Well, the markets have opened up again, and it’s a doozy. The moment they opened, the ES was down over 40, the NQ was down over 130, and gold was absolutely ripping. My “bearish equities, bullish bonds, bullish gold” gospel is a huge three-for-three as I’m typing this. Let’s take a quick look.
The NASDAQ is getting hit very hard.
Gold is jaw-droppingly amazing right now. This has been simply spectacular. I’ve been annoyingly bullish on gold and miners since just before the year began, and it’s worked out great.
I’m especially excited about the ES, since a fairly important support level has been breached.
Now, look, I’m not naive. I know that son of a bitch Jerome Powell, who is worth about $50 million, would sell his soul to prop this market up. He’s going to do Whatever It Takes. So I don’t have fantasies about this market plunging to zero over the next few months, nice as that would be.
I’m taking this one day at a time, and one stop-loss update at a time. Indeed, I’m actually hoping the Fed will act. Because that sets up the greatest possibility of them all: that it won’t work. And when that day comes – – and it will come – – then it’s the end of the world. And I’ll finally be happy.