Yuck! I’m not liking this week one little bit! The ONLY good thing is that I lightened up so much, so the damage is attenuated. And what financial instrument is yanking the bulls out of the quagmire and into victory? Bonds, of course………..
![](https://slopeofhope.com/wp-content/uploads/2023/11/bondsup-640x504.png)
In doing so, the recovering bond market has lit a fire under equities, and the ES has roared higher by triple digits in a matter of just a couple of days.
![](https://slopeofhope.com/wp-content/uploads/2023/11/esfucker-640x345.png)
And, in turn, fear/volatility is absolutely collapsing, having fallen from 22 to nearly a 16-handle. How ironic that the horror of Gaza would turn into the basis for a relief rally.
![](https://slopeofhope.com/wp-content/uploads/2023/11/vixv-640x664.png)
Don’t lose sight of the big picture, however. I haven’t. Indeed, I’ve taken advantage of my 54% cash position at the start of the day to start pushing back into what I consider appealing positions. I’m not going to get aggressive until after Powell, however, since that tends to muck things up quite a lot.
![](https://slopeofhope.com/wp-content/uploads/2023/11/esfib-640x343.png)