Small Caps were de-legged today, off by 3%. The world kept spinning and mega caps barely felt the difference between today and last week. All the while, the disruption in momo stocks has taken on a 3rd day. Some might argue that this time will be no different from before. I ended up down 200bps, in spite of having 50%+ cash the whole day. I made a quick sojourn into LGHL at a 15% weighing and came out +11%. If it wasn’t for that, I’d be down more than 3%.
Into the bell, I hedged via SQQQ, another 3 times the size position. I did this, not because I wanted to hedge, but because I want the market to crash.
Now my timing on inverse ETFs has been perfect as of late, perfectly dreadful. Each and every time I buy — market places the bears onto a skillet and SEERS them. To be honest, I expect nothing different this go around. Nonetheless, I remain steadfast in my ability and willingness to bet against this market every single chance given to me.If you enjoy the content at iBankCoin, please follow us on Twitter