The boogieman is still there, under the bed, waiting to snatch the market’s feet.
Futures reversed off -13 to now +4, which is great. Italian and Spanish yields are dropping and the CAC is up almost 1%. Everything seems to be going well, except for the fact that NOTHING has changed, structurally. I hope to the heavens, and all that is dark and sinister, that I too can enjoy a respite this morning. Instead of having my face devoured by a “Miami Zombie”, I’d like to look at my trading platform without horror, reticent to do anything but wallow in profits.
Instead, I’m afraid my destiny is one of rocks, iron, ash and smoke.
Japanese markets are at 28 year lows, down 9 weeks in a row. The fucking Heng Seng is trading 6x earnings and our markets are for shit.
On paper, we should rally today, especially since futures reversed higher and France is up; but we won’t. As soon as this fucker opens, all of the assholes will start selling again, turning my smile upside down.
In the event that we do rally, a fucking miracle of sorts, I like NXPI, CLF and TEX. AG is one of my larger positions and feel it will begin to benefit from gold/silvers resurgence as safe haven. I’d like to say “YELP is homosexually cheap”; but how can I when the stock sucks dick? The social media craze is over, unfortunately. But YELP should not be tethered to Facebook, since it can be acquired and deserves a premium.
Bottom line: there are too many weak hands out there and without news flow to cut the sacks off the bears, I’m afraid this market is nothing more than a giant fucking sinkhole, where money goes to die.