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One of my great pleasures each weekday is reading David Stockman’s Contra Corner, to which I am a cheerfully paying subscriber. In reading this evening’s edition, I was mightily impressed at a quote written by a man about whom I was unacquainted: Randolph Bourne. At the tender age of 30, Mr. Bourne was writing some extraordinary prose with respect to war and the nation-state. As the article declares:
He felt that with this great mix of cultures and people, America would be able to grow into a trans-national nation, which would have interconnecting cultural fibers with other countries. Bourne felt America would grow more as a country by broadening people’s views to include immigrants’ ways instead of conforming everyone to the melting-pot ideal. This broadening of people’s views would eventually lead to a nation where all who live in it are united, which would inevitably pull the country towards greatness.
Between Market Sniper’s death, and the nearly 50% rise in the market over the past month, I’m in a worse-than-melancholic mood. I wanted to share a few thoughts about my own risk disposition.
From late February through late March, I felt like Charles Lindbergh waving to the crowds of Manhattan during a ticker tape parade. From late March until late April, I felt like I was tied to a chair while the ghost of Charles Lindbergh urinated directly into my face. It’s been miserable, even though year-to-date I’m probably ahead of way more than 90% of traders. But still – – Jesus, man, I’ve hated this month.
It doesn’t help that the ES seems absolutely poised to break above its bullish cup with handle pattern.
Apple! Facebook! Tesla! Microsoft! Amazon! Although these days it’s hard to know whether or not company fundamentals even matter anymore. Tonight isn’t particularly interesting, but starting tomorrow, it’s showtime. (To say nothing of the fact that Wednesday is Powell day).