I’d be lying to you if I said today didn’t suck. For me, one picture pretty much captures it all: until 11 a.m. PST, my portfolio was contentedly gaining in value, enjoying the slippage of small-caps; the moment the Fed announcemnet hit, all hell broke loose, and I was stopped out of about a quarter of my positions. Absolutely zero fun. (more…)
Well, I couldn’t sleep, and when I glaced at my iPad, I realized why – - gold, the one item on which I was bullish, is taking another plunge. Hence the title – Precious Metals Suck. I guess their bear market isn’t over, and I’m going to dump GLD and GDX once the day begins. Sheesh! I’d better go try to get a little more sleep.
If you want a breathtaking view of how much financial stocks have strengthened, look no further than the chart of FAS below, which is the triple-bullish ETF. The interesting thing is that one didn’t have to be lucky enough to buy it in depths of the financial crisis for a bargain price; it was actually very depressed in October 2011, only a year and a half ago. It’s up 345% since then. I won’t show its opposite here, symbol FAZ, but it basically looks like a ski slope ever since its inception. (more…)
This is quite a curious life I’ve chosen for myself. (more…)
It’s enough to break anyone’s spirit.
Even after hours, the bears can’t catch a break. Bernanke was ostensibly going to make a speech about the history of the Federal Reserve. Instead, he used it as a forum to announce that QE would basically go on ad infinitum, so naturally all assets are spiking higher. (more…)