As sure as I am sitting here laughing at the transgendered bulls for their unceremonious losses to kick off 2024, many in the comments section will talk shit — attempting to make hay of it all — trying to convince themselves markets didn’t crash for the first week of 2024.
Let’s me illuminate what happened.
Markets called bullshit on the Fed and demanded more clarity on the specter of all of those rate cuts that were priced into markets since November. Yields shot higher by 5% to 4.05%, at a level that isn’t a danger to markets yet — but at the point of concern. Incidentally, markets fell almost in lockstep with bonds — off by 4% for the week — capping off one of the worst beginnings to a New Year that I could remember.
Over 150 notable stocks traded down more than 10% for the week. Some faired even worse, such as $UPST -26%, $HUT -24%, $RIVN -19%, $SEDG -17% and $SQ -14%.
Looking ahead, I envision a landscape strewn with blackened fields and abandoned buildings with moss growing inside what was once a busy lobby.
Will we bounce next week?
Absolutely not.
These are the opening stages of COLLAPSE and Joe Biden is the oldest person in the world — leading the nation directly into the grave where he belongs.
I closed the week +65bps, demonstrating a professional acumen that is expected of a man in my station. I had difficulty mid-day with the volatility, tricked and fooled several times — but eventually got bailed out with a little luck (wink).
What’s interested to note is the ruinous behavior in the VIX index, a byproduct of FOMC intervention — directly into the instrument. They are attempting to suppress volatility for reasons that are so childish, I cannot help but to laugh. Time is up fuckers and the VIX is going to spike right through your hands and into your brain stems. People are buying puts and you cannot stop the whirlwind that is coming.
That being said, I do have longs and I am prepared to be wrong — as I am keenly aware of the power of the riggers to rig, loot and steal, cajole and kill, all for the sake of retaining power. But they are old and weak — their minds have deteriorated from decades of decadence and liberal rot. The country is going to be saved — but first it will need to be up-ended.
Have a pleasant weekend.
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I hope the hell you’re right holding a big UVIX position but I wonder if this is 206. Remember that?
2016