Nestled, as you are, comfortably and relatively anonymously behind your keyboard, it’s difficult to grasp The Risk Of Weinerdom that I have to embrace every single day by making public pronouncements about the market. And yet this is my chosen profession. Yesterday, when the market exploded higher across the board (see arrow), I briefly felt like an unlubricated marital aid, but I stuck to my guns (and my positions), based on everything I’ve been yammering on about lately. It’s gratifying to wake up to the following.
Just a tiny sample…….
Back on January 26th (the lifetime top of the stock market, as it turns out), I wrote a piece called Overhyped in which I suggested shorting Overstock. I liked the chart, and as I said in the post: “But the ONE time I bought something from Overstock was just a nightmare, and I was amazed the company was even in business (plus their CEO has some weird hangup about short sellers). So – – feh! – – I’m short.” So far, so good:
Well, this is the first down month we’ve had since President Courageous Super Business Guy Deal-Making Genius got elected. It’s almost impossible to believe, but we haven’t had a single down month since October 2016. This is also the biggest loss for a February since 2009. Needless to say, I’m pleased we’ve broken this streak. We can see quite plainly the top, the drop, the recovery, and – – God willing – – the resumption of weakness.