Selling the Silliness

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I see that, true to form, Congress came up with a long-ass name for their $2 trillion handout to billionaires that forms an acronym for the express purpose of fooling the public into thinking it’s a good law. It has the vomit-inducing acronym CARES (as in Congress CARES About You……….sort of like how Jerome Powell does).

I consider myself vastly more creative than the bureaucrats roaming Capitol Hill, so I’d instead propose the more sincere moniker Federal United Coronavirus Kleptocracy.

Back to matters back here on Earth: there were two bouts of silliness in the ES yesterday that we need to burn off. The first was the explosive move higher (green tint) based on the fact that millions of people have been thrown out of work. What could be better, right? The second, even stupider, was the 50 point pop based on some bizarre technicality at the futures exchange having to do with market balance before market close. I don’t understand it, but it pisses me off, because it prevented me from added 9 more shorts to my already 30-position all-short portfolio.

idiocy

As the chart above shows, we’ve already dispensed with the stupid “balance” silliness. Now we need to start hacking away at “the market loves people to be collecting unemployment checks” rally. Stupid. Just so stupid.

I’m also fixated on gold, which I think is heading for a dive. I’m not sure gold per se, but most assuredly have more DUST than you could shake a stick at. Here are the GC futures.

threepeak

More germane to my DUST position is GDX, of course, which I think peaked yesterday.

gdxlimit

I stopped trading bonds (TLT) a few days ago. We may well be revving up for another push higher, as the next phase of this worldwide fiasco takes hold.

zb

I’d also like to point out that the US dollar appears to be heading to another swan dive with respect to the Japanese Yen. This, I would think, would melt equities like the wax around a candle flame.

usdjpy

As I stand here now, before the open, I have 30 shorts at 58% commitment level. I have 20 shorts I’m ready to pull the trigger on and 115 waiting in the wings.

Slope has always been a 365-days-a-year job, but now more than ever. I’m going to be working hard this weekend, focusing on improving the information on Slope to help make the site easier to understand. We have a tidal wave of new Slopers, and it’s clear to me I need to do a better job explaining the site and its features.