Over the weekend, I did a post called 3-Minute Pledge, which was warmly received by the Slope community. In it, I pledged not to take any action (trading or personal) on any unexpected decision I was facing without hitting “pause” on my life for 3 full minutes.

Well, I had a very tough opening this morning (brutal, actually) but, insanely, I’m showing a nice profit for the day. One position in particular, Royal Carribean (RCL) was stinking up the joint, and I was ready, as usual, to DUMP it at a loss. But I said to myself, and I quote, “Hey, asshole, remember your rule.” So I fired up the ol’ clock. waited three minutes, and………changed my mind. I did nothing. And I’m not making up where I was going to sell; it really is where the arrow is pointing:

My biggest options winner now is, of all things, IBM, which has a 48% gain. I personally think IBM is a joke of a company, so that makes the success of this position even sweeter.

It’s just 3:30 in the morning, Tim-time, but the sun started rising over the East River half an hour ago, so I’m up and about. It’s interesting to see how the narrative of the market is falling to pieces. The thesis of this entire ridiculous 2024 rally has been that (a) multiple interest rate cuts from a Biden-loving Fed and (b) low inflation would both contribute to a stock market that did nothing but make new highs every day.

Yet what do we have? Well, we have a plunging bond market, thanks to the fact that Powell has cut rates precisely ZERO times almost halfway through the year (in contract to the 5 cuts predicted before)……..