When looking at the intraday tape, you have to wonder how much downside is left in it. We have been deprived of 475 NASDAQ points today, with outsized losses in semis and all of the stuff that got knifed last week. I closed out my $SQQQ in the morning with the NASDAQ down around 300, thinking we might bounce. I did nothing else other than book the gains, up 22bps at the time, only to be beset by further downside action and bear witness to my gains dissipate into losses, now off by 41bps.
Am I to hedge now?
I’d say that would be a scurrilous proposition. We have SEVERE selling in tech, but a rather mundane tape otherwise. At the crux of the weakness are shares of $TSLA off by 11% post earnings. But the selling is not only in $TSLA but all of the FANG stocks, big tech incumbents which flourished under Biden. It should be noted, in spite of all of the LIBSHITS jerking off to Kamala Harris, we have UPSIDE in Trump areas of the market, namely regional banks $KRE, trucking and oil and gas.
I think what markets are trying to tell us, in spite of what the media is saying, is that Harris doesn’t stand a chance against the Orange Hitler.
If you enjoy the content at iBankCoin, please follow us on Twitter
