…….down Wall Street
Only a few days ago, I saw the patch of sidewalk in Durham, North Carolina where the market bottomed. On the morning of October 13, 2022 (no, I do not have to look up the date) I was walking one of the gazillion dogs I have brought into my life (Rolo), anxiously holding on to my iPhone and awaiting the CPI report. 2022 had been a superb year for me, as well as for Slope, and I was waiting for the next leg down in the bear market to take place.
The CPI number hit, and it was hot, and the market plunged……….for a minute. I didn’t know it at the time, but, thanks to additional trillions of dollars that our idiotic and short-sighted government hurled at equities, the Dow would have 20,000 points added to its value in the span of just a couple of years. It goes without saying that the event is seared into my consciousness both vividly and painfully.
In sharp contrast, I was walking a different dog this morning, anxiously awaiting the CPI, and it came in hot, just like before.
Unlike before, however, assets plunged instantly, and God be praised, they didn’t reverse five seconds later. Knowing that bulls are going to have a terrible morning is like Christmas Day and Juneteenth all wrapped into one for me. I don’t have to make money to be happy. I just have to know bulls are losing. They is a deep human joy in seeing bad guys get hurt. It’s called justice.
I am fully positioned, however, and thus will not observe these goings-on neutrally. I prefer to be winning, of course, not only because it is gratifying for my analysis to be accurate, but it also allows me to be bolder in my writing.
These days, it’s pretty much 1% truth and 99% pandering, which is why I’m so meek about politics and current events. I assure you, in a different era, I would not swiftly have taken away the Luigi picture just because a couple of $0.00 accounts were whining about it. It would have stayed and probably be replicated on a daily basis. God, you people expect a lot in exchange for nothing. My obedience, for one thing.
But, again, gotta pander. You folks have your heroes. I have mine. If you’re into Brian Thompson, well, yeah, you do you. Fat criminal scumbags just aren’t my thing. I’m weird that way.
Even my mildly political post last night was about 7% as acrid as I would have liked. I deleted and censored all kinds of stuff, because there are some genuinely unhinged people at my beloved site, and you don’t want to poke at them. It’s unwise.
Anyway.
I bought a bunch of DUST yesterday (the leveraged bearish ETF against gold miners) and, judging from gold’s plunge, it should do all right.
Also, importantly, the homebuilders are getting nuked, thanks to rising interest rates. I’ve mentioned XHB a few billion times as a long-term short idea, and it’s encouraging to see things start to come together.
Ah, yes, and Brazil.
The only thing that’s pissing me off is SMCI which correctly plunged last night due to weak earnings and weak revenue. What saved it? The CEO’s declaration that, yeah, 2025 will suck, but gosh darn it, 2026 will be AMAZING. The public is gobbling up his pledge, so it’s actually up a few bucks, which really grinds my gears. I’ll see if I bother keeping it or not. Jesus.
Anyway, as I said, I am fully positioned right now with 14 put positions and 1 long (DUST) which is, of course, bearish anyway. It’s thrilling to see the bulls have a bad morning for a change. I suppose Powell will announce a new $5 trillion stimulus program during his performative yammering in front of Congress today. Good times never last, do they? Enjoy these few moments while you can.
In the meantime……..Go get ’em.
