My book recaptured over 1.5 percent of the most recent losses today if you don’t count RVLT. Unfortunately for the Raul, RVLT very much indeed counts, and today’s respite was much less.
BLAST.
A stock down big during an all-up tape is like a cold dagger to the back. The blade is chilled even further, perhaps dipped in liquid nitrogen, when a stock gets crushed on no news…simply more sellers than buyers. But since said blade has been dipped in liquid cold nitrogen with the intent of delivering a shrilling cold death blow it is brittle. Pathetically brittle in fact, to the point where my Greek bones, formed atop Mount Olympus, shatter the dagger into a million tiny fragments at the point of contact.
Such is the eventual fate of those who bet against me in RVLT. Of that you can rest assured. I added to my position today.
Other interesting thoughts toddling through my mind: I started getting the itch to size my O long back up yesterday. I didn’t actively listen, and the thought continued in my mind all day, like a catchy merry-go-round jingle. I like O down here, but I know so little about REITS and RATES and ROUTS which made me a bit abash to sounds the horns. Consider this: O is unch on YTD and pays a 5.5% coupon. If you didn’t get a piece of the capital appreciation, you’re still making bank. Relax, and wade into this space before it is again en vogue.
YGE was my largest position coming into the day. I’ve been in this name for quite a while, wondering if I’d one day wakeup to a Chinese air raid, a Red Dawn of sorts. It hasn’t happened yet. The Chinese have been very kind to me because I’m a diplomatic gent. Respect is important in all cultures. That being said I consider this week’s action is YGE to be of the do-or-die variety because we’ve reached a critical juncture on the chart that can explode in either direction. Odds favor the long side still, so I’m expecting the gods to shine on these solar panels.
The tape as dictated by the /ES got a bit ahead of itself today. This became evident when the market didn’t rotate off the value hump at 1652.25. Given the weight of tomorrow’s Fed talk and the confluence of value around these levels, to disregard them and print higher seemed either surprisingly bullish or getting a bit ahead of ourselves. The market, our favorite arbiter, answered that question by swiftly correcting the tape into the bell. It was nothing more than a ruler slap to the bull’s knuckles IMHO.
Being about 85% long, I clearly am free of bias.
But seriously, I work hard to remain objective in my profile analysis.
Until tomorrow,
Raul
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