Happy Friday, everyone. And, as is the tradition on Fridays, the press is in a flurry about peace talks, people flying from here to there, and the possibility that such-and-so will meet with this-and-such.
Look, everyone, it took twenty-one MONTHS for the least nuclear deal to be hammered out over a decade ago, and that was with exceptionally talented parties who were eager to meet steadfastly. This situation is – – different.
In spite of this, the VIX has been steady as a rock all week, trading at pretty much 20.75 more or less a few cents.
For an entire week, the /ES has been trying to break out. It finally managed to do so this morning, for a minute or two. Now we’re back into the same wild range we’ve been cycling through for five days.
Of course, the real action is over in tech-land, with the /NQ having no problems at all zipping to lifetime highs with the form of a Nike swoosh.
Powered, principally, by semiconductors. The performance that the likes of Micron and Intel (below, up an amazing 25% overnight) have been throwing off has been kerosene on the fire of SMH, which looks like it might be headed to a historic 18th day in a row of a net positive change.
The odd man out in asset-land continues to be gold, which I am bearish by way of being short the gold miners fund GDX.
I am coming into the day medium-aggressive at just over 100%. I shorted INTC yesterday but, mercifully, scurried out at a loss after yesterday’s close at $74 when I saw the writing on the wall, so I got that stinker out of my mix already.
