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
19,904 Blog Posts

Go Eat a Bowl of Oatmeal

The Nasdaq is +12% over the past month. Pardon me if I got fetch a gigantic bowl of oatmeal, earl gray tea, and watch markets for the first 3-4 hours of trade before deciding to do anything about lower prices. We should expect a pullback and we don’t need an excuse to trade lower. People take profits and if you bought late, expect to lose some money.

Are we topping out?

Keep an eye on WTI, treasuries, and be on the lookout for long black candles.

My gut tells me this dip will be bought. Crude is barely down and bears are still salty AF, refreshing ZH and trying to scare people on twitter with tales from the crypt.

Chill out and wait before deciding a bias.

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10 comments

  1. ferd

    Shorted XHB ahead of 10AM data

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  2. edge

    Sold SPY puts (too early!) +2%. Now I wait. 95% cash.

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  3. helicopter money

    Be careful eating too much oatmeal Dr Fly. It will induce ass ripping in half toots. Flatulence that will awaken Zeus when enhanced by the acoustics of the porcelain throne.

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  4. edge

    I had hoped to jump into a 3x bull etf but the market seems a little weak. Might have to give it a day or two.

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  5. roundwego

    Done eating oatmeal and crash is on its way. No more pumping by central banks. Even Japan stopped. Pain time as the marketing is high as fuck from the central bank opiates of liguidity. Now the withdraw systoms

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  6. winship

    Lesson for everyone: If you keep making asinine trades like buying SOXL on Friday, you will be stuck at $99/hour (pre-tax) without any real prospect of retiring at a decent age.

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  7. jbandy

    The string of negative earnings surprises and downward guidance is just getting started! I can’t believe anyone can think stocks have bottomed. Q1 and Q2 are where the year over year comps get even worse. Some half-assed China trade deal compromise is not going to erase the cyclical earnings peak we saw in Q3/4 of 2018, or the dramatic economic slowdown in the EU and China which is happening for much bigger reasons than the “trade” war. The crack-cocaine stimulus party from policy makers is OVER. At best, we get a neutral Fed and gridlock in Washington.

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  8. numbersgame

    Pretty sure we did top out.

    However, given that the gov’t is always Bullish, I’ll wait for confirmation of the failed China talks before hitting the shorts hards. Once the confirmation hist, we’ll retest the lows, so there’s plenty of money to be made.

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  9. og

    Interesting that every one seems so sure we’ll retest the lows.

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