The NASDAQ had been +100 when the Fed starting to talk and after he opened his mouth — a bolt of lightening struck down on investors, all but evaporating any semblance of a rally.
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In summary, Powell doesn’t know how we’ll grow with such high rates. At the same time, he doesn’t think we’re too tight. Those two statements might appear to contradict one another; but in clown-world they’re apropos.
I took the plunge lower to close out my shorts, victorious once again vs the semiconductor cabal.
The NASDAQ is -50, washing 150 points in little more than 10 mins of trade. This is easy stuff.
I have but one position left and it’s $TMV — based on the rate environ. We are now at 4.99% on the 10yr. I feel it is all but assured we sprint past 5% and soon.
On the long side, into the final hours, I might dabble in some oils.
+51bps midway into the storm.
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