Perhaps it speaks to my effete nature, but I went ahead and took profits on my crypto account. And the title isn’t quite accurate: I wouldn’t necessarily call my decision arbitrary. Just to be completely indiscrete, I started with $8,000 on Sunday, worked it up to $11,000 after the close on Monday, and dumped it all for a $10,000 balance just now. So 25% profit in a day isn’t horrible. My reasoning is simple: the challenge of hacking and cutting through that mountain of overhead supply is formidable compared to the free-fall zone below. I want to see crypto shore up a firmer base of support more substantive than hopes & dreams. I’ll be waiting to move when the time seems right again.
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Well, folks, this is pretty much it. If equities are going to fall, it needs to happen really soon, because after the trendline failure, it makes perfect sense that there would be a retracement back to the underside of the broken line. That is a virtually necessary test of the failure. But if we keep dicking around and climbing higher day after day, forget it. Reality will have been vanquished by the Fed’s trillions.
OK, I am 100% at risk of saying screw equities forever, because it finally got through my thick skull that if cryptos are the only true market out there, why not focus ALL my attention on those? I’m sick of Powell. Sick of Reverse Repos. Sick of the Fed. Sick of the manipulation. It sounds idiotic, but honestly, crypto is a gleaming paradise compared to the swill of equities and options. More on this later. But a 30% profit in one day based purely on my own charts is just my cup of tea. Here’s my equity curve over the past 24 hours.
A documentary of the same name came out on Amazon Prime, so naturally I jumped right into it. It’s precisely what you’d expect. You see, a little party trick I’ve played for years is that when I meet someone, I guess if they are a dog person, a cat person, or, God forbid, neither. I’ve never been wrong yet.
Normally I would be completely ticked off at yet another day of stocks-all-green, but these frustrations are negated by my delight at how my crypto accounts are doing. All the same, my desire for equities to burst into a horrible firestorm remains unabated. I am mindful of several important price gaps. Specifically, on the Dow Composite:(more…)