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For my portfolios, I normally short-sell securities. Of my 30 positions, 27 of them are shorts, but three of them are options positions.
They have several things in common: (i) they are all puts (ii) they have a ton of time left on them, none of them expiring until 2027 or 2028 (iii) they are all in the money. Suffice it to say I am going to try my best to be very patient with these, which is why I’ve given them so much time:
There are seventy-six days until the very consequential midterm elections. Your hero is exceptionally unpopular, in spite of what you might be telling yourself, and his underling, Scott Bessent, well realizes he needs to do everything in his power to help. Thus, the power bottom of the Treasury just announced a DOUBLED of the quantitative easing program, plunging the nation even farther past its already $40 trillion in debt, all for the purpose of buying U.S. debt that no one else wants.
The effect has been immediately, as treasuries are soaring (I mentioned covering my TLT short and selling my TBT long yesterday):
Yesterday morning was so interesting that I wrote a lengthy post and gave it a rare “Best of Slope“
tag.
This morning, on the other hand, with the /ES and /NQ both up a few hundredths of a percentage point, I don’t have a thing to say. Zilch. So, I’m going to stroll out into the inky darkness of Palo Alto and walk my dogs. I’ll write up something when a market somewhere actually moves.
Wow, here’s another one that got away from me. I pointed out the beautiful H&S top in Baidu (BIDU) long ago. It took a little time, but it just came through in a big way.
