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
21,914 Blog Posts

Was that the Bottom?

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My morning fear was unfounded. The time to be scared is now, not then. Braver men than me stepped in early and really raped the tape. I more or less twiddled my thumbs all day, until I saw a clear push up and then allocated 100% long in a sundry of beaten down names. Although tempted to ride with these positions overnight, because who doesn’t love a great fairy tale? I was instead reminded of the countless and cruel tapes, whereby priors day rally was completely ignored and replaced with a cast of doom.

To be clear, I have no hedges now and am 69% cash — but I sold most of my stocks into the close because locking in a 75bps profit for the session never felt so good. There is an old saying and I always find it to be true, “one in the hand is better than two in the bush.”

I cannot for sure tell you how markets will open tomorrow. But what I do know now is we reversed a really bad correction and at the lows of the session — Stocklabs was 10 year oversold. To put that into perspective, we go back decades and backtest the technicals of the market based on our algorithms. The only time in history we have been OS on the 10yr algo was the bottom of 2020 COVID lows. Now you might think that to be crazy, but the algorithms do not have feelings and the short term carnage in the tape measured up to the very worst of markets, in decades.

Yes, down 20% in a week on the best software names in the world is on par with calamity.

If you survived THE GREAT CRASH of 2022, congrats. I’m not sure if the bottom is in, but I sure as hell am rooting for some easy trades.

Today’s afternoon trades.

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8 comments

  1. natehois

    Donkey dong rally inbound

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  2. roguewave

    The bad news too horrible to mention.

    Pets can become infected and transmit the virus to humans.
    Safety is paramount. All pets must be double vaxed, boosted, tested, passported, social distance and mask up!!!
    The Science must be followed.
    Pets that refuse to mask up; must be destroyed.
    Sorry, if just one life is saved; it’s worth it.

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  3. roguewave

    1/3 of the young kids being raised today by their insane over-protective mothers will be afraid of virtually everything: (nature, the outdoors, people in-person, discussion). Their only security blanket being their iphones with their cyber friends.
    At 5 we went outside to play all day unsupervised until dinner. Maybe coming in for lunch. Today that gets mom & dad arrested.

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    • natehois

      I think you’re cherry picking a pretty small demographic that has existed for decades

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      • roguewave

        Just anecdotal observation. I don’t know if anyone knows the real numbers. I’ve seen moms parked at the end of their driveways with kids in the car, engine running, heat on, waiting for the school bus on a cold morning. Not exactly a bold pioneering spirit.
        Some kids will overcome the fear; some won’t.

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        • natehois

          I don’t think that’s going to make any kids tougher, but on the flip side at least they’re not being neglected which could lead to them breaking into your house to snatch up your oxys and tentacle hentai

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        • traderconfessions
          traderconfessions

          I assume from your brilliant observations that your parents deliberately dropped you on your head to toughen your skull. Ahh… those were the halcyon days of pioneer spirit.

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  4. purdy

    The thing to note is that people are so programmable, that they will do whatthefuckever to the children that they love …as long as the social/media/political group with which they identify SHOUTS that it is the thing to do.

    Vaccines that harm them more than the disease, hormone treatments, dick removal …whatthefuckever!

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