Abysmal Tape

I’m trying my best to remain net long for the big run to come. I keep waiting for the turn — but it never comes. It’s like waiting for the bus in the winter cold without a hat or gloves. I have an $SQQQ hedge and none of my longs are risky — but I’m still down 0.75%.

The NASDAQ is -200 but the bigger story is the US 10YR up another 6bps. The incredible move in rates is suggestive of inflation; but I thought that was already put to bed?

I’m sure there is a rally to come and by the looks of it, I’ll probably miss it too.

For now, I remain cautious but hopeful, since the inflation narrative is dull and the bears are generally weak.