Tricks upon tricks are being laid out bare for me today, as I was caught long some $SOXS into an incredible rally in the semis. It’s sort of an outlier since SAAS and other software names in big capped tech are weak. As a point in fact, breadth for stocks over $100b in cap stands at just 44% today, whilst the smaller capped stuff is up sharply with breath of 70%.
I’ll try not to microanalyze it because all of those leads to me just wanting to be bearish, looking for excuses to hate the market. The fact is, at the open of trade breadth was 75% up and now its just 61%. This isn’t inherently bearish, but just a stated fact. Gains are concentrated in previously weak biotech and semis, with decent all around action in lower beta stocks. In other words, a well rounded portfolio might be up a little today. My Quant is actually +101bps due to being overweight semis. My longer term account is +20bps and my trading is down 97bps, mainly because I’m retarded.
I had good stocks at the open: $ADBE $SPOT $TSLA $CRWD $PYPL $TTD $COST $ISRG $TGT, but that wasn’t the move. That was last week’s move. This week’s move, so far, are a bunch of shit stocks and I was supposed to know that because I am psychic.
Anyway, I am now 65% cash, long and short a few things but really low beta. I am not going to let this cunt of a tape rout me so the best course of action is to wade through it until it becomes clearer to me.
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