Good morning, everyone. Well, right on schedule, here’s our every single morning “everything’s gonna be just fine” rally on the /ES. I’ve grown accustomed to these, and given the market that I prefer (a long, slow, grind down as opposed to a sudden crash) this is a-ok.
In the midst of this American Okey-Doke rally, the safe havens have been burning of jet fuel. Gold, for example, which had vaulted to nearly $2100 (and a record price) has been slip-sliding away. This will help contribute to further gains with my XME (metals fund) short, entered by way of the premium post last Friday.
Crude oil, likewise, is down sharply. It was over $130 just days ago, and now it’s back in the double digitsr.
Of course, it was kind of obvious where the peak was. They practically telegraphed it.
The funny thing about this bear market is how it seems the bad guys have gotten away with it. Everywhere you look (especially if you’re looking toward one of the palaces that Adam and Rebekah Neumann acquired) are the people who got rich off retail suckers and haven’t had a care in the world about it.
Here in the Silicon Valley, the poster boy for this is Chamath something-or-another, who had become a folk hero of sorts. He was, among other things, the king of the SPAC madness. Well, you know how that all went. Here is one of his most famous offerings, Virgin Galactic, which has yielded returns for investors that they never dreamed were even possible.
In any case, I’m trying to keep my eyes on the big picture, as expressed in the layered chart below (2008 and today). I’m presently in 41 various bearish positions and I’ve plenty of cash (in one account, at least) ready to deploy. This morning I’ll be examining each of those positions and, although maybe one or two might get closed, I suspect my principal activity will be to Just Sit There.
