Last night you went to bed with homosexual fantasies of prancing around today happily enjoying the gains from $NVDA. Instead of that happening, a dark cloud loomed large over Joe Biden’s stock market and CRASHED IT into the fucking rocks and dirt. All of the bulls, each and every single one of them, bled today. They’re gonna bleed some more tomorrow.
The $IWM is now in the hole by 7.7% for the month — the worst August since 2011 when the fucking Greeks were selling island to pay their bills.
Shares of $NVDA closed flat, and lower in the after-hours. The one thing the bulls have going for them is JACKSON HOLE — where Fed’s Powell will give a speech tomorrow. Dare I say he might assuage markets to stave off the inevitable?
Either way, I managed to bear down and work through what I viewed as a difficult tape, limited my losses to just 15bps. I closed a gigantic short before the bell and kept a 10% position in $TZA. I only keep the short so that I can dream tonight or nightmares on Wall Street, cascading prices prompting margin clerks to kick open doors and liquidate accounts at the market. Ladies and Gentlemen, we are on the precipice of LIMIT DOWN trading and there is nothing you or your stupid friends can do about it.
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Trading is tricky – you can be right and wrong at the same time. I was short heading into yesterday, then had to close them out in the afternoon when stocks started ripping. I was so pissed. But then today the open was destroyed and I quickly got back in and now I’m in a completely different mood. Stocks aren’t going to reverse this trend until the dollar and rates drop. I think Powell doesn’t give the market a break and talks hawkish about keeping rates elevated for longer and maybe just maybe raising them again if he feels like it. He wants his recession and he’s going to get it damnit