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

SHOULD HAVE SOLD THE OPEN; MARKETS CRASH THRU THE FLOORBOARDS

The same story repeats itself every day. Markets open somewhere at 9:30 and then quickly go lower. If it’s down, it goes lower. If it’s up, it goes lower. I looked at my positions, barely down, even up in the pre-market, in horror as they cascaded lower at the open. I finally surrendered, like a true southern gentleman, handed over my sword, and locked in losses of 2.5% for the session. I have since then purchased two oils, 1 uranium and some old man stocks in an effort to exacerbate my already dreadful start.

Those who bet on a crash have in fact been rewarded today. The rise in commodity prices is apparently places a severe strain onto the brains and wallets of people and as such we are manifesting lower.

Did I sell my SOXL position at the bottom?

Perhaps I did and perhaps I will regret selling it when I did — but I was wrong (again) and there isn’t much to say other than fuck off.

The issue with chasing already up commodity stocks here is the danger of them reversing and joining the rest of the party lower.

Presently there are several dozen oils pinned near highs, tempting traders to dive in. At 10:30am in the morning and my two commodity stocks already down 1%, I say to you Mr Commodity sector FUCK OFF.

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11 comments

  1. edge

    I used SOXS calls for a hedge. Got lucky.
    I’m long inflation but hedged. Small gain.

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  2. edge

    Copper crude natty gold miners

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    • edge

      IWM AND Spoos costing me money.

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      • edge

        TECL. Ugh. Getting expensive.
        I’m still positive and I’ve made no moves today. I don’t really know what to do but I suspect that this market is chopping sideways and hanging on will eventually produce a profit in most things.
        If there are any beginner traders reading this please don’t try to follow my trades. This market requires quick moves at times, I would suggest the sidelines for now.

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  3. edge

    Not that charts are all that useful anymore but the 3 year chart on EOG looks pretty good. It hit $120 in 2018.

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  4. ace noodle boy

    Fly, when start winning again?

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  5. Mr. Cain Thaler

    If I am not much mistaken, the best performing asset class for 2021 or even 2022 may be money market funds.

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  6. Mr. Cain Thaler

    Also my latest stock pick WOR is up 2.4% today…

    Long live the Republic. Fuck you globalist scum.

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  7. the_wolf

    I’m still an oil man

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  8. duuude

    The Dreadnought is turning

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