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
23,608 Blog Posts

My Suspicions Proved True: Markets Bust Loose to Upside

I knew something was afoot. Look here Jack, all we’ve got here is our military technology and stock market. I’m not mad at the market — but instead hate to see it rise and used as an affirmation of their progress. I wish I could separate one from the other and I suppose a rising market benefits all, including a curmudgeon like me. NEVERTHELESS, I root for its demise — but play the side I am supposed to play to further my fortunes.

I am +51bps in a very long book, 103% exposure and about 11% in $TZA for a very small hedge. In order to get net short in a book with a beta over 1, I’d need about 30% $TZA. I am willing to do that and I see yields are up. However, let’s not be fucking stupid and acknowledge today is 9/11 and people are prone to patriotic fervor on tragic days still fresh in our memories, so perhaps it might be best to WITHHOLD shorts till the close or tomorrow.

Plus anyway, I did warn you about the oversold nature of stocks and the mean reversion algos of Stocklabs did give you 3 days to prepare.

The NASDAQ is steaming higher by 150, spearheaded by an unreal move in $TSLA thanks to some supercomputer mumbo jumbo.

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