What a disappointing 350 point rally. These are the rallies that make you truly doubt fairness in the world. You’d think that if the market was up 350, then all of your stocks would be higher, right?
WRONG.
In a cruel world, only 60% of stocks are up in a 350 points rally and the one’s that you own and love and cherish are all, inexorably, down.
Speaking for a friend of course.
Basic materials, financials and services are strong, while tech is more or less dormant to down.
It’s also interesting to note the VIX is higher by 2% too.
The important thing, of course, is that markets are higher. Hopefully your shorts aren’t retarded and maybe you own an airline and some FIZZ too. Things will turn around.
I’m dead serious about one thing, these sort of breakouts are advertisements for retail and typically lead to follow thru rallies. Also, it truly kills dead any notion the bears’ had about ruining Xmas. Bulls are in control, albeit limping on without tech, crushing skulls along the way.
No moves for me today, other than thinking about covering my NVDA short for a $13 point profit. If tech was strong, I’d cover it right away; but the weakness of it has me thinking NVDA might dump out again.
Three cheers for Lord McCain.
Pure and total insanity. It’s like “irrational exuberance” on coke.
The VIX is a fraud.
Oil breaking down bigly.
Where’s Greenspan?