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.If you enjoy the content at iBankCoin, please follow us on Twitter