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
21,513 Blog Posts

People Are Important

I was disappointed this morning when I read this and had planned a parody blog where I suggested it’d be vital to the national interests to turn away the fats from hospitals, if resources were scarce. But then I changed my mind about it because I love some fat people and half my family could be considered the fats and I’d not like to see them die a dogs death.

What have some of us become?

I turned away from religion a long time ago, in spite of being raised catholic and served as an altar boy until I was 13. I did so because, well, I stopped believing in the divine. But if there was a time for some people to seek God and the virtues celebrated by religion — it is now.

People are hesitant to take the vaccine for good reason, for one it has proven to kill people, not that often, but often enough that you notice it even with the censored media. It’s like winning the lottery, but with better odds, and when you win — you die. The other important fact about the vaccine  — it does not stop a COVID infection, nor does it stop one from dying or being hospitalized. It might mitigate severe illness and death — but it does not stop it. So don’t be shocked and surprised when good meaning people, your neighbors and your friends, choose not to enroll in the vaccine lottery due to attendant risks. You are guaranteed a shot at death with the vaccine, but if you’re a careful person and keep your mask nice and tight — you may never get COVID. To date, about 1 in 10 Americans have gotten COVID.

See the logic? I hope you do.

We all have hopes and dreams, some of them simple and honest and others with greater aspirations ebb on the grandiose — and we do not exist on this planet for very long. We are all sons and daughters, have people who love us and share ideals and passions with — enjoy to laugh and loathe to cry. We have our favorite foods and books and never turn away a good cocktail, especially during a show, an enchanting melody, or perhaps a sporting event. We love to live — because living is wonderful and meeting other people is what makes it more special.

To be lucky enough to be alive in America in the 21st century is a gift. Our gift is not the government who maliciously governs us but the land and the people who inhabit it. I am and always will be bullish on people. But sometimes, as is the case now, they get hamstrung by psyops and demonize one another for reasons that are wholly emotional. Be charitable and empathetic — and let’s get thru this terrible time with dignity and honor, lest we’re no better than all of those people we so frequently like to point fingers at.

 

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ENDED THE WEEK IN CATASTROPHE; NEW TOOL LAUNCHED AT STOCKLABS

I felt good this morning, thin, healthy, tanned. I was up 2% and everyone else was having a mediocre day and because of this I felt supremely confident in my decision making process.

This is how is started.

Then I dove into BTCM — ETH miner and all, felt good about her. I saw the rally in cryptos and felt it would continue. Then the price dropped 4.5% below my basis, so I bought more at 13, original basis $13.83. The stock continued to drop, so I booked gains in my only other two positions: HVBT, BTBT — especially since they were in the same space. The stock dropped again and I declared “I am prepared to deploy a Martingale Stratagem” to the gentlemen inside Stocklabs. I reduced my cost basis to $13.26 with a third average down — representing 15% of my portfolio. At this stage I am on tilt because my daily gains are dissipating and I feel the pressure of doing something that feels wrong. Clearly the stock was going lower and there wasn’t any bids.

I deployed some money back into the market and had to close them out for additional losses.  At the point I feel like a fucking moron.

Then tech at iBC announced our latest price movement tool was finished and launched. What the tool does is pretty amazing when paired with our volume tools. It measures the % gain of any stock on a 30 second, 1 minute, 5 minute, 15 minute, and 30 minute time scale. When deployed inside the platform, I see all. This doesn’t mean I am able to bring the fire. This only means I have more options available to me. A trader is only as good as his tools and his instincts. If he isn’t a good trade, he should focus on being a Quant or long term investor — both admirable and profitable avocations.

I deployed more money using these price tools and came out with some gains.

 

Like so many times when struggling intra-day, I came back to breakeven from a depth of -1.5%. I was tempted to sell it all — but then I reminded myself of the original thesis for being long BTCM — a long rich weekend of crypto buying was ahead, surely I didn’t want to miss out on this.

I closed the session -64bps and these blogs discussing my shitty trading are getting repetitive. But the good is nothing without the bad, the corrosive mannerisms of the markets tends to weigh on me and makes me pine for better days. Sentimentality does us no good and cutting losses in the face of so many facts is the very lynchpin between a good trade and a bad one. I permitted feelings get in the way of a good time and because of it — I ended the week down -0.27% — but up 0.6% for the month. I will have time to play with the new premium offering this weekend and I strongly advise you to start using them ASAP — if a member.

