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
20,688 Blog Posts

Misery and Gloom Amidst Glorious Depravity

Yet again, I am bogged. This is the 6th of the past 7th down days for House Fly, as I am presently mired in a trading losing streak — mostly rooted in the idea, mind you, that stocks might fall. I keep getting lured back into the bear trade, only to be fucked and whipped upon the gibbet. The process continues, unabated, and I don’t know when I will learn my lesson.

I am starting out my day, thanks to FNGD, SQQQ, IRBT and a fucking Chinese burrito, down 2.3%, decreasing my MTD gains to just 2.9%. I am also adding new positions, which gives me an eery feeling of exacerbating an already tumultuous situation. At -2.3%, I cannot risk much, otherwise I’ll rout myself in a choppy tape. Ergo, I am presently 60% cash and I might as well keep it there until something breaks.

The Nasdaq is +76, in spite of the fact that there will be no new stimulus bill until after the elections. The big mover today is BTC, currently encroaching on $12,500 after PayPal announced widespread adoption of the crypto-currency. I have ETH exposure and although it’s not doing as well as BTC, it is at least rising.

My albatross for the day will be to decide whether or not to acquiesce to markets and close out shorts, or obstinately hold them in the “hopes” something will go wrong and markets cascade lower. I understand my position is a foolish one; and because of this, I hate myself for being naive. Nevertheless, during these arduous times, I am reminded of the innumerable occasions where I’ve picked myself out from the sewers and shot myself back into the sky, like an ICBM — destined to detonate over the heads of my enemies.

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7 comments

  1. tha pirate

    A Biden win could betray and destroy America – and that includes ALL your little NASDAQS:

    https://www.breitbart.com/national-security/2020/10/20/wsj-editorial-board-joe-biden-must-answer-questions-about-hunter-biden-and-china/

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  2. purdy

    But the NKE indicator says we get more free money!

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  3. purdy

    With bonds on the cusp …if we get another big stimulus here, rates may rise and housing will be hurt. But if we don’t get that speedball injection, housing will be hurt.

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    • alty

      “Housing”. Without any differentiation between where people are moving from to where people are moving to

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  4. metalleg

    I’ve been thinking that Trump would like the major equity indexes at their all-time highs by Election Day so if this theory holds, there’s a bit more room to run…at least with the DJIA and NASDAQ.

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  5. purdy

    Gold getting close to 1939.40. A breach of that level is another stimuluspeedball indicator.

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  6. purdy

    In the presidential race (TAN vs fake tan), TAN is down 5%.

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