It’s one of those things that Wall Street loves to do — the olde retesting of the lows to make sure everything is swell. The cat calls for this to happen will begin to echo as we drop lower again. The closer we get the louder these calls will become until it’s inevitable. This is important to remember, since most if not all of you are now heavily long, caught leaning.
While I myself find myself long too, I also possess lots of cash and I am long several CMBS related names — which seem to be immune this morning.
Dow futs are -700 and Boris Johnson has CORONAVIRUS. The world as we know it is crumbling into pieces and toilet paper is now a luxury item. Don’t step to me with high multiple breakout names at a time when I can’t find papered towels and toilet paper at the store.
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