Nasdaq futures had been down 300. There was panic in the air. All of the TikTok investors are leveraged out via unlimited buying power hacks on Robinhood and all seemed rather glum. And then the market opened up like a can of peas — breadth at 28%. I watched it closely and it kept ticking higher. I stepped into today, like a man, 3x long SQQQ, DUST and some longs. I immediately sold the weak stocks on the initial bump. I then perused the market for movers and identified they were found in the COVID-19 drug space — because we’re all gonna die from this thing.
I bought and sold the following stocks inside of 30 mins for profit.
And I am still long one of the others.
Seeing breath climb to 45% and the market refusing to go lower, and WTI +1.3%, I closed out my SQQQ position for an 8.5% gain, which was 15% of my holdings or 3x normal. I also closed out DUST for 4% and paired everything down to the bones where I am now — 80% cash.
I do intend to redeploy cash back into stocks and I only did all of this to prevent losses. After all of this effort, all of this maneuvering, I find myself +0.15%. I suppose it’s better than -1.7%, which is what my fucking Quant is doing now. I imagine a great many of you with long term accounts are off by 1.5% today.
See pal, there are two types of people in this world: those up 0.15% and down 1.7%. I happen to be both of those persons.If you enjoy the content at iBankCoin, please follow us on Twitter