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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