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
21,324 Blog Posts

MARKETS VOMIT INTO THE CLOSE

I can comfortably say my cold streak is over. Early this week I got tossed into the blender and sank another 4% on top of the 10% shed in September. I was at my low point and I stared into the black abyss with my black heart and I won. I reversed and went higher — because I stopped chasing momentum. I will no longer chase pennies like a dog after bone and instead opt for more macro strategic plays, until I make back what I lost.

I made +110bps today via a blend of shorts and longs, leaning towards an inflation narrative and short bonds. I am fully invested, but also hedged, and the tape was ugly as a bitch into the final hour. We can expect fireworks next week and we’re not looking forward to it because the market hasn’t been forgiving.

We have a holiday on Monday, HAPPY Columbus Day — a great man indeud who is wantonly hated inside House Fly. Since I’ve never met the chap and prefer not to mold my opinions from scandal — I can only assume he was a great man because of all the fine statues of him around the world. Just like in 300 years people will reflect upon George Floyd and view him as something of a civil rights hero, I too have the opinion of Christopher Columbus that he was a great navigator.

The fact the Indians got REKT and lost their lands is wholly due to their field commanders being fucking morons.

DOOM awaits.

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17 comments

  1. it is showtime

    So, notional american founder icon
    replaced by
    ethnic slavery release

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  2. edge

    Including leverage, I, too, am all in and hedged. What else could be done?
    I’m not concerned with garden variety pullbacks so my hedges are geared for the 20% plus blowouts. My mental state is Zen-like here, being that the market is mine for the taking.

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    • soupbone

      we have been in bull market since March 2009

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      • rigged game

        What was the Feb-March 2020 DJI drop (29,000 to 17,000)?

        Bull-ony?

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        • edge

          I was amazed. The government reacted the way they should have in 2008. I never would have guessed.

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  3. purdy

    He was at a pub playing a game of chance and some Phoenician dude ran out of coin and so tossed some old maps into the pot.

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  4. emersonlakepalmer
    emersonlakepalmer

    The Germans got REKT too….and they had Rommel

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    • Dr. Fly

      And now look at Germany, CIA vassal state

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      • edge

        Smart people. They didn’t want the Euro but made it work for their benefit, their economy hiding behind a POS currency.
        Genius.

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  5. Mr. Cain Thaler

    So I just came across a bizarre thread on twitter where some lunatic seems to be suggesting that he/others are trading UST yields to perpetually buy interest returning coins (ATOM, LUNA, etc) and staking them and I am now like 99% sure that upwards of 9/10ths of the crypto market will not survive this decade.

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  6. tha pirate

    #Let’sGoBrandon!

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  7. roguewave

    Using an S Corp an accountant took a $24,000 salary on $200,000 in income, 12% of the total. IRS determined the fair market value of his job was $91,000.

    Using an S Corp the Bidens in 2017 and 2018 raked in $13 million in speaking fees. They paid themselves $800,000 in salary — 6% of the total income.

    So 12% of $200,000 was unreasonably low, but for a “tax the (other rich guys) guy” (Jim B) 6% of $13 million – perfectly fine.
    Not a level playing field.

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  8. Mr. Cain Thaler

    Your daily reminder that if bonds drop 15% from here, stocks will be looking at a 50% rout.

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