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The market has exploded higher today, filling bulls with joy that the Tradeable Bottom is in and that 7,000 is just around the corner on the S&P 500. To my eyes, the Russell futures simply clamored back to a popular exhaustion point. Of course, that villainous traitor Jerome Powell hasn’t had his show time yet.
I honestly love this market.
Wait, Tim, what? All you have is SHORT positions, the NQ is up triple digits, every single equity futures is bright green, and every tidbit of news out there is bullish. What’s wrong with you??
Oh, plenty is wrong with me, but I still love this market. Every thing about it feels right.
To be sure, I’m pleased to have backed off yesterday. I’ve got a ton of cash and much less exposure than I did 24 hours ago. But, believe you, me, I’m going to be going in with guns a-blazin’ later today, if I can get the prices I want.
The hodgepodge of good news (much of it dreamed up out of whole cloth by China for the support of their own devastated bourses) has sent us flying to the same peak as the “Positive Developments” rally from last week.
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