Just yesterday the fanciful bulls told you we were in a new bull market. Putin was on the run and Zelensky had bountiful levels of cocaine to see him through the entire war.
Today those same people are cocaineless shells of who they once were. The NASDAQ is plunging lower with speed, off by 400, the Dow down by 860.
Now you must be thinking “Gee fly how did you manage to do it Fly? Tell us your secrets?”
I’m actually DOWN 1% today and in an full cash position. I was positioned wrongly into these numbers. I blame COVID. I had too many high risk longs and my shorts weren’t big enough. After I sold my longs I was down 75bps. I closed out my shorts because -75bps was enough for me and didn’t want to press shorts into an opening plunge. I then took two positions on the long side, both failed. And here I am now.
I’m not in a rush to gamble in this market again and can easily accept -1% on an otherwise apocalyptic day. As a younger trader, I’d probably would’ve traded 100 times today in an attempt to “get back to even”, but it’s only my money and I simply don’t give a fuck.
Into the late afternoon, I’ll likely position light in both longs and shorts.
In short, SHMITA LOOMS.
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I’m starting my own blog. I will call myself The Gnat.
metalleg
September 12, 2022 at 11:02 pm
They need an excuse to keep raising rates so if it’s rigged, it’ll be rigged higher. Not that they’ll need to rig it higher but the only justification to rig lower would be for the mid terms or a pivot but it’s too early for that.
Inflation = excuse?
Historical US interest rate average is five and one half percent.