After serious and ponderous contemplation, I have decided I vastly prefer this Monday morning to last Monday morning. Of course, the amount we’re down more modest than what we were up the prior Monday, but red is red, and all of my twenty-one short positions are looking forward to dropping at the opening bell.
The permabull turds at Zerohedge are distressed that any reality is creeping into the market, so they have dismissed the drop with a shrug and a declaration that it’s just a “breather” in what they believe is a permanent bull market. Since they can’t high-five each other about green on the screen, the radical-right incels over there are satisfying themselves by slinging hate to an elderly man who will soon be dead of an aggressive cancer. These are literally the top-rated comments, and it’s typical of that Klan krew over there.
Nice as seeing -60 on the /ES is, in the context of the past four weeks, it’s a barely recognizable blip lower. Still, and crucially, it provides an important new inflection point for us, and it makes it much easier to set stop-loss prices.
When I took Dukie outside at 3:15 in the morning, I glanced at the charts and was excited to see crude oil participating in the free-fall. Sadly, it is fighting back, but it’s still red. I’m enamored of my XLE and XOP shorts, so I am naturally cheering on crude’s demise.
In any case, this will probably be the first really good day in a freakin’ month, and I’m greatly looking forward to it. Keep the sand out of your weapons, and I’ll see you on the beach.
