iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
21,309 Blog Posts

Post Bubble Market

Bubbles have popped. Shares of solar stocks have been pummeled into the ground, alongside a pastiche of alt energy and EV names, not to mention everything CHAMATH brought public. In the world of clowns, expect clownery. The latest bubble is pop is Bitcoin — off 50% from highs. We are now either mid- collapse to down 90% or perhaps the worst is behind us. I will not pretend to know where we are since the market is always up to new schemes and gambits. We take the market at its word every single day and listen to it carefully and try not to interpret things via our own biases.

Having said that, something are evergreen. Post collapse, people prefer to delve back into reliable growth names. In our market, that would be SAAS. Stocks like CRM, SHOP, and DDOG are very strong today because they’re real companies with real revenues and growth rates.

As I write this, Fed minutes are talking taper and markets are legging lower. This is yet another reason to be cautious since inflation is hot the Fed and their fucking mandate might tighten the money supply, which is bearish for stocks but you’ll later learn it can in fact be bullish. We will discuss at a later date.

Presently I am -150bps, back near session lows after buying the dip. I had been down just 60bps and was feeeeeeling real nice — but all of that has been washed away and the pangs and horrors of FOMC commentary have now soured my day.

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DIAMOND HANDS EQUALS BOGGED

The comical term “diamond hands” was coined by absolute know-nothings on Reddit in regards to their GME positions. Before the GME fever, lads in Bitcoin and SHITCOINville would simply HODL (hold on to dear life). It is the culture with these new type of investor to never sell, no matter the case. Coins like DOGE, seemingly scams, are held by people and fortunes have been made. In all of my years managing money both professionally and on my own I have never come across a more toxic sub-culture for investors. My feeeeelings, however, would have resulted in much less gains — had you and your idiot friends sold DOGE at 8 cents or perhaps never at all purchased GME, as it rocketed to the moon.

Why?

Chalk it up to an aberration, a frenzy. Like everything else, eventually, things go back to the way they once were. In the case of GME, it’s taking much longer than anyone ever thought to collapse and it’s quite normal now to see it trade above $150, as ridiculous as it seems.

Last night Bitcoin, ETH and the gang collapsed and today that selling has continued. The losses are staggering from the top, nearly 50% from a few weeks ago, and we all know when assets are at their highest — the people with least to risk are invested and now feeling the brunt of this reversion back to the mean.

What next?

I would have sold ETH when I started buying it last year at $300, if I was only trading it. The only reason why I was able to HODL with my diamond hands is because I was determined to hold for 2-3 years — just to see what happened. I buy ETH every month like paying a bill and it didn’t take long for my money to double and triple and eventually shoot higher by 17x to equal a sizable fortune. Did I sell? No. Why the fuck not? Because it was never a trade. I am holding the asset for another 2 years, period end of story.

But what if it goes back to $1,000?

If you look back on some of my blogs, I was hoping it would go back to its previous high of $1400 in 2021 and maybe by 2022 it could hit $3,000. My wife bought more ETH last month in the $1990s. I have no fucking idea what this shit will do next, so why bother trying to time it. One thing is indelibly clear, we are now in the midst of a harrowing decline, especially for people who need the money they’ve invested. For everyone else without the pressure of time, this dip is of course an opportunity to acquire more at lower prices.

As for the market, I went to 95% cash due to the deleterious nature of this decline, down 140bps for the session.

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MARKETS HAMMERED TO DUST INTO THE CLOSE

We were having a jolly good day up until it all ended. Not sure what the news was, but perhaps it was Pelosi releasing a statement with the intent to BOYCOTT CHINA in the 2022 olympics for “human right” issues. That is rich. This further confirms my theory that Trump’s hard on for China had nothing to do with his feeeeelings, but official US policy. Like a dog, he was instructed to fuck with them and appear to be unhinged. Now the US govt is affirming those feeeeeelings with another round.

I was fortunate to be mostly in cash towards the end of the day, only diving back in for a foray in some materials. I gave back 40bps and closed up 347bps in what can only be described as masterful trading, booking 18 of my last 19 trades for profit.

Into tomorrow, I suspect we will bounce back — but would not be surprised if we faded — depending on the news.

Off to tennis.

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Preparing For Another Leg Higher

Hourly seasonality data over the past month would suggest a 1pm dip, at which point an optimal buying opportunity will present itself. I have heeded this data and accepted it as a universal truth, sashayed to and fro, out of the market now at 95% cash, +360bps for the session. I am presently 16 for my last 16, 29 of 34. This is what one would call a hot streak.

YTD gains stand at 182%. I believe in this rally, as much as I believe ANTIFA FLY isn’t really a communist.

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VICTORY

Small plebs

The Stocklabs 12mo algo did indeed nail the bottom of this range. For those unaware, we are in beta trials for Stocklabs now, a work of art that has consumed my life for the past two years. We have improved upon the already great algorithms and increased the size and girth of the platform to include many great things. So many great things it would sully this post to mention here, so take a free trial while we are in beta. After beta, there will not be any trials.

