Even the completely fake and diluted inflation numbers that the government invents each month were too hot for this absurdly-inflated market (which in a rational universe would have the S&P value at around 900 points or so) and the results are deliciously brutal. Everything with the audacity to have a ticker symbol is getting torched:
I’m not celebrating, though. Since from October 26th until yesterday, the market did nothing but reach lifetime highs every single day, I’ve been spending my time in a corner of the room, in a fetal position, rocking back and forth. As such, I lightened up substantially in recent days. I’m still short, yes, but not to the degree I could be.
Congratulations to LZ and Xerxes, both of whom wrote me privately last night and had the courage to be aggressively bearish. I can at least take comfort in the bulls being miserable, which frankly is really the only thing I ask out of life anymore.
