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Well, there’s just no doubt about it. I have a lot more fun with down markets than up markets. Last week was a total kick. Today was all about defense.
It’s no shock, though. As I mentioned repeatedly last week, and during the weekend, this brief “shock spikes” in the VIX tend to vanish quickly. Until a missile actually explodes somewhere, it looks like everything is calm once more.
On Friday, this tumbled into my Twitter feed, attributed to Gartman:
And, so, as federal law requires, equities are UP and crude oil is DOWN right now.
I love the crude oil chart as a short, and I’m short USO as we speak (well, neither of us is speaking – – or at least I’m not – – and if you’re talking to your screen right now, you’ve got worse problems than either of us). Anyway, here’s what I see:
It took me about eight years or so, but I finally learned not to swallow all the weekend doom porn from ZH. On Saturday, I sent out this tweet in response to something they posted about oh-how-awesome the collapse on Sunday’s Globex market would be:
And here we are Monday morning before the open………with double digit green figures on all equity markets. (more…)