I am presently 70% invested +270bps for the session, making coin at will and without breaking a sweat.

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Into the Close, Into the Black

I reversed my losses and closed green, in what could only be described as a hard fought slug-fest, slow moving yet methodical foray into the black. I endeavor to increase upon my fortunes tomorrow and will not accept anything less than grandiose wins.

I covered my TSLA short and walked away from it +1%. I am still long a variety of EV stocks, in addition to TNA and several other machines of profit. I feeeeeeel as if the tides are turning and we might soon see a tangible breakout that will represent the final tech melt up in 2021.

It’s worth noting, Jim Biden is interested in universal income for poor people indefinitely and is proposing money per child that will amount to thousands. I have no idea how this plays out but know it keeps the inflation story hot.

God speed.

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THE FUCK ELON TRADE IS ON

Observe as the crypto universe of wealthy geeks lays waste to Elon Musk and his shitty automobile company. Shares of TSLA are down 3% on a day when EV stocks are flying. Clearly, this is a FUCK ELON trade, only further supported by a tremendous rally in BTU (coal) +30% and going.

I am partaking in this trade — because fuck Elon and his lack of empathy. Ironically, I’d like him to burn in the fires now and forever. I am bullish on coal and any EV company but TSLA and also short TSLA — because nothing says a cleaner environment than Elon shutting his filthy mouth.

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COAL POWERED RALLY

People over the weekend just found out for the first time dirty coal powered Bitcoin. As such in this idiocracy themed world, shares of BTU are surging higher. Wait until they find out it also powered Elon Musk’s Tesla cars.

On this topic, I spit on shares of TSLA and have purchased FSR in protest. We do not support evil at House Fly, ergo, and this goes without saying, fuck Tesla.

Early going, the momentum wants to swing higher — but the devil (margin clerks) are holding it back. I am fully prepared to throw it all on red and sit back, relax, and collect my winnings. Presently, I am down 50bps, but trying really hard to find an opening in the scales to reflect my light upon it.

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PIECE OF SHIT

I’ve had enough of this piece of shit autist, Elon Musk. I don’t own Bitcoin and I don’t mind my ETH position going down because this asshole decided he wanted to entertain himself by tweeting negative comments about BTC, all of a sudden so concerned with environmental factors when mining for BTC.

This dog brain only serves to pump piece of shit DOGECOIN, turning what was a laughable fun way to act stupid and making it serious. This fucked for face is now quite literally talking about using DOGE as “earth’s currency”. Again, and once again, a billionaire with a god complex inserting himself into the lexicon for bad.

I HATE when assholes like Elon play god and interfere with the ordinary folk, causing them to lose money. We all understand the risks associated with investing but they do not deserve this, mushroom’d Elon taking on some of his enemies who are long BTC via shitting on the asset publicly forcing it lower.

Nothing he says is relevant and his environmental concerns are nonsense. Elon doesn’t give a fuck about the environment — because if he did he’d stop selling his stupid cars in China.

I’ve always been indifferent on Elon, chalking him to eccentric billionaire with time to kill. His DOGE tweets hurt no one but shorts and he was more or less benign. But now he’s actively hurting people via an opinion rooted in nonsense and causing the entire crypto space to upend, because people place so much value in the opinions of the mega wealthy, as if they had any fucking idea what they’re talking about.

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Lunatic Environmentalists Attempt to Take Down BTC

This is new and interesting. Fuckheads who mine for lithium and do business with the world’s largest polluter on the planet (China) are now eschewing Bitcoin because it takes up too much electricity to mine. Both SQ and TSLA have distanced themselves from BTC, equating it to a fucking coal mine. Meanwhile they both have no problem bolstering the Chinese economy who uses coal in just about everything short of their kitchen ovens.

The electricity grid is constantly being upgraded to include renewables so I don’t know why their problem is with BTC and not instead offering solutions for electricity supply. I’m certain the Federal Reserve is quite pleased about all of this and we have seen a tangible deterioration in virtually all cryptos since this new bend on environmental fundamentalism, with exception to CLEAN ALTERNATIVES: MATIC, ADA.

Fuck off.

I make no assumptions about what is going to happen next, only that ETH reflex rallied to $4200 and has since sunk into the $3700s, looking woefully bearish. I presume this is yet another attempt to disrupt and bankrupt small plebs who’ve made small fortunes playing games on pancake swap, who have been boasting to their idiots girlfriends how much money they’ve made in Cum Rockets and Safemars since idiocy has gone mainstream.

I will not waiver or bend, however, and will continue with my plan to buy more ETH the first of every month.

NOTE: Stocklabs BETA TRIALS INVITES WERE EMAILED. Check your spam folders to make sure you didn’t get one. If you didn’t get one, be patient we are sending more next week. During beta trial periods, 10% discounts will be granted.

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