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
21,399 Blog Posts

Small Cap Rout Deepens, Bubble Stocks in Turmoil

We are now encroaching on 40% losses for a number of high beta stocks. Oil collapsed by 6.66% today and everything sporting a growth rate sold. There were small pockets of strength in NFT related names, as well as pro lock down plays like PTON and ZM. There is chatter of renewed lockdowns, as the COVID variants spread like wildfire. Nothing can stop the scourge of COVID and crisis actors are on the move, heavily, in order to exact a brave new world.

Separately, it appears ISIS is back in the mix, after 4 years on holiday. The Colorado shooter is of Syrian descent and rather enjoyed ISIS podcasts.

In a world of madness and cataclysm, I can only suggest going SHORT in order to hedge against COLLAPSE. Things aren’t going too well and the downside is here and perhaps to stay. All of your dreams have been washed away with the sands of time and the ideas you had to ingratiate yourselves in the splendor of market grandeur — GONE FOREVER.

I offer nothing but cold hard facts and if this is uncomfortable for you to read — fuck off.

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It’s Really Over This Time

You’ll want to feel like you did last month, a common trait amongst all addicts. You’ll throw your money around sentimentally, hoping to repeat past glories, running headlong into brick walls hoping to find a road etched into it like in the Wile E Coyote cartoons. I hate to be the clarity you need, since I do not enjoy being the bearer of dreadful news. But it’s over. The bull market might not be gone — but the speculative bubble that was going to take us to the moon and back is nothing more than a faint memory now, a moment in time when people got carried away.

Prices are deflating in a number of “hot” sectors and has been for more than a month. There wasn’t ever any underpinning behind this move; therefore, it will transcend and sink into dust.

I have take blows today, as my NFT gambit fell flat. I am presently off by 240bps, but have already begun redecorating my portfolio and more importantly mentally preparing myself to deal with this new reality. Like you, I too want more and to see the sun rise over PLUG and to see Elon Musk’s net worth balloon to $1 trillion while also watching him shit on the SEC.

The new reality will be rooted in fundamentals and slow moving stocks — molasses dripping off the counter into a sauce pan. Slop it up.

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Heavy distribution in anything but mega cap. Once again, I need to remind you fucking brainless dolts to stop chasing rats down the sewer pipe. Inside Exodus we’ve been immune to the pangs of this sell off thanks to the gift of NFT related stocks. But even that has ceased today and all seems to be heading downward into the nothingness of eternal loss. Mind yourselves, we have substantial downside left and your stupid “stimmy” checks are not going to save you, nothing can.

We might very well be in the Obama bear market of 2014-2015, which was malignant and horrible in both nature and demeanor.

My best advice to you is to panic first and smoke an estate pipe later. Raise cash and become a voyer of market crashes, and not a victim.

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That was a tough +200 NASDAQ day, with a slew of growth stocks getting forked. I had problems early going when trying to play ordinary stocks and then I switched over to the wondrous NFT space and made it all back, and much much MOAR.

I closed the session at highs, +150bps, with grandiose gains in stocks like IMTE. These are really shitty bottom dweller type names, but the market is excited about them and anything one is rumored to be involved, UP WE GO.

I did warn you.

I am resolutely bullish, even though I believe this narrative of selling spec for big cap growth is ruinous. I need to remind myself to avoid catching knives all day long.

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This Market is Built for Old Men

Greetings Friendo,

It appears the early 2014 narrative is intact, as the NASDAQ gleefully gallivants higher, everything is getting murdered. The ordinary stock is down 0.65% now, with breadth of only 30%. All the gains are consolidated in mega cap tech and dividend paying stocks. Breadth there is an impressive 80%.

In other words, you are in a pot boiling slow and do not know it. The rotation is happening in front of you and you’re too fucking stupid to see it for what it is. These losses are likely to be PERMANENT. Stocks like PLUG and others will likely never attain their record highs again. That was the high water mark and now we are delving, mind you, back into a melancholic symphony of blandness and 3% daily breakouts.

I have achieved the impossible, swapping out my old man stocks for shit. At one point I was 140% levered, but have since PARED down everything to the bones, now 55% cash. I am presently FLAT for the day, as Mother Market absconded with my gains and spit in my face for daring to buy low cap runners. Everything I bought fell and all the things I watched idly rose. I am fortunate, frankly, to just be flat on this bloody +200 NASDAQ day.

