Everything is crashing into dust. Rookie traders stabbed into their stomachs and their lungs ripped straight out from their spines. Markets have indeed topped today, perfectly.
I’ve been trading since 4am, sold 14 stocks all up, some gains exceeding 35%. I was 100% cash by 9:45 before I started to dive back into momo stocks. And the collapse happened. I ended up selling it all, preserving gains of +310bps for the session. I had been up more than 6% at the highs, but markets have ruined an otherwise perfect day. I’m now festooned with inverse ETFs now calling for the sky to fall.
Naturally I am 0 for my last 100 in timing inverse ETF buys so this is likely a good time to start buying. But it pleases me to say “it’s over” because deep down we all want it to end.
Nevertheless, I have cash of 85% and will likely be chasing stocks higher later on today.If you enjoy the content at iBankCoin, please follow us on Twitter