I don’t feel like trading today, so leave me alone. Over the weekend, I’m sure to have several showings for the house and there will be people dragging mud into the house and touching shit, peeping around with curious beady eyes. Had I known selling this home would be so much of a fucking hassle, I would not have done so.
Stocks are screaming higher and I do not have a reason for it, other than the indelible notion that things in motion tend to stay in motion. This is physics 101 you morons.
I’m fully invested! I have a large portfolio of old man stocks — Tootsie Rolls and shit like that. I’m essentially impervious to market drawdowns. Nothing can stop me.
I’ve been playing the IPO market recently and have been pleased by the results. It’s more or less a black box theory, where value can be extracted from something because it’s an esoteric mystery.
“What’s it worth?”
“Not fucking idea, mate. It just came public.”
“Well then how about we buy some to see what happens?”
“Sure, sounds like a formidable plan.”
This will work until it stops working and then the trade will sour and do the opposite of what it once did. Maybe the hot money will move into value next — once people realize that low rates is good for them.
Speaking of rate — they’re heading higher today, by a full 7 bps to 2.07%.
Am I worried?
Nope, since I don’t care, I cannot be worried.
I doubt I’ll trade today, but you never can tell. I have a meeting in about 30mins and then after that — I’ll probably get around to scrubbing the floors with Ajax again, washing the toilets bowls, and getting ready to vacate the residence for a sojourn into the pit of New Jersey.
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Yup, IPOs are a black box – if you ignore the SEC filings like 99.9% of investors. It’s more like this:
“Have you heard of this company?”
“Yes”
“Is it hip product/company?”
“Yes”
“Should we look at the SEC filings?”
“What are those?”
“Should we instead just buy it because it’s an IPO and it’s hip and most investors think just like we do?”
“Sure, what’s the worst that can hapen?”
“Have you heard of Etoys?”
“What’s that?”
“I forgot. Should we at least set a limit price on the buy order?”
“Nah, it’s better to let Wall Street banks determine what it’s worth and then sell their shares to us when they are happy with the price. “
Let the children play.
GDX WAY WAY OVERBOUGHT;
time to buy the BEAR 3 X; DUST??
TODAYmaybe ; for sure Monday me thinks.
Remaining sidelined just before last weeks fed meeting, I may need to reassess things. Maybe a coffee shop in Manhattan.