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

A Very Tricky Tricky Rape Tape

If you entered today thinking tera caps were going to strum higher — you were met at the door with a metal pipe to your face. MEGA CAPS were annihilated amidst rancid breadth. The Nasdaq shed nearly 100 points and all trading patterns were UPROOTED, making for a very devilish day.

I was placed into the meat grinder and GRILLED on the stove medium rare and eaten whole, a loss of 2.9% for the session. I closed out with a blend of really shitty stocks and SQQQ — 70% cash. I am mindful of my inability to capture the essence of certain trading days. Everything I sold gapped higher and most of the things I bought plummeted with great alacrity.

When in these squalls, I find it best to keep pushing and never really walking away from the terminal. While I might end up losing every cent in my trading account, it’s not likely to occur. Also, I have a long and storied, some might say rich, history in being able to outmaneuver cantankerous tapes, which is what this is. Do not pretend to enjoy this sort of market — the uneasiness of apocalyptic fundamentals paired nicely with a printing press to make all of the baddies go away. But sometimes, and this goes without saying, the bad guys really do win and you’re left in a murderhole counting your own fingers of your severed arm.

I do not pretend to know the exact direction of the market. But we are in October, a month infamous for market dislocations and calamity. I would not be surprised, nor disappointed, to see us down 10% within a fortnight.

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7 comments

  1. teslawasright

    It appears Lord Rothschild has returned from Saxony and is to at the Terminal.

    Prepare to Qualify

    Off for sushi (no ribeye)

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  2. narcist

    Trump already lost Georgia, bigly, as this is happening everywhere in the Atlanta metro:

    https://twitter.com/johntalsr/status/1315774645061246976

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  3. narcist

    Y’all white supremacists knew all along that you are outnumbered.

    The other 30% whites who always refused to side with you will stay that way.

    Trump and COVID sped up the demise of the GOP, as expected.

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  4. purdy

    You’re not alone Narcist, there are plenty, like you, who congratulate themselves for their compassion while ignoring the fact that the same group of traitors who got the Obama administration to bomb brown people on an industrial scale are slated to run our foreign policy under Biden. Please get yourself informed.

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  5. edge

    Big tech downgrade, optimism about covid and stimulus over. Another big gamma set-up.
    This is the biggest challenge to TINA in a long time. A rush to cash could be spectacular.

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