This action-packed week looks like it will be ending not with bang, but a whimper. Pre-open, the equity futures are a mix of red and green, mostly by a few hundredths of a percent, with the /NQ becoming increasingly quiet.
The defining moment of this week, however, was the “met expectations” CPI report on Tuesday morning, which shifted the entire market to a new – – and as Irving Fisher’s corpse might say – – permanently higher plateau.
In doing so, it smashed volatility down to virtually nothing, hitting the lowest band of the VIX going back for at least seven years.
It also beat down another safe haven, gold, which melted slowly lower all week.
I’m in 20 short positions right now, none of which look like they’re going to cause any trouble this morning. One of them, however, looks like a good push down this morning, Roblox, which I did a premium post about just three days ago. That idea is definitely bearing fruit, and I intend to hold on.
