The NASDAQ lifted by 100, following what appeared to be a ruinous open. I took it upon myself to resolutely BELIEVE in the fiction woven for me by my overlords. I am, in fact, BOOLISH now — but not without hedges. Only complete morons invest without hedges.
Here is my prediction:
We rally for the first week, maybe 2, of July and COLLAPSE sloppily and fatly into an open fireplace and fall into the fires for August. The blubber and the fat will burn bright and hot for all of August, as the Russian wars spills over into neighboring Poland and afflicts itself unto NATO. One negative headline can send this market down 10% in a single session.
HAVING SAID THAT, we are at the PRE COVID highs for the IWM. This is as good a place to defend the market as any. As such, I am bullish.
Even so, I’ll be blowing out first thing Monday morning and repeating my process until it stops working.
I finished the session +89bps.If you enjoy the content at iBankCoin, please follow us on Twitter