A true fuck you you’re dead trading day. I have bore witness to these innumerable times throughout my trading career. The Fed didn’t say anything the market liked and we dove lower, from +350 NASDAQ to down more than 100 at the lows only to close flat. I did catch some FNGU as it came in and I bought some LABU 12% off the highs, yet still managed to dig myself into a hole. My position was mostly cash anyway and even at the highs I had only been +1.4%. I finished down 1.34% and undeterred in my belief a tradeable bottom can be achieved.
This of course is folly and the war with Russia nears soon. None of the news is good and now the Fed is our enemy. Nevertheless, the blood is flowing considerably and margin liquidations are happening at a frantic pace. My Quant closed +28bps, down from +350bps. Even worse was my algo account, off by 4.5% after gaining 7%.
What can I say other than to suggest you do not offer too much of yourselves or your money into a tape wrought with uncertainty. There was a time when I was a younger man I might’ve done something bolder into the close, short or long. But I can tell you from the scars that I have and the tears I’ve tasted — nothing this market or any market can offer you is worth the amount of stress that is necessary to withstand the fires. Clearly this is not an easy tape and as men we often lean on violent ideas to formulate decisions, jumping headlong into fires and imagining ourselves coming out as heroes — capturing the praise of women and children. But no one likes a loser and once you’re dead from the fires — no one will remember you, especially the children.
This is a bear market. Our President is an incompetent fool and his replacement might be worse. It’s important that you know this now and accept that all hope is lost and the only happiness you’ll ever get from this tape is fleeting and inconsequential.
https://www.youtube.com/watch?v=AasLUP1jEiw
If you enjoy the content at iBankCoin, please follow us on Twitter
We’ll said. I have nothing to add.
*Well
Well I’m not a pro by any means, but I was a little surprised by the reaction. Was it like a sell the news event or just simply that we are in a bear market as Fly mentions and this was just a prime shorting opportunity with the markets up big for the day? The Fed statement didn’t have many positive notes, but then again wasn’t what they said pretty much in line with what they’ve been saying recently?
Jawboning is all they have left.
I’m just here for the music videos. Good choice today.
I like the Richard Weiner posts
I like sucking bleeding AIDS dicks to prove how open minded and progressive I am.
Futures spilling their guts all over the floor now.
I fully expect there to be a massive rally eventually but have no great incentive to play it (other than not leaning in too far short and getting my own top removed).
But as reference in the Dot Com bust, the Nasdaq collapsed 25% or so and then had this huge rally before rolling back over and shitting itself.
If you kind of think of this as like the valuation collapse of the 1970s getting translated forward 20 years and overlayed on top of the Dot Com bubble, yeah that’s probably about right.