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
19,609 Blog Posts

Markets Do Not Bottom On Friday’s

Why are you surprised? Tough week and an even tougher Friday. I woke up to my face on fire with this REAL. No idea what the news was and I don’t care. All I know is that any stock -15% is getting sold. I don’t have to see the news to know something is fucked up with this company. I took a 23% loss on it — bad pick.

My overnight trade was SHAK, which I booked for a profit of just 0.45%. Sometimes we get monster trades, sometimes little small ones. The bottom line is, it was a win and that’s better than having gasoline poured all over my face by this REAL shit.

Most of my other stocks are doing good, heavily invested in gold — countering this downtrend with supreme cache.

Lots of trade war jitters now. What is Trump going to say next? What will China do over the weekend. I don’t care.

All I know is that I have 20% in cash and I have 1 job to do today — pick a stock to hold over the weekend and nail it. Maybe it’ll be a long, maybe a short. Who knows? My holding period is 1 day — buy the close, sell the open on these fuckers. The biggest fucking moves happen after 3pm and on the opens, so why bother with intra-day positions and getting tricked when you could take a clear headed position at the close?

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5 comments

  1. Good Shepherd

    OSTK ripping now. SEC compliant crypto and security token service tZero to open for retail trading on monday. Pure crypto plays are FLO and RVN. Prepare for moon mission

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    • numbersgame

      OSTK has basically 0% revenue growth over the last 3 years, and earnigns wnet negative and contnues to fall

      O, so it’s a crypto play?
      OSTK held $3M in crypto currencies in Dec 2018.
      tZero had $4.9M in revenue in 2018q2, which accelrated to a whopping $5.5M in 2019q2 (10%.
      If you look at 6 month comaprisons, that growth was a market domianting 3% ($10M vs $9.7M).

      I do appreciate you brining this stock to my attention though. Now I just ahve to figure out how long it will take the uninformed masses to figure out it’s a joke so that I can short it. I’m tempted today, but I think Wall Street will at least let some suckers get in this on Monday morning (price up) before dropping reailty.

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      • moosh

        Bla bla bla keep us tuned when you actually sell short, even though no one will give a shit

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      • numbersgame

        This didn’t take long.

        Avoiding a bad long play is just as useful as hitting a good short play. Maybe I didn’t profit, but hopefully saved some people from today’s trumping.

        OSTK -13% during a strong rally day

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  2. antiseptic

    The market never bottoms on Friday until it does

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