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
22,270 Blog Posts

On the Road to DC; MARKETS COLLAPSE

It’s no surprise to anyone who has read this blog for any decent amount of time that whenever I decide to leave the confines of my home — markets collapse. I was prepared for this eventuality and in spite of the NASDAQ -100 and risk on stocks off by 3% today, I’m up 16bps. Even so, the Gods attempted to kill me this morning with an out of nowhere on no news crashing of BROS for 7%. Despite all that, my 5% positions ensure limited destruction on a stock by stock basis.

The pin action looks poor and since I’ll be away until Thursday, expect markets to continually decline.

BBBY just went from $4 to $23. Meme stocks have been lifting off in recent weeks. It’s all about short squeezes and groups of people pooling together to propel stocks higher. This is the oldest trick in the book and Wall Street has been doing it for decades. But now with the internet, civilians get to do it and so we diminish their achievements by naming it something stupid like “meme stocks.”

UPDATE: As soon as I published this the market blasted off. Ok back on the road.

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4 comments

  1. profiteerer

    Zerohedge-level article headline timing.

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  2. purdy

    Oil cracking. Next month’s CPI will go from zero% to deflation due to this administration’s handling of Putin’s price hike. Please extend kudos to our leaders!

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  3. soupbone

    While you’re there remind them they are hosting the most destructive phase in American history, and doing a shit job mending the mistakes. Self-interested jesus assholes.

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