Big day for the bulls. Despite the weakness in bank stocks, buyers stepped up and punched the fucking eyebrows off the bears.
In short, the market is crazy. One day, the market looks like it’s going to zero. Then, the next, the market is shooting for 30,000.
The best approach to this market is to take intra-day rips or be both long and short. Right now, I am comfortable being short the banks and brokers, but uneasy about tech.
Tech and ag have the mojo. Get on the wrong side of them and lose your house.
Towards the end of the day, I covered some of my [[LEH]] short, while loading up on [[VMI]]—just in time for tomorrow’s numbers.
VMI should blow away numbers and spike. They sell irrigation systems to farmers. How could they go wrong?
Finally, it’s worth noting, I was only down 0.7% today, despite being heavily short. Either I’m incredibly lucky or the market will shit the shower, sometime soon—led by financials.If you enjoy the content at iBankCoin, please follow us on Twitter