This morning’s economic data was all about retail, and it was a cold splash of water: the numbers came in at HALF the projection.
And just in case the point had to be made more strongly, Home Depot just happened to have their earnings announcement this morning, and there’s a clean-up on aisle three.
The biggest news of all, of course, is that I dumped out of positions yesterday, pushing my cash level to 33%, out of a combination of boredom and frustration, thus guaranteeing an across-the-board sea of red quotes this morning. You’re welcome! I’d also like to point out that the /ES intraday is sporting a pretty decent diamond pattern right now.
Until such time as the slippery politicos make some kind of kick-the-can-down-the-road deal regarding the debt ceiling, which will solve precisely ZERO problems, we’re all at the mercy of some surprising Headline News that will rip the market either up or down in an instant. It’s a truly ridiculous environment to be, since it makes equity investing closer to gambling than the product of careful analysis.
As for myself, I am exceptionally light on positions – – a mere 17 – – only three of which expire in August and the others even farther out than that (average: 164 days until expiration). As always, I keep time on my side.
