Last week’s short squeeze in crude was something to behold. Assholes running around, thinking they’re geniuses because the middled east was gonna cut or freeze oil production. Meanwhile, back at the ranch, Joe Monkeywrench was digging as fast and furious as humanly possible to retail that black gold out for sub $50 WTI. In the real world that isn’t ruled by fiction, current oil prices are a deleterious drag–a real Debbie Downer.
European markets were down today, but America figured out the codes to the rubik’s cube and has feverishly twisted and turned itself into a flat market–biased toward the downside. I only say these blasphemous words because more than 57% of stocks are in fact lower. Also, bonds are rallying, evident and with vigor in the share price pin action of my beloved TLT.
WTI and copper are both headed towards hell, taking with it Satan’s son, FCX. At the present, I am short FCX and wholly wish for the downfall of the company. I’d like to see their operations shut down and their people lost at sea or in a war.
Moving on. There are some winners today. Perhaps you’d like to purchase some utilities at record valuations or some REITs? Go ahead, I fucking dare you.
On the downside are industrial stocks, stuff that makes global trade profitable and/or sectors that work against the interests of the most hated demographic in world history: middled class Americans.
People keep saying the Fed needs to hike rates, in order to jack up the carrying costs for America’s $20t debt load and to somehow help out the old fucker in search of yield. But if the Fed did that, the world would literally implode, taking us into a 5th dimension, into a land ruled by gay giraffe’s driving iced cream trucks and flying devils shitting on people’s dinner plates. You get the picture.
QE for life, because they fucked it up to the point of no return.
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Sold out of my oil stocks on Friday because you should always sell something that goes straight up for two weeks.