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
21,513 Blog Posts

If We Don’t Bottom, WE COLLAPSE

After the close, MDB reported solid numbers, which is a net positive for SAAS stocks and might help offer us another leg up tomorrow. Although the rally was solid today, we are not out from the woods and I’d be remiss to not warn you that failure to bust loose from here now all but guarantees a death sentence for stocks, for the balance of 2021.

Should we gap lower tomorrow, it’s over.

But again, don’t expect fireworks in December. It just simply isn’t a month with large movements.

We’re up 0.3% on the IWM and there is very little reason for us to rally more than 3% for the entire month. Is anything spectacular? Is there a catalyst?

In the end, we all get what we deserve. I happen to deserve more, which is why I am smartly positioned without too much exposure. I closed 40% cash and 15% TZA against my longs, losing 0.4% for the session thanks to the zeroing out of my BITO calls.

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6 comments

  1. roguewave

    Nothing would surprise me

    @theRealKiyosaki
    PREDICTION. Biden to step down soon. Kamala will become first female President. This was plan all along. Trump ruined Hillary’s ascension following Obama. God have mercy on us.

    Proly nothing
    Alberta, Canadian Dr. Daniel Nagase revealed that stillbirths are “exploding” in fully vaccinated Canadian women.

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  2. richardweiner

    Imagine being bearish and babbling about collapse when the equity and total put calls hit their highest levels in 18 months, and put volume was the highest ever, the Vix had one of its highest one day spikes in percentage terms ever, every breadth indicator got to levels that have above average positive returns on multiweek time horizons, the three major indices are in uptrends on the daily and weekly charts, the last half of December is seasonally one of the better times of year, the sentiment surveys all turned bearish, Jeremy Seigel who is a permabull said stocks could drop 10% in December on Fed tightening.

    Most likely scenario is volatility with limited downside of A few percent below recent lows into Fed announcement on the 15th and sustained rally into year end.

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