The ECB just announced they’ll back Cyprus under existing laws. The market shot higher, as a result, sending the bears into lunatic asylums. I don’t know what to make of this development. But what I do know is crises are used to fuel future squeezes higher. Shorts keep getting lured into traps. When will they learn?
In an amazing turn of events, in the time it took me to write that first paragraph, the market reversed again, lower, releasing the bears from the asylums to run about wielding claw hammers and empty suitcases, where they will chop up people and place them inside.
I’m down 0.44% as I write this. I fully expect volatility. Nothing comes easy. I have shorts in JCP, AG and CCL working; but there’s one last finale in this tape before we dive lower.
We might trade down for the next week or so. But it will be temporary. Get long into the blood, for it’s a trap. Benjamin Bernanke is waiting for you suckers to sleep on him. He’s gonna drop bombs on the bears before the tax deadline.
Bank on it.
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http://www.bloomberg.com/news/2013-03-19/u-k-air-force-flies-1-million-euros-to-troops-in-cyprus.html
The UK uses planes the way Ben uses his helicopter.