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
23,531 Blog Posts

HOOKED

Remember when I talked all of that shit about not shorting into National Feast Day and that I’d need to remind myself not to do it, to follow my own advice?

Yep, you guessed it. Tricked and fooled at the open following benign CPI data that all but declares historic victory for the FOMC. I had some $TZA and $UVIX, like a moron, and luckily some longs to absorb the shocks. I had to sell it all and “lock in” losses of 71bps. Meanwhile, my strategic holdings portfolio, which is a very small experimental account of longs, is higher by 2.3%.

I sold my longs in the trading because I can recount numerous times missing rallies, only to buy in late, then to get my head sawed off for the balance of the session. I’d prefer not to be tortured into two wrong trades and would much rather just be wrong once.

That being said, I’m not finished for the day. I’ll let the smoke settle and the bodies fall where they may and I’ll head back in when things are calm. Right now everything is up 10%. All of the greasiest and trashiest names are soaring in one giant fucking short squeeze of pornograpic proportions.

Funny thing is, I don’t even know why I kept those shorts when I was bullish. At any rate, down 71bps isn’t too bad, all things considered, and I should now shut the fuck up about it and try to fix it.

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