Two days ago, I took keyboard in hand and penned, “The market’s inability to chain together even two back-to-back down days is truly irksome” in a premium post.
What’s a premium post? That’s something I offer to my Gold and Platinum folks – -the kinds of folks who will enjoy dinner with you and, on alternate occasions, pick up the check. You know the sort. {Hey, where’s gonnabesick? In the bathroom again! I guess I’ll pay as usual. We’ve got a sitter at home.}
Anyway.
Suffice it to say that my post Resistance Respect essentially said, “Steady, lads” in the face of bullish adversity, and the timing of my post was absolutely perfect. Name one time Cramer has done such a thing. Someone erect a statue.
As I lamented, however, there’s been a paucity of back-to-back down days, so much so that it seems the last time such a phenomenon took place was when Mamie Eisenhower first laid eyes on a young Ike at the Kit-Kat Klub when he still had a full head of hair. It’s been a while, but as we approach the open, it looks like it just might happen.
Last Monday, I was merely 40% committed. I come into this day 170% committed, loaded with 30 short positions, including FXI, which I shorted yesterday. The funny thing about FXI – – and one of you should try to do some kind of study on this, because I think there’s something there – – is that on big down days in the U.S., people pretend FXI won’t be affected, but it always is. It’s honestly strange. China gets the memo, you know. And it did again, this time.
Speaking of China…………..what happened to the China deal? Remember? Don’t you recall when your brilliant, physically-fit, charming, honest, ethical President of These Here United States said on a scale of 1 to 10 it was – – wait for it – – it’s coming – – a 12! (Can you BELIEVE that guy? Where does he come UP with this stuff? Haw haw!)
So, where’s this deal of theirs? The meaningless one in which we give soybeans and they give us rare earth minerals for a year. Treasury Secretary Scott Bessent (please, kids, no lisping on all those S’s) might have misplaced it in the Pink Palace he lives with his hubby. Who knows. But they sure have become quiet about it.
Irrespective of the location of the paperwork, the cold fact of the matter is that the market has COMPLETELY REVERSED all its gains from the meaningless, empty, pointless “deal” that the two superpowers created an, umm, framework for. The gains are gone. The incels at Zerohedge have taken off their red hats and are scratching their heads, but – – they’re gone.
Oh, one last thing: here’s an interesting tidbit about the world of AI. Remember Enron? Multiply it by 500 or so, and you get our current economy. This thing is going to blow up like a supernova one day.
Have a day.
