For the first time in two weeks, I don’t have to grit my teeth in anticipation of a horrible opening bell. We’ve got drops of almost 1% across the board, which I’ll gladly take. Here’s the slow burn on the /ES all night, away from its absolutely ridiculous lift last week:
Gold, in sharp contrast, is blasting higher by over $80 per ounce.
Let’s keep this in context, however. It’s just unwinding some of the damage over the past couple of weeks.
Bitcoin is also finally slipping, having lost thousands of dollars over the weekend.
Fittingly, this coincides perfectly with Michael Saylor cranking up his cocksure arrogance to the proverbial “11” as he beats the drum to get others to join his cult.
Another bit of good news is that oil gapped down on Sunday, on the heels of news about more production from OPEC. Most of the gap is gone, but we’re still down almost 2%, and I’ve got a heavy bias toward energy shorts in my portfolio.
As for politics, President Big Brain has announced he wants Alcatraz to re-open (hysterical but also chilling since we won’t get any more of those cool movies filmed there) and that films from them danged foreigners what with their Room with a View and Amadeus and what-not will get slapped with a 100% tariff. Thank God he’s got his arms around our nation’s biggest problems.
Anyway, Netflix is getting nuked.
Finally, the VIX has been destroyed, falling from about 60 to around one-third that value. I’d say the water’s looking good for a swim again.
