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
19,110 Blog Posts

For All the Pomp — We’re Back to Recent Highs

All of this jargon about Chinese trade wars and an equity bubble, meddling by the Fed, is more or less obfuscation, as it pertains to present levels on the Nasdaq — right near recent highs.

The only reason why I’m hesitate to short here is because the transports just went on a 12 day losing streak and are only now bouncing. In the big scheme of things, markets held up amazingly well. I still own LABD and DRIP and will likely hold them for another day. If you didn’t get long last week, setting up for a bounce, you missed a big day. But markets aren’t contained in a single day and guess what — tomorrow is a new day to bank some coin.

Small and micro caps look dead to me. The degenerate trade is over — move on.

Big allocations into tech is underway. On an intra-day basis, I don’t like the idea of buying with the Nasdaq +120 — but maybe some end of day purchases will work. Shorting here isn’t a terrible idea either, if you’re of the belief we’ll continue to butt up against and fail at $175 for the Qs.

With my money, I am heavy cash in my trading, as always 100% long in Quant — higher by 162bps for the session.

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7 comments

  1. J Adabese (your pen pal)
    J Adabese (your pen pal)

    I gots to make ends bro.

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  2. numbersgame

    The gap from Thursday is closed – I’m really interested to see if we close above or below the 2770-75 level.

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  3. og

    So many stops of mine were hit last week and now all those stocks are much higher…

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  4. MSGT HARTMAN

    There’s nothing worse for a day trader than watching the market take off, always hoping for a pullback, always hoping to jump back on the train and make money.

    Every day with that sick feeling in the stomach, sitting on losses for the year while Mr Buy The Dips is +20%.

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  5. goose20

    You are nuts to be buying here and chasing. You will lose money for sure. Buy emerging market stocks if you just have to buy something but I would scale into those on pullbacks here as they are likely to follow US for the time being.

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  6. goose20

    If you like to gamble MGEN bio stock is close to lows and reports Wednesday after the close, very small float 72 million. Otherwise be patient with your buys so you can sleep good at night.

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