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An Honourable Bounce

Breadth is weak as shit in the speculative WSB loser sectors, however STRONG in traditional growth with out earnings sectors like SAAS. I view this positively, as traders get back to basics and also BEHOLD the wonders of NFTs. I had the opportune to profit from the OCG spike today and several others and now find myself in a most familiar position, UP 150BPS without even trying.

The Gods bless House Fly like they curse to hades all of you for betting against me.

That being said, I am mindful that trading isn’t for everyone. I am even more mindful that, as times, following Le Fly into high viscosity trades might in fact lead to a CANNON BALL to the face, take the whole head off. What I am doing here, day in and day out, is nothing less than art. I’d like to call it a science, but I’d simply be lying. I endeavor to make it into a science, which is the purpose of Stocklabs and the Quant. The Quant isn’t doing poorly, up 17% YTD. But it is leagues and scores behind yours truly, presently presiding over a gain of 180%.

Into the later hours of the session, I suspect the gains will increase and breadth improve. At the moment, I am situated in a margin position, levered, but also with lots of old man stocks to anchor me down.

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We’re heading into the best time for stocks post 20% drawdown for high growth names. SAAS stocks have been punched in the head, alongside all of the stupid solar and alt energy names. The hatred out there is palpable and the Peter Schiff’s of the world are still at large.

While it’s still possible I am falsely confident in the face of soon to come harrowing drawdowns, I don’t believe so. As a matter of fact, my trading account is at RECORD FUCKING HIGHS, not giving a shit about anything at all.

Life these days entails tennis and gym, austere living to adhere to my cutting regimen. COVID lockdown has turned me into a hedonistic fucked face, eating chicken pot pies and cannolis. No more of that shit. No booze, nothing sweet, nothing good. Food is not to be enjoyed, only ingested and just enough to keep me alive.

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Another Fine Week Etched into the Marble Towers of iBC

I booked a profit of 333bps for the week, half of my weekly goal. I also made 71bps today, off 150bps from my session highs. But we all can’t get what we want all the time — can we?

I closed out the day 107% leverage, margined to the hilt. But half of my stocks are of the old man varietal, MCD, HD and shit like that. I am betwixt hating this market and unassailable greed. I went long several NFT plays for the weekend gamble and might soon learn to regret that, as these fucking stocks are prone to collapsing 10% at any given moment. Nonetheless, I am confident in the Gods and trust my fate, in their hands.

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It’s a declarative statement, said as if it were a fact. It is my opinion and can do and say as I like, providing that I tell you that I am NOT a financial advisor and do not believe heeding my advice will cause you to enjoy your lives in riches and grandeur. Quite the opposite, as a matter of fact. Follow me into the wrong FOX HOLE and catch a cannonball to the chest — entire account washed away, or at least half of it.

I’ve been amused with the NFT craze and the things people are willing to do with their money. $500k for a virtual home, $7.5 for an poorly drawn work of digital art, $35k for LAND inside Decentraland. I’ve come to the conclusion that we all have far too much money and Jim Biden ought to do something about it. But before he does, we shall have a grandiose top off — with SHITCOINS leading the way. As you know I’ve been obsessed with the Meta-Universe of Decentraland (ticker MANA) and have recently discovered a small footnote in the share structure.


Every time an item or land is purchased inside Decentraland MANA (its currency) gets burned or destroyed. In other words, this is on par with share buybacks for a stock. As the popularity of the game increases and degenerates buy and sell stuff, the less shares outstanding. Pros know where this leads to and in my opinion, providing we’re still in an era of wanton depravity, substantially higher coin prices.

Moving on, I was all but out of my spec yesterday, but kept ONE stock and it happened to soar 50% today, ZKIN. See pal, that’s the type of person that I am — completely and entirely blessed by the Gods. I am up 170bps for the session and I have done nothing but show up. I am about to begin trading a bit now.

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Odds Are, We Bounce

Horrifying session. Down 400 NASDAQS, WTI -9%. This feeeeeels different, like the top was real. Jim Biden is hard at work to reinstate the misery we endured from 2015-2016.

It’s over.

I was destroyed for 5% today, cashed out and the deployed half my money into defensive stocks. I didn’t want to short in the hole and I didn’t NOT want to buy on a massive down day, so I went conservative and defensive.

But odds are, we bounce and forget all about this by lunch tomorrow.

Happy trading.

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