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
18,725 Blog Posts

Market Churns — My Overall Market Position and Feel

Iatrogenics comes to mind when viewing today’s tape. Last night, in a hurried panic, I sold SOXL in the after-hours, alongside NVDA — thinking both would trade lower. I ended up correct about NVDA — but SOXL made up much of its losses and rallied hard into the close. When referring to iatrogenics, it is the process of doing something just for the sake of doing it — thinking it’d be beneficial — when in fact it hurts you, or the patient.

Sometimes the best thing to do is nothing. But please observe my overall position so you can make a better assessment. I am repeatedly telling you this — because my hyperbole often gets in the way of my overall investment philosophy.

My trading account is 25% of my overall investable money. The balance is in my quant fund, which was up 32bps today and +1.26% for the week.

So my SOXL mishap was 5% of an account that was 25% of my total. These details make the difference between a winning strategy and a losing.

In the close, I had 15% cash in my trading account, with one hedge: SOXS. My other defensive positions, TMF and NUGT, seem to be doing well even with equity reflation. All in all, I consider my position to be good and I should make money if the market rallies next week.

If we head lower, which, admittedly, is my hunch, I’ll quickly sell some longs and add to my shorts.

Have a great weekend.

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10 comments

  1. halfbloodpope

    Your avatar and use of medicinal vernacular tells me you are bored with life and moonlighting as an adjutant professor over in Princeton’s Health Sciences department (note they are the only Ivy League university without a medical school).
    Either that or you wish you were a pharmacist much like your underappreciated idol.

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    • acehood

      Nah bruh he’s a full time chef and wolf walker.

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      • moosh

        And when he’s not doing that, he is busting jaws loose and knocking teet out. I don’t see how FLY does it all… it’s just amazing to be alive to watch in true time

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  2. cancel19

    Damn HBP we haven’t seen ya for a long while. And you come up with this deep stuff after a very well welcomed upturn in the market?

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  3. moosh

    OT – Is it weird how the cia is so choosenly “open” with info these days?

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    • moosh

      I can only imagine how the bullshit channelled info is being spread throughout the fb and such universe…War drums mothafuckas

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      • ironbird

        lol. you just figured out it is all fake. good job. Wait for the ultimate black pill. Money is fake as fuck. Carrot and stick shit nothing more nothing less..

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  4. bronze28

    Hey Fly, some of your GIFs are way way way too fucking gross; I could vomit. You need to avoid them.

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