As crude goes, so does the market. Crude bounces off the morning lows and never looked back, closing higher by 1.7%. The market, the slave it is to crude, followed suit and crushed the helmets of those leaning short.
It was a splendid run, with the Dow closing higher by more than 70. Also, and additionally, bond yields reversed and started to spike a little. All of these factors contributed to the U.S. markets strength.
As for me, I sold out of my EDZ position, earlier in the morning–luckily near the session highs.
My positions in AU, NEM, AUY, GLD and TLT all pressed their rights higher. Whether gold and bonds are overbought is immaterial to me. These are long term thesis trades, based upon the laws of the physical universe. Your time frames do not apply in the multiverse from which I have carved out my plans.
All in all, it was a respite, more of the same, melt up into what could only be described as ‘the very worst news flow’ possible. Walls of worry are very fun to climb, until giant blades cut you in half.
I closed out the session an arch winner, 50% cash.
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What more can be said at this point:
The 6 desktop machines channeling the Dow30, 5 tickers per to spread the processing & contingency flow, were fed today (verb
past tense: give food to) by tptb who perfected index programming following 20-09 by about 2013, 2014 now having free-reign on how they move and use the indices and what they might do coinciding in a longterm boombust context. Along with pc’s feeding 20 s&p leader names and low-sales no-sales no-earnings bios.
And btw i basically said this 3 years ago
“If the syrup is on the table after the pancakes, then it will definitely be too late.”
Long Mr. Jake Gint