Well, I’m feeling somewhat better today. I got a full night’s rest, my Vail-chapped-lips aren’t quite as cracked, and I’m not standing like a fool with no positions looking at a market in a free-fall. On the contrary, I’ve got a modest number of shorts, and last night’s rally has clearly lost its mojo. So it’s time to start the new year fresh.
I stated yesterday that I was enthusiastic on the long side with respect to energy and gold. Well, that didn’t last. Gold, as it always does, couldn’t manage to hold a strong rally together, in spite of global news that in the old days would have sent it roaring higher. And energy, after a bullish breakout, completely slumped beneath its horizontal.
