Tricky Morning Tape

I was awoken to the sounds of triumph. My concoction of longs and shorts producing a symphony of beautiful music. For whatever reason, markets bid up large cap tech like $NFLX $AMZN and $CRM, whilst ravaging small caps.

Select oils traded up as oil itself traded down and volatility compressed lower. I had been up more in the pre market but settled my affairs +55bps at around 10am, just before markets truly took a sharp turn higher, once again tricking me into some longs. It soon COLLAPSED on me like cheap lawn chairs, at which point I churned myself and now only have shorts and barely any gains, +15bps.

This is a somber story so far, about a man attempting to preside over the fall of western finance as we know it. The allure of stocks and their proclivity to both trick and fool — keep me on edge. You never can tell if the Fed will come out and Jimmy the NASDAQ higher by 300, foiling all plans to crush the markets.

Being a bear is a very tumultuous and contentious job — but I feel that I’m up for the task.

Breadth is at a paltry 40%, but not terrible. SAAS and FANG stocks are strong, while biotech and everything else weak. My shorts are $TZA and $SOXS — because weakness is found in the small caps today and fuck the semiconductors.