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
23,541 Blog Posts

OFF THE HIGHS

We enjoyed a big splash at the open higher and if you didn’t sell, you’re insane. If the NASDAQ jumps +300 at the open of trade, consider it a gift. But more importantly, think of the potential upside left in a single session. How many fucking NASDAQS do you want in a sitting: 400, 500, 600 points?

Since the open we have faded.

Here are some of the casualties if you chose to chase.

HIGH BETA STOCKS 3% OFF SESSION HIGHS
SAAS DOWN 2.6% FROM SESSION HIGHS
Even low beta stocks are down 0.95% from the open.

Breadth has gone from 72% to 51%. Basically everyone is selling and this selling must end soon, or you might find yourselves in a middle of a fucking rout.

I am 94% cash, only holding $BABA, +90bps for the session. I do like the move in $BTC and might consider another long position into the weekend.

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One comment

  1. soupbone

    Wall Street requires our participation, else the money game will die. Stocks up energy down is saying something.

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