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

Rotation Out of Energy into Tech Underway

Will it last? For the second day in a row a severe drawdown from the highs in energy stocks is happening, albeit they’re still up. On average, energy stocks are off by 2.5% from session highs while at the same time SAAS stocks are running hot. While semis are still weak and the overall tone of the market still impaired, it’s worth noting rates are higher and there is a remarkable lift off in software stocks.

The contrarian might view this as fodder and instead buy more basic materials. This is what makes a market.

I am presently overweight tech and short the NASDAQ x2 — because bigger capped tech is lagging. I am tempted tp shrink my portfolio into the close and keep it small — for reasons that are obvious. Then again, perhaps the worst is behind us and we’re setting up for a Thanksgiving run to Valhalla.

If I had the answers I certainly would not give them to you. However, I remain dutifully committed to talking to myself here on this fucking blog to an audience of catamites and mountebanks alike. I will commit to a position by the close. I am down 30bps now and have no desire to push myself to any limits that might risk my position. I am done trading in and out of pennies and hate people who do.

“The Fly” is an austere investor now and only bets on sure things — possesses and time machine and uses it to his advantage, all for good. I am no longer allured by the specter of fast returns and generally unfollow people on Twitter who chase stocks around like dogs off chains.

BACK ON YOUR CHAIN and into your cages!

My hunch is for collapse. But my eyes speak otherwise.

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  1. purdy

    Bah. Shorted MSFT and IGV here.

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  2. Mr. Cain Thaler

    10y and later maturity bonds are higher today but the earlier part of the chain has sold off again. Food commodities are coming in which is playing ball with a rally, but energy is absent and natural gas prices are higher again.

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  3. the_wolf

    Yea sure, fuck that,
    Oil running for hundy roll

    Oilman mutha fuckaa

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