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

Moved to Cash, Will Revisit

When day trading I can’t tell you how many times I got complacent and watched a nice gain turn into a depressing loss. Because this feeling is etched into my DNA as things to avoid, I almost always liquidate my entire portfolio in the morning of a solid open. Often times the market fades at the open, sort of like today, and then surges back mid afternoon.

I’m starting with gains of +105bps for the session and I took that as an excuse to step aside and into cash, holding just $NEXT as a lotto ticket, and will revisit the tape later on today.

The impetus is to lock in hard fought wins and don’t permit the market to squander it and have that feeling of regret in the pit of my stomach.

My long term accounts will do whatever the market does and I rarely tweak them more than once per week.

I thought the tape was going to be better today. But, so far, it looks like more of the same milquetoast with 47% breadth, concentrated strength in larger cap tech. It’s really just summer trading early, with junior at the trading turret doing his usual bullshit.

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