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Because, Walk the Line, right? Right? Sheesh. Let’s move on.
Anyway, the CPI came in right where they predicted for Y/Y and M/M, but the core CPI came in hot at 0.3 instead of 0.2. That’s all it took for folks to lose hope of a 50 bps cut in a week, and thus equities are red right now (although not by that much). The important part is that the resistance line I’ve been yammering on about endlessly held beautifully on the /ES:
Since this is the first weekend in a while I’ve felt absolutely terrific about the world of trading, I want to celebrate the call I made two Fridays ago, when I insanely suggested buying the triple-bearish-leveraged instrument SOXS. Truth to tell, one could have waited an entire week to get the exact same entry price, because the meat of the move was just on Tuesday and Friday, but all the same, it went up about 50% swiftly without ever having to take any heat during the holding period.
Eli Lilly has traditionally scared me. I mean, let’s face it, a totally evil company that sells drugs at 10,000 the times of the cost of materials which has the pathetic U.S. healthcare system over a barrel is a pretty damned good business model. It is sporting a P/E in the triple digits, which is normally what you would associate with a new biotech company at the cusp of curing cancer, not an ancient organization that sells stupidly named pills to the desperate.
Call it paranoia – – or gratitude for yesterday – – but I’ve closed just about every position I’ve got in my smaller account. It probably has mostly to do with the gazillion disappointments I’ve had this year, but I had fat profits in my positions and wanted to take the money and run……….two examples:
In the midst of that son of a bitch bastard traitor Powell on Friday the 23rd, I was the only person on the entire planet insane enough to suggest, of all things, buying a TRIPLE BEARISH ETF on semiconductors, SOXS. Here’s the proof. And below is what happened next. Not a single buyer would have even seen one penny of loss. Amazing.
