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I honestly never thought I’d be short Twitter, but it’s turning out to be one of my favorite positions. The reason I doubted it, of course, is because it’s already lost EIGHTY PERCENT of its peak value, so it seems sort of destroyed already.
However, it’s pretty evident the company’s business model sucks out loud (sort of like – I dunno – SNAP – which, surprise, surprise, I am also short) and I see firm support at $0.00.
After a few days of weakness (horrors!), it’s no surprise at all to be witnessing some green this morning, with ES and NQ using the relatively strong jobs report as their latest excuse to rally. This is totally expected, and as I told my Plus subscribers yesterday afternoon, I expect the counter-attack in crude oil to be even stronger. It’ll be a magnificent trap.
As for today, we’ll see if the strength builds on itself, as it sometimes jobs on these jobs report days, or if it starts to wither (which would really start to freak the public out). My principal message is that broken trendlines do matter.
