It isn’t often you see someone like me who can manage to be tense at a dog park, but I was.
In the midst of dozens of big canines galumphing around, my arms were crossed, my eyes were downcast, and I felt like a tight bundle of nerves, and it was all the fault of the power bottom shown in the illustration below (the one clenching his whitened teeth).
Because God has a soft spot in his divine heart for his favorite chartist, however, the entirety of the /ZB rally that Bessent’s $100 billion announcement yesterday produced has already been LAID WASTE.
To put it another way, in exchange for our failing nation to commit to countless billions of dollars to purchase its own securities in a desperate attempt to curry political favor, Bessent has achieved precisely DICK (which might, on reflection, have a certain appeal to the chap without the unclenched teeth).
Having endured yesterday’s shock event, I wasn’t exactly sleeping like a baby last night, so when I tied my robe and ambled downstairs to face my screens, I was bracing myself.
How relieved I was to see every goddamned quote in red. I mean, it’s not a wipeout by any stretch – -just fractional drops – – but, by God, I’ll take it.
So, for instance, the /ES is at new lows this week, with the Bessent rally already a distant memory.
The /NQ is down even harder.
I remind you again, the goddamned Treasury Secretary has loudly announced at LEAST a doubling of their already shameless buying spree of worthless U.S. treasuries, and yet the market is telling him to gargle its ball sack.
It’s really quite glorious.
I am entirely short, as you might guess, and I even went “all in” on TBT yesterday in one of my portfolios. The one area in which I’ve reduced exposure to almost nothing is crypto, and thank God for that, because Bitcoin is continuing to soar.
I’m going to go walk my dogs now, even though I won’t get back until a little after the market’s opening bell. I’m going to try to make it up to them that I was tense and uneasy during what should have been a visit to the dog park, if it weren’t for the asshole mentioned repeatedly above. My dogs are forgiving, so I think it’s going to be all right.
