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Don’t let my suave demeanor fool you. As you well know, I am massively, massively, massively short this market, and having a binary event like the CPI come out had my heart racing. I literally pulled the covers up, gripped the iPhone, and let my three dogs surround me to guard my spirit.
I’ll start by saying how pleased I am to know that Dave Chapelle was unharmed during the potentially fatal attack on him last night (and how cosmically great it was that Chris Rock was on hand to jump on stage and ask “Was that Will Smith?”). I mean, having lost Richard Pryor, George Carlin, Norm MacDonald, and Gilbert Gottfried, we need to keep our remaining talent safe. I simply do not want to live in a world where Amy Schumer is considered the funny one.
As for the markets, let’s just say I will be absolutely relieved when this stupid day is over. I can’t stand Fed days. Seriously. I’ve got plenty of dry powder, though, and for the /ES, my general view is that a rally to 4250 represents a good-to-short-stocks level, whereas 4300 is the oh-God-please-don’t-go-any-higher level. The reaction to whatever garbage the Fed vomits will be violent, and utterly confusing, and you must NOT interpret any given move as THE move. It’s going to be a shit-show.