I hope the market gods don’t read this post, because I’m going to say something dangerous: there is just no way they are making it this easy for us. No way. I mean, come on, you’re aren’t even TRYING………….
This is like a child’s drawing of a bear market. Yesterday’s absolutely absurd rally, based ostensibly on Joe Biden (the world’s most boring and gaffe-ridden person) doing well on Super Tuesday. So, umm, that’s going to help anything? Seriously?
We all know there’s one and only one man who is going to save us all from Covid-19, and his name is Mike Pence. So let’s leave him to his job.
Anyway, yesterday’s quadruple-point explosive rally probably had more to do with impotent Jerome Powell’s handing out another $100 billion of free money to the banks with his criminal overnight repo scheme (and even then, the banks were whining they wanted more). The only silver lining is that Powell is miserable these days. And that will only get worse.
It isn’t just equities either. Look at crude oil.
And bonds (note to Gold/Diamond folks about my post yesterday – I scalped a quick thousand bucks out of my TLT short, but I covered before the close).
I remain very pleased with my “new way“, even though I am 75% committed instead of my typical 220% during such times. I am sleeping better and far better to deal with the day-to-day (well, second-to-second) mayhem of the markets. I feel sort of cowed into this “new way” based on my allegiance to Q1 2020 trading profit preservation, but it’s honestly working out pretty well.
Onward, Slopers. Let no bull be denied the sting of your presence.