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
23,495 Blog Posts

Scratched and Clawed Myself to Green

Methodically, I made sure I booked gains on this terrific market day. With the NASDAQ steaming higher and meme stocks on the mind of the Third Estate, it was rather a mundane affair to extract money from the tape today. I closed out the session +53bps, 115% long and I did bring some $GME, $BB, $IQ and $RUM into tomorrow.

Much of what you are seeing now is being fueled by the derivative market, lunatics buying calls and increasing the gamma, pressuring shares higher. It’s all very high finance stuff, which would fall on deaf ears, akin to explaining calculus to mentally retarded people.

There is a bias higher. The breadth wasn’t terrific today, closed at 52%, yet many are excited about what happens next. This heightened sense of awareness in people creates opportunity, permitting a whack a mole quality in the tape with traders wondering which stock is the next to go.

The good news for me, I erased my losses for May and now have gains just under 1%. The bad news is, my gains are comically inferior to whatever this is, grandiose moves in the underclass. I am emotionally torn between my high finance trading and my middle class upbringing which craves for aspiration and the ideal of becoming something or someone great.

Either way, things are going in th right direction and I can only hope that I made the right decisions to navigate what is going to be, almost assuredly, extremely volatile days ahead.

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One comment

  1. txchick57

    Bought your RUM myself. I like that play.

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