Back on February 11th, which feels like about twenty-six years ago, I wrote up this post and made the following prediction for the Yen:
Well, it’s a dynamite morning for me (and I could sure use one). I am not as fully loaded as I’d like to be, but my portfolio is up almost three times as much as the market in general is down, and that’s in large part thanks to crude weakening.
Kuroda, Draghi, and Yellen sure have a lot of nerve.
How dare these blinkered bureaucrats cause someone like me anxiety and stress? What business is it of theirs to threaten a normally-operating market and trouble a sweet soul like myself? I might as well be scared of a DMV clerk. These sickening, self-serving civil sycophants surely should have a special place in hell.
This morning was Exhibit A. Here I was, positioned with 125 shorts and 0 longs. I have said time again, we are in a bear market which started on December 26, 2014, and I have positioned myself to take advantage of it. And yet seven years of “training” the sheep have put the central bankers in a place of vomit-inducing power.
As our heavenly father has smiled upon his servant Timothy Knight, the world is offering a complete and utter repudiation of Mario Draghi and his feeble-minded policies. Draghi wanted to crush the Euro (and precious metals), and his success lasted about 30 minutes.