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Morning Brief: Crypto Tanks , Tech Sells off

It is hard to tell if the fundamental reason crypto tank was from the Fed's crypto dollar paper release or from the huge sell off in the market yesterday. Either way, crypto tanked over 8x more than the major indexes, once again falling into bearish territory. BTC dropped below its $40,000 support level and I am sure Kathie Wood is feeling stupid saying that BTC would be $500,000 by the end of 2021. But I am sure that doesn't hurt as much as being called the biggest bubble ETF in recent times, as ARK continues to lose more and more value.


Tech started strong, hitting close to a 2% gain in the early trading hours, only to be smashed down to a loss of over 1% on the day. The correction support was waning late into the afternoon, and once it crossed passed that threshold, the sell off was rampant. We have gotten to the point where the market is signaling a recession to come, a huge market sell off to occur, and it is time to hedge, liquidate, or put on your big boy pants. You can't fight the market, and ignoring the warning signs is only going to leave you with a fat 50% loss in 2022. It is time to start eyeing your long term portfolio and not turning a blind eye to what is in front of you. Rising inflation, abysmal real unemployment numbers, a housing market bubble, and an incompetent fed and government are staring you dead in the eye. It is time to short, sell, and get into hedges or cash . There is too much risk in the market to leave your portfolio or trades sitting naked in the cold. Praying isn't going to save your portfolio.


TRADES:


Riding the shorts wants again :


#NVDA: Bought more puts yesterday , riding the stock down at strikes of 252.50, sold out more calls and will look to strangle some if the market bottoms a bit on the day


#MRNA: Riding puts again that I put on from earlier this week. Sold out some calls yesterday


#AAPL: Supposedly has a support level at 163 but I am not seeing it . I continue to ride covered calls down but I am looking to liquidate my underlying here or completely hedge with NDX puts out to April.


#DWAC: Is still trading inverse to the market and is surprisingly up in pre-market. I sold out more calls there and rode down strikes as the stock taper off some. I still think we might see a bounce here next week on it and Rumble gears to launch .



INSTAGRAM: day trading_traveler

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