Given the extraordinary strength of the market this morning, I was bracing myself for catastrophe, led in particular by the news that Vistra (VST), on which I was long put options, was the most “up” stock in the entire market thanks to the regulators giving them a multi-decade blessing to run nuclear power plants.
In spite of VST’s explosive move higher at the opening bell, which wiped out my profits and sent the position into a loss, the chart was still good. Two weeks of diminishment were wiped clean, but instead of dumping the position………..I increased it. Because the chart was still solid.
Much of this decision was informed by something that happened to me a couple of weeks back. See, this douchebag analyst from B of A, who probably was bribed outright by the company to do so, came out with a fawning recommendation about how super-duper SHOP would be to buy. My puts got destroyed, and I dumped them at a nasty loss.
Well, Mr. Douchebag’s stupid recommendation makes him look even more foolish now, because literally the very next day the entire gain was gone, and since then the stock just kept sinking. I felt particularly stupid, having ditched the puts when, in fact, the core bearishness of the charts was intact.
Anyway, I realize that the traitor Jerome Powell will stop at nothing to serve his billionaire masters, so I’ve trimmed back to 25% cash and 10 positions right now, hunkering down for the storm which that silver-haired ponce is about to unleash. If there is anyone stalwart out there who is still a bear, I wish you good luck. It’s going to be a rocky day, but at least I’ve survived to tell the tale thus far, VST be damned.
