In a sane world, the Dow would be about 30,000 points lower than it is right now, but the world, as we know, isn’t the least bit sane.
Over the weekend, as war exploded onto the scene again, I watched with eyerolls how IG Weekend was down about 0.25%, and BTC unchanged, in spite of the news. Once the futures finally opened on Sunday, yes, they fell somewhat, but they began to rally. I was so nauseated that I turned every single screen off and pledged to myself I wouldn’t look again until right about now.
Well, amazingly, we’re still red, although I hasten to add I am typing this a half hour before the opening bell, and your hero might puke about something about how Talks Are Going Well or some such horseshit and send equities to lifetime highs. I mean, look, I’ve always considered people to be stupid, but the fact they gobble up words like that as The Gospel is baffling to me. Just baffling.
In any case, AT THIS MOMENT, the futures are still down, even though they threatened (red arrow) to erase even the microscopic dip they already experienced.
Crude oil, conversely, is strong, thanks to the newest Forever War that wasn’t supposed to happen. Worsening inflation? Plunging poll numbers? Hold me, Dave. I feel a chubby coming on.
I am coming into the day aggressively short, with one of my larger positions being none other than South Korea, a country whose equity market should be 1/10th its present valuation. One step at a time.
Looking longer-term, it does seem that in spite of the endless Talks Are Going Just Swell, Honest Injun declarations, small caps are starting to peel away from the strength of the uptrend.
This market demands ceaseless cynicism and, thus, one must stay utterly on their toes, particularly with 45 positions (!!!!) to manage.
God bless Slope, and God bless its paying members.
Amen.
