You all thought today would be a grande day — didn’t you? You saw the FANG stocks lifting the NASDAQ futures and felt as if that meant your piece of shit stocks would partake. How do you feel now?
I was up nicely in the pre-market and when the market opened my gains dissipated quickly, so I sold everything. As a point in fact, I would propose you sell everything each and every morning before 10am. We have hourly tick data in Stocklabs that points to this being a real trend in 2021. Fade the open — buy back in after 1pm and repeat. Ideally, you sell in the pre-market.
I am presently up 40bps and 85% cash, waiting on one runner, bullish on oil pipelines. The internals of the market are sickening — 46% breadth, leadership in defensive areas — a full blown rout in SAAS (-3%) and all of the other bubble stocks are CAREENING lower by 3%.
This is what you are to do now.
Liquidate and wait. Liquidate and wait. Liquidate and wait.If you enjoy the content at iBankCoin, please follow us on Twitter