My original assumption was correct, to be long staples like $PEP and $KO. But because in the morning I saw high beta rallying whilst low beta took on water, I assumed, incorrectly, that a rotation into risk was underway. Everything I did exacerbated my losses and I closed at rock bottom session lows of down 145bps.
When I had rallied midday to down 88bps, I knew then that I’d slink back to the lows and even lower. It wasn’t because I was an idiot or because I had suddenly forgotten how to trade, but because I knew it was my fate.
I am often regaled with ceremonial COLLAPSES in my portfolio, greatly maligned by the Gods, mocked even, during periods of transition. Because I could not figure it out, I went from cash to highly leveraged and right back to cash, with longs only in the oil ETF $ERX and the rest in $TZA and $UVIX. If the Gods are truly evil, then they’ll crush oil lower and run up the small caps on me, all but cementing my losses for April. At the present, I am down 1% for the month, after early on achieving gains of +5%.
I guess what you’re reading for is more my take on things and less on whatever the fuck problems I am having seeing this tape. But I don’t give a fuck what you want and do as I please when I want to do it.
If you must know, I hated today’s tape and truly despise everything about the idea of stocks climbing higher as bonds get smacked. No, this is not how it’s supposed to be. You do not get to eat your cakes and have them too. You will eat that cake, you fat fuck, and get fatter and slower and then I’ll beat you to death because you weren’t agile enough to defend yourselves against the onslaught.
I want vengeance and I want it to be primordial, cosmic even. The Middle Ages Catherine wheel stuff doesn’t do it for me anymore. I want your planet vaporized and sucked into a fucking black hole, matter crushed under the forces of extreme gravity, planets tossed into one each other like they were tennis balls, bouncing off the moon and directly into the fucking sun at the speed of light.
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The Fed can’t raise nor can they cut. The market seems to enjoy that predicament. It won’t last but party on.
Stocks climbing while bonds get smacked is the “inflation for longer” trade. Biden & Congress have taken spending well beyond what even the most drunken sailor could imagine. It’s all shits and giggles until we get a failed T-bond auction.