I have an exceptionally busy day ahead, so I woke up at 4 a.m. instead of my more normal and languorous 5:30.
I’m delighted to see my entire quote screen slathered in red. Umm, look, it just occurred to me that my diagram of the /ES, which was intended to illustrate the trend shift which has recently taken place, instead resembles a gargantuan phallus. You have my pledge of honor this was not my intent. My brain isn’t fully operational yet. I think we should all just move on at this point.
One element of this, shall we say, droopage, is Tesla, which has taken a hard fall. I only acquired my put options yesterday, and I deliberately got August puts that were deep in the money. It is now represented here, but TSLA is getting near its first major support level at about $165.
I also applaud crude oil’s continued weakness, since energy is the most prominent element in my portfolio, by way of being long energy company puts.
Yet another factor that is helping asset prices soften is crypto, which until recently was leading the way higher, 2021 style. Below we see Ethereum futures (embellished with an image of Ethereum’s incredibly creepy-looking creator):
We bears have been absolutely cheated day after day, and my supposition is that, once again, the idiotic bulls and their multi-trillion dollar U.S. Government backstop will just erase all these beautiful red numbers and turn them into green. Who knows, though. Maybe the cold reality of economic cataclysm will finally sink into the thick skulls of these amoral apes and we can actually log a down day, just to mix things up.
