I’m Long Gamma.
YOLOrado
Joined March 2009
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QOTD: “A random day is a Tuesday about 14% of the time, and nobody is shocked when it’s Tuesday.” ~ Jeff Yass
"Calling a bubble is a free option. If the market craters, you’re famous. If it doesn’t, you go into never-mind mode and call the next one. If the bubble callers know the true price and the market doesn’t, let’s see the track record" --Jeff Yass in WSJ opinion
wsj.com/opinion/theres-no-su…
"The market had a 47 sigma move yesterday. It happens once in 8 million years or something.
If I'm not mistaken, we’ve had like 5 of those this year. What is the use of using normal distributions in financial markets again...?"
LOL. Love that line.
I closed all my bearish put spreads Thursday after a long walk in the woods. My biggest, baddest beats have come from overstaying shorts, and my intuition wasn’t letting it happen again.
Nasdaq was down 5% and $VIX up 70% in the early going, and everybody was itching to do something. This was not the time to be a hero. I walked the dog and ran some errands.
Imagine how much better off American’s retirement savings would be if @Visa and @Mastercard partnered with @schwab and @Fidelity to offer credit cards that paid 2% cash back, tax free, into Roth-style IRAs instead of chasing airline miles and hotel points?
Sign me up.
In my short-term trading account, I closed all my open bearish put spreads near the close today.
I'm not making the call that today was the bottom. I just know that one green candle will likely obliterate all the open profits.
If I'm early, I'm okay with that. I've been on the wrong side of that mean-reversion far too many times to think about.