What a wonderful open. All of the stocks that were beaten yesterday are up sharply this morning — with upside breadth pinned above 70%. Unluckily for me, I had too much $UVIX and $SQQQ into the open and have once again pillaged myself — down 44bps. I had to close out the hedges and keep whatever longs I had left — but then be careful as to not lean in too heavily into what could be yet another market calamity.
I tested the water a bit, bought two stocks since the open and I am down two stocks since the open — solidifying the idea that I am out of sync and perhaps cursed by the Gods. No matter, as I do not intend to barrel in any further and this time will just sit here until the end of time staring into and through the screen, angry at myself for all of those stupid dance moves I just pulled.
My strategic account was +210bps at the open, but now +143bps — so we have sellers. How long can this weakness persist?
There are two plays here.
The sellers mount and trample over each other causing a rout.
The bears get cocky and walk heavily into an ambush of landmines and we bust loose higher.
It’s so stupid, it almost makes me angry if it wasn’t so funny.
Speaking of which, I have a wonderful tale of woe to share with you later about House Fly at a fancy dinner party that ended up not so fancy and disgusting, as a matter of fact.
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