This whole vaccine bullshit era has actually sown some pretty horrendous seeds in the biotech space, whereby everything but PFE is shattered into fucking pieces. The sector is behaving as if the entire human population is about to go extinct.
We are in the midst of a torture, with exception to those heavily long commodities. The bare shelves in the grocery store and the tankage of US dominance and its currency has resulted in some fairly outsized gains in the oil/ag sectors. All tech and biotech have been harried into the ovens to be cooked by goblins and eaten at the open of trading every single day since March 2021.
I performed a great tragedy upon myself today, closing of course near the lows -180bps. I am simply not motivated enough and good enough to call myself a competent trader at this time. I ended up with sheer dicerolls of 3x upside ETFs and no hedges. It’s either going very well for me tomorrow or disaster. I have no reason at all to be so heavily long, other than relying on the fact that stocks had been down. That is not a reason to own stocks and I’ll need a miracle, or brief period of ebullition, to help me during the opening tick tomorrow.
Truth is, I was positioned perfectly last night, 20% long TZA and some stocks that did ok during the session. My proclivity to sell in the morning often works but when it doesn’t it gets really bad — because I usually chase in an effort to go green. My obstinance of not wanting to liquidate an account while red is what’s causing these gyrations and the idea of a rally is stuck in my head and I can’t shake it loose.If you enjoy the content at iBankCoin, please follow us on Twitter