King Arthur: Merlin! I've just recalled what Merlin said to me. How wondrous! How strange! Merlin said you would be the greatest knight to sit at my table. But that was long before I had thought of a table. So he knew it would exist. And I thought he meant a dining table! But he meant the round table. So I have stumbled on my future! I have done the right thing!
Lancelot: Did you ever doubt yourself, your majesty?
King Arthur: Of course! Only fools never doubt!
I rarely pre-empt Springheel Jack's morning posts, but I'm going to make an exception on this exceptional morning.
I spent Friday, Saturday, and Sunday (until the open) wringing my hands and pummelling myself with self-doubt at my decision to cover all 72 of my short positions on Friday and go long. I've got to say, I've never been so happy to see the market exploding higher on a Monday pre-market morning. The only thing I am short is bonds, and they are falling hard.
I was right to recognize the topping pattern and short the market.
I was right to cover my shorts on Friday.
And I was right to go long.
This is a very good feeling. I like it. I like it a lot.
And I like it even more since this is the first big step toward prices at which I will short everything under the sun with unmitigated glee.
In the meantime, I am delighted to be a government-subsidized bull, suckling at the teat of universal welfare-for-whiners, basking in sparkling glow of bailout beams, and awaiting the opportunity to rip off my false costume and reveal the snarling, furry, inexplicably-loveable beast that I truly am.
Have a good day.
