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With optimism spewing all over the place, and thrills abounding for forthcoming IPOs like SpaceX and Anthropic, I’d like to quietly remind folks what kinds of valuations this market is experiencing. Kindly digest some of the IPOs offered below and witness their follow-through. Enough said.
Yesterday was one of those “finest hour” moments for me. I came into the day with plenty of dry powder and, in the face of this ridiculous “US has surrendered, but honest, we’ve really won” rally, I shorted like a sumbitch.
Of my twenty short positions, nineteen of them are down, some of them down hard (hey, AMD, how about you blow me?) I intend to get shorter now as well.
This is charting in action!
It is certainly a more pleasant feeling right now, pre-market, examining a sea of very modestly red quotes and preparing for the day instead of bracing myself for one of the biggest rallies in history. Believe it or not, Iran isn’t the only thing affecting the markets, and there is still other data to examine. Two important items came out this morning.
The first is the Core PCE, which, as we are told, is the favorite inflation indicator of the Fed. It continues to clock in at 0.4% per month. Using my array of mathematical calculations, that comes in at 4.8% annually, which seems on the high side.
