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
20,200 Blog Posts

Optimism Strikes Wall Street; Stocks Soar

Big rally based on stimulus bill and maybe some hope that we won’t be holed up for months. Before jumping to conclusions, let’s just agree that an oversold bounce was in order.

I was long SOXL and I sold it this morning for +25%.

My other positions are gold and I’m keeping them because the Fed is literally giving away money. European markets are all up 7%; but gold is the standout — higher by 5%.

I might visit the short side, or not. One thing is for sure, I’m not trading now with markets +1,000 and it’s only 10am. Let it settle in for a bit and then I’ll take a trade or two.

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47 comments

  1. narcist

    Hope she also dies soon (with her MAGA hat on):

    https://www.theguardian.com/world/2020/mar/24/coronavirus-cure-kills-man-after-trump-touts-chloroquine-phosphate

    JBTFD, unless the COVID trends in Europe make a sudden turn for the worse.

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    • metalleg

      You sound like an idiot. True? Or do you just play one on the internets?

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    • monkeybot

      @narcist What the headline doesn’t say is he self-administered In the form of a fish tank cleaning additive…
      This is just one more example of clickbait fear mongering sensationalist News.
      I’m not Trump fan but Chloroquine and hydroxychloroquine have been around a long time and are well tolerated. Have taken myself before traveling to malaria-risk areas such as Manaus.

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      • narcist

        Consider it another case of low IQ MAGAts drinking the Kool-Aid:

        Drinking the Kool-Aid” is an expression used to refer to a person who believes in a possibly doomed or dangerous idea because of perceived potential high rewards. The phrase often carries a negative connotation. It can also be used ironically or humorously to refer to accepting an idea or changing a preference due to popularity, peer pressure, or persuasion. In recent years it has evolved further to mean extreme dedication to a cause or purpose, so extreme that one would “Drink the Kool-Aid” and die for the cause.

        The phrase originates from events in Jonestown, Guyana, on November 18, 1978, in which over 900 members of the Peoples Temple movement died. The movement’s leader, Jim Jones, called a mass meeting at the Jonestown pavilion after the murder of U.S. Congressman Leo Ryan and others in nearby Port Kaituma. Jones proposed “revolutionary suicide” by way of ingesting a fatal powdered drink mix laced with cyanide and other drugs which had been prepared by his aides.

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    • discoordinated

      Where are you at dude, to keep typing up hopes that people die?

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  2. tjnyt

    Peace on earth, wish me luck. Was early on the virus and so, early on the market, up today 40%

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  3. og

    Bullish when Trump says fuck old people, let’s get back to work.

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  4. tjnyt

    I wrote to the WH, “LET MY PEOPLE GO”.

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  5. tjnyt

    Hey I am flying, up 49% and nancy has spoken, will liquidate all.

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    • tjnyt

      correction” Nancy hasn’t spoken yet”.

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    • numbersgame

      You were up 15%, when the market was unchanged on Friday. Then the markets plummetted to down 10%, and you ended up only down 5%.

      Noiw it is up 10%, and you are up 49%?

      Whats’ up, Doc? Tell us your secret?

      Also wondering what kind of 72-yo puts all his account into 5x leverage like that.
      Sounds like China numbers to me.

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      • alty

        He’s got half the comments while being a dr during a public health crisis in the country’s outbreak epicenter.

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        • tjnyt

          Was on call Sunday 24 hrs, did help and reassure 20 sick people stuck at home, visited 8 people at their homes, some nursing a cold/covid last Friday.
          I am on telemed today, you think everyone is a fucking phony on the net.

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  6. bambam

    I feel like this story has run it’s course and we need a new thing in the news to talk about.
    I got the feeling this morning that I should enjoy WFH because it’s back to work Monday.
    And this market hit a bottom and we’re going up!
    The #’s are in. People will get checks. Business will re-open and re-hire people back. And there are many other companies hiring now with the demand.

    Disagree?

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  7. tjnyt

    My company switching to telemed, told them it won’t last long. Don’t buy companies that promise work from home, won’t last long.

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  8. tjnyt

    Capt. Dr. Fly:
    Please remember 3 milestones; not happening simultaneously or in that order.
    Congress approves TARP
    DJT opens the PRISON.
    Some compromise on CRUDE

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  9. bambam

    Why this Nobel laureate predicts a quicker coronavirus recovery: ‘We’re going to be fine’
    https://www.latimes.com/science/story/2020-03-22/coronavirus-outbreak-nobel-laureate

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  10. tjnyt

    Just sold GS call 3/27, 137 @16.7, bought yesterday.

