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Well, the markets have opened up again, and it’s a doozy. The moment they opened, the ES was down over 40, the NQ was down over 130, and gold was absolutely ripping. My “bearish equities, bullish bonds, bullish gold” gospel is a huge three-for-three as I’m typing this. Let’s take a quick look.
The NASDAQ is getting hit very hard.
If I may pat myself on the back, my identification of the trendline touch for KBE was spot-on. Score 1 point for the pure bearish spirit, and negative 1 for the hideous ogre Abby Joseph Cohen, the Medusa of the modern age.
I’m getting more and more into options trading these days. As much as I’d like to sing the praises of the fancy-pants complex options strategies, I must say, the plain old directional buy-these-single-positions muscle-headed way of doing things is yielded far greater results than the picking up nickels and dimes from neutral strategies.
One standout short this morning is MMM, which reported earnings before the open. I’m hanging on to this one. Plenty of more room to go!
