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
18,464 Blog Posts

THIS IS FINE

I stepped in this morning and bought SPY and SOXL. On the SOXL, that was done in my active account, where I take outsized risk, so naturally I’m down a fast $7 from my basis. Truth is, I’m rather complacent about this move lower. I’m not buying the 3.22% 10yr as cause for legitimate concern. I’ll have you know, markets, on occasion, tend to sled thru rough patches every now and then. Without pain, there can be no joy, and vice versa.

So what is a man to do who is already long and enduring losses?

You still must abide by your stop losses, even if that means you miss the upturn. I’m very sorry to tell you this, but the future is not guaranteed and although I believe this time is no different from the past, I can be wrong. I’ve been wrong before and my biggest losses are rooted in stubbornness.

Stop losses are set at 10%. The mood should be optimistic, yet measured. Let’s not make a big deal about a Friday afternoon sell off — heading into a banking holiday. It won’t be long before we’re celebrating our gains amidst candied treats and carved pumpkins, eagerly planning for Thanksgiving.

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11 comments

  1. acehood

    I blame Bart O’Kavanaugh

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  2. jbandy

    No meaningful recovery until after midterms (which Dems will crush). Powell and his unusually hawkish comments on Wednesday triggered this sell-off and caused rates to blow-out to the upside. It wasn’t a coincidence. All designed to knock Trump off his perch–for the good of the World order. My 2 cents.

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  3. it is showtime

    NO REBOUND – FOR — YOU

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  4. joyous__ending

    At last, an Autumn selloff arrives.
    I am waiting for oversold signal #2, think it goes a bit lower.

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  5. og

    Everything looks like shit…

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  6. WrongView

    Thank god it is showtime! Was really starting to get worried about this decline.

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  7. kdogg1787

    I once stuck by my stop losses and sold out of tesla at 144. God I wish it was set at 143.

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