Indeed. It was a day that will live in infamy, Trump’s great big titted stock market ripped apart to shreds, as the oil wars heat up and credit markets seize. The sole sector that was higher was auto parts stores, which happened in the Financial Crisis of 2008, as investors priced in NO MORE AUTO LOANS and people fixing their jalopies.
SRLN new lows.
HYG thrashed.
High yield fucked.
The Dow ended lower by 2,000 and all you heard on CNBC was “OFF THE LOWS” and how terrifically wonderful the circuit breakers worked. They should fuck themselves. Global markets cracked asunder as well, led by Italy off by 11%.
I walked into this tape a man, but was quickly courrected and dispatched in a series of poorly thought out trades gone SEVERELY wrong.
My day.
COCP +47%
BCRX +5.2%
(TRIB -20%)
(MRNA -6.8%)
(AAL -3.4%)
(NCLH -23%)
(WYNN -11%)
(SIX -7%)
(IMAX -6.66%)
(URBN -11%)
(VXRT -13%)
SOXS +4.6%
(COCP -27%)
(GUSH -8%)
FAS +3.1%
TNA +3.9%
(TMV -9.3%)
TMV +4.8%
SOXS +1.95%
My trading account was down more than 3.5%, in spite of all the cash — because of these exogenous losses. I tried to trade effectively and was doing ok. But like I said, a series of unfortunate events bogged me. I closed out the day 80% cash and my head screwed on right, so I think I’ll be ok. My longer term Quant account was lower by 5%+, thanks to everything lower. Market breadth was -95% lower and Exodus oversold levels hit unprecedented levels. We are most certainly in an time and a place that is unchartered.
I do have one actionable trade that may or may not gain traction. Tankers. With WTI and Brent in the shit-box, look for producers to STORE CRUDE AT SEA in these tankers. I went long FRO.
Rough day. If I still drank booze, I’d have several today. I was bearish and positioned defensively, yet still lost a bundle. My sixth sense is for the Fed to intervene, but don’t expect markets to respond favorably. The oil sector carnage is real and there are state in America that will fall into depression. Nevertheless, we press on.
I closed out my TMV trade for a marginal loss, after averaging down today. Although I think yields will rally, my risk appetite is nil.
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It’s been in the mail for some time now,
We have clout with the Saudis, but we have poisoned our ability to deal with the Russians due to the intel/MSM/etc complex ginning up conspiracies. I just hope that plan B doesn’t involve armed conflict with a nuclear superpower. The fact that these fuckers are crazy is a concern.
When has Trump/Kushner demonstrated a spine with those fuckers? Houston, you have a problem.
A market crash without iBC would be like a glass of gin with no vermouth.
Goddamn right.
Shout out to old names and good times.
March 9 _ party _
–
-hownice
–
3/09 extravaganza
–
-hownice
–
Today’s trading
brought to you
by the number – 666 –
I hope you made 16 Trillion dollars today, Showtime. Cause if you’re missing out on profiting from your life’s work, I’m going to be very disappointed.
the fag box strikes again. Look men, this will bring some good for the future. (sorry if ‘men’ is an outdated terminology but war is war).
President Trump Predicts Market Crash if Not Re-Elected
Any thoughts on how this impacts housing? Last decade saw a boom in single family home ownership by large investors. Any chance they’ll need to raise cash by selling a few? Would be great to see some supply finally hit the RE market
my guess, a noticeable number will need to raise cash by selling and not just the big guys – anyone on the fence.
Passing the buck on the fake news media isn’t a particularly effective political strategy but somehow it has been working for him… till it no longer.
what a day! I got COCP’d in the ass but other than that I was just watching the chaos.
Can’t trade tomorrow so I sold my shorts. 100% cash.
I don’t see how the market can rally from here. Too much damage. I’ll consider all rallies to be bear flags until proven wrong.
Where were you in 2009?
Short until Mar 9.
Let me guess, then your went long for 11 years
How ’bout where were you in 2000,2001 and 2002.
You mean when companies had no earnings?
By way of Downtown Josh Brown:
We can debate the amounts, but it’s been an open secret hiding in plain sight that most of this financing activity is uneconomic.
Einhorn laid it out 5 years ago.
The biz hasn’t gotten any better, only the interest rates have.
https://businessinsider.com/greenlight-sohn-presentation-2015-5
The key point for me: “the biz”.
