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Originally, I was going to put this post together to highlight the fact that Big Round Numbers were coming up soon for silver ($100 per ounce) and gold ($5,000), both for the first time in history. After all, gold is blasting higher at this very moment:
You will recall my referencing of my “Advantage: Bulls” post from nine days ago as evidence of a major inflection point. Well, I feel even more wretched than I did when I wrote that post, so take that into account. We have just emerged from a global geopolitical cataclysm as if absolutely nothing happened.
The folks over at CMV have had to invent new levels to show how overvalued the market is.
Yes, our tree is still up. Yes, it’s almost February. Yes, I just really like the coniferous scent of the holidays. Still, Mishka decided it was time to start putting away some of the ornaments.
The continuation of the TACO rally from yesterday can be seen by way of the price gaps which help illustrate the varying degrees of resilience in different sectors of the market. On the /ES, the gap (arrow) remains unsealed, although almost all the damage has been undone.
On Wednesday, I bought FNGD, the triple–bearish ETF based on the FAANG stocks. That decision was kind of bonkers, but the amazing things is that even though the market raged higher due to Trump’s TACO, I intended the day with a profitable position! I would like to particularly point out the massive increase in volume lately. It seems to me that the volume on Wednesday was a new record.
Putting this another way, if this was just a normal stock, it looks like an absolutely textbook example of the sort of thing you’d want to buy hand over fist.
