Stocks Bounce; Cryptos Annihilated

For a +500 Dow day, +100 NASDAQ — this is a weak breadth session at just 66%. It means, and this goes without saying, most of you have down stocks — myself included. As a point in fact, my trading is down 33bps. I find myself only slightly succored by the eventful Quant portfolio being up 266bps — due to heavy positioning in banks. It is a grim day, however, for cryptos — as the TETHER FUD lays on a thick fresh layer of fear onto the “crypto community.” I think it’s fair to say, at this point of the collapse, that all of that excess is either washed away or in the process of permanent loss. There was once upon a time when DOGECOIN led to CUM ROCKETS being relevant and now everyone is going to jail. Any questions?

I offer you zero advice in cryptos other than to suggest, again, that if you’re going to diversify into the asset class — best to do it in the biggest ones — no matter how dreadful they might look now. The hot money trade is ostensibly over.

Over in stock land, I would expect a greater move in spec stocks tomorrow. Today is the bounce day where banks, large caps, and the commodity plays go up. Tomorrow is when the wall of doubt is breached and all of the shit stocks explode and cover the bears with its feces.