Markets surged higher today, with almost 90% of stocks participating in the rally.
Oil traders rejoiced in the splendor of a 9% surge in WTI, popping champagne bottles filled with light sweet crude and spraying it in each other’s faces at the close of trade. It was a relief rally, the very definition of the term.
Markets are still lower by 7.5% for the year and the vast majority of stocks are still lower double digits.
Where do we go from here?
With my money, I am levered long SPY. I sold out of some yesterday and a little more today–but still have a margin balance–due to my 25% weighting in TLT. I will be unwinding the entire SPY position, methodically, until 2/2. Details of the plan are in the blog section of Exodus.
Year to date, my losses are less than 3%. I’ve managed the rout with exemplary precision and will work towards moving from red to black over the next few weeks, maybe less.
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Nice vid. Googl is a straight up buy at this point, as opposed to aapl especially.
Porat knows what’s up. Extra double white Russians.
okay. four minutes of FM was all I could take. kindergarteners talking in circles.
Buy ge today.? I did.
and…
when does the ‘ econo ‘ ‘my’
start to matter in inhibiting general stock strength
i think it already has and will. economy ‘ sucks ‘ and will now count
Showtime, We knew us Bears were going to have a hard time with ECB talk. It is just short term pain cuz that talk won’t be coming out of FOMC or BoJ next week. I kept posting that us Bears were scared of Draghi coming up in the week. Our fears were justified, but should be short lived.
I’m more confident the signs are showing us this will now happen. The 2nd week in Jan, each CB hinting Qe game is over was a ‘tell’. The attack-triggering of Shanghai. Draghi’s last thing was basically ignored. If he does do something next week it might signal they want more delay before collapse, but I don’t think it’s gonna happen. I think they are ready for collapse, with some pauses. Secondly, the debt markets of course, separately with oil, and the lifelines copper/trade/oil/junk all directly saying this is happening, and I think the CBs and Davos know it and are ready for it
Showtime, Draghi and ECB are on hold until march. FOMC and BoJ will do nothing and will be happier cuz they will claim Oil has bottomed. In Davos, do you notice that everyone says that China will be OK in the LONG RUN, no one is saying that China is OK in the SHORT RUN. China closing down for about 2 weeks for the holiday normally causes a slow down of the global markets…with a rally when they come back…but I don’t see that uptick in demand coming out of China at all.
Great reporting and editorializing on this downturn as usual. Cheers to the weekend to all!
Question to anyone…Is Jeff Macke only blogging for Ibankcoin for one month? He keeps giving the impression he is there to blog for only the month of January?
Nice work Le Fly. The dude abides.
Keep charting yo. Very good intrinsics
Showtime hasn’t put down a legible thought in 5 weeks.
But that was easy. Get small, was /has been mo?
I am the voice of doom. That requires adjustments in written form.
Wonder what I said 5 weeks ago
That was awesome stuff show. I love the voice of doom
Le fly. Are you a backloadér? Best diet as far as I’m concerned.
His sexual preference is none of your business.
Take a good look at the volume these past two days. Did all the big shots head south before the storm?
Trump 2016 will crash this tape. Along with China and European banks and the too late crude fix. Relief rally indeed.
FLY FLY FLY…..MAKE SURE THAT JEFF MACKE STAYS HERE AT IBANKCOIN. Even if he just Sings Lip Sync Drake Songs (imho the worst type of content on the internet there is rofl) and you have to promise to Name your Next Child After Him. He is like you, a true Stock Junkie…and we must KEEP HIM!!!!!