A few rough points:
RECORD backwardation in copper now, as inventories reach crisis levels.
ZINC up more than 7% and AA is higher by 13% for the session, as people clamor for anything with exposure to metals.
Big caps up; small weak to down
More of the same trends persist. Sell all opens. Trade light and small intraday — load up near the close.
We’re still up and plenty of stocks are near session highs; but I don’t give a fuck. I am out of all but my TZA hedge and BABA calls, content with +0.85% for the session. I reserve the right to change this portfolio constitution at any time and this blog isn’t meant for investment advice.
Understand something: I am a superior mind when it comes to investments and any long dated bets against my acumen will leave you or anything else in ruins.
My MTD gains now exceed 5% and I am happy to amble along for the balance of the month in methodical fashion.
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Sold my BABA but shortened the expiry, raised the strike and bought 40% less of them. I really like that trade.
NRXP might be onto something. I bought in.
Bought NIO too.
Sold FCX and RIO as per Fly’s excellent observation…I come away with something from Fly or you other guys almost every time I come here.
Thanks to all. One of my few goto sites.
6 digit oil is s foregone conclusion inevitably
SOXS Oct 8 calls, free to good home.
Four gaps in a row for SMH. Bought SOXS for a day trade.
Still have two SOXS call positions beside the one already mentioned. Just for a hedge, small positions.
Yield acting strangely. Inflation popping but folks are seemingly impressed by all those Fed board members who are in favor of zero bound for a year or two.
It does make a little sense. The Fed has been trying to spark inflation forever and it would probably be easy to kill now. Not good, since we need some inflation.
Tough call. The timing needs to be Goldilocks.
Vix at 16. Seems too cheap so I’ll start build a position. Bought more than I need at the moment so I’ll sell most of it today, hopefully for a profit.
Did the machines take the day off or something?
Prepare to bleed out in the last 30 minutes.
hmph…stubborn indices. Very very stubborn.
Ol’ Cain got all your russells this day. But you deny him your spoos, daqs and dows, eh??
He’ll get you next week, mark my words.
On Monday I’ll fix what’s broken.