The old market of stocks is becoming ever more selective while the indices teeter like humpty dumpty atop a gigantic wall of worry. The markets are rewarding patience…lots of patience. I continue to profile a large short who is hard at work in the S&P and I am beginning to feel her palms sweating.
Two earnest attempts were made by aggressive sellers today to press price lower. I see there footprints all over my undersized 24-inch Samsung screens. First came the huge order absorption Friday afternoon and then today two aggressive, menacing attempts at driving price lower by hitting the bids HARD.
Both times the damn dip buyers presented themselves.
Now Monday is over and Apple is trading modestly lower as are the /NQs yet the stodgy S&P is lingering. It is lingering like your friend’s friend at the end of the night. It is lingering like the drunken buffoon after last call. The S&P is lingering like a stubborn snail on your porch. The longer the S&P persists at lingering, the warmer the room becomes where the big short resides. The walls get heavy. The sounds of colleagues chatting and printers printing erupt into a confusing noise. Suddenly there’s no air in the room but in reality their breathing has stopped. Their brain is failing. In short, anxiety is building for the massive short.
Or it isn’t. This is all a subjective analysis of a hypothetical seller being profiled by an odd stranger on the internet, yes?
I sold that USO long, taking a 5 percent loss. It looks decent but it was stupid of me to tie up so much money in oil when there is crack to smoke and chocolate to eat. I thought parking 10% of my assets in the name would be like a voluntary break from the action to keep me honest.
Well, it kept me honest and lost me money. That is honestly dumb.
I resisted the strong urge to buy SCTY today although I should have. After hesitating briefly, it appreciated by a dollar and I was no longer interested. At least that is what I tell myself today.
More GOGO had to be purchased. This stock has comported itself with the utmost decency even while other momentum stocks flung solid body waste at one another. It was already a 10% position last week, now it’s nearly 15 my friends.
I still have this PPC chicken stock and corn, soybeans, grains, and any other GMO puke they input into these foul beasts is cheaper than ever. This is without question the overplay for the underlay with the salmonella news as a backdrop.
Anyone who follows the LED industry knows our available and investable companies have been tossed into The Fly’s fag box. RVLT continued being a cerebral pain by trading down. It went down, okay? It is down for no reason in particular aside from having a loose corporate structure and managing to eke out 500% plus gains on the year. You may continue seeing profit taking in this wild stock.
In short, my cash is up and I am concentrating my risk where the momo is chasing.If you enjoy the content at iBankCoin, please follow us on Twitter