Good morning, everyone, as we prepare to wrap up what has been an historic week. At the moment, in sharp contrast to the past couple of days, it is super-boring in equity-land. The equity futures are all up a hundred hundredths of a single percentage point. Since I sold all my IWM puts yesterday afternoon, I am happily not kicking myself at all.
What’s ironic about the mellow vibes is that, in the tech world, a screwup on the part of Crowdstrike brought the computing world to its knees, and CRWD is being punished somewhat for it. Umm, so, yeah, yet another example of how computers are broken, software is patched together with scotch-tape and bailing wire, and the notion that AI is going to be a thing is laughable.
Microsoft, whose operating system is the main victim behind the CRWD screwup, is also taking it on the proverbial chin. Something I find funny and quite illustrative of the permabull mindset is that the media is touting that THIS is the opportunity to finally get Crowdstrike at a good price, since it is on sale. No thank you.
Precious metals have done a total U-turn this week. Gold has lost all of its earlier gains, and silver is getting absolutely blasted. Since I have dipped my toe into the silver water (small starter position) I am monitoring this closely.
It might wind up as a quiet day. Next week is going to be mayhem, though. It’s a shame we have to slog through a Saturday and Sunday to get there.
