The market makes a fool out of me from time to time. My previous blog was alluding to the grandiose excellence of the price action. As soon as I published it, we collapsed.
Now the NASDAQ is encroaching on -100.
Here’s what I’m doing.
I kept the TNA, TMV, EUO, and added to TMV. For higher beta hedge, I took a 5% position in UVIX, and believe it or not I also added to my TNA and will continue to catch it as it falls. If I can find the right equanimity and heft in my weightings, I’ll be able to pivot quickly when and if the market turns back up.
I gave back 40bps of gains and now sit +45bps.
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Interesting though that chip stocks, Zillow, Robinhood holding up in this tape.
Whiplash. Fundamentals point to collapse unless Fed reverses course and they won’t for awhile. Short bias.
But they will at some point, when not if.
Yes but once they do it, there’s no going back to tightening so I think they’re going to give it to us good and hard for a much longer time. If they’re willing to kill us with vaccines, they are certainly willing to crush us economically.
Dead on, are they understanding it while doing it as simply as you put it?
Indeed they are. They do not care one iota about our well being.