To be clear at the outset, this is NOT a victory lap. The /NQ is still up almost triple digits. The /ES, while down, is down less than a fifth of a single point. Plus, today was a LIFETIME high for many indexes. Having said that, though, I got more aggressive on the short side early today, with such opportunities as AMD’s gap-fill. These prices are just too damn high!
The Dow Industrials is down nearly a percentage point, which these days is equal to an historic crash.
The small caps, while up earlier, have likewise cratered, falling 1.34% as of this writing which, again, probably demands a multi-trillion dollar federal bailout to save the bulls.
And, most interesting of all, the bonds – – my biggest short – – zipped higher today, only to barf all over themselves.
This is the best day I’ve had since – – well – – it feels like about thirty years or so. All twenty-one of my positions have yielded a profit today. It’s a welcome change.
