Well, the latest purported inflation data came out, and, surprise, surprise, it was a little milder than even modest expectations.
Equities predictably popped after that (gotta get above 50k again, amirite?) but as of this composition a few minutes before the open, they’re actually a mixed bag of a little up, a little down. Indeed, the market has been flopping around like a gasping fish on a bass boat for hours and hours, going nowhere.
More sure-footed are bonds, which have been having a terrific week.
My focus is on equities, however, having so many short positions and all. My view of the /NQ is that bears, if I dare to use the plural, have an ally in the form of those distribution ranges that are being established. The blue one acted as a barrier even against last Friday’s mega-surge, and the red one we’ve banged out more recently is our latest friend.
I do have my daily screw-up to report to you, however. I have, for many, many weeks, been waiting for a golden opportunity to buy (yes, go long) Rivian (RIVN). For ages now, it has had a habit of getting banged down to its trendline before stabilizing and having another powerful run higher. I knew they had earnings yesterday after the close, and even though RIVN had been beaten down severely already, I decided to be cheap about it and hope they would slip even farther and make it a bargain.
Well, there was no bargain to be had. My anecdotal observations of Rivians driving all over my neighborhood, and at Lake Tahoe, had actually substance, and this sucker sprang from the 13s to the 17s after the data came out. Damn it! Guess I blew that one. Well, actually, in fairness, I blew the execution, not the observation.
I am coming into the day medium-heavy with a 131% commitment level, and I can only offer my hope that this Friday doesn’t have any resemblance to the last one.
