It seems people are really, really hung up on the fact that our Chief Oatmeal Cookie Baker is making a speech this afternoon. What’s she going to say? That she’s awaiting more data? That they’ll lift rates when it’s appropriate? Listen, people, they are never going to raise rates, and if the market gods smile upon me, her effect on the market will be little different than it was one week ago today, when she did her usual blather which sent the Dow into a 1,000 point tailspin. Look, I’m sure she’s a nice old lady. It’s just too bad she gets all this attention.
As for myself, I lightened up today (down from 170% committed to 125%, and down from 117 positions to just 88 shorts). I intend to crank it up ungodly aggressively next week. It was a good day overall, my portfolio pushing up 0.93% versus the overall market being down 0.29%.