If you ever wanted to know what it was like to trade after the 1987 crash, you’ve done it now. The Dow ran up a remarkable 18% for the quarter, whilst the Nasdaq charged ahead by 30%. You know the winners and the demeanor of this tape, highlighted by Robinhood traders laughing at bankruptcy filings and buying XYZ because the stock is supposed to trade to zero.
There is immense liquidity in this market now and retail is back, people trading this market like there’s no tomorrow. All of this makes for a fun tape, not necessarily a healthy one. Valuations, by any measure, far exceeds anything we’ve seen in over a decade — at least. Yet, the Fed is still out there providing liquidity, increasing their balance sheet to more than $7 trillion amidst cities on fire and pandemic lock-downs.
We were not supposed to V-shape rally, but we did and now everyone wants to know how the story ends. Do we continue higher, in a seamless and endless rally in stocks based upon the caprices of ignorant people? Or will we revert to the mean and CRASH THIS FUCKER into the ground?
I bought a bunch of shit today, trying to lose money. I’ve been trying to lose money all quarter, but can’t seem to find my groove. Every time I book a loss I think to myself “maybe now I can finally put myself out of my misery and end it all” and then BAM! I fucking explode with a string of 30 winners in a row. I try very hard to lose money — but sadly I fail time in and time again.
If you’re wondering if Le Fly is the real deal — join us in Exodus and see for yourself. I hold no punches and will challenge any one of you FUCKERS to a trading contest — whenever the hell you’re ready for it.
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