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You know the old saying – if it looks like a duck, walks like a duck, and quacks like a duck, it’s a donkey. Okay, maybe I got that one mixed up – but that’s the sort of rational thinking we’ve come to expect from the equities market for well over a year now. More specifically as equities crawl their way higher month over month implied volatility continues to range in ‘problem space’ territory.
A few weeks ago, I did a post called a Pair of C’s which suggested shorting CHTR and CVNA. Both of these have done great (down about $40 and $60, respectively) but the home run was definitely Carvana. The arrows mark the date of the post.
As I padded my way downstairs to my home office, I had the usual sense of anticipation about what the screens would hold for me. Many days are disappointing. Some are terrifying. And, from time to time, they are delightful.
This, I think, is going to be one of those days.
There is red splattered all over the screen, and even better, that punchable leach Jamie Dimon is having a bad morning. Any time the crooks have a bad day puts a spring in my step.
Indeed, long before I started making the trek to my favorite room in the world, I was thinking to myself what a galling kleptocracy we are living in right now. You’ve got people like Federal Reserve Vice Chair “Big Dick” Clarida actively trading the stock market ahead of Fed announcements. You’ve got Pelosi trading hundreds of millions of dollars in options on companies with active business in front of Congress. And, lest you think this is confined to a red state/blue state sort of thing, you’ve got good ol’ boy “Coach” Tommy Tuberville actively trading stocks, futures, and options in such volume that it rivals Pelosi’s.
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