Following yesterday’s completely pointless 25 basis point drop in rates, markets around the world continue to rally to lifetime highs. The /NQ, shown below, is once again up triple digits based on nothing more than, well, months of momentum.
My own lovingly-chosen short positions are holding up nicely. Cracker Barrel, for instance, purveyor of some of the finest slop available in the U.S. of A., is getting hit before the opening on the heels of Uncle Herschel’s earnings report.
Advanced Micro Devices is also getting pummeled, I suppose because NVDA has decided to gobble up $5 billion of INTC stock, leaving Dr. Su out in the cold. Or something. It hardly matters. The stock is down hard.
I would note that, even with the market at the loftiest, laughing-est, stupidest levels in the history of the known universe, almost all my short positions are in the green. Indeed, since the quotes below are from yesterday’s close, one of the handful of losers (AMD) is going to instantly flip to green as well. Not bad for a Cajun.
I intend to get MUCH more aggressive today, now that this FOMC nonsense is done.
Godspeed, and may fortune smile upon the honest and decent among us. That would be me, and probably about four or five of you out there. Go get ’em.
