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
21,906 Blog Posts

TECH STOCKS CONTINUE TO DROWN IN SHIT

The Nasdaq lost another 300 today with severe selling that had the hallmarks of liquidation. The strength in oils buoyed the market and had oils not bounced we’d be in a much much worse position right now. Early on I doubled my position in GUSH and it ran +12 from then till the close. I sold CELH and RIOT, one for gain, one for lossĀ and continued to average down in WCLD. My LABU position is +7% from basis and is 15% weight, but I did not sell it because I didn’t feel like it.

On the whole I am 42% cash, 5.5% UVXY and the rest long. I shed 1.6% today, after sinking 3.5% and then moving back up to breakeven. But we saw significant weakness in the final hour, again rooted in margin liquidations and forced selling. Those who leveraged into this decline have been dispatched. Although the prices look cheap, they’re also subject to forced selling. You have to realize this before stepping in.

I was tempted to allocate 100% long but then I remembered WW3 could quite literally be days away. If the worst case scenario played out we will undoubtedly collapse 1,000+ and continue to spiral lower until peace is negotiated. Until we get some clarity, it’s really hard to see anyone going all in. Even if we rally hard and everything looks great, we are one cruise missile away from total dislocation of the markets.

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6 comments

  1. txchick57

    Can’t argue with you there. Bombs away.

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  2. iflyjetzzz

    This is likely to be a bear market like 2000. Long and brutal.
    I won’t play the short side for fear of the Fed smacking me down.
    The only play I see is to buy capitulation and sell before the end of the day.
    The buy the dip crowd is shrinking.

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  3. it is showtime

    Powell
    Yellen y o u – f ‘ s
    Bernanke

    Debt Leverage Buybacks
    B U Y B A C K S how f’d that was

    is tomorrow. the point. where youre. F’D EITHER WAY
    make your move tomorrow F’s youre F’d

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    • iflyjetzzz

      The Fed’s screwed. Inflation’s here to stay for a LONG time. The entire world converting from petroleum based energy to (unreliable) renewable energy is hugely inflationary.

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      • Mr. Cain Thaler

        Yep. And now the West has ro reshore our entire supply chain because letting it stay in China is a national security risk.

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