Good morning, everyone. I’m not complaining, but it’s awfully quiet. As I am typing these words, the /ES is literally +0.00, as the continuous flow of pronouncements and denials from the White House hasn’t started yet. Last night there was a bit of excitement in auto-land, as, yet again, “exemptions” were proposed for cars. That caused car-making companies like GM (below) to rocket higher, only to fall to a loss when they realized that the credibility of this administration is just about zilch.
With all the suspensions, roll-backs, and exemptions, the amount of tariff revenue rolling into the U.S. of A. is probably about seventy four bucks a day at this point, but no matter. It’s all a bunch of childish nonsense that I’m sure will sort itself out in a decade or so.
I remain fairly aggressively short, and as a follow-up to my “no more options” post last night, I suspect I’ll clear out my three surviving options positions and just convert them to plain old shorts. The end of an era! Anyway, I’ll write again when something actually happens.
