LIGHTS OUT

I’m so disgusted with myself; I’m thinking about calling it a year. Almost down 20%, YTD, this is, by far, my worst trading year since 2001. After the drubbing I took in 2001, I swore off tech stocks, and stocks in general, in favor for bonds and high yield instruments. It took the bull market of 2003 to lure me back into stocks. I remember the day, not too far from the bottom, just after G. Bush cut taxes and offered a tax holiday for monies held overseas, so that US corporations would bring them back.

All of those things should happen now, in order to jumpstart growth. Taxes should be cut and Obama should offer a tax holiday, so the trillion+ dollars hiding overseas can come back to where they belong. Instead, we get political horseshit, misdirection, and a woefully fucked up bull market. The broader indices do not tell the true story of this market, one wrought with terror and calamity.

GPRO reversed off the lows; but it’s a sick stock. As much as I hate to admit it, the secondary really messed with the dynamics of supply v demand. There is an endless stream of sellers coming in, dying to get out. I would not be surprised to see the stock in the $60’s by next week. My basis is about $68.

Lastly, aside from my top three holdings, the broader flavor of my positions are okay. I am not knocking the cover off the ball, but not underperforming either. I guess you can say the root of my depression lies in the fact that I was within 11% of break-even, just before Thanksgiving. Then Monday happened and now I find myself in the untenable position of being down 17%.

Grande Wizard Fucker of Faces, from Flydom, signing off.