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

DOWN WE GO!

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.

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8 comments

  1. Mr. Cain Thaler

    People are really buying into the idea that all crypto is going to benefit from what’s happening but I’m not so sure.

    First off, I can’t shake the feeling all these staked coins are tied to the broader markets in someone that is not currently transparent but which is about to have the curtain thrown open. And since the strategies were obviously profitable for years with higher stocks and bonds, I’m guessing the inverse movement will not be.

    Second, if interest rates go to 4-6%, savings accounts rematerialize and that was a major impetus for buying crypto.

    Third, who are we kidding there is a massove crypto bubble and all of these projects and protocols cannot simultaneously be successful. If bad times come, market participants facing losses elsewhere are going to start deciding if that bullshit protocol people are spending a hundred grand on to claim ownership of low resolution banana paint files actually has any major economic utility when measured against the others projects.

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  2. soupbone

    Someone sells you a crypto coin for $US currency, why would that be?

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  3. soupbone

    The (extremely) economically sensitive commodities have zero long term hold value. Hence, this little party must be harvested but the last to fall will be oil. Cheaper than shoe leather even now, folks are not going to stop driving even after cutting back on virtually everything else in life.

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  4. roguewave

    Make no mistake; this is a fight to the death – in it’s infancy.
    Pomp ? @APompliano
    YouTube just deleted our channel after
    @100trillionUSD and I were talking about a hyper bullish scenario for bitcoin in the next 5 years. Thankfully I have a backup recording and we’ll release it tomorrow on the podcast.

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