I’d stand before God almighty and declare two things with absolute certainty: (1) there is no greater chartist than me; (2) it is doubtful there has ever been a worse trader.
OK, maybe the second is a bit rough, but today looks like today could be sensational, and I am INSANELY lightly positioned. It’s a damned travesty. One of my accounts is 103% committed, but that’s about the best I can offer. Another one is all cash. Good God, Tim!
Anyway, the market was already weak, but we just got the jobs report……..
…..and with job hires so strong, the notion that your somnambulant President is going to get interest rates cut (for what purpose, I am not sure) is zero. Thus, TLT, against which I own a buttload of puts, is plunging.
I would remind you of my closing sentence in last night’s post:
Tech stocks are teasing their lows for the week. I hope it breaks, since frankly I’m dreadfully weary of this horseshit.
Some markets have been deliciously predictable. Take the /RTY, which I’ve been pointing out this week. How about those ovals, boys? Of course, if I had anything between my legs except smooth plastic, I’d be short this thing.
The one area for which I have no shame and self-pity is buying SOXS yesterday at $5.10. I set my stop-loss to $4.99, and the red arrow markets where it went to, yes, $5.00. Scary, eh? Anyway, this bad boy (triple-bearish against semiconductors) is up huge now.
And don’t even get me started again on Bitcoin. This was the insight of the YEAR. Absolutely genius. And the dumbshit typing these words made a few thousand bucks off of it. I’ve received thankful emails from those who made triple-digit percentage returns.
Good! Glad someone out there is anatomically correct.
This has the makings of a very important day, so long as our numbskulled bullish friends (that is to say, 99.99999999999% of the human race) don’t screw it up for me again.
Excelsior!
