AND JUST LIKE THAT…IT’S OVER

It was a nice bull run we had there for a week — but I am sad to report to you all that’s it over. The Biden administration is now looking at a windfall tax for oil and gas companies, one of the few bastions of safety in this harangued market. The NASDAQ is breaking lower here, off by 234.

We do not need reasons or concerns to break lower. It is as simple as this: BEAR MARKET TRADING.

You’re never safe. No one is going to save you. You’re doomed.

I, on the other hand, was fortunate enough to have a 10% position in OKTA. I sold it around 4am and also had a 17% position in SOXS as my hedge. I sold that too and now preside over you +203bps for the session and in a 100% cash position. I’m up 4.25% for the week, +48% for 2022, and have no intention to “trade” the market today, on a Friday where all sorts of stuff can go wrong. I am busy today and doubt I’ll have the urge to splurge in a tape that is destined to fall.

So why did I close out my hedge?

Because the market has been shooting higher following morning gap downs. I simply sold all of my other longs first, whilst saving the SOXS for last, in order to get out.

Oh and there’s this:

Musk says Tesla needs to cut staff by 10% & pauses all hiring … RTRS

In the email titled “pause all hiring worldwide,” he said: “I have a super bad feeling about the economy.”