It’s nice to wake up to something resembling what I saw when I fell asleep. This sounds like the declaration of sordid frat boy, but I’m referring to the ES and NQ. It looked like we were finally ready to rally last night, and this morning we indeed are.
I have merely two bullish holdings, EFA (discussed in depth with premium members yesterday) and USO. I have my Bull Pen watch list waiting with other opportunities. I’m pleased to see my big EFA position have a good start pre-market:
Bonds are very slowly fading. I am still considering the prospect of shorting TLT as the “flight to safety” dies away.
The longer-term intraday chart of bonds looks more encouraging with respect to a prospective tumble.
Precious metals fans have had an awesome two days. Simply spectacular. I’m glad I got out of that short yesterday!
However, they run the risk of running out of steam here. Take a look at this ascent. Either this is too far, too fast, and we’re going to give up most of this rally, or we’re into Something Totally Different and this sucker just rips higher. Word on the street is that there’s no physical gold to be had. Zilch.
In spite of burning my fingertips on my GLD short yesterday (day trade), I am quite intrigued by miners as a new short. Look at that overhead supply!
As for my USO long, meh, it’s OK. We’ve got a cute little base formed there.
My most successful investment, however, has been those put options I bought on Slope traffic. Yesterday’s traffic was 50% less than the prior week! W00t! (on a serious note, this just adds another good reason to have ditched advertisements on the site, because frankly, I don’t care!)
