Going the other way, bought back shorts I sold earlier.
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Ghost of Igloi wrote:
Going the other way, bought back shorts I sold earlier.
when you say you 'bought back' shorts do you mean 'bought to cover?' meaning eliminating the short?
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No, I sold leveraged shorts earlier in the morning, bought back as NASDAQ climbed back positive. Now selling into market drop. Just playing the volatility with my general thesis this market goes much lower, but not in a straight line.
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Ghost of Igloi wrote:
No, I sold leveraged shorts earlier in the morning, bought back as NASDAQ climbed back positive. Now selling into market drop. Just playing the volatility with my general thesis this market goes much lower, but not in a straight line.
I still don't really know if you got more short or less short.
Maybe don't say 'sold shorts' because that is really confusing. I don't know if you meant literally 'I sold shares short' or 'I sold an inverse ETF' or 'I bought an inverse ETF.'
perhaps better: 'I reduced my short exposure' or 'I got more long'
Just for convo purposes.
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Sara Eisen 😍
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agip wrote:
Ghost of Igloi wrote:
No, I sold leveraged shorts earlier in the morning, bought back as NASDAQ climbed back positive. Now selling into market drop. Just playing the volatility with my general thesis this market goes much lower, but not in a straight line.
I still don't really know if you got more short or less short.
Maybe don't say 'sold shorts' because that is really confusing. I don't know if you meant literally 'I sold shares short' or 'I sold an inverse ETF' or 'I bought an inverse ETF.'
perhaps better: 'I reduced my short exposure' or 'I got more long'
Just for convo purposes.
OK, got less short as market dropped, increased short exposure as market climbed. I will likely maintain a net short position near term.
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VIX 31.6 just now - that's one of the highest readings over the last 52 weeks. Significant. Massive fear in the markets right now.
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jamin wrote:
Sara Eisen 😍
What is this guy saying?
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Investor noob wrote:
jamin wrote:
Sara Eisen 😍
What is this guy saying?
Pretty sure Jamin would rather look at Sara then listen to Jim.
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agip wrote:
today could be an interesting day. Yields are falling quite sharply, there is good earnings news, a good econ number today, and for now anyway, twitter might be sold. Those are bullish.
But sentiment is catastrophic...will actual good news be enough to turn this ship around? Maybe. QQQ now down just 28 bps in the preopen. A nice snapback would be reassuring. Maybe scared retail investors will sell at the open and then buyers will step in.
looks like this was correct. At 2:55 PM anyway. After stewing all weekend after friday's dump, weak hands capitulated this morning. But then the bullish nature of falling rates, good econ, good m & a seem to have turned things around in the PM.
Or a butterfly shook its left wing in Peru and caused an inevitable chain of events resulting in a 600 point gain in the Dow.
Now watch us fall 500 down points by the close.
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At NASDAQ up 1+% I would be inclined to add to my shorts.
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Dang I missed Google under 2400. Thought about going all in VTI under 212 and being done. Hope I get a chance again.
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Investor noob wrote:
Dang I missed Google under 2400. Thought about going all in VTI under 212 and being done. Hope I get a chance again.
I am sure you believe you missed something.
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Prof. Racket wrote:
Computer Geek wrote:
What few people seem to think about or be aware of is that a big part of why the market is so overvalued by historical standards is because of all the "free" pandemic money that was handed out. Many people, myself included, did not need this free money and simply invested it into the market. I still don't need it now, so I'm not going to take it out. I do believe the market IS overvalued even in light of this, but you can also view a lot of the "overvaluation" as kind of just an artificial breakage of the average gain of 10%/year due to the FED giving everyone handouts, causing the market to jump more than it would normally since so many people just invested this extra money.
Yes, you're definitely the first and only one who has ever made this observation.
I never said I was the first or only one to make that observation. That wasn't my point at all. My point was that it gives an explanation for why a lot of metrics of valuation are so out of whack with historical averages and suggests they're not as much of a concern as they would be otherwise.
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Computer Geek wrote:
Prof. Racket wrote:
Yes, you're definitely the first and only one who has ever made this observation.
I never said I was the first or only one to make that observation. That wasn't my point at all. My point was that it gives an explanation for why a lot of metrics of valuation are so out of whack with historical averages and suggests they're not as much of a concern as they would be otherwise.
I don’t believe that will have any influence on where this market is headed.
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"Buy to cover" your short position is the terminology i've heard, which means the short position was closed out.
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seattle prattle wrote:
"Buy to cover" your short position is the terminology i've heard, which means the short position was closed out.
.That would describe someone shorting an individual stock or ETF. Covering the short by buying back the shares, with the profit or loss the difference plus the cost of borrowed shares. I am shorting the index, sector, or ETF through inverse ETFs. Really just trading around positions. This morning I sold SARK with a cost basis of $45 at $58, then turned around and bought it back at $55. Essentially I lower my cost basis on the trade to $42.
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Oh, and transacting in an IRA so no capital gains.
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Wonder if retail are locking in pandemic index gains to make their downpayments on houses before rates get too high. One last big fomo buy on real estate before a bit of a lull due to the insane increase on monthly payments versus 2021.
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Ghost of Igloi wrote:
Oh, and transacting in an IRA so no capital gains.
Wow. Are you really that ignorant?
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