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6.6m jobless claims for the past week, bringing us up to a grande total of 16m the past 3 weeks, raising unemployment rate to 10%. On that news, futures crashed lower. But then the Fed announced their $2.3t “Main Street” facility, which included a new $500b for Munis and also the authority to purchase HIGH YIELD bonds and CLOs. Bro, they’re buying LEVERAGED LOANS. This is the result of some hard lobbying by private equity. Coupled with that, they’re now talking about a May 1st reopening of the economy. All of this sounds sweet and wonderful. But remember, this is all talk. None of this is putting spenders back in the economy.
Nevertheless, because of the Fed action, futures soared and now we’re up 525. I took this spike ti liquidate my trading positions.
Here were the results.
This is getting somewhat redundant. I get it. But let me make something indelibly clear for you. NO ONE DOES IT BETTER THAN ME. I am now on a 26 for 26 winning streak.
Presently, I am 55% cash, tightly sealed inside of the Jelly Jar and other old man stocks paying dividends. I am doubtful that I will force myself back into high beta trading positions after such a run. But anything can happen.
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