I had a terrific day thanks, ironically, to the King of the Wimps, Mr. Jerome “please don’t’ tweet something mean to me., Mr. President” Powell. The man (and I use the term loosely) completely and utterly caved in to his bullish masters (clearly the man is a “bottom“). The markets absolutely soared (see green below). But, as proof of a vengeful God above, the entire gain was destroyed and flipped red.
I actually was in the green all day long, even when Jerome “I prefer the leather chaps and nipple pinchers” Powell was doing his ghey-boy thing. The reason is simple: I am super-short the financials, and they took the kind of butt-pounding that JP has fantasized about on so many lonely nights.
Looking at the longer-term picture, I am still confident that the entire financial sector is going to undergo a collapse that will make 2008 look like a children’s birthday party.