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
19,441 Blog Posts

Sold $FNGU; Not Shorting Until Pigs Fly

I kicked out the FNGU trade from yesterday for a 3.5% gain. As tempting as it is to buy DRIP or any number of 3x ETFs, it’s important to stay true to the disciplines that you believe in.

For example, I was bearish on markets because oil was tanking, HYG, SRLN and all of the other high yield crap was tanking. Lo and behold, that isn’t happening anymore. ‘Matter of fact, they’re going up, making me bullish.

Even so, I am 55% cash and reticent to take on any new positions intra-day, since the swings are equal to the weekly ranges. I’ll wait until after 3 to start one, which, admittedly, will likely be on the long side. No matter how you feel about stocks, markets couldn’t give a shit. It’s an emotional beast guided by fear and greed. Right now, you’re all greedy fuckers clamoring for more.

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  1. edge

    Fear is just under the surface. TLT IEF NUGT weathering the rally very well.

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  2. chumpdaddy

    Yep, TLT isn’t giving up anything but a peck on the cheek.

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