Before you wrap yourself with a burlap cloth and toss yourself into a lit fireplace, consider the following.
Trump just freed A$AP Rocky
Trump likes higher stocks
The Fed is now Trump’s bitch
The market cannot stay down for more than a few days
This is the worst week of 2019, which is pathetic — really. This is not even a blip, yet people are panicking the fuck out of their positions. If I was a betting man, and I most certainly am, I’d wager for a sharp heart attack run to the upside next week. But one cannot be sure about these sort of things, so one needs to prepare for all eventualities.
Heading into the balmy August weekend, I am 35-40% cash. I have one overnight trade that needs closing out and my biggest exposure is to gold. I am not immune to the pangs of this sell off, but my losses pale in comparison to yours.
This market feels both sloppy and lazy today. I’d be shocked if we rallied into the close.
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50/50 on the final hour. trying to bottom grab so hope it drops- notwithstanding the Friday rule.
Fed was his bitch until his tariff tweet gave his opponents something else to point to should there be a more extended disruption in markets. He now needs to settle things with the Chinese.
As confidant as I was about long-maturity Treasuries, I’m still surprised at how fast they have gone up over the last 4 months.
Also, notwithsatnding Trump’s tweet, the market *did* rally strongly yesterday. Seem like there are still some more dippers (“Buy the dip”) around: NFLX, TSLA, HYG and other flotsam rallying.
I’m only 50% long Treasuries now, 40% cash.
I think we open lower on Monday. I’ll start putting positions into play in the morning.
80% cash still. Not in the mood for fuckery at the moment..