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

COLLAPSE *

You thought you’d have fun today, but instead you didn’t. You saw the market +400 and felt entitled to more but instead got a stuff fist into the teeth.

LOOK AT THOSE LOSSES. STACK THEM HIGHER.

If you bought the open, you were chased down like a fucking dog for -3%. The close was collapsed and nothing was confident and now we await Asian trade where the orient will decide our fate.

I closed out my upside ETFs and went short via SQQQ in a 2x sized position to hedge against my stocks. I have roughly 40% cash, also short bonds via TBT, and have little to no confidence in the tape. I ended up only 35bps, but +200bps in both my Quant and Best ideas portfolio. Those accounts did much better because they were fully long into today, whereas I was in a lot of cash and old man stocks. I did not chase today and refused to believe the rally was back just because we bounced today. I remain optimistic of a rally, but did not like today’s action at all.

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

8 comments

  1. bravo

    Insidious.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. ace noodle boy

    When moon?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. Mr. Cain Thaler

    Literally my only reservation here is that Gartman seems to agree with me.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. the unbeliever

    All BS, everyone knows Le Fly wins even when it appears he’s losing. 40% cash means 60% dynamite heading straight for the Sun.

    • 1
    • 0
    • 0 Deem this to be "Fake News"
  5. purdy

    There’s a 97.36% chance that they’ll settle the debt ceiling issue without having to issue a $trillion+ coin. But if they do go have to go that way, it may may trigger the big reset.

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

      Mitch is the most dangerous person in Washinton in that respect but Sinema is second and closing fast. Sinema cares about her own entertainment, raising campaign cash, and not much else.
      I think that the chances of a blowout here are higher than ever.

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

    Trump warns of scary inflation…everything Trump did was inflationary and effective now. So he figures get relected and ride a white horse in to solve it. Good luck with that.

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