Happy SHMITA day.
Last night the British pound got annihilated, down as much as 5% to 1971 lows. The FX markets were absolutely lit and the only thing gaining v the dollar was King Ruble, which is up 22% against the dollar YTD and +34% against the Euro.
The sanctions have been an absolute disaster.
We are rallying now and it must feeeeeeeel good to those of you on edge and on the hook. I’m here to tell you, however, this is most likely NOT the bottom. It’s too clean and easy. Typically we get a false move up, collapse again, and then bottom.
But maybe this is it. Maybe the worst is behind us and it’s purple unicorns and gay giraffes from here.
I’m long with ample cash, no hedges, but skeptical.If you enjoy the content at iBankCoin, please follow us on Twitter