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
19,759 Blog Posts

Not a Good Look For Stocks

I was hoping for a clean break lower after the initial incline, in order to buy more. Instead, we have a milquetoast flat consolidation day after a fucking meltdown. This is not exactly what I wanted to see. I’m afraid that if we do not flush out today, we can and will flush out tomorrow.

Two scenarios work for me.

1. Nasdaq regains balance and gaps up 75 points from here.
2. Nasdaq flushes out and loses 75 points from here.

A flat close makes me want to raise more cash.

It should be worth noting, it’s entirely possible nothing too spectacular is on the horizon, just more hemming and hawing as summer winds down. I would not anticipate anything too large on the upside or downside during August.

That being said, positions should still be watched closely and 10% stop obeyed.

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7 comments

  1. ferd

    Interesting that with all the CNBC guest bullishness about WMT and the consumer this morning, XRT broke its monthly (2009 to now) uptrend today.

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  2. trumpmeister

    Lol

    Like every year, there will be a time when a so called trader gets taken to the woodshed. Trading is a zero sum game.

    There will always be a bull market somewhere in a general bull or bear market.

    The key is to pick the right side, go long, sip on margaritas, and watch your net worth explodes by 8-10x in the next couple of years.

    Any idiot who tries to pick a bottom or be cute by playing both sides will get their asses handed to him eventually.

    TLDR: gold and silver have broken out. You will make money throughout the upcoming stagflation by going long in precious commodities. No need to buy Fly bs time machine.

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  3. spaceman

    I am taking out a personal loan to buy 200 more silver eagles any feedback?

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