Yesterday morning, I did a post called Let’s Bust 3960. Well – – told ya so. Look at precisely what happened last night the moment this specific level was breached. It simply affirms the importance I assigned to this seemingly arbitrary figure.
The good news is that the idiotic, simple-minded, myopic shit-show know as last Thursday can get unwound. And the reason is thanks to the surprising new best buddy of the three equity bears left on the planet, which is the Federal Reserve. Those numb-nuts are distressed at the universal “New Highs Right Now!” chorus that has swept the planet, so they’re tamping down the zeal with their words.
At the same time, crude oil continues to work its way lower. My view remains that crypto, crude, precious metals, and equities will all grind lower together, and the more participants we can sustain, the better.
I’m quite heavy on tech shorts right now, and this image of the NASDAQ futures, augmented with the there-is-so-much-wrong-with-this-picture of Zuck in the metaverse, tells the story.
As I enter the day, I have 100% positioned (literally zero buying power – — OK, not zero, but seventy-three dollars, so effectively zero) in 28 bearish puts expiring between February and June of next year with an average DTE of 134.
Let’s rock!
