We’re a half hour into the trading day, and your pal Tim is bloodied but not beaten. A few moments before the opening bell, I was to myself (out loud), “It’s rape time“, which probably isn’t a heartening battle cry, but it’s all that I had. Every single position of mine was ready to get dunked into liquid metal. Thus far, of my eight positions, I’ve only closed one – – ITB – – shown here:
Don’t get me wrong. Today sucks. But it isn’t (yet, at least) a scene of utter destruction. Indeed, I’m ready to open-mouth kiss my biggest position, the XLU puts, since in spite of its very strong opening has been in a free-fall since the opening bell, hammering out a huge bearish engulfing pattern.
I won’t really be able to assess how the day went until, umm, it’s over, but I say that because the FOMC and Powell are obviously the second part of this one-two punch.
Onward, valiant warriors!
