The big news today is CLF bidding for X, in spite of X telling them to fuck off. I mean, really, who the fuck does CLF think they are bidding for United States Steel? Nevertheless, BOTH stocks are up, which is rare. I’m betting another bidder steps into the fray, perhaps NUE.
I’m down 27bps in very light trading, attempting to not blow myself out for the session.
We tanked early and have gone straight up since the open — but it’s still dreck. The market breadth is at 43% and every sector is down. Nevertheless, people want to believe and they’ll chase this fucker right into a mushroom cloud.
The NASDAQ is up early 90. Weakness is more prevalent in the smaller caps. The market is trading with a close correlation to treasury yields. If the market is going to do anything constructive — we need those fucking treasury yields to come back to below 4% on the 10yr, otherwise we’re all gonna keep seeing phantoms behind every bend.
I’m going to keep cash between 40-60% cash until I get my act together, no matter how convincing my inner conscious is in trying to convince me that all is well and my trading rhythm is back.
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