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
19,850 Blog Posts

I Broke a Rule Today — Because We’re Going Higher Soon

I’m down more than 10% on my stupid fucking PIR position. I hate the store and hope it dies. I am only long for a trade, a trade that has gone wrong ever since I bought the damn thing. But I’m fairly convince this rout in high growth and the overall weakness in the market will end soon.

Aside from the fact the Turkey Gods are merely a month and change away, a joyous time of year when people shove copious amount of meat down there necks — washed down with thick brown gravy. It’s important to remember that things never last, not even horrible horribles. As such, it would bemuse you to know that I am thinking about heading back into SAAS soon.

We’re down 3 months in a row, losses in the -25% range. In the history of SAAS, we’ve only has 3 other declines of this magnitude and each time, after the 3rd month, the fucking stocks rose like wild bastards. The worst of the declines happened in March of 2014, a grisly affair — down 36%. I got fucking RAPED in that market and can still feel the stings of battle. But do not fear my melancholy faggots, the time is close to when bears get their heads sawed off by longs.

Plans for the weekend entail a sojourn to Chapel Hill, maybe an eatery or two in Raleigh. If you should happen to come across me there, please, no autographs.

I shed some gains in my trading, made 22bps in my Quant, an overall nothing-burger type of day. Best case, markets plunge out Monday and we buy the dip, gloriously.

HAGW.

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7 comments

  1. cancel19

    Futures were a volatile mess today. I know that they do that cuz of OpEx and sheit. But I think there was moar to it. I think now that Powell is the market’s bitch it attempted to go down ugly cuz it wants to ensure another rate cut. So come Monday I agree we may see another “fake” down draft. IMHO

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  2. soupbone

    In addition to high pe, saas or what have you; two major flagships JNJ, BA are down 6+% each on the day. there are reasons being cited. But still.

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  3. heckler

    Hey Fly do you think there’s JNJ cancer in Gold Bond Medicated Powder?? Asking for a friend

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  4. moosh

    I kind of like the chart – never traded it before though. Last time I was in that store it felt like whatever I touched would disintegrate into chemtrails violating carbon footprints within weeks, if not days. Did PIR stop the 20% off coupon mail?

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  5. acehood

    Fly post some restaurant recs for the chapel hill area if you ever feel so inclined.

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  6. alty

    How about the breakout in REITs

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    • moosh

      Good call. DLR and the divi was on my radar the other day. Also, IIPR, which is getting fucking wrecked. On a side note… I am starting to hunch pm big dogs are shorting the shit out of mj players.

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