I’m only 55% invested — up 2% on my positions — just 1% overall for the session. It’s nothing and not a big deal. The Dow is higher by 350, Nasdaq nearly 200. The biggest winners can bw found in the Chinese Burritos — with massive explosions in LFC, BABA, BIDU and many others. I look at GSX, with 70% of its shares sold short, and just gawk in awe of the spectacle.
We all suspect the market, at some point, is going to head lower. Holding and buying here is equal to daring the stock Gods to fuck with you. It has been a very profitable trade.
Speaking of trades, you will no longer be able to trade TVIX, UGAZ or any of the Velocity Shares. Credit Suisse nuked them. I can’t blame them. Why even bother letting retail plebs gains access to market destroying products? Many of these ETNs and ETFs should be suspended. Also, people with accounts less than $250k should be RESTRICTED from selling short. And, people with less than $100k should be BANNED from trading altogether. To gain access to capital markets, you should have to prove your net worth and a certain level of personal success. Out with these Robinhoodded traders, playing options from the discomfort of their housing tenements.
You cannot and will not ruin an otherwise splendid market with your rancid ideas and backward thinking!
Off to find a few trades.If you enjoy the content at iBankCoin, please follow us on Twitter