week, I ended up making 0.7% in trading, 1% in Quant and breaking even in strategic. It wasn’t a bad week, but just disappointing in that momentum was not enjoyed and today’s flop out bodes poorly for the overall technicals of the market.

Comments »

LIT AFLAME

My particular pastiche of holdings has netted me a 155bps deficit this morning, in spite of my high IQ and professional acumen. I knew the risks heading into today, barreling headlong into the fires, and now I’ve received my reward.

There are many ways to skin cats, make a living as a trader, stock operator, plunger, if you will. I happened to choose the path of day trader, an extremely rewarding and task filled adventure that never gets tired or boring. I only lose when I am a loser and when I am a loser, well, I deserve to lose. There are times like this when you can lament and complain about the world, about how it’s rigged and how you can’t get a fair shake, gosh darnit. Or, you can take a different approach and say “stop being a bitch, do better you fuck” and try to apply yourself in a manner that will produce wins.

Don’t get me wrong, I fucking hate my life right now with this market fucking with me. But at the end of the day, it’s my fault through my choices. The market had nothing to do with it.

I accept my mediocrity the past few months as part and parcel of operating on a very high level for a very long period of time beforehand and will work towards finding the equanimity I almost always find to get back on track.

Markets really do look and feel like shit. I pared down many of my positions, raised cash to 42% and have 12% short to hedge.

Comments »

LEVERAGED LONG INTO THE FIRES TO COME

Aspiring financial advisors believe ‘we will knife lower tomorrow’ based upon a medley of ideas and machinations. I do not think so. In fact, I am 130% levered long into tomorrow, with a token position in $GME and a full sized one in $AMC and $RDDT.

I very much want to be part of the cadre of people who bring about the end of western finance. It does not matter what the stock is. If that stock is about ruining Pax Americana’s banking system, in this case via a gaming store stocks, consider me in.

Whilst I might lament along the way and bitch and moan about motives, in the end, you can count on Le Fly to join the rabble rousers. I will even bring my own guillotine and offer my services to pull the lever.

I made 1.75% today and I am rather impressed with myself, even though today’s gains were mostly due to happenstance. Nevertheless, I have been unlucky enough times to warrant a bit of luck and mean reversion, if you will.

I look forward to more gains in the AM.

Ciao.

Comments »

It’s a Bull Market, After All

Even during the best markets you’re gonna have bad days and those days will make you believe that ‘it’s over’ and all hell is about to bust loose. At least that’s how I sometimes view things. There are a million reasons to hate stocks, from the rigged nature of it all, dark pools, algos and hedge funds, politics and war. The list never ends. One day the national debt might matter and perhaps having a brain dead President is bad for the American credit rating; but not now.

This morning I stepped out of stocks and then spent a few hours to curate a buy list, choosing 2 stocks from each of the 8 principle sectors: one with the highest technical score in Stocklabs and the other the lowest. The oils are really oversold here and their scores are the lowest. On the highest end is semis and other tech related names.

At any rate, I’m +186bps into the final hours of trade and don’t have a single Gamestop share to my name and that annoys me. My timing has been dreadful attempting to play the stock. Now I know what some of you are thinking: ‘why bother trading in something like that?’ Because that’s my job, just like it’s your job to attach wheels to cars or wash windows. My sole focus is to extract maximum dollars from the markets. The money I make doing it helps me in my endeavors to do all sorts of shit, most of which is quite nice.

Perhaps I have 30 years left on this fucking planet and then I’m off to haunt people for eternity. Whilst here, I intend to at least attempt at taking what I deserve. We all get what we deserve, good and bad.

Bottom line: we are still bullish on stocks, bearish on Pax Americana. Sometimes it works that way.

Comments »

Part of Being Good is Getting Lucky

I used to attribute my good fortune to “the Gods” when referring to a magical like event in the stock market that made me money. Yesterday I closed the session with a wide swath of stocks, all long, and they just happened to work out this morning.

I had $TSLA, $FNGU, $ANET and many others, all up and with verve. With Tesla, the shareholders voted to dole out Elon’s $56b and that was viewed as good news in order to retain Elon.

I ended up selling everything, including $GME, because I focus on the macro, the bigger picture of the account, and do not lower myself to become depraved and solely focusing on stock stories and drama to fill a hole in my heart or life.

See pal, unlike you I have a life. After this blog, I might go walk the fucking dogs, or perhaps go food shopping with Mrs Fly, where we can cavort, if you will, up and down the aisles picking out overpriced delicacies at Whole Foods.

Into the afternoon, I’m in cash and things will stay that way.

+156bps

Comments »

Gamestop Longs Dispatched and Liquidated

Good day

I speak to you today as a victim of a most heinous bear raid on $GME. I can wax poetically about how I crossed the transom this morning into extreme profit, feeling really good, only to succumb later to a session spawned from hades itself. But I won’t.

Let’s just say I got ensnared in shares of $GME several times during the session and took it upon myself to average down every 10% lower. It amuses me that I now have a 3.25% position after starting with just 1% and now have losses of 14% on the whole of it.

