A tricky session for me so far. Don’t ask me how, but I’m flat for the day and was just down over 50bps a short while ago, as my pastiche of stocks in possession didn’t do me any favors. Part of the issue is this $BITX position, which is double long $BTC. For the last several weeks $BTC has traded like absolute shit and it’s very tempting to buy more into this correction, since the correlation to the market is fairly consistent and markets look pretty damn good.
One notable breakout is $TSLA, up more than 10% on news they’ll be getting the nod for the Chinese taxi market. Whatever, the stock was really cheap and now all of you Greg’s who live to hate on Elon will pay the fucking price, in spades, for your insolence.
Moving on, I have a semi hedge on now via $SOXS and will likely close it out soon, since markets look ok. A little earlier today the semis were weak and they will are the weakest part of this fledgling rally.
At any rate, back to work. Those digits aren’t going to get into your accounts with you just sitting there eating donuts.
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Tesla might get something in China, if China gets something in USA. Folks glossing over that trade reality.
In the mean time, we are due for a Pax Americana (and Canada, UK, EU etc) post. This is out of control failure in the making if fiscal discipline and austerity won’t even enter the discussion. It really is scandalous spending billions of peoples money to save one’s own sorry political arse.