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, it couldn’t happen to a nicer group of guys. The swaggering, swine-like bulls came into this week, certain that S&P 500 was heading to 6,000 without a downtick in sight, and things short-circuited. Here are the small cap futures, which capture the sudden shift succinctly:
Well, here is EXACTLY the kind of screw-up I’ve only executed a few billion times in my trading life. Yesterday morning, following LULU’s gigantic surge, I went long puts on the stock. By day’s end, the puts were up about 5%, and I intended to hang on to them for at least a few weeks. This morning, however, during the insane run-up in stock prices, I panicked and dumped them at a loss. I did so at the EXACT millisecond they peaked. I’m disgusted with myself.
Happy new week, everyone. Had I been awake watching the /ES at midnight in the early morning hours, I would have been quite excited, because for the third weekend in a row, it decided to once again start plunging at precisely midnight, shaking off all prior gains. This time, however, the news that a bank no one has heard of (First Citizens) is acquiring the failed bank that likewise no one has heard of until a few weeks ago (Silicon Valley Bank) has convinced everyone that everything is fixed. Trash like First Republic (FRC) is flying higher. You can witness its Everything Is Awesome rally below, if your eyes are sharp enough:
