I BOUGHT THE DIP

I was going to short the fuck out of the tape because I really really want the market to collapse. But then I thought twice about it and conjured up all recent dips and how THEY mechanically stop markets from careening lower when needed most, so then I covered my shorts and kept a 70% long book, 30% cash.

My positions are moderate and if we bounce tomorrow, I won’t make a huge amount of money — but perhaps enough to erase todays -0.5% decline. I rarely get taken to the woodshed in any large drawdowns, since I play both long and short — as a professional risk manager should. If I was ONLY bullish, I’d be dead right about now.

Much of what we are seeing in this tape can be viewed cathartically via the Elon Musk twitter feed, who is absolutely losing it. Here are a few examples.

Apple has mostly stopped advertising on Twitter. Do they hate free speech in America?

— Elon Musk (@elonmusk) November 28, 2022

What’s going on here @tim_cook?

— Elon Musk (@elonmusk) November 28, 2022

Did you know Apple puts a secret 30% tax on everything you buy through their App Store? https://t.co/LGkPZ4EYcz

— Elon Musk (@elonmusk) November 28, 2022

Apple should publish all censorship actions it has taken that affect its customers

— Elon Musk (@elonmusk) November 28, 2022

pic.twitter.com/uKEY9mVujp

— Elon Musk (@elonmusk) November 28, 2022

My bedside table pic.twitter.com/sIdRYJcLTK

— Elon Musk (@elonmusk) November 28, 2022

I’d be lying if I wasn’t entertained and hooked into the whole “FUCK THE ESTABLISHMENT” cunts vibe Elon is giving out. But then I remember he’s the wealthiest man in America and, like Trump, enjoys hearing himself breathe. I won’t be fooled into advocating for Musk — but will secretly enjoy and support him from the rafters. It’s important to have balance in all things and even though Musk has short comings, like all of you, he is serving a purpose to expose his ilk — which is partly demoralizing, partly invigorating. I haven’t made a final decision on this chapter in The Ending of Pax Americana; but it’s damned well entertaining. That’s for sure.

Ok, let’s hope for some upside tomorrow, so that I can sell and profit and then sink lower when I throw some shorts back on.

I was going to short the fuck out of the tape because I really really want the market to collapse. But then I thought twice about it and conjured up all recent dips and how THEY mechanically stop markets from careening lower when needed most, so then I covered my shorts and kept a 70% long book, 30% cash.

My positions are moderate and if we bounce tomorrow, I won’t make a huge amount of money — but perhaps enough to erase todays -0.5% decline. I rarely get taken to the woodshed in any large drawdowns, since I play both long and short — as a professional risk manager should. If I was ONLY bullish, I’d be dead right about now.

Much of what we are seeing in this tape can be viewed cathartically via the Elon Musk twitter feed, who is absolutely losing it. Here are a few examples.

Apple has mostly stopped advertising on Twitter. Do they hate free speech in America?

— Elon Musk (@elonmusk) November 28, 2022

What’s going on here @tim_cook?

— Elon Musk (@elonmusk) November 28, 2022

Did you know Apple puts a secret 30% tax on everything you buy through their App Store? https://t.co/LGkPZ4EYcz

— Elon Musk (@elonmusk) November 28, 2022

Apple should publish all censorship actions it has taken that affect its customers

— Elon Musk (@elonmusk) November 28, 2022

pic.twitter.com/uKEY9mVujp

— Elon Musk (@elonmusk) November 28, 2022

My bedside table pic.twitter.com/sIdRYJcLTK

— Elon Musk (@elonmusk) November 28, 2022

I’d be lying if I wasn’t entertained and hooked into the whole “FUCK THE ESTABLISHMENT” cunts vibe Elon is giving out. But then I remember he’s the wealthiest man in America and, like Trump, enjoys hearing himself breathe. I won’t be fooled into advocating for Musk — but will secretly enjoy and support him from the rafters. It’s important to have balance in all things and even though Musk has short comings, like all of you, he is serving a purpose to expose his ilk — which is partly demoralizing, partly invigorating. I haven’t made a final decision on this chapter in The Ending of Pax Americana; but it’s damned well entertaining. That’s for sure.

Ok, let’s hope for some upside tomorrow, so that I can sell and profit and then sink lower when I throw some shorts back on.

A boring tape is a tape you do not sell short. Although the NASDAQ is lower today, I’d venture that this is, ahead of a holiday extended weekend, nothing more than the calm before the storm.

