Freaky Friday

By -

Well, that was a weird day.

We started off higher, based on relief about the jobs report being only terrible and not horrific. Then the rally faded instantly, and we spend the entire day easing down a skosh at a time. Just when it looked like the bottom would fall out, the PPT showed up and reversed the market in an explosive countertrend rally.

Sheesh.

What I've been trying to position myself for is the big countertrend rally that is bound to take place Real Soon Now (note sarcastic tone). I don't want to be caught with a ton of shorts when something like this happens:

The above image, by the way, is what equities did after a ferocious bear market about 40 years ago. You can see how swift and merciless the bulls were in the other direction!

Well, it's been a long week, and in the end, I don't think I made (or lost) a dime! This is one of those weeks where there is a ton of smoke, and zero fire. So I'm going to walk away from the blog until the morning. Thanks for stopping by, and I hope you had a more fruitful week than me!