There are two things saving my butt today: my PAA short and my precious metals positions. I’m long DUST and JDST, as well as short GLD.
In spite of the record-highs-everywhere in equities, I’d like to quietly point out that on the small caps, we did in fact break a crucially important trendline, and we are rallying beautifully to its underside.
Do you have a blog? No? Count yourself lucky these days. Trying to make this market interesting is like trying to make Janet Yellen physically enticing. It’s damned near impossible. Day after day, the S&P 500 is up a few hundreds of a percent. Weekdays are little different than weekends in terms of market volatility, which is hovering around nil.
Yet the show must go on, so here’s something moving a tiny bit – emerging markets. It has pushed to new recent highs, which in itself doesn’t seem that interesting…..
Interesting morning so far – – gold is getting its shiny bottom kicked, and equities are (as usual) drifting higher. I came into the day short Brazil by way of EWZ, and unlike US markets, Brazil is actually slipping right now. Of particular interest to me, besides the enormous multi-year drift down, is this highlighted pattern……..