Energies absolutely slaughtered.
BP, surely one big enough and strong enough to survive this carnage, at $25 hasn’t been this cheap since 1996 – 24 years ago.
Other interesting developments:
“As Occidental Petroleum Corp.’s stock plummeted to an 18-year low Monday, the oil and natural gas production company’s dividend yield spiked to the highest level on record, according to FactSet data. With the stock losing 52.0%–the biggest one-day selloff in its history–to $12.51, the current annual dividend rate of $3.16 a share implies a dividend yield of 25.26%”
25.26% isn’t relevant, as the dividend could get cut anyway.
Think of it this way: if you owned the stock on Friday at $25 with a 12% dividend, would you be happy now that the dividend has doubled? (This pretty much goes with every dividend-paying stock in the last 2 weeks)
In fact, that is the larger problem of peopel tryign to replace low-yielding bonds with higher-yielding dividend stocks. Dividend stocks and bonds are not the same as their is no gurantee of return of prinicipal with stocks.
(I’m making no judgnemnt on whether $12.51 is a good price for BP)
Italy just told the whole country to just stay at home because of the fake virus. No biggie.
Know what would be so fucking cool? Both Fuhrer Trump and Pence catch and die from the fake virus.
That’s a lot of crisis actors!
Me and the Iceburg X-5, bounce from the scene
Recline my seat, rock to the beat
re press conference happening now. Pence has come up a notch in my estimation. But I do wish that someone would tell the president how fragile (Numbers-ish) he looks when so many around him have to incessantly repeat “at the president’s direction.”
You’re just now figuring out that the President has a fragile ego?
That explains why you didn’t understand my other comment.
Rather numbersish indeed
I think this is great background for the finacila postino we find ourselves in.
When you read it, think about how Treasury bonds used to move in opposite directions of the stock amrket and then started tending in the same direction. (until very recently). How many times have i written that it “great economy” + “super low interst rates” doesn’t make sense?
“The Fed Has Made People Lazy” – Veteran Trader Filibusters CNBC: “This Doesn’t Get Sorted Out Overnight”
https://www.zerohedge.com/markets/fed-has-made-people-lazy-veteran-trader-filibusters-cnbc-doesnt-get-sorted-out-overnight
Thanks for the link. Good article. I would add to that that the evisceration of middle class wealth has suppressed demand to the point that there is no investment. And what production there is for new demand is often offshored.
So the very wealthy have nothing to invest in since China builds production facilities for them. What to do with all that cash? Buybacks and stock purchase.
Add to that the BTFD mentality. It has become automatic and mindless and pushed to an extreme, which arguably makes it a ponzi scheme. I haven’t trusted this market for the last two or three years. 2018 was a shot across the bow. I have kept cash balances high since and started taking shots at the short side in the fall. It looked ready to correct IMO.
We need to reprice at a time of economic turmoil. This will be ugly and not quick.
I should have added that the political climate is going to start demanding that wealth start flowing to the middle which will impact the amount put into the markets.
“the political climate is going to start demanding that wealth start flowing to the middle”
Except that the Democratics establsihment and the press have blurred the politics of the Left (Bernie, Warren, Yang, and Steyer). The candidates kept saying that the econmic divide and corporate power is the biggest problem, but then all the press and the Democrats make ita bout Medicare for all instead. Socially, Bloomberg is way left of center, but his economic message is straight from Clinton (Bill).
So, I can refi at 2.875 30yr. Is it going lower or should I lock it in?
If this virus causes peeps to miss house payments consumer loan rates could rise.
Good point, thanks. Locked it in.
If any of you GIGANTIC FAGGOTS wanna ride bitcoin back up with me instead of selling gay pops in the stock market hit me up. I know the way
I’m going in big over the next month. Crypto is in its infancy and the next bull will blow people minds. I think we get one more large shakeout and then we start to go up for good
For real?
I’m all in here
Yes. Looking at BTC, LINK and XTC. What about you?
BTC. BCH, DASH
My plays are LINK at XTZ – should make a ton as BTC recovers. A lot of people think we just saw the pre halvening low
“He’s hurt me, Doc!” “Don’t give up, Mac! Fight!!”
-Little Mac
Stick and move, stick and move…