Copper Knew All Along

Even though Carl “fuck you, give me three seats on your board” Icahn is long FCX, the stock has been careening lower. It’s as if Devil’s were inside of it, driving it into the pits of hell. I had ample opportunities to exit at a profit. For my lack of intuition and foresight, I am now sitting with a loss.

My position is small and the loss means nothing to me. I spit on it and cast it away like a stone skipping over water. Nevertheless, that 1 yr chart of copper is rather telling of the economic climate that is gripping China now. All is not well and I am fairly certain the last thing we need are Federal Reserve rate hikes. But you don’t get what you want. You get what you’re given and you don’t make a fuss about it.

Stocks are higher today and respite is the word of the day. Market breadth is a tepid 55%; but most of my stocks are higher, including my largest position COST–which is one of the few stocks in retail that is doing well.

There are have’s and have nots in retail. The have’s take away from the others, causing hysteria and pain. The have nots are drowning in their own blood, caused by the debilitating effects of the have’s. I view COST, AMZN, AAPL, HD, WBA, CVS and LOW as part of the cabal that make up the core of the have’s. These giant corporations are insidious beasts whose sole purpose in life is to churn out profits, destroy competition, grab market share. I don’t see this trend reversing any time soon, which is why my COST position is 2x the size of my #2 position.

It’s been a hard, hard year, the type of year that turns your hairs gray. But I think 2016 is going to be harder, so enjoy this little respite while you can.