I’ve been trading the stock market for nearly thirty years, virtually non-stop. Today (that is, Monday, August 24) easily ranks in the top five strangest, craziest days in the thousands upon thousands of trading days I’ve ever witnessed. I felt like I was entering a cage of gorillas that had just ingested a large quantity of PCP. It felt dangerous and really, really unpredictable.
As I mentioned on my lengthy Saturday post:
I expect (and, again, hope – – because, God forgive me, I’m actually long five ETFs in size right now) we get a meaningful relief rally, carrying us up to the psychologically-important 17,000 level. At that point, please don’t be anywhere between me and my keyboard, because I am going to be shorting anything with a ticker symbol in size.
It should be noted that my whiny post about how terrible options are was followed by this action in the option specifically cited.
The best thing about weekly scheduled “news” events is that they can offer volatility and entertainment. The worst thing is that unsuspecting retailers regarding them as actual “news” and don’t recognize news events and scheduled releases for the scams that they truly are.
This week’s exhibit in the you-can’t-make-this-stuff-up category is none other than light, sweet, and lately crude West Texas Intermediate.
I’ve written about American Girl before, such as this post. For those unacquainted with American Girl, it started off as a doll-based means for girls to learn about different periods of U.S. history, but it has developed into a phenomenal retail success story of overpriced Chinese-made junk sold in branded stores in high-end shopping malls (like, oh, say, the Stanford Shopping Center). It’s a big deal for the 9-12 year old crowd.
I just wanted to point out that the fear index crashed yesterday to levels hardly ever seen. It just illustrates how deep the complacency in this market remains.
Greetings from the Starbucks on the Google campus, which is cram-packed with people and laptops (these aren’t Google employees, naturally; just slobs like me; I hang out here a lot because there’s a Tesla supercharger here, and I can suck down all the electricity I want for free).
Anyway, when I saw all the chatter about how Keurig Green Mountain was getting its balls blown off after-hours, I was reminded of a post I did way back in November. The post relayed the news that, at long last, famed hedge fund manager David Einhorn was throwing in the towel on his GMCR short position. Here’s a snippet from that post: