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

Feels Bottomy — Still Selling

Last night there was a heart attack panic session in cryptos, thanks to a stable coin breaking peg. BTC-ETH have since recovered. Also with it, NASDAQ futs are up 232 and part of the alleviation is the fact that Russia’s Victory Day came and went without note.

Now this morning US interest rates are plunging, down 11BPS and natural gas is down another 7%. If I didn’t know any better, I’d say this looks like it might be a short term bottom, all praise to Stocklabs for once again nailing the bottom.

I had bought TQQQ yesterday for a trade and will keep it in my algo driven account for 5 days, but am likely to sell it in my trading account. I understand why some of you might want to hold stocks, hoping this is the bottom and the upside is oh so grande. But I just can’t accept the fact that markets might be bottoming before we got the chance to see some bad unemployment numbers.

That said, PFE bought BHVN today and that might help rally biotechs. Then again, NVAX is down 25% today.

It’s a hard tape and expect more earnings shortfalls, like UPST and GDRX to unravel and have you call into question the existence of God.

For now, I’ll fade the opens and play the closes and seek to make gentlemanly returns, in this environment of stock toxicity.

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3 comments

  1. traderconfessions
    traderconfessions

    The next time a friend who runs a family office fund suggests you buy UPST aim a framing nailer at his/her/they/them temple and pull the trigger.

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  2. the_wolf

    Follow the continued money rotation into energy and ag

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  3. tha pirate

    Aye laddies, sailed these seas decades ago and lived to tell the tales.

    Some of yee may be HOOKED!

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