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
23,599 Blog Posts

CPI SLOWS; STOCKS FUCKING SOAR

I had it all figured out. I was long a pastiche of real high beta stocks into what I assumed was a layup CPI number. I nailed it and markets jumped the fuck higher and I rejoiced by way of selling all of my positions. I say atop a throne of trophies up 200bps, smug and condescending to all of the plebeians down below.

Then I saw $GME and remembered they had $4b in cash and the stock was heading up, so I stepped in and bought some. Immediately, the fucking stock careened lower in a frenzied manner and 15 mins later I booked a 7% loss, placing my gains down to just 1.52% for the session. Now I have the unenviable task of getting back those 50bps because fuck you. I am, however, reticent to step in too large with the NASDAQ up over 300. My fear, if being honest, is that I won’t get them back and that makes me feel like my insides are being twisted and turned.

I’m not mad at $GME, per se, as I am the one who timed it wrong and lost the right to hold it. I have a simple rule and I abide by it. If I buy a stock and it sinks below my mental stop loss, I must forfeit it. I will not wait 10 mins or see if it’ll turn up later. That’s how a down 7% turns into a down 10% and then a down 15%. I simply fucked up and do not deserve to own the shares.

All else equal, I like the market here and I really do like the $GME story with $4b in cash and a $9b market cap. There are all sorts of potentialities abound.

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