Good morning, everyone! I’m delighted to be back in Palo Alto after my brief journey. (Traveling sucks!) I see that the permabull Goldman Sachs mouthpiece known as Zerohedge is still casting about, trying to embrace some kind of plausible narrative to please their buy-side masters. It’s almost as annoying as their schoolgirl-level infatuation with the former President, and I seriously believe they must have changed hands because they have become such steadfast buyers-all-the-time. Insane.
Me? I am constant as the Northern Star. I deliberately did NOT look at futures yesterday or this morning, until just now, since I didn’t want to put my emotions in flux. My opinion has been that this has been the most golden opportunity for shorting in years, and I need to keep my mind as clear as possible. I woke up this morning, nervously fired up the iPhone, and saw all red. And it wasn’t a crash. It was just down a little, precisely as I like it. The H&S top on the /ES is glorious.
And the /NQ is sending my heart into spasms. This might be the best environment for shorting since early 2000. I’m serious.
Leading the way, as usual, is the crumbling bond market. The world has come to terms with the fact that the United States is utterly hosed, and there’s no way in hell they have any interest in loaning money to a washed-up deadbeat like us. Thus, interest rates are soaring and bonds are crashing. Again, precisely as I like it.
The latest failure utterly completes an extraordinarily well-formed continuation pattern. The bond bear market has been in place for almost FOUR YEARS, and it’s going to absolutely strangle everyone except the 1%. Hatred will intensify toward the 1%, and I’ll certainly do my part to throw giant containers of gasoline onto that surging fire. Most people are too stupid and ignorant to know what’s happened to them. I want to be part of the education to change that.
In the meanwhile, relax and enjoy the music. This could be another marvelous day.
