Skank in the Tank

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Well, my 100% gains in Abercrombie & Fitch (ANF) puts are about to become over 200% gains.

Long-time readers know that for many weeks, I’ve been hyping the oversexualized ANF as a great short, since it has historically fallen hard from its overvalued prices to the depths of Sumerian darkness. In recent months, my x-ray vision spotted a descending channel that I’ve never seen mentioned anywhere else.

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Pre-Skank Tank

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Well, I confess I had forgotten what it felt like to bank profits on a daily basis. It’s a nice feeling. Of course, the anti-Christ Yellen has done a fine job yanking away such feelings in times past, so naturally I’m nervous about Wednesday. All the same, these little BTFD rallies keep failing, which warms my heart.

The small caps are approaching support. Of course, my hope is that the trendline does, in fact, break. The FOMC will settle that matter, I think, one way or the other.

0614-rut

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