I thought we might’ve had something there — but no. I cleared out all of my positions except BABA leaps and bought some SOXS for the novelty, locking in a +125bps gain for the day.
I might re-enter towards the end of the day, but it will not be bold and it will be hedged. I am done (for now) with swinging for the fences in favor of a more methodical method. The market isn’t what we want it to be and it’s important we root ourselves in the reality of the situation instead of hope.
I’m biased towards the basic material trade and the oils are still up, but sharply off their highs. I’d rather buy back in at the end of the day, even if higher, than have to watch this shit tape churn and burn.If you enjoy the content at iBankCoin, please follow us on Twitter