Nestled, as you are, comfortably and relatively anonymously behind your keyboard, it’s difficult to grasp The Risk Of Weinerdom that I have to embrace every single day by making public pronouncements about the market. And yet this is my chosen profession. Yesterday, when the market exploded higher across the board (see arrow), I briefly felt like an unlubricated marital aid, but I stuck to my guns (and my positions), based on everything I’ve been yammering on about lately. It’s gratifying to wake up to the following.
What’s amusing to me is the reason offered for this plunge is the forthcoming Chinese Trade War. Ummmm, aren’t we supposed to live in an age where companies spend millions placing microwave towers close to the exchange so that they can get a few milliseconds advantage in their trading?!?!?! The huge Chinese tariffs that Trump is announcing today were in the mass media DAYS AGO. Really, people? This is not news!
In any case, I am 167% short (wishing it was 280%……….) with 54 short equity positions. Mercifully, I think things are about to get really interesting again, thanks to the fact that the Fed is out of the way, like I wrote yesterday.