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
22,430 Blog Posts

FOOLED

When I saw futures tumble last night I knew what I was in store for since I decided yesterday to not hedge and to barrel into today with large long exposure. I haven’t turned on my monitors until now, furious at myself for being fooled, tricked even, by a very predictable and unfortunate outcome.

The market didn’t rally today because this is a bear market. Yesterday we all basked in the glory of the market bounce and today we suffer from the pangs of hubris.

It’s over and has been over for quite some time. In true bear fashion, all hopes and dreams are crashed against the rocks of reality and all fantasies of yesterday are almost mirages, mere memories of a time when pain and suffering wasn’t the main focus of asset prices.

Im down nearly 3% today. All of my work for the week destroyed. I’ll have to decide whether to go further into this hole and pray for a bounce tomorrow or get back in line with the bear.

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3 comments

  1. duuude

    Bear.

    See Russia

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  2. og

    Fed seems to have broken markets world wide.

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  3. iflyjetzzz

    Fighting the Fed isn’t a great move. At some point you’re going to get a big ‘ol bear dick stuffed up your ass.
    Especially since that one day rally was built on British financial stupidity.

    The bottom won’t be in until the Fed is done raising rates. And that probably won’t occur until sometime in 2023. Short term T-bills is the best place I’ve found to hide.

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