Bad Breadth Tape

Call it a wrap for 2023. We are now trading listlessly, suggestive of market exhaustion. We have every reason to jimmy higher based on the fact Joe Biden defeated the inflation monster — yet, incredulously, we’re only up a little. It’s worth nothing the small caps are sharply lower — but who cares about them?

Overall, market breadth is once again in the shitter — at 40%. We haven’t been over 70% since 12/1. But we shouldn’t be surprised. This is part and parcel of trading during the month of December, largely a piece of shit month low lighted by PAGAN XMAS where men head out there and buy all manners of shit for their children and wives — load up on credit card debt and/or deplete some of their cash reserves — for a holiday that was never meant to be.

Once upon a time Christmas was to celebrate the birth of the son of God. Nowadays we celebrate a fat home invader squeezing through your chimney to eat your cookies and to drink your milk.

I am down 20bps today. My ‘revenge trade’, thus far, flopped — but I haven’t given up on the idea just yet. As my readers know, “The Fly” is a virtuous man with many talents and is deserving of stocked market wins. At times it will appear that I have lost the narrative, drowning in the volume of my own trades and/or hubris. But rest assured, I’ll come right back to preside over all in time as Chieftain of the Market — scalping heads, merrily, along the way.

More later.