Well, here we are again. Every morning, it’s the same thing: all the equity futures up fractionally (which, over time, has led to a literal 900% run-up in the S&P 500 since 2008) and at lifetime highs, in spite of every scrap of fundamental data saying that valuations are in la-la land.
As for my own portfolio, I take a special pride that in spite of the market being awash in green, my choices are defying the trend (as I’m typing this, 12 of 20 shorts are down, which is pretty damned impressive all things considered).
One particularly intriguing situation is happening with the miners. Gold blasted higher today, just like all other assets:
Yet miners, shown here by way of GDX – – hold on a sec, it’s in my notes here somewhere – – ah, here it is: didn’t do dick. In point of fact, it’s down on the day.
As for my own disposition toward the market, as usual, Star Trek provides all the wisdom required.
Everyone on the planet is giggling and tittering about the Powell rate cut in two days. That’s why the market is at this vomit-inducing levels. Allow Mr. Spock to weigh in on this:
And my persistent shorting? The inimitable Khan Noonien Singh channels Herman Melville for us in the The Wrath of Khan:
Onward!
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