As a person who is constitutional incapable of actually enjoying a moment, I’m already dreading when this amazing, exciting, fantastic market is going to shift back to its old annoying ways. Trust me, this is the kind of market I LIVE for, and since I’m having an absolute ball with it, a voice in the back of my head is warning me that some dillweed is going to spoil the party somehow or another. It always happens.
Look, all I ask for at this point is that things keep falling to pieces until at least Monday’s open. The reason is that – -and this is TOTALLY uncharacteristic of me – – I bought a ton of $575 SPY puts that expire on Monday. Again, I never do this kind of thing, but as of this moment I’m looking at a 300% profit on them, and I’ll be pissed beyond measure if I wake up and find out that, I dunno, Trump has TACO’d out somehow and stopped the bleeding. As I stand here now, however, the market is falling to pieces, and crucial support has been broken.
The one and only market going the other direction (and, yes, even precious metals are falling) is CRUDE OIL which as I’m typing these words is up almost 30%. Trump has absolutely stepped in the biggest pile of dogshit of his life right now, and that’s saying something considering decades of failures in the form of marriages, businesses, and reputation. He has out-loser’d himself, and we all get to pay the price.
Small caps, shown below on a daily basis, gave the sell signal last week, and at this point it’s a total bloodbath. I will mention, on a positive note, that when the aforementioned dillweed does somehow manage to make the market bounce, it’ll simply be another great setup for the bears. Let me be clear: THIS IS A BEAR MARKET NOW. Any rallies are just going to serve up the same buffet again and again.
I’m not sure how much more clear a top this could be for the S&P 500. This is textbook, clear-as-can-be, not-doubt-about-it major market top. End of story. It’s toast. Dead. Stick a fork in it.
Added to this, my Bitcoin short (constituting 100% of one of my portfolios) is clicking along nicely as well.
I imagine it’s going to be a restless night and a very eventful day, and week, that we’re about to enter. May God smile upon the bears, his most beloved creation.
