I had to remove myself from the tit of the trading turret and accept what I was seeing. I was not seeing a bearish tape, per se. The fact is, the broader indices were doing fine, yet the Bubble stocks were being skinned alive. Well hello! What the fuck do I need, an engraved invitation?
Far too often we only see what we want to see. As humans we enjoyed being lied to, told fantasies of fat fucks plunging into our homes to leave us shit we do not need. These things and beliefs make us feeeeeeel better, as we are emotional beasts who care soooooooo much about feeeeeeeeeelings.
Well fuck all of that. “The Fly” said “fuck what you think, asshat — you’re going all in on large cap stocks” and that’s precisely what I did. Granted, I did so and ate another 50bps of losses due to the market sell off, late in the day. But I am a better man for it — believe me. I was fighting a losing battle — the last Japanese soldier holding down some deserted island in the 1970s.
The momentum high beta stock trade is over. Those stocks are in the process of getting folded. The rotation into big caps is here is happening and you’d be a fool not to believe me.
I closed out the session 93% long, with about 4 trading stocks left. The remainder was invested in a manner befitting of a gentleman of my stature and standing. I did the exact opposite of what I wanted to do and I’ll be better for it in the morning.
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