SAAS stocks have been hammered into dust, off by almost 3%. This is a massive area of tech, the best growth stocks in the game, getting absolutely poleaxed today, amidst calm normality in the general indices. We have seen this divergence the past two months — alt energy stocks smoked the fuck out whilst utilities move to annual highs.
We are offered glimmers of casting light betwixt shadows as dark and looming as those cast in the hellish days of 2014. If you bought any Archegos dips a month ago, you sit here today in the red.
I am up 370bps for the session, thanks to sublime trading and 80% cash. The only thing I like for now until tomorrow is miners. Everything else appears to be fleeting and subject to plunge. There are innumerable shippers on my screens today and I tried several for trades — but the momentum simply isn’t there.
Once again, the market is ransomed into buying RISK AVERSE stocks, peanut butter makers, due to the unwillingness or inability for this Jim Biden market to get started. I know we’ve made good money. But it wasn’t the markets doing, helping us along. The past two months have not been easy and there are many traders off by 50% since then, squirreling into idiotic theme stocks only to get uprooted and fished out into the sewers later on. I will tell you if you’d listen — but you wouldn’t understand.
For now, heed my advice and trade small and wait for things to tighten up.If you enjoy the content at iBankCoin, please follow us on Twitter