I hope you all stuffed your fat faces with plenty of yams this weekend. Now it’s time to get back to work.
Over the weekend the Chinese started to riot due to being WELDED in thanks to a fresh COVID breakout. The subsequent result was SHARPLY HIGHER Chinese stocks here in the states — because comedic relief is the best tonic for a sad state of affairs. Shares of PDD, JD and others — through the roof.
Retail sales in the US were good. Ergo, retail has a bid. The weakness is mostly in oils and banks — because both areas of the market seem to make sense in this whacky world we are living through. Ergo, and this goes without saying, oil is a zero.
Old man divvy stocks are bid once again and we are seeing a middling tape across the board with breadth at or around 52%. This is NOT the sort of tape I was hoping to see. There are barely, if any, blowups. If anything, a market which refuses to trade down in the face of overwhelming bearishness should be bought.
NEVERTHELESS, I remain hopeful in the collapse to come and have marshmallows ready for when I see the fires burning. I’ll trade long often when markets look constructive because I am not an ideologue, even though from an outside view I might seem like one. I am not, so fuck off.If you enjoy the content at iBankCoin, please follow us on Twitter