I am, at the moment, fully long without hedges. I might grab a hedge by the close — but probably not. I depart for Boston and then NYC, so I will be busy catching planes and making sure Mrs. Fly doesn’t make me late.

Barring a late day collapse, I made more than 3% for the week, a refined move higher after weeks of surrender. I look forward to re-establishing the long tradition of winship back at these confines. It should be noted that Stocklabs nailed the trough on 8/16 and those following the signal made coin without having to break a sweat.

I wish you all well and hope you find happiness and fortune in this market. But just know that whatever salients of success you progress through pale in comparison to what The Fly transcends into on a regular basis. It’s good for you that I, as a point in fact, discuss markets in a public venue so that, perhaps you, might glean from me small tidbits of greatness and wisdom — like chum bandying around a great white shark.

Signing the fuck off — happy Labor Day work slobs — be well.

I had a long night, slept about an hour and now need to return the fucking rental car and then spend the next 8 hrs in the god damned airport waiting for my fucking plane. I also left my favorite sunglasses at the god damned restaurant last night, which means I’ll have to drive right into the damned sun squinting with the flap down on 1 hr sleep absolutely hating my life in thick traffic.

But I won’t complain — as it is not befitting of a gentleman such as myself.

Markets are meandering about and I have very small positions on, lightly hedged. If I attempted to trade heavily now, given my current mental state, I’d probably wipe myself out clean by noon.

Today is a day that I let the emotions and the angst bottle up inside, grin and pretend all is well. I’d like to destroy this fucking market and dump it in Staten Island with the rest of the trash — but I cannot control the lot of you who constantly buy dips and pretend any of this bullshit makes a bit of sense.

Having said that, I’m gonna buy some more $SQQQ now.

I live here now, always have lived in the Newark airport, meandering about in search of deep fried delicacies and cheap beer.

I made 13bps today and presently operate on 1 hr of sleep. It’d be nice to be home or even on a plane — but instead I sit on a hard wooden chair and I wait. After I waited long enough, I shift to the right and wait again and continue to do this until the meaning of life loses its purpose. I’m to stay here indefinitely and just deal with the 55 degree environ in short sleeves, wondering about the warm sun outside and what it might be like to sleep in a bed.

I expect a sharply rally soon, based upon the laws of Stocklabs. I’ll be closing out my shorts in the AM.

At around 3:15pm I saw myself sliding back into olde habits, taking stops on longs and bulking up on $TZA and $LABD. At one point, after had declared to be a tranny-bull, I was 28% short. I quickly disposed of those rascals for profit and bulked the fuck up on America — because we’ve got enemies to kill and/or maim and I am here to profit from it.

This might sound profoundly distasteful to many of you, some random guy on the internet declaring profiteering off war, a wanton disregard for life and peace. That’s right — who can fucking stop me?

Look at me sideways and I’ll have my friends at NATO shove an ATACMs right into your fucking driveway.

Life as an imperialist American is better than ever. We’ve got the poors on the ropes, knifing each other into faces — at the same time grabbing European clay for both sport and profit — without spending any American lives. Think about the grandness of it. Please do not get mad at me for being honest. Many of my compatriots feign concern and hide their motives. I am just here to collect money, toss it away and never look at it again. Knowing the money is there is a great comfort to me and whenever I am given the chance to extract more — I do so.

I closed 104% leveraged long in a pastiche of quality stocks. I am a reformed bull, whose allegiance to peace and justice has since been incinerated before my new pagan idols in exchange for whatever I am now — which varies on a day by day basis.

I was on a call when markets doubled early gains and I got caught, fooled even, with shorts in tow. As a result of this, I am down 69bps. Knowing what to do, I covered my shorts and added to more longs in an effort to invest alongside the prevailing intra-day trend. I am, however, short oil stocks — because of weakness apparent.

I wanted markets lower — but it seems there is a chasm between what I want to happen and what is actually happening. My intent here is to halve my losses, hopefully harvest gains, and then reload some shorts into the close for the big Monday belly-flop onto the hard pavement covered with rocks and glass.

I’d place the odds of a downside reversal for today at exactly zero. Although breadth is a middling 56% — there is very good action in tech and mega cap stocks. I will need to dig into the market some more to get a more educated or sophisticated view on things.

But for now, this looks constructive.