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  11. tjnyt

    Bought WHR yesterday at 64… why?

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    • numbersgame

      Because I called the bottom yesterday instead of buying 3x long ETFs all last week? 🙂

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      • tjnyt

        My account went from 15% up to 5% down, shame, did not sell, the next day down another 6%! Today have sold partially am up 64%. My ABC, aa, aal, bac, dvn,fcx,edc,hog,met,ko, jpm,,utx,smh,tna,uco,uym,whr,xle…

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  12. monkeybot

    NUGT

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    • numbersgame

      Don’t do it.

      Easy money made already, too voaltile, and not directly tied to gold price. There are other ways to leverage long gold more predictably

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  13. numbersgame

    Cashed out my longs at S&P 2420. Still invested, but on both sides again, with very heavy cash

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    • purdy

      Cool. You sold when it was near 2% higher than when you posted …you and tjnyt are so awesome.

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      • numbersgame

        Haters gonna hate, especailly ones that can’t tell the difference between “stocks are bottomming right now” and “will bottom today”.
        Also love the way you ignore the times I post *excatly* waht I do (TMX, TVIX, ROKU, etc..) and you conveneientyl forget those.

        What is your motivation for posting?

        PS for future referenece, I think this bottom will last this whoel week, which makes my post more significant if it holds, and ***less** noteworthy if it doesn’t. So you still have your cahnce to show that I was wrong.

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        • purdy

          Hey, you’re getting better. The last “trade” of yours I looked at had you posting only after it had moved over 5% in your favor.

          My motivation? I care for newbies who take the time to wade through your self-congratulatory letter salads and assume that you know how to trade.

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          • numbersgame

            If I post and I’m wrong, I get shit from all sides, especailyl sicne I’m bearish and 95% are bullish.
            +
            If I am right, I rarely even get a thumbs up.

            = Damn straight I wait.

            Sometimes I post after I clsoe a trade (to avoid shit if I’m wrong), but ask yourself this: do you recall a time i posted and then closed the trade that same day? Doesn’t happen, because I don’t post current trades unless I’m expecting more gains. I hold postions overnight or longer more than 95% of the time. It’s not liek I’m posting about a microcap that moves 20% up, then 10 down 15 minutes later.

            So take a good, honest look at your motivation. If you are *genuine*, then instead of posting useless derogatory comments, just post *your* trades or tell the newbies why my *specific trade* likely won’t work out during the next 24 hours.

            Otherwise, you’re just lying to yourself.

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      • tjnyt

        I post here to keep my emotions in check. I am up 64% today.
        Xmas 2018 market down 20% I took my 27 K account to 153K by March 2019, then blew it all and stopped posting…I need discipline and habit of taking it off the table.

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  14. numbersgame

    Here’s some side info on the last major epidemic in the US in 2009 (Swine Flu) for some new perspective

    I’m guessing that most of you were as shocked as I was to learne the the CDC estiamted that 68 Million Americans got it. I didn’t rememebr it being nearly that bad. Well, it turns out that 99% of those cases were undocumented with very mild symptoms. The documented number was 115,318 cases, 27,632 hospitalizations, and 3,433 deaths. So looking at just the outcome percentages vs identifeid case, it looks similar to COVID-19: 24% hospitalizaion rate, 3% death rate. However here is where things get diverge..

    As I’ve stated since January, the fact that COVID-19 can be asymptomatically transmitted makes it much harder to contain. This is easily evidenced by the fact that even with the extraordinary lockdown and social distancing measures (which didn’t happen in 2009-10), we’re still going to eclpise that case load very soon and we aren’t even half-way through. Also, I am guessing that when everything is said and done, we’ll find that the death rate and hospitalization rate (based on case or toal popualtion infected) will be much higher, partly due to the well-pblicized effect of exceedign current hospital capacity, especailly in certain areas like New York City and Los Angelos..

    wiki page (take a look at state stats)
    https://en.wikipedia.org/wiki/2009_flu_pandemic_in_the_United_States
    CDC history: https://www.cdc.gov/h1n1flu/cdcresponse.htm

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