It’s over Ladies and Gents. The barbarian hordes have taken over our cities and everything that was once sacred in America (family, trust, integrity, honor) are now gone. Replacing it are “heroes”, the “front line” nurses and doctors injecting vaccines into people in order to do nothing against the spread of COVID. These people are in fact braver than the men who stormed the beaches of Normandy, catching German bullets with their helmets in the name of democracy. Now we cannot visit a restaurant without the proper medical status, not because the vaccine stops the spread of COVID — but in order to express our allegiance to this new religion — one based on the premise of science.
Speaking of science, XBI got plugged today and all rugs pulled, as markets careened lower in a manner that is reminiscent of all previous bear markets. People sold the close as fast as they could — because they cannot stand to see what the headlines read tonight.
Will the 10yr eclipse 2%? Will rising rates cause another housing crash?
One thing is for certain, we have popped the tech bubble in its entirety. Shares of NET are down 60% from their highs and lesser names are down even more. For me, I view this as capitulation and a time to buy. This is counter-trend and sometimes counter-trend pays off big. I closed down 3.5% for the session, 10% cash, long besides my emotions because nothing crashes forever, as we now inverse the Trumpian returns and bleed out unceremoniously. We shall rise again — but the gains will be short lived and frantic, so take the bounces when they come and bank them.Comments »