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
20,629 Blog Posts

Rough Week for Tech Lovers — More Pain Ahead

A multitude of tech stocks got ransacked this week. As a matter of fact, the past two weeks has marked a BEAR MARKET for many high growth plays. While swashbuckling in the market today, I noticed two trends.

Market is pricing in a Biden win.
Market is pricing in more social distancing.

Earlier in the week COVID-19 stocks stormed ahead. I got long as soon as they took off and profited. Now with the COVID-19 data in Europe getting dicey AF again, you should expect MOAR lockdowns. As a result, expect stocks that benefit from an extended lockdown to continue. Without giving you my picks for free (sign up for Exodus you cheap bastard), I can tell you ZM and OSTK are two of the stocks I bought.

See pal, life is a game of fucking. You’re either doing the fucking or getting fucked.

Today’s trade. This is hard for you to extract value if you do not understand the context, so I will tell you.

(MYO -3.2%)
(GMBL -4.7%)
BE +9.5% (Biden Play)
WPRT +9.3% (Biden Play)
SOL +4.1% (Biden Play)
DKNG +3.3%
FCEL +3.2% (Biden Play)
AQST +3.2%
GOCO +2.8%
FLUX +12% (Biden Play)
BLNK +7.9% (Biden Play)
(AMTX -4.3%)
SQQQ +2.13%

After I took profits on those, I bought SQQQ and saw markets sink. I was up 4.5% at the market lows — but then the market began to streak, so I closed it out because it’s better to make 2.1% than book a loss. I then bore witness to the social distancing stocks take off. I track them via a basket, so I bought a fistful of them and took my gains from 1.2% to 2% for the session.

Heading into next week, there is a distinct risk of market dislocation. I am not naive to the fact that ZM and OSTK could get lit the fuck up. However, I am comfortable enough to give it a shot. If you’re not willing to risk a little, you’re not willing to win.

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9 comments

  1. purdy

    If you search online, you’ll find that on Wednesday he made several complete and logical sentences. New meds?

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  2. purdy

    Anyway, it could be that they’re just negotiating with Trump …”no more of this MIC talk and such like, eh Donny.”

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    • soupbone

      Going with your second option. Viewed from off shore, it is very easy to hate both candidates at the same time.

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  3. heckler

    FLY WATCHES CUTIES

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  4. roguewave

    update for the no coiner fags
    anyone who used the decentralized exchange Uniswap before Sept, recently received a little good customer thank you for using the platform gift of 400 UNI. That’s currently 400 x $5.75 = $2,300.

    If you had 5 accounts, multiply by 5. Others got more. Some much more.

    Chris Burniske
    @cburniske

    If you think #DeFi will have a smaller impact on $ETH than ICOs, you aren’t paying attention.
    The ICO boom flexed #Ethereum’s ability to perform 1 financial service: early-stage capital formation.
    #DeFi will flex Ethereum’s ability to perform *all* financial services.

    in other news
    repost https://www.youtube.com/watch?v=WrR95PFYDFQ&t=387s

    ps oops I forgot to not post here

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  5. edge

    Somebody coined the term “Equity Vigilantes”. I think that will prove to be a thing and the markets will live or die by the outcome.

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    • edge

      Of course, if the shooting really gets going the vigilantes will be much less important.

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