Sweet Tea

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First off, in case you’re wondering where I am……..

What a terrific day (Hillary notwithstanding). The markets barfed. One of my kids medaled at the National fencing tournament. And I was absolutely delighted to see the return of a certain beloved Sloper:

0705-dutch

As I’m typing this on Tuesday evening, the ES is continuing to weaken. I came into the week with 80 short positions, and I’m very heavily loaded deep into margin territory.

0705-estwo

For most of this year, I’ve been bullish on two and only two areas: bonds and gold, both of which continue to do fantastic (and never seem to stop). Gold is getting deliciously close to the psychologically-important $1400/ounce level.

0705-gold

Far and away the best news for me today was crude oil, since there is no sector in which I have more shorts (the second of which is banking, which also crumbled today). Crude fell nearly 5%, and it’s shattering some very important support levels at this very moment.

0705-crude

I’ve already mentioned my disposition toward Q3 of this year: more bearish than I’ve been in years. Here’s hoping it continues to pay off.