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Wow, this Thursday has more in common with last Thursday than I imagined. What a disappointment! We’ve been zipping higher every minute this morning. At least I eased out of some stuff early and am back up to 30% cash. Still, this kinda sucks. Where’s my bear market?
Anyway, we’re still annoyingly range-bound. The small caps continue their ceaseless ping-poing.
I sure feel a lot more calm right now than I did precisely one week ago. Last Thursday morning, of course, was the pre-CPI heart palpitations, and we were all facing an important fork in the road. Would the CPI be weak, sending the market ripping higher? Or would it be hot, sending the market on its way toward the direction of my 3200 target? As it turns out, it was the worst possible combination, which was white-hot inflation, sending bear hopes soaring, only to see the market move higher in what must be one of the most disappointing days of my entire life.
This morning, in sharp contrast, is no white knuckle moment. I’m heavily short, yes, but I’m very satisfied with my positions, and there’s no looming binary event. After a nice tumble yesterday, equity futures have just meandered all night long, going absolutely nowhere.