Away from my day trading, I have two other accounts, A best Ideas long term +0.8% and my Quant +0.78%.

Have a good weekend and stay healthy.

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Can You Afford Not To Have Crypto Exposure This Weekend?

Show some fucking respect to the ETH millionaire here. Sure, it has been several months since I’ve had this status — but I’m back and with ETH above 4k, you need to show me some god damned respect.

Speaking of which — are you prepared for the weekend run? Are you at all exposed? If you do not own ETH or another coin — why don’t you gather up the courage to grab one or two or even three crypto miners?

There are several who mine for ETH — including HVBT and SOS. Some of the larger miners like BTBT have been hamstrung due to Chinese operations, but they have since moved out and operating at capacity again.

I was fortunate to be invested wisely into the open and am up nearly 200bps again today, making that 4% in the last two days. I am mostly cash, trading small and with purpose, with the intent on circumventing the current market malaise, which is fucking small caps, and just gain and maintain exposure to the crypto markets — which in my opinion are on the cusp of a severe melt up.

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SURVIVED THE TICK TOCK

I traded a whole lot and ended up just about where I started the day, +200bps. I caught a nice AH ripper in MMAT to boot and now wait for the LAW to post earnings. I cannot think of a scenario where a law firm misses earnings during this litigious era of American depravity.

Everywhere I turn is an asshole trying to tell me what to do — how to behave — what drugs to inject into my body. Go fuck yourselves. Sorry for that — but I am very past the point of patience and ebbing into a furious state of being, not only for what my piece of shit government is doing — but just about every western country on the planet.

For now, I control this and I find comfort in knowing that if I am a good trader I can make money. There aren’t any short cuts and it’s more or less the purest form of financial combativeness — as everyone in the arena attempts to front-run one another for the prize.

I am close to doing a blog about the current vaccination craze we’re in and have been biting my tongue for months now. I was hoping it’d pass and I would not have to really strike a cord — but that appears not to be on the table and I’ll probably have to record my thoughts here, at least just once, before I get shut down on Twitter.

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Maintaining Plebian Gains Amidst Pomp and Ribaldry

I worked really hard to achieve my 215% gains this year — endless trades, scores of emotion, and a never-ending toil that has probably reduced my life expectancy by 5 years.

And then I had a conversation with Ragin Cajun today, who is elbows deep in NFTs — who tells me he turned $10k into $130k by purchasing pictures of Apes on Opeaseas. The fuck am I doing here anymore? I might as well just buy some Apes and smoke cigars all day long.

Reporting from the plantation, +2.5% for the session, side-eying all of you NFT buying fuckers.

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Bet Correctly, Limiting Myself to 30% Exposure

Since I’ve been trading like a baboon, I’ve decided to take away most of my bananas. I will not oversee mediocrity largess, only small sized. Heading into today I bet correctly in a sundry of crypto related names, Chinese burritos and such, and now find myself +200bps. Very good indeed, but not so fast fucked face. I will not allow myself to exceed 30% equity exposure, maybe 35% if I have a bit of a cushion, in order to limit the sort of baboon and ape like moves I have been presiding over the past 3 months.

I will trade small and trade right, or not at all.

I have a distinct bias and did some homework last night on crypto miners and feeeeeeel most of them are extraordinarily undervalued, with respects to their BTC or ETH holdings vs what the market is saying. Perhaps if these fucked for faces would take said BTC and pay dividends to shareholders then we could really get an interesting scenario into quarterly reports. But unless they’re able to produce something other than treasure and mining equipment without a goal in mind, I am afraid these stocks will continue to be cheap. Having said that, several of them standout as interesting plays off the crypto bonanza. My favorites are BTBT, BITF, HUT, HVBT and there are several others — none of which you’ll buy anyway. You’re all consumed with your own worlds and ideas and value the opinions of NON-BABOON brained persons with blogs, so let me get to righting my ship and then I’ll come back here to talk shit.

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LOST IN THE WOODS

I intended to take the day off, basically because I am not seeing the market right. I started a “best ideas” portfolio inside Stocklabs and I can build long term portfolios all day. But, alas, my trading has been nothing short of abysmal.

