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
23,423 Blog Posts

The Market Is Not FAANG — Doubled Down on Previous Purchases

This is it boys — what separates the men from the catamites. Markets are in plunge mode and everyone is running around with their cocks on fire. I believe this is a fine occasion to buy the blood. I cannot think of a worse case scenario than this pin action.

The core of the issue are FAANG stocks, tanking lower by more than 3%. This is spooking investors and providing reasons to sell or avoid buying dips.

Markets are -550 from this morning’s highs. I suspect to see a cascade of selling soon; but hopeful that pessimism will provide smart money with a clean avenue to position into seemingly attractive valuations.

Stocks are all technicals, up until the point they tank — then fundamentals matter.

I bought the following, now all 10% positions. Cash is now 25%.

FIVN, HUBS, ZEN, UPLD, ZUO, DATA, NTNX

My stops on these positions will be tight, but I want to see the action tomorrow before making a final determination.

Life is a series of gambles — this is one of them.

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13 comments

  1. roundwego

    Passive forced selling coming.

    https://youtu.be/3a0feRsr-Vc

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  2. og

    More tariffs huh? How dumb can this administration be?

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  3. numbersgame

    “The core of the issue are FAANG stocks” I was thinking the same thing:
    https://www.finviz.com/map.ashx

    I’ve been harping that NFLX and AMZN are sh1tty stocks for over a year. AAPL is just on baord for the ride down, but should be a BUY when this is over.

    I also agree with roundwego on passive selling: we are seeing the Bear version of a short-covering rally: forced sellign to cover leveraged longs.

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  4. acehood

    Didn’t you write last week about not doing precisely this??

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  5. awanka

    The pig salutes you, Mr. Fly. I can’t think of anyone I would rather have by my side during this savage market downturn. I feel like I should be buying here, but it’s so hard. The chart looks like a brick wall.

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  6. it is showtime

    oops

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  7. Lyndon Keltner

    #CRASH #CRASH #CRASH

    We need a 10-stand deviation move to the down side for maximum shock and awe. This kind of benign droppage simply won’t do.

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  8. WrongView

    Discipline over conviction.

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  9. bennyhill

    Dropping QID here for a quick 10% gain – reloading on the rally

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  10. soupbone

    But it’s still red and green today? How the fuck is that? Gartman calls it.

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