OK, another FOMC meeting in the bag! And what a madcap day it was………..
So in spite of the fact that……….
- The market exploded higher across the board……….
- The FOMC provided precisely the kind of fellatio that they did on May 4th (which was a lie, it turns out) that the market loves to hear…………..
- The other market technicians I respect are calling for a rally to as much as 4,400…………….
………I ended the day virtually unchanged. That, for me, is an enormous victory!
How did I manage to be at a near standstill in spite of this unhinged mayhem?
- CASH – I started at 20% cash and at one point was 50% cash (!!!!!!!!!!!) and ended the day at 40%, which is crazy-safe-conservative-boring.
- ENERGY – As you surely know by now, I’m an energy bear, and crude oil was the ONLY red on the screen today. So my energy shorts helped!
The real question, now that Bozo Powell is finished until July 27th, is whether we’re going to get the sickening 5-7% rally that everyone on the planet is predicting right now. I’m going to have to just relax a bit and let everything sink in before I decide next steps.
Ending situation:
- 40% cash, like I just said
- 25 different bearish positions
- Maintained 50% gain thus far this year
