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

General Discontent with Today’s Tape

Let me be clear: I am performing feats of magic to keep me in the game today, down just 10bps. I have been trading at peak performance today with optimal timing on my hedges, yet cannot seem to go green. Part of the problem with not being able to go green is this market fucking sucks.

The Chicago PMI came in at 35, a COVID era low. This is great depression level PMI stats and yet we are barely crashing.

The NASDAQ is down over 200, but probably should be down 2,000. My stratagem is to remain long lower beta names, whilst hedging these interminable declines, and attempt to time pivots to the upside with both alacrity and machine like precision.

When trading in a tape like this, it’s important to have a narrative and hopefully be right about it. Conviction helps when formulating a plan and if you’re in tune you can profit even on bad down days. Bear in mind, we might rally 100 NASDAQs from here, crushing the heads of those entering short now. The timing of your positions is just as important as the positions themselves.

Are you laden with high beta stocks that will leg down 5% on a 1% dip? If so, why are you doing that in a tape like this?

On this last day of May, I stand before you DOWN for the month by 0.54%. This is the first back to back down months I’ve posted in many years and I’d like to forgo such an indecorous condition by rallying into the final hours of trade.

My hunch is, the sellers are nearing exhaustion and we might rally soon. However, into that rally it’ll be a good idea to pare down the portfolio to its bones and avoid the close, which can get ugly.

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