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
18,608 Blog Posts

I DID WARN YOU ABOUT MY OIL TRADES

What did I say yesterday, before you followed me into the oil pits?

“I have no idea what I’m doing in oil and have been wrong in 20 of the past 20 oil related picks.”

That streak continues, in earnest today, as my balls get boxed around with WTI down an astonishing 5% for the day. At this point, what difference does it make?

My losses vary between 3-6% from basis, as I get vacillated in a whirlwind of war, trade war that is. In every war, there are causalities, “collateral damage.” I happen to be one of those statistics, an arm and ledger thrown off a cliff like a beggar.

It’s real fine and dandy to get glib about these sort of setbacks, lunatic market led by a narcissistic chief.

On the other hand, tech stocks are going okay and the downside to the software sector is virtually non-existent. I think I’ll hold all of my cards until tomorrow at least and 20% cash, just in case I feel the urge to get duped into another ruinous oil trade.

If you enjoy the content at iBankCoin, please follow us on Twitter