Listen up men, Jungle,
We have a wholesale liquidation and crisis our hands. The time for drinking booze or shooting needled filled with heroin into your necks is over. Clean your minds of filthy and be clear minded to see the fires for what they are — a mechanism to extract you from the matrix and toss you asunder!
Today I liquidated by retirement and Quant accounts. I did that to GRAB CONTROL of my money. To that end, I also took a 16% loss in an inverse VIX product I bought Friday, errantly, and then I switched around and went long a sundry of items, booked one quick 3% gain in SOXL and presently own numerous stocks in my trading account all designated for short term profit.
Do I think we’ve bottomed?
Don’t be ridiculous. By next week this market will be closed for good. But in the meantime, I’m on the other side of the wind trying to grab what I can while I can still do it.
If you enjoy the content at iBankCoin, please follow us on Twitter
Bull! On two points.
1) Needles in the arm were never an option
2) There is always some kind of booze, depending on timing.
Cash is king but is cash even safe?
Yes, if it is USD, don’t worry.
Excellent question.
So why do I suspect some suspicious buying activity into the close today? Because the White House is having a Coronavirus press briefing?
Nah … it wouldn’t be that …
Remember when the Japan had that Nuclear Melt Down and the markets actually rallied, the reason was that china pumped money into crisis. China didn’t join the Central Bank Party last night FINALLY. China isn’t filling up their Strategic Reserves with commodities. . USA filling up their SPR is nothing. Now, this Bear finally gets to see the day that Global (except China) Central Bank action can’t stop this BIG BIG Super Ugly Bubble they have built since 2009. We are easily going down the SPX 1750ish this is the point Central Bankers should have kept Market at. We will rest a bit at that point, then it’s Ark Time. China Numbers last night were so ugly, but that is sorta what the China Govt wants.Solid Gold is the best play at this point. Trivia…based on old Sars research, and China is also “trying it out”, Malaria Medicine mixed with Zinc seems to stop the Corona Viruses from entering the cells of the body. Which sort of explains the drop in deaths in China recently.
Yep, the Chinese numbers sure are worth our trust.
When this dipstick chimes in you know the bottom is near.
Closing the market will makes things worse. It’s electronic, so COVID-19 shouldn’t amtter.
https://www.zerohedge.com/markets/just-close-whole-thing-cnbc-anchors-melt-down-beg-market-closures-twitter
Whatever they do, it’s looking more and more likely that we get to use the 20% down circuit breaker for the first time.
No chance
Here’s the scenario
1) close market
2) 100,000 dead boomers
3) open market
Nobody is freaking out about the stock market because 60% of the country ISN’T in the stock market. We are not going to bottom until we start giving helicopter money to PEOPLE.
All the talking heads “buy $CLX, it’s a virus play”. Who in their right mind doesn’t buy private-label / generic bleach? It’s $1.00 cheaper per gallon. NaCIO is NaCIO.
Bleach snobs, that’s who.
I get the Hellman’s Mayo and Heinz Ketchup thing, but bleach is bleach.
Yeah, but its a pure play. Sure, generic bleach will sell, but so will Clorox. Also:
1) Do you thing governments are in the business of saving money?
2) Do you think hospitals are in the business of hoping that the generic brand made in China is actually the same concentration as it is printed on the bottle?
I was buying $CLX instead of this:
https://ibankcoin.com/rcblog/2020/02/13/disclaimer-i-am-long-this-stock/#comment-161743
$CLX is probably making the bleach anyways.
(Not now, of course, while we’re in the midst of a retailpocalypse), but after this all blows over, take a look at the dot-matrix and printed batch/lot/plant numbers on your favorite branded food product and the generic and/or house brand. You will find similarities.
Sometimes the house brand will have a certain typeface or string format – and one of the name brands will match it with a few digits changed. Or the packaging will be identical on the inside despite a different label. Half the stuff on shelves at $WMT $TGT is just $TSN $CAG etc.
Oh, almost forget. That paper on Japan predicted a summer peak of between 230,000 and 2.3 million *new* cases per day (in Japan), based *heavily* on the assumption that Japan is only identifying between 1-10% of actual cases.
Japan is a noteworthy case, because it is doing so much better than Italy. They are barely doing any testing, however. The government is takign an odd approach: publicly downplaying the problem by limiting testing while at the same time warnigs local governements to *expect* an onslaught of several thousand cases.
They are bascially tellign peopel with light cases nto to go to the doctor. However, I am still surprised they don’t have more deaths, unless they aren’t verifying the cause of death for suspect cases.
https://en.wikipedia.org/wiki/2020_coronavirus_pandemic_in_Japan
Expecting that retest of 3000 any minute now…
Good news is that it looks like the FED’s Bond Buying Bonanza is finally going hot, so rates are falling after rising during the morning.
I went and grabbed SOXL@$100, then hedged it with some FAZ: the banks have got to be in worse shape than the chips if the dominoes really are falling. Well that’s the plan at least.
Bot soxl at $85 after reading your post. Thanks
Aren’t you still heavily long stocks overall?
Volatility must remain high until more testing is done. No one has any idea how many people in the US have it, and it’s basically been circulating around the US for several weeks.
Ironcailly, if only Trump wasn’t such an idiot, we would have had more testing earlier and a probably V-shaped stock market recovery.
If you look at Japan’s offical numbers and their official projections, the party might just be gettign started. Fauci keeps telling us how high the numbers could **possibly** go, but he still won’t say how high they **probably** will go. Every scientific paper I’ve read is pretty pewssimistic. I still can’t beleive we ahven’t ramped up testing yet.
The good news?
The $11 billion USS John F Kennedy is nearing compeletion, to join the 11 other active US carriers. China has 2, Russia has 1 and they are ~half the size of the US carriers. Don’t you feel safer now? Maybe we should buy another one?
I’m probably 67% long domestic and foreign equities and REITs, 33% bonds and cash. These trades are less than 1% and mostly to keep me distracted and feel like I’m “doing something”.
SOXL at $79
Your welcome
but the curve will continue to steepen which is positive for banks even in a zero interest rate environment
Sold stocks in Feb of 2018. Dumped in GLD and UGLD. sold all paper gold last week. 75% cash, 12% DSLV and the rest split around LABD FAZ ERY. Today has been the best day of my trading career.
Market bottoms in 1932. Trillions and trillions of rolls of toilet paper umm I mean dollars… will be printed.
NYC restaurants closing. Dishwashers, waiters waitresses… All immigrants. Can’t get unemployment.
Can’t pay rent.
Landlords won’t pay mortgage and credit card and BMW he shouldn’t have bought.
Chase and Wells Fargo are gonna run out of cash.
Quarter II bank earnings are gonna be dogshit.
Gold bullion dealers running out of inventory and paper price still diving… United States mint is sold out of silver eagles.
Either… Gold is a relic of the past and the central banks around the world that own gold are as stupid as the kid who is heading into the depression with his net worth converted into bottles of hand sanitizer
Or big desks are shorting. I mean I am and I’m making money cuz I’m a genius so why the fuck wouldn’t JPM be shorting silver?
You can short way more ounces of paper gold at your trading desk than you can buy physically.
Let’s see what happens.
Translation: my losses were too great so I disappeared from this site for 2 years.
You’re right!
24% drop in one day in Feb 2018. 90% return in 2017 shorting vol and long triple leveraged long date treasuries.
I doubled my net worth 3 times in 7 years.
Rode TQQQ and SPXL and TMF. Spent lots of those profits on hotel rooms and drugs.
Translation…
I’m older smarter and richer than I was when I bought 1000 Bank of America shares at $4.90 a decade ago.