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

Not an Easy Tape Today

Days like this is why people check out of the market. Dispassionate trading in the latter parts of May and all of the winners are already up so much, leaving a feeling of “missed out” and late to the party buys punished in intraday trade.

Breadth has gone from 55% to 35% in the past two hours, as the tape slows down and winds lower. In my experience, the best thing to do on days like this is keep hedges and position for tomorrow’s open. If you made 0.3% every single day, you’d double your money in a year.

At any rate, I am +18bps and patiently waiting in the tall grass as all meat eating lions should. I am looking for a salient but haven’t found anything of interest. We has early runs in $GME and $AMC but those have dissipated. High beta stocks opened very strong, but are now down 0.5%, OFF 2.2% from session highs.

If you bought at 10am and wanted more, you now have your brains laid out for you on the floor, down 3% for the session.

If you enjoy the content at iBankCoin, please follow us on Twitter