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I do not want you – – or me – – to lose sight of the big picture, in spite of the carnival which happened on Friday. You see, I was away from my screens most of the day, and seeing the raw quotes and reading the breathless headlines, I figured it was the end of the world of the one or two bears left on the planet. The moment I got back to see my screens, I saw nothing had changed. The /ES is still as wrecked as it was before.
Friday was a lousy end to an otherwise pretty good week. I drop-kicked a couple of positions for safety’s’ sake, but here are the ten bearish positions (long puts) I retained at week’s end.
Today absolutely sucked for the bears, and I’ll have more to say this weekend when I have the time. What I will say however, is that now that Powell has gone FULL PIVOT, the fact that tech stocks couldn’t even muster anything more than an inside day kind of tells you everything you need to know. Be prepared.
