I guess the “Always Up On Friday” rule finally got broken. As you may know, every single Friday – every one, without exception – has been a gainer for the entirety of this year. And yes, I know, it’s only the start of the day. Still, I’ve got a feeling we might just see red. Over the span of just a few hours:
- The Chinese stock market crashed, making fools of the Chinese citizens who sheepishly followed their government’s demands to buy equities on credit;
- The fabled March 27th signing of a big juicy trade deal has apparently fallen to pieces;
- The jobs report came out which, even with the completely pulled-from-the-sky optimism that the BLS engages is, completely fell flat, about 90% below expectations.
Incredibly, all this bad news is getting interpreted as……….bad news.
Just to add icing to the cake, my bullishness on precious metals, which I’ve been mentioning all week, is panning out nicely too.
The weird thing is that we were all assured that trade talks was going great about every 37 minutes.
Oh, wait a second. That was the assurance that North Korean talks were going great. Sorry about that. Of course, that ended in failure, and evidently they’re revving up their nuclear development and tests at this very moment. What I meant to share was this:
Right, that’s the one. So any moment, once he’s done powdering his nose, Kudlow will come out and tells us the jobs report was a “glitch.”
In any case, I am more aggressively positioned on the short side since than I’ve been at any point in 2019. I have 70 short positions with 270% commitment. Now, if you’ll excuse me, I’ve got a threat received in my inbox that I have to contend with. The funny thing is that this guy makes the assumption that I actually HAVE friends. So the joke’s on him.