The methods I used of chasing stocks higher is now met with steel pipes to the face, as I am forced to churn over and decimate my confidence in seeing the market right. It’s important to note, in my previous blog I had been +60bps after jumping back in and now I closed down 75bps, at session lows — because the stuff I chased was hot money and it cooled later on in the session.

I’ve manifested a gloom over my own decisions because of this slump — now entering the 4th month. Mind you, because of the methods I employ — I am up 10% over this time period. It is a slump for me — but for you — well, it would be outperformance.

I can discuss my shortcomings until blue in the face but it does none of us any good. What I must do is change my methods, away from what is happening and back to what might happen. The pickings are slim and the carry-through on these trades are short dated, leaving the market festooned with the guts of endless traders chasing alpha.

Many things I knew would go up and did — but I hadn’t any shares because, well, I kind of suck right now and it’s ok to accept that — since humility is the mustard seed of greatness, one that must be born out of hardship and sometimes evolution.

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INTRODUCING MY ‘BEST IDEAS’ PORTFOLIO; THOUGHTS ON ETHEREUM

I am dialing it down a little, replacing my inane “YOLO” portfolio with my best ideas — which is more or less a longer term oriented portfolio of some of my favorite stocks. I will make changes to it as warranted — but I will not trade it and will not sell simply because the stocks are up. I will manage it like I used to manage portfolios when I managed portfolios for a living.

You can gain access to it inside Stocklabs.

I didn’t trade this morning — because I needed the morning off. I needed the morning off because I have been trading like shit. Alas, and lo and behold, and this goes without saying, I am now up and running +60bps to the good in my trading, +185bps in my best ideas and +60bps in my Quant, which closed out the month +5%. You can see the Quant review here, courtesy of Citizen Squared.

Today’s big story isn’t stocks but ETHEREUM. At $3700+, I am in fact an ETH millionaire again — so you best to shut the fuck up and show me some god damned respect. I like ETH here thru $5k, based off the bones and the guts of all the NFT clowns who are about to get rug pulled. Once they begin to sell their little pictures, demand for ETH will soar, no different from when the market crashes and the dollar rises because all of the stock sellers settle their trades in dollars.

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RIBALD FAILURE

I’d like to offer excuses for my ill performance, capping out the summer without style.I finished the month +0.55%, followed by July’s +1.68%, and June’s +7.62%, clearing about 10% for the entire summer. On the surface it seems like an ok and genteel return. After all, one is busy during the summer and junior is inexorably at the trading turret. Everyone knows the real trading starts in September, after fund managers come back home after a sojourn into depravity and snowy nights on the beaches of NY and Rhode Island.

I tried hard today and really hyper-fixated but still came up short, down 66bps. I went breakeven for a minute and then the market crushed lower at 3:30, forcing me to acquiesce. I ended with a pastiche of SAAS IPOs and some old man stocks. I am torn between wanting the market to totally capsize and my desire to trade in a good tape. This has not been a “good” tape to trade and hasn’t been since February. That doesn’t mean you can’t trade well — it only means the difficulty level is higher. Hence, someone like me, a consummate professional, can only muster 10% over a 3 month stretch, harpooned over and over and hamstrung by discipline and PTSD from previous market crashes that dissuades me, eternally, from taking too much risk.

On the other hand, my Quant gained more than 5% for August, stretching gains to over 28% for the year. This investment process is simple and clean. I will be selling all current Quant positions tomorrow and re-allocating the same day, using the Stocklabs algorithms and some fundamental criteria I favor for the selections.

My trading positions at the close were: BASE, HVBT, BBIG, TNA, KMB, PEP, HSY, TASK, QCOM, BLL, KR, CFLT, DOCS.

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Going For It

Markets are accommodative so I am leveraging long in a bold attempt to erase losses of 150bps. I have accomplished that, so far, more or less breakeven now — but I still have many positions and the day isn’t over.

Big movers in the NFT space, namely TKAT, OCG and DLPN has provided me with an avenue to trade. I am cutting losses faster than gain, ensuring my current holdings are only trending up.

Short squeezes also look good, and I suspect there will be a nice run into the bell.

Inside Stocklabs will breakdown indices by market cap and it’s revealing. Tera Cap -0.2% for the session, while Pennies are +1.6%, indicative of what we’re seeing today — the polar opposite of yesterday.

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