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
21,907 Blog Posts

HOPE CRASHED AGAINST THE ROCKS

About noon I started to buy with vigor. Feeling good about the rally I accumulated the most trodden stocks and it wasn’t long before my heinous losses of 2% were all but erased. During this rise, I could not help to feel as if I escaped a great tragedy. I was recovering from a loss that was mostly self inflicted vis a vie a terrible trade in LABU. But I was recovering and in my mind there was an idea of a rally — a feverish short covering squeeze to punish the short sellers for being so god damned right.

This euphoric sense of being soon crashed up against the rocks of despair, as the lunchtime sojourn quickly became a late day rout — heading into the last day of the week — a Friday during the first week of a new year.

Almost feeling the urge to cry out of anger, I sold my positions, locking in a 1.5% loss — now down 2.45% for the week. I initiated positions for the overnight in UVXY, SQQQ, hedged with a long shot bet on cloud stocks rebounding via WCLD.

It is depressing. This isn’t what we wanted, but it’s what we got.

The odds of this week wrapping up nice is slim. The odds of a nightmarish styled rout is quickly becoming a possibility. My bias is to the downside and if the market rips higher, given my position, I will likely bleed out another 1%. I have been chopped and flipped and churned into butter. The market dips turn up violently and the rips fade and quickly collapse.

On a brighter note, heavily long banks and oils, my Quant closed +2% for the session, really not doing much of anything throughout the session, as the volatility I lament over is focused in both tech and healthcare.

If you enjoy the content at iBankCoin, please follow us on Twitter

5 comments

  1. traderconfessions
    traderconfessions

    Zero comments? Now there’s one. You’re welcome.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. Mr. Cain Thaler

    Oh man at this rate 10 years will be at 2% by next Friday.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. Mr. Cain Thaler

    We have breached the March 2020 yield highs. Hold on to your ankles, boys.

    • 1
    • 0
    • 0 Deem this to be "Fake News"
  4. Mr. Cain Thaler

    Man oh man…look at those commodities turn higher.

    Interest rates are out here setting highs unseen since 2019 and commodities just do not give a shit. Agricultural products are touching levels unseen since the 90s or early 00s.

    And it looks like the Farmers Almanac bested NORAD again. It’s cold as shit out. I love watching a bunch of farmers making rocket scientists look like clowns in between sharing recipes for switchel. Natty prices were settling on December being representative of the winter and now it’s all going to hell.

    Oh and one last thing; word on the street is motherfucking SYSCO is having major logistics problems right now. This is the bedrock of food distribution in America. So I guess have fun trying not to freeze long enough to starve to death.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. Orson

    Should start to hear chatter about the calls on margin debt.

    • 0
    • 0
    • 0 Deem this to be "Fake News"