We all know the old saw, “Fool me once, shame on you; fool me twice, shame on me.” I’m not so sure it applies anymore.
The market has been fooled at least a hundred times so far regarding this war and its deal-almost-done-just-wait-a-bit nonsense. It’s no surprise they keep trotting out the same tired old delays, because they work every single Taco Tuesday. This morning, a little reality is creeping in once more.
The other market mover was, of course, NVDA, whose anticipated earnings caused a huge rally yesterday. For tech stocks, that rally has largely unwound, in spite of NVDA blowing away their numbers.
I’m short a couple of semiconductors as of yesterday, including Micron and, below, AMD. I like the direction so far.
Mercifully, I am not short any quantum stocks, all of which are rocketing thanks to our socialist government plunging into the formerly free markets once again with giant investments in the space. Allow me, for my thinking readers, to offer this analogy:
Venezuela : Iran :: Intel : Quantum
Bonds, my anchor position which moved hard against me yesterday, has likewise just about unwound its big rally. Keep it going.
As always, even if you have zero to do with crypto (like me), keep a close eye on Bitcoin. It remains a vital “tell” as to the market’s disposition toward risk assets.
