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

TRUMP APPLIES SCORCHED EARTH TO DEMOCRAT STIMULUS OFFER — MARKETS TUMBLE

Hello bitch.

Where do we start?

Let’s start with the fact that I traded 61 times today. At the highs, I was up 275bps. Then I got cocky and began to trade sloppily, booking several consecutive losses — reducing gains to about 150bps. I then entered into a very hot stock — SUNW and booked a fast loss, only to see it spike immediately after I sold. That happened last week, same stock, just before my slump.

Then I progressed upon an even hotter stock, ELSE — picked up early by a member inside Exodus. I stepped in low $5s and saw it sink into the high 4s, down 15% from my basis. I was hungry and the stock was whip-sawing all around, so I sold it based upon my lack of desire to babysit it.

Naturally, the stock went on a banana run to $8.5 immediately after I sold it. I got back to the desk and felt like crying and also punching a hole thru the screen. Why does thou mock me, Mother Market — bitch-whore?

Then all of a sudden, Emperor Trump told Pelosi to fuck herself — declaring the stimulus DEAD.

Markets COLLAPSED -400 and my positions began to reel in earnest. I had been 60% cash, so exposure was low. My profits dissipated and losses quickly took on, sending me down 150bps. I then decided to Kamikazi a trade in OPTT — doubling down as the position nailed me to a cross -17%. Luckily, we got a bounce OFF THE LOWS and I was able to sell for a 1% gain. I then took two more trades — WWR for a fast 8% gain, inside 2mins, and I doubled down in SPI — which I still own now.

The net result, like a don, I ended up 50bps, peering down on quantitative accounts that got flummoxed today.

80% cash into tomorrow’s melee.

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8 comments

  1. edge

    I’m still short. Down at the moment…

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    • edge

      …and down some more. I’ll stand pat and see where I am this afternoon.

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  2. narcist

    DUMB HITLER SAYS NO STIMULUS UNTIL HE ROTS IN PRISON

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    • edge

      I’ll not defend Orange Hitler but it isn’t his call. Mitch’s caucus won’t go along with anything but the skinny bill. Never was going to be a deal.

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  3. bob smith

    Trump clearly sees the writing on the wall:

    YOU’RE FIRED!

    Since he never much cared for his dimwit base to begin with, he will try to crash and burn everything as a lame duck (“100% tariffs on water”).

    His own party reps will stop his scorched earth policy since they know they’ll have to answer for themselves come 1/1/21 (i.e., those who haven’t been booted with Trump).

    Meanwhile, Xi Jinping is happy to patiently wait 3 more months so he can negotiate with an old man instead of an old, obese psychopath.

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  4. bob smith

    Oh, and the Democrats are better waiting to pass their own stimulus package in January when they can easily pass a much, much bigger one (I’m guessing 5 Trillion, minimum). They will bail out anyone and everyone except for the Trump criminal organization.

    Then, the trials will begin (tax evasion, RICO, etc.), provided Trump survives the plague.

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  5. Po Pimp

    Now dotard has gone back and said he’s ready to sign a stimulus bill. This back-and-forth, no one knows what the hell is going to happen next, bullshit is exactly why we have to get this maniac out of office.

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