If you notice the site looks different it’s because I finally nuked all of the other distractions on the site, blogs not updated in years taking up space. It’s just me and you now, at least for the moment.
I’m here stuck in Boston with barely any internet connection at my daughter’s apartment, building furniture just purchased from Ikea because Mrs Fly once had fond memories going there when we were in our 20s. I keep telling her “ikea is shit” and would prefer buying an already made dresser and bed for $10,000 before having to build another one — yet here I am amidst market tumult and me with 20,000 pieces of cheaply made cardboard and instructions in Swedish attempting to piece together a room.
FML
I have barely any insight into today’s tape other than the obvious: semis and much of tech crashed lower and defensive stocks were solid. Yields dropped and commodities were destroyed. This type of action spells economic slowdown or recession; but we’ve seen this sort of action before and have it be a temporary glitch en route to higher prices.
I did what I could today, trading inverse ETFs various times for profit and definitely reduced my losses but still shed 224bps. Many traders must feel shoehorned after recovering the past two weeks only to be destroyed on the first trading day of September, a month rife with cataclysm.
Much of the worry is in regards to the price action at $NVDA. We already know the fundamentals are good, so now it’s simply a matter of people and confidence.
Ultimately you spoiled brats have to accept that markets will trade down on occasion and lest you’re willing to turnover your portfolios daily or entirely hedge at the first sign of weakness, you’re bound to have days when drawing down is inevitable.
The concern now is whether today was a one off plunge lower or the beginning of something greater. We shall see soon.
I’ll be out of pocket most of tomorrow and flying back to NC in the evening.
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Ha! And to think when I was in college in the early 1970s I was living in something akin to a glorified closet. I had a mattress on the floor, a desk and a chair from Goodwill, a small TV (but it had UHF), a typewriter, and was decorated with empty Boone’s Farm Bottles with “drip” candle wax on top. But the best part was some cylinder blocks and lumber across them to hold my Panasonic Stereo record player so I can listen to John Lennon and Pink Floyd. It was a real chick magnet.
I feel your pain. I’ve assembled more beds, dressers, and desks from Wayfair and IKEA than Raymour and Flanagan have done in their lifetimes. I have another Wayfair dresser to build tomorrow in Manhattan. Just when I think I’ve done my last one, my wife has a brilliant idea.
Safe travels back home.
My co has served a wide breadth of end markets for 40 years so I have a pretty good gauge of the overall economy.. data centers/semi has been holding us up well since the covid money started to dissipate 6-12 months ago.. higher interest rates killed a lot of markets..life science was staying strong as well. Retail/hospitality has been doing well as the rich are still loaded after getting a double boost from covid free money infusion.. Now I am feeling everything is finally going to shit including semi cap ex, data centers… My six sense is flashing red and if the Fed doesn’t start pumping again in the next 3 months.. all hell is going to break loose and people are going to start wishing for the days of hyperinflation. One of my big buyers, industrial market, says orders haven’t been this slow since 911 aftermath. Worse than 2008-2009. Came out of no where in the past few weeks. The money drip is on its last drop.. the Fed is gonna finally get what it’s been waiting for.
LONG PLTR/TSLA for past 4 years.. no trading..