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.
Thank you, Dennis. THANK YOU THANK YOU THANK YOU! Although I foolishly didn’t go totally flat on February 9th when you turned uber-bearish, I did short like the dickens today when you hit your pre-announced stop-loss point. You’re the King!
Once again, I find myself in a position where I worried myself silly all night that I was 125% short the market, fearing what the economic data would do…………..and then the numbers come out, and I wish I was 250% short and scold myself for my timidity.
After the CPI came in at 2.1%, hotter than expected, yields shot up…….
Well, I couldn’t be more pleased with the markets this morning. As I made abundantly clear on Friday, and through the weekend, I had greatly lightened up on shorts and went long (in a big way) select ETFs to take advantage of a bounce. Well, the bounce is on, with the ES up about 30 and the NQ up about 70 as I am typing this.
Looking at ZH over the weekend, they kept pouring out stories about how the collapse would simply continue. But we know better – – Gartman is firmly on our side, as of Friday morning, and that’s all we really need. (more…)
I’m typing this late Friday night in the cool night air outside of a closed Starbucks. I never thought I’d appreciate a weekend as much as this one. No GLOBEX quotes. No government shutdown. No nothing. Just peace and quiet.
Let’s take a step back after this insane week and just drink in the basics of the ES activity for the past couple of months, which I have broken down into four simple tints:
I’ve lost track as to how many times I’ve suggested CBL Associates as a short – – I think something like eight thousand times – – but it continues to perform marvelously, and I expect much greater losses (AKA profits) to come.
There are plenty of things I like about a market like the one we are in right now, which is one of unchecked pandemonium.
There’s the profits, of course. It’s really gratifying to see my assets grow so swiftly.
The vindication of being right feels good, naturally. Having virtually every single prediction unfold as reality so swiftly is like a tall drink of water in the desert compared to the past nine years. I have 73 different short positions, and every last one of them is in the green (some of them massively so).
And since my trading life is tied directly to my little business, I get “icing on the cake” by having subscriptions to Slope PLUS go roaring higher.