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
22,427 Blog Posts

SIRS

Good day to you.

Since I blogged last my fortunes have turned for the better. Just yesterday I was mired in a terrible slump — deeply concerned about an overweight SOXS position which relied upon NVDA’s earnings announcement. At the close of AHs trading last night, said position was down 3%. This morning I was entreated to a wonderful surprise: markets had collapsed and my SOXS position rocketed higher. I quickly took profits and then took the other side of that trade long SOXL and booked a profit there too.

At the present, I am around 10bps away from session highs +95bps, thanks in large part of smart trading and positioning in old man risk averse stocks.

There is always a risk, however, that I squander this rally of sorts through future boneheaded moves. Speaking out loud here, it’s important that I end my bad losing streak by simply chalking up a win in order to make myself feeeeeeeeel better, which will help towards my confidence and ability to assess risk thru the right lens.

If I somehow fuck this up today, I might never recover.

Markets look ok, even though the NASDAQ is -100. We have an especially strong tape in Chinese stocks and the oils are attempting to bid higher. But there are many risks to the bull argument and it’s important not to be tricked or fooled — because before you know it — we’re down 500 NASDAQs and life as we know it blackens with soot and we choke to death from the toxic elements of an unforgiving bear market.

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