Oil hit an intra day low of $6, off 70% for the day and Exxon traded up. High yield barely moved and leveraged loans were calm. In the face of this inextricable agony, oil climbed 100% off the lows to close above $13. My brain could not process what it was bearing witness to, so I sold out of everything instead of an old man stock and also 3x short SPX. Towards the end of the session, I sold it for +1.6%, bought an oil stock, went long 3x tech and hedged it with FAZ.
Basically, all cash, one old man stock, one oil stock, and an arb between banks going lower and tech going higher. This is an extremely pussified approach to the market. But to be honest I do not know what to expect next. This is one of those rare circumstances when asset prices do not make sense to me, so I am better off opting out.
I went into today heavily short and ended up closing those positions because of the stubbornness of market. WE SHOULD’VE BEEN DOWN 3,000+ points today, but instead went down garden variety.
In the real world, things look bleak. The finance world is fantasy island, a place where dreams comes true and the Fed sucks your dick.
In my heart, I want it all to end and collapse and people’s faces lit on fire. But then I think about the children and how they like to eat clammed chowder by the sea and how it isn’t their fault fuckhead BOOMERS ruined everything. I am a torn man and do not know what to do. I’ll figure it out soon enough. Until then, tune in for the next episode of Fly vs the world, live at Exodus.
If you enjoy the content at iBankCoin, please follow us on Twitter
Extremely pussified to say the least
OK Boomer?
Stimulus bill passes the Senate. Many GOP Senators/Representatives pissed but mollified. Gun to my head, that may be the last bailout the GOP suffers without full scale insurrection boiling over the ranks.
Lol… poor whet trash loves them some free shit and the GOP lawmakers gotta keep the base appeased. Otherwise dotard might say mean things about them on twitter.
I’m skeptical the GOP base wants more bailouts. We’re already seeing this money going to fucking Harvard.
Take notes, but what good would it do the next time? We could be dealing with fusion energy.
I have kids and would love to say, “Hey! the next time this happens, buy every “stay at home” stock you can, when you hear about an epidemic. Short oil. And buy N-95 masks right now, don’t wait. Oh, and there is going to be a problem with toilet paper…..
We need to harness gravity. All this shit goes away.
Guys, see what stress about the future does to otherwise thoughtful people ..even Fly tosses blame at a conveniently labeled group. Imagine what will happen when such leafy suburb folk see real stress? Anyway Fly, there are people who run the world and there are the 99% who do not – in every generation.
This shit started in the 60’s. Don’t kid yourself.
Mr. Purdy is right. Jews run the world and they are only 1% of the population.
Mr. Wong has a long schlong
and says “man who go through turnstile sideways, going to Bangkok”
Rest easy, Mr. Fly. Dream of plumes of black smoke and burning wreckage.
Long BA, has paid off multiple times plus energy names & banks. Both crude and equity futures up.
No one ready for the end —————of the lockdown.
long FRO. Contango for the next year as the coronavirus drags around the world and future markets dream of oil at normal prices. haha.
CVX and XOM are going to contact Erik Prince about leasing a covert submarine fleet and start sending tankers to the bottom of the fucking ocean.
DAL reports $6 billion cash on hand with a $100 million per day burn rate and “hopes” they cut that in half by the end of June.
So DAL is going to burn $9 billion clean between then and now assuming flights are still grounded. They’ve got a -$3 billion deficit this quarter.
Someone’s going to be asking for another government loan soon.
Excuse me, that’s pre-bailout. The money we gave them isn’t counted. Still that burn rate is fierce. If traffic isn’t back by summer they’re going to be in desperate straights again going into fall.
McConnell makes it clear there will be no more easy bailouts. The economy is going to need to show damage before they shovel more money out the door.
“The latest measure cleared the Senate by voice vote, but it was the product of days of fraught negotiations and false starts — and its success will be difficult to replicate as senators’ frustrations over the extended recess pile up.
“You’ve seen the talk from both sides about acting, but my goal from the beginning of this, given the extraordinary numbers that we’re racking up to the national debt, is that we need to be as cautious as we can be,” McConnell said. “We need to see how things are working, see what needs to be corrected, and I do think that the next time we pass a coronavirus rescue bill we need to have everyone here and everyone engaged.””
Republicans don’t care about debt – we alread saw that wit the tax cut. They just care about *who* gets te money.
Oh they care a lot when the other team is in charge.
Our markets are more fake than anything made in China.