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
20,329 Blog Posts

Ridiculous Absurdity — COVID-19 Has Been a Stunning Success!

The Dow has airlifted another 400, Nasdaq +200. Admittedly, my positions aren’t doing as well as I’d like to be, so I might need to doing a little redecorating. The notion that a total collapse of the global economy should press stocks lower is now viewed, widely, as a ridiculous absurdity. Why, COVID-19, for all of the death and misery and has wrought upon Main Street, has bee na STUNNING SUCCESS for Wall Street. Men in pinned striped suits and permanent cigars puff into the sunrise — leaving behind a world reduced to ash.

Since I am busy today, dealing with personal matters, I have been unable to trade and can only criticize my current positions as being wrong for this sordid tape. I can, of course, hold and wait for better optionality — or clean slate.

Into the late afternoon hours, I doubt we’ll see any major market turn. After all, WTI is back above $32, and the Dow is steam rolling towards 25,000. We’ve V-shaped the fuck up and that’s all there is to it.

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13 comments

  1. alty

    Anyone looking for some good comedy should check out the comments section of this blog from roughly March 20-23rd. That’s gold Jerry! Gold! My favorite was when Fly called for. 75% drawdown and “uncoordinated” couldn’t disagree.

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    • og

      Peak fear was when he liquidated the IRAs, but everyone was scared that time. Nobody thought it would bounce back like this.

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      • alty

        Expecting a bounce like this and being terrified with stocks already down 30-40% are two drastically different things

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        • soonerxii

          And yet, here you are….searching through the comments section of his free blog.

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          • alty

            Come on now. It takes 4 clicks of a mouse and 2 minutes to get to a specific date. You didn’t kill even 5 minutes of time doing something pointless today? What it being a free blog has to do with anything, I have no idea.

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    • flyleech

      Incredible hindsight! Hats off to you!

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      • alty

        Not sure what hindsight has to do with comment, as I was merely pointing out some humorous content. You sound bitter though. Did you get caught up amongst the know it all doom and gloom crowd? Emphasis on crowd.

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      • soupbone

        your avatar invites an exploratory mission from richardweiner, just between us.

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  2. roguewave

    Beyond my pay grade, but I’m leaning toward the milkshake theory (I didn;t make up the stupid name)
    I belive the timeframe is 2 yrs.:
    Initial deflation accompanied by massive brrrrr;
    stocks – new ATH;
    super strong Dollar then
    end-stage hyperinflation of some sort.

    I’m not a trader; just watching from the pussybox.

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