It was $GME and the overall hellscape of the market during the Powell testimony that all but wiped out my profits for a moment, as I flirted with breakeven after being up 2%. I did close with gains of 50bps, but they’re in stark contrast to my strategic (long term) account +157bps and my quant +95bps.

The history books will say today was a great session, with both the NASDAQ and Russell up 1.55%. But for those chasing the rally at the apex of it understand how deleterious it really was. The best thing would have been to sell the morning, fuck off, and buy the close.

That was my intent and I did sell all of my stocks at the opening tick for a gain of +198bps; but I was lured back in by this fucking Gamestop and then found myself rooting for it like some Reddit cunt. Diamond handing this thing feels like what jerking off might feel like, but with sandpaper.

I am 100% long into tomorrow and bullish and also stupid for holding $GME. You son of a bitch cunts better rig it higher tomorrow so that I can recoup my losses, otherwise I am going to be very upset and make it a point to harass you for the rest of my life.

Comments »

Markets Win No Matter What

We are sort of in a win win scenario with rates, given the backdrop of the ECB already cutting. If we cut we accelerate, particularly with companies with high debt burdens, such as builders and industrials. If we don’t, financial shenanigans ensue with a potential Euro Dollar carry trade.

You might find it incredulous to believe, but markets appear to be heading higher no matter what.

Today we have the US 10yr cascading lower by 16bps, which is providing succor to an otherwise bedraggled homebuilder sector. We are also seeing commodities shoot up and a general contentment sweeping Wall, although limited to just 61% of stocks higher.

As for me, I have been BOGGED DOWN in attempting to extricate any gains from $GME. Shortly after getting my face pummeled in for a 7% loss, I bought the stock back substantially higher, but with only 1% of assets with the intent to use dips to buy. Almost immediately, the stock tanked again, as if it were waiting for me to get in. I added another 1% to the position and it has tanked ever since then, providing me with a unrealized loss of 6.5%. I should be buying another 1% but my gains have collapsed to just 1.3% for the session.

Although appreciative to make money, this is underperformance largess and it would behoove me to risk too much whilst pink levels are elevated and the perspiration builds above my furrowed brow.

I have about 36% cash and will allocate it long into the close.

Comments »

CPI SLOWS; STOCKS FUCKING SOAR

I had it all figured out. I was long a pastiche of real high beta stocks into what I assumed was a layup CPI number. I nailed it and markets jumped the fuck higher and I rejoiced by way of selling all of my positions. I say atop a throne of trophies up 200bps, smug and condescending to all of the plebeians down below.

Then I saw $GME and remembered they had $4b in cash and the stock was heading up, so I stepped in and bought some. Immediately, the fucking stock careened lower in a frenzied manner and 15 mins later I booked a 7% loss, placing my gains down to just 1.52% for the session. Now I have the unenviable task of getting back those 50bps because fuck you. I am, however, reticent to step in too large with the NASDAQ up over 300. My fear, if being honest, is that I won’t get them back and that makes me feel like my insides are being twisted and turned.

I’m not mad at $GME, per se, as I am the one who timed it wrong and lost the right to hold it. I have a simple rule and I abide by it. If I buy a stock and it sinks below my mental stop loss, I must forfeit it. I will not wait 10 mins or see if it’ll turn up later. That’s how a down 7% turns into a down 10% and then a down 15%. I simply fucked up and do not deserve to own the shares.

All else equal, I like the market here and I really do like the $GME story with $4b in cash and a $9b market cap. There are all sorts of potentialities abound.

Comments »

Short Squeeze Imminent

The bears are about to have their tits ripped from their bodies. Even the $GME longs should make some money.

What we saw today was an excellent demonstration of short seller ineptitude. They lack the resilience and the staying power to press their rights; ergo, and this goes without saying, they will be dispatched soon.

The Gamestop jump of 22% is representative of a much larger risk on narrative being played out here and many stocks that have large short interests also jumped. There is a palpable fear amongst the professional short sellers that their cocks will soon be cleaved off by a gaggle of incels who posted memes on the faggotry forum known as Reddit.

Once upon a time I was an admin on Wall Street Bets and was BANNED from the fucking site after exerting my powers in a way that was viewed to be hostile to the community. Out of many genres of persons online, the WSB crowd on Reddit could very well people the type of person that I hate the most. If provided with ample and sweeping powers, I’d have them all arrested, tried, and exiled to Africa to have their skulls crushed in by natives who’d believe gold bars were stowed away in them.

Good day.

Comments »

We Sit and Wait for Our Rewards

We have like 6 or 7 good up stocks today: $AAPL $PLTR $ARM $FSLR $ILMN and maybe $RDDT. Coming off the sugar high of meme mania, which presides over a large cadre of tranny Reddit users getting zeroed the fuck out in the stock exchange, we have some apathy here. However bored you might be, bear in mind we are still in a bull tape and these dips, although annoying, are good.

As such, I am in a constant state of bullishness and would prefer for my rewards to be expedited so that I could do a real fuck you post, casting aside my enemies as if they were crumbs at the edge of a table.

SAAS stocks are up, which is the largest component of tech, so the rally to come is just a matter of waiting around and finally seeing it happen now.

Comments »