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
21,077 Blog Posts

I WILLED MYSELF HIGHER

Dreadful tape. I vacillated between gains and losses today and then made sure I’d make gains by slowwwwwwing down my beta — slashing the portfolio positions down to few and methodically trading for scalps. I ended up 65bps on a day that was designed to ruin traders.

Everything faded. Barely anything pinned to the highs. My Quant was +115bps, mainly due to strength in banks. There is a profound weakness that lingers in the stale air. The only reliable industries seem to be commodity related and banks. Tech, more or less, is dead.

I now begin my new trading session — heading in and out of shitcoins for fun and profit.

Ciao.

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3 comments

  1. roguewave

    For those with nose to the stocked market grindstone, serious money is entering crypto and exiting somewhere else. What’s serious money? When it begins with a T maybe. Almost $1/2 trillion has entered crypto in less then [sic] 30 days.

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  2. edge

    Ethereum. Wow. Eating Bitcoin’s lunch.
    I think of crypto as a legitimate asset class now. After all, everything financial is based, at some point, on trust. Right? I think so.
    Clearly, it is trusted by enough people to break the legitimacy threshold. IMO.
    Crypto, in total, accounts for maybe 1% of total global net worth. If crypto can capture just 5% and Ethereum displaces Bitcoin the potential for Ethereum is about 20x from here.
    Ten years ago and until recently I thought that the governments and central banks would not allow crypto to flourish. If they ever thought that it’s too late.

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  3. bob smith

    Um, they said exactly the same thing about tulips once. Crypto really isn’t any different when you look at it closely. Stop believing the blather of people trying to trade their zeros and ones for your FRNs.

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