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.
The Burning Light
Let’s talk about Lumen (LUMN) which has had an insane week.
In recent days, it went up about 900%. I never really followed the stock until I noticed on Tuesday that it was the top gainer in the entire market, just about doubling in price. I stupidly assumed earnings had just come out (when I could have easily just glanced at our earnings page to learn it was, in fact, not going to report until after the close).
Here’s the 5-minute bar chart:
Not In This Market
The Bottom Falls Out
I am a bear. I have six figures in put options. And world markets are collapsing.
That’s where the good news ends.
As a person who can never be happy, let me share the bad news:
- I am 30% in cash
- I had puts in NVDA, NFLX, and a variety of other stocks that are going to get wiped out
- The puts I have have nothing to do with tech, the weakest sector
- My most fervant wish was for a bounce that I could sell into, and that quite clearly isn’t happening.
Thus, although I am virtually assured of massive profits the moment the opening bell rings, those profits will be utterly watered down, and I would be irresponsible to sell into this much weakness. I will almost certainly be “stuck” with way more cash than I wanted, after waiting for the past goddamned two years for the market to get knitting needles shoved into its eyeballs.
(more…)Stupefy
As if being a bear in a totally fake market wasn’t hard enough, yesterday some reprehensible douche nozzle named Bradley Sills from Bank of America announced that the stock Shopify (SHOP) was just a peachy-keen “buy” and, gosh darn it, you should exchange cash for shares. The stock ripped higher, causing me to just about puke, since I had some very profitable puts on it. I dumped them at a small profit and then, of course, this morning, the ENTIRE lift has been destroyed, because, let’s face it, Shopify is probably only worth $zero per share.
