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Well, the demolition of the bears this week is going to be a five-for-five affair, as the latest jobs data shows rising unemployment and weakening earnings, which is music to the Fed’s ears. Yep, wages are growing at 0.2% a month, which explains why a teenager can score over $20 an hour flipping burgers these days.
The SlopeAlerts feature on the site has been very active for me this morning, and not in a good way:
Yuck! I’m not liking this week one little bit! The ONLY good thing is that I lightened up so much, so the damage is attenuated. And what financial instrument is yanking the bulls out of the quagmire and into victory? Bonds, of course………..
I’m incredibly busy, but I’ll just say one thing about my one huge screw-up: Microsoft. See the arrow? That is when any kind of bearish pattern was wrecked. I bought puts yesterday based on a broken pattern, and I should have known better. My 36% loss is my reward. The good news is that my other 17 positions weren’t idiotic, and I just sold my short-term QQQ puts for a 50% profit. Anyway, shame on me. That put a damper on the day, although it’s going pretty damned great so far.
