We were oversold, as indicated by Exodus on Wednesday and now we’re working off that. Typically the oversold condition lasts about 10 days, so one should expect to make even more coin next week.
I ran into a buzzsaw with a ROKU trade gone awry yesterday and booked a 3.5% loss today. I do not have patience for down stocks on big up days. I also took profits on MU, bought yesterday, for a gain of 2.3%.
Honestly, I do not have an appetite for a lot of risk here. I feel the market can run and it should — but there is so much fucking news out there that could go wrong, I’d rather err on the side of caution. Bear in mind, I am fully long in my Quant, hedged by a 15% weighting in GLD — constituting 75% of my liquid assets. The other 25% is what I trade with and that’s what I have mostly in cash. I might buy a few stocks into the bell, but I doubt I’ll have less than 50% cash after it’s all said and done.
Big weekend planned at House Fly. My son is flying in from school and I got my fucking car back from the dealership, $10k in total. Fucking shit. I’m having a fine day, albeit a little lethargic. Lots of scrubbing to partake in later on today. Lots of toil and industry.
If I don’t update this blog later, have a nice weekend and be sure to avoid fucking yourselves into the close.If you enjoy the content at iBankCoin, please follow us on Twitter