Monday, November 19, 2018

The Fly Has Some Thoughts On Current Market Action

From Le Fly at iBankCoin: 

Mon Nov 19, 2018 12:27pm EST
Markets Blown the Fuck Out — Happy Thanks-Fucking-Giving
Give me your fucking stocks, I’m throwing them away. Unfortunately, I was out this morning and could not opine on this lovely market. I had a few hedges, one in SOXS because of white candles that never fail. I just sold it for a 5% gain.
Aside from NUGT and TMF — everything is directly in the shitter.

It just so happens, I was 95% long heading into today. I know that sounds wild and crazy, but I had some hedges and I really didn’t think the market would crash. I WAS WRONG. So now my options are simple: sell everything and wait, or wait and risk burning in the fires....MORE
Mon Nov 19, 2018 1:26pm EST  
Even with my SOXS position, my portfolio took a ~4% drawdown today. Most of my holdings were at or near my stops, so I had no choice but to sell.
The obvious questions now arise.

Are you afraid of missing the rally?
No, because I don’t deserve to enjoy a rally. I bought too early; therefore, I am out.
Why not hold and hope for higher prices?

I am past the point of hoping. My losses, although terrible at 4%, could double if markets really knife lower. The risk reward isn’t there for me right now.

Will you short or buy more gold or bonds?

No. Gold and bonds are barely up and not showing bullish signs. It’s still up, but not enough to warrant more purchases. Too late to short, especially into Thanksgiving....MORE

Mon Nov 19, 2018 2:11pm EST 
I know that I sold SOXS and I just sold NUGT for a 9% gain. I am 90% cash and not trying to play the downside because of my losses endured today. I lost 4%, even with TMF, NUGT, and SOXS and lost the right to speculate in this high octane market.

Here’s the important aspect of today’s market.

The retest the lowFAGS have won again. We’re retesting and it doesn’t bode well. FAANG is hitting new 52 week lows. For the session, negative breadth is 85%, only succored by strength in old man stocks like Tootsie Roll, Utes, and gold....MORE 
Since We are in the "t's", in addition to Tootsie Roll, Tesla is also up.