Today was interesting, to say the least, and for wholly unexpected reasons. I loudly touted RSX (the Russian stock ETF) earlier this week on TastyTrade as the most compelling country ETF to short; little did I know it would crater today. More broadly interesting, of course, is what happened with the ES.
When I woke up this morning, I was pleased to see the ES down about 7 points. At the magenta tint, I figured the day would be all about “managing winners”. The market opened, and my portfolio sported a handsome profit. (more…)
It seems that any company with the word “Liquidity” in some form is in a dangerous spot these days. Lumber Liquidators, of course, was a blowout wonderful short, and now, my honey of the day, Liquidity Services (which I’ve mentioned multiple times on my Tastytrade show)……….
Back on May 4th, I offered up a post with ten short ideas, one of which was Lumber Liquidators; at the time, the chart looked like this:
I have had not one but two themes I’ve been hitting on lately: Bullish Precious Metals/Bearish Equities. My beloved Slope Plus members have probably been losing their minds with all of my “Buy Miners” posts, which began late in May (my ideas there are up about 40-50%, generally). But on a morning like this, my ludicrous pontifications are really blossoming. It is only five in the morning here, but I just had to blow a few notes on the victory trumpet, since a one-two punch like this (metals soaring, equities plunging) is a delicious way to start the day.
Sweet Jesus on a pita biscuit………..I just saw World Wrestling Entertainment (the purveyor of high culture in these here United States). This has out-tulip’d the tulips……….
Not that I hadn’t done three snarky posts aimed directly at these clowns earlier this year……..
Americuh In a Single Image
Dow up triple digits! Green indexes everywhere! A huge end-of-day rally! And I was entirely short!
Did it hurt? Nope. Sure, my profits weren’t as big as they were earlier in the day, but I still wound up with a nice profit. There’s a lot of rot going on beneath the surface, my friends. And we’re getting tantalizingly close to a crossover of the Russell 2000 that hasn’t been seen since the James Buchanan administration (or was it Milford Filmore?)