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
19,327 Blog Posts

Bears Eviscerated By the Close

Thank God I closed out the majority of my shorts on Friday. Still, I took a fucking drubbing in LABD and DRIP today, as is customary whenever I decide to be an inverse oil man. On top of that, I took a hazardous trade in BPTH that ended with an 8% loss — because I was pining for the big dick swinging days of late last week. But those days are over and all we have now is upside surprise in stocks — an overall melt up befitted for gentlemen in high finance.

My Quant sperged out, higher by 2.25%.

I took OLED for a quick spin and bagged 3 points intra-day — and I bought some SOXS here for the downside reversal to come. I’m still long NUGT and have about 70% in cash inside of my rudderless trading account. I’ve been so degenerate in that account, trading in low brow names for quick profit, I am a fish out of water now that the overall market broke out. Oh, I also bought some OKTA today, in order to gain some exposure to SAAS.

In short, this is the level where I went short last week, so we aren’t breaking out or anything like that. We’re just vacillating and consolidating recent gains. Should we break higher from here, I will take all the shorts off and reallocate long.

And, yes, you can buy stocks even though they’re high. Bull markets are built upon gains that compound.

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4 comments

  1. it is showtime

    Crack 1 was a warning shot

    Crack 2 was a demonstration

    The takedown, the leverage, the sabotage, a cord pull

    Crack 3 will be the nail

    on, over, upriver of 45

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  2. dae42

    SOXS to the bonfire again. Amazing

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    • it is showtime

      The programming has Clearly targeted various groups/sectors/trades.

      semis have a laugh-out-loud display
      this round

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  3. MSGT HARTMAN

    Get 100% long if you want to make money, we are going to new highs and beyond.

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