This is going to be a quick drive by post as I have my second crypto trading masterclass scheduled for tonight at 4:00pm Eastern. Be there or be square! Anyway, yesterday’s drop in equities at first look like the real McCoy but then – true to form – yet another floor materialized late in the session.
As you may recall I hosted my first live webinar last Sunday. Never having done a live online session before I almost soiled myself in the first few minutes as I was more nervous than a long-tailed cat in a room full of rocking chairs. After about two slides I loosened up a bit and we ended up having a lot of fun.
In case you wonder, no I didn’t just pull that one out of my rectum, and yes it’s a real thing. In fact vomma is officially listed as one of the option greeks (check it out over on Investopedia). And it also happens to be one of the more exotic indicators of implied volatility that is very carefully monitored by professional option traders. And let me assure you that they are ALL keeping a very close eye on it this very week. But why?
I don’t know how exactly but Convict Scott (friend of the blog and my long time debt enforcer) somehow talked me into hosting a live webinar series on the crypto trading system we’ve been putting together over the course of the past year, and then traded from $70,000 to slightly under $1M since January. And we can show you the account to prove it. Barring any technical show stoppers the plan is run the first webinar sometime this Sunday at 12:00pm EST. Sign up to my Facebook group in order to be notified.
After almost a year of complete silence I guess I had to come out of the crypto closet at some point. Some of you may have been wondering why any self respecting market megalomaniac would continue to neglect the fastest growing financial sector bar none. Especially given that Bitcoin and Ethereum as well as the blockchain are starting to gain widespread acceptance. Even Paypal and Mastercard recently jumped on the bandwagon and whether you like it or not, at this point it’s fair to say that crypto is becoming mainstream.
If you don’t own any crypto you are probably sick of dickwads who don’t know the first thing about trading constantly bragging about how easy this is.
And let’s face it, when you say it out loud paying $60,000 for a bitcoin sounds batshit insane.
Almost as insane as making your first million dollars from “CUMROCKET COIN”
So here I was mid session yesterday, getting all giddy watching the tape grind its way higher, with the prospect of cashing out my boatload of SPY butterflies at 423 for a princely premium in my immediate grasp. However that silly grin on my face quickly gave way to an Acme style jaw drop when the White House announced its plans to double the capital gains tax, as high as 43.4%, for wealthy individuals. Not sure if that includes the likes of you and me but it’s becoming abundantly clear that heydays of low taxation are now officially over.
I’m a pretty beat after an exhausting day navigating half the Spanish peninsula yesterday. Quite honestly I used to love to travel back in the days but over the course over the past twenty years the entire affair has turned into a complete train wreck (pun intended). If you’ve ever watched the movie The Orient Express (the 1974 version, not the new one) then you may get an idea of how people with means used to travel all across the world long before all of our glorious technological advances.
A few weeks ago an email arrived that put a huge smile on my face. No, it wasn’t a notification from the lottery association telling me that I had won a nice chunk of change. I’m pretty sure one actually has to buy a ticket to win something. And unfortunately no wealthy relative or close friend has died recently (what are you guys waiting for??), strike two on that one. Nope, instead it was an invite from Starlink announcing that my region had just qualified for pre-orders, and to be honest for me that’s almost as good as a golden ticket.
There really isn’t anything left to be said about this raging bull market that I haven’t already covered in the past week or two. It wants to go up and will continue to go up until the last buyer has been found. Which may be tomorrow or it may be months from now. Who knows?!! But what we do know for sure is that being short in this market is going to be a very painful experience. Or is it?