Are we still paying attention to the Dow? I’d say no, right? Both the S&P and Nasdaq cascaded lower from a robust open, as expected, with the latter seizing up and dropping dead — down nearly 70 NASDAQS. This is because the President can’t keep his trap shut, always taking to the computers to boast about the stock market and how awesome he is. Plainly, these are the tweets of a psychopath.
Will he get us all killed? I sure do hope so.
The big winners today were uranium stock — holy shit they sprung higher. There were 10%+ gains in CCJ, UUUU, UEC, DNN and URG.
Reason being: Kazatomprom, Kazakhstan’s state-owned uranium miner, said they’d slash output by 20% next year. The shitty country of Kazakhstan represents ~35% of world production of uranium.
Other strong sectors included lots of retail, like apparel, restaurants, auto parts, entertaining and grocery — all places that might be immediately impacted by tax cuts.
On the downside was tech, a most deleterious drop — which caused by Bubble Basket to plummet by more than 2%.
Some of the standout losers include IPGP, ANET, TTWO, VMW, NOW, AMD, SHOP, FSLR and thankfully NVDA.
My quant portfolio shed 0.38% and my discretionary didn’t do too badly, considering UVXY had been lower by more than 10% earlier. It closed down less than 3%. I enjoyed gains in my NVDA short and UCTT, while enduring losses in my BAC short, RUSS, AQ and WLK.
Judging by today’s tape, tomorrow could be a most heinous display of panic, one that will conure up grave memories of when Krampus came for Xmas and ate your portfolios. Do you remember when that happened a few years ago? The lot of you were dreadfully scorned and truthfully you deserved the beatings you took — because you were fat, greedy, and slovenly.
“The Fly” must be going now. I bid you good day.
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