Well, I couldn’t be more pleased with the markets this morning. As I made abundantly clear on Friday, and through the weekend, I had greatly lightened up on shorts and went long (in a big way) select ETFs to take advantage of a bounce. Well, the bounce is on, with the ES up about 30 and the NQ up about 70 as I am typing this.
Looking at ZH over the weekend, they kept pouring out stories about how the collapse would simply continue. But we know better – – Gartman is firmly on our side, as of Friday morning, and that’s all we really need.
I don’t talk about it much, but my puts on the EUR/USD are solidly profitable, and by the looks of things, they look to be more so in the near future.
Far more important, though, is what equities are doing. Word on the street is that yet another deficit-based spending plan (this time, infrastructure) is what is giving stocks their morning wood. Can you believe the state of the world with all this? Constantly borrowing trillions of dollars on government projects just to keep this fake prosperity going as long as possible? It’s pretty comic………and tragic. Anyway, the move is what I thought would happen anyway.
OK, great, Tim, good for you, so now what? Meh. I dunno. This could be all there is to it, or there might be more fighting higher to, oh, about 2740. That’s about as far as I’d stretch it, though.