The always-happy-to-support-the-narrative media wasted no time this weekend lauding the “historic” OPEC deal, which was sure to boost energy prices, send oil company stock soaring, and save the worldwide economy from depression:
The market reaction is shown below. Premium members are welcome to use their special Slope-branded electron microscopes to see it.
The reaction in equities was far more comic. At the opening bell, the ES and NQ exploded higher. Indeed, equities were at a post-recovery high – – for about a second. Soon thereafter, they went plunging. The ES went down about 75 points swiftly. Regrettably, trillions of dollars of Jerome-Bux have been healing the market all night long.
Gold, for the moment, has lost its steam. Sentiment around gold seems crazy-positive. Indeed, the fact I was seriously considering walking into my local dealer and buying some bullion should send chills down the spine of any precious metals bull.
As I enter the week, I am 125% committed with 64 individual equity shorts. I have no ETFs of any kind, and I remain cautious, having endured the Fed-driven rally that’s been going on the past few weeks. Good luck out there!
