What a week. Sweet baby Jesus. Anyway.
The small caps have again become my anchor point for my glorious quest as the only person mentally ill enough to still short this hairy beast of a market. As I stand here now (it’s a standing desk, after all) I am in eighteen short positions, with the key one being IWM, represented here by way of the /RTY futures.
Since the Liberation Day Surrender of April 9th, small caps have puked higher in success rounds, each with diminishing verve. Recently, not only has the angle of attack diminished, but it seems to have stalled out (horizontal blue line).
Most importantly, very long term, even the most recent risible thrust hasn’t even gotten close to achieving lifetime highs (a trophy which the S&P 500 and the NASDAQ seemed to accomplish without even getting their lululemon garments moist).
We’ve lost some famous men lately, and this morning I’d like to bow my head with gratitude to Mr. Chuck Mangione who gave humanity this unforgettable and joy-inducing tune:
