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
23,599 Blog Posts

Early Morning Bull Market Chasers EVISCERATED

I did warn you not to get involved with all that, chasing stocks in a car filled with dynamite heading towards the sun. For the love of God, high beta stocks were up 5.7% by 10am. What did you think was going to happen? Since then, stocks have COLLAPSED and the $SPY is barely +25bps.

The high beta index I keep alluding to is inside Stocklabs, a pastiche of stocks with beta higher than 1.5x. That index is now +2.6%. Now it’s important to note being +260bps is a GOOD DAY and if markets closed here it would still be a GOOD DAY. But it isn’t any good for day trading, since we have overhead resistance now filled with MORONS who chased are are now TRAPPED.

Even so, I started to nibble back stocks after going to cash this morning, +111bps and 65% cash. I intend to acquire more stocks before the session ends and barring a full collapse — I will most likely do so without a hedge.

The overall situation is BULLISH, albeit the intra-day chicanery is frustrating and rookies will be tricked and fooled into folly. These things happen.

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