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
21,907 Blog Posts

FUCK OFF

Facebook has been offline for more than 3 hours. It appears their entire site has been destroyed and as such — speculators believe the stock is now worth zero. Energy heavy faggots boasted their gains today amidst the carnage. If you were long the inflation trade, you escaped the pain.

The sell off in tech was palpable and like all previous sell offs before — this too feels bad. It feels like it wants to go to zero and I had to check myself all day from selling short by focusing in on the people I hate boasting of their shorts and how we were bound to collapse the open.

Look at how fucked Facebook is now.

Although long, I could not get myself to get long tech or heavily into the Nasdaq. I am long CPB, DUK, ETR and other old man stocks with levered exposure to the Dow and a risky gambit in biotech via LABU. I am still heavy cash and I can still drawdown 2% or so tomorrow is we collapse the open. We might in fact gap lower and recover. Or, we might gap up and keep running. Or we can gap up and then collapse.

This is not an easy tape to gamble. People chasing energy here might get 100% fucked tomorrow. The path of maximum pain is where we’re going and the easy trade seems to be selling short into the bell.

Fuck it I am going the opposite — but will take heed of risk tomorrow morning.

If you enjoy the content at iBankCoin, please follow us on Twitter

5 comments

  1. the unbeliever

    I’m sure CockLabs users are getting their money’s worth at times like these, wish I was in. How much is it per month/year again?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. soupbone

    the internal combustion engine rules. and yes, inflationists have to go to energy but woe be them if they forget to sell when the cycle is ended.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. edge

    I sold all of my shit except for a small put position. Watching.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. the_wolf

    Rotation into energy

    • 0
    • 0
    • 0 Deem this to be